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National Open House Weekend in Crofton, MD

This weekend, April 20–21, is National Open House Weekend –  in the greater Crofton area and across the country.

“How will I find open houses?” you might ask, since most of us no longer subscribe to the daily or Sunday local newspaper. Well, you could always drive around and look for Open House signs, but it may help to start out with this list of local Open Houses scheduled for tomorrow, Sunday, April 21, 2013.

The lowest price home on this list is located on Simsbury Ct in Stonehaven Mews, off Nantucket Drive near Nantucket Elementary.  It just happens to be my listing so, of course, I encourage you to start with this home.  It’s like new, having been rebuilt after a grease fire in 2012. Just take a look at this beautiful kitchen!  Better yet, stop in between 1–4 p.m. and introduce yourself to hostess Beth McCloy.

CROFTON:

DAVIDSONVILLE:

GAMBRILLS:

ODENTON:

If you’re unable to attend the open house tomorrow but would like to see one of these homes, contact me for an appointment later in the week.

Source:  MRIS

Posted by Margaret Woda | | Discussion: Comments Off on National Open House Weekend in Crofton, MD

Crofton MD Real Estate Market Update – March 2013

Real Estate Market Update for Crofton, Maryland, March 2013

Crofton Home Sales Up Over Last Month

Real estate market data for Crofton, Maryland, provided by Margaret Woda, of Long & Foster Real Estate, Inc.

P4240076

Home sales during March were up more than 8% from February, but down quite a bit from March 2012.  

 

Days on market is another indicator of the real estate market and this number was up 80% from February but down nearly 40% from March 2012. In fact, the days on market haven’t been lower than this any March since 2006.  

 

Crofton home prices were down last month, whether you compared them with the previous month or the same month a year ago. This may be due, at least in part, to the lower average price for new Crofton listings during the same month.

 

These mixed signals indicate that the market is alive and well, but not showing any convincing trends in spite of some quick sales and a few bidding wars. One trend, however, is the listing inventory in Crofton MD, which has been trending down over the past the past 2 years, as you can see in this chart:

 

Listing Inventory

 

SUMMARY OF THE CROFTON REAL ESTATE MARKET:

 

Home Owners, a shrinking inventory is good for you because buyers have fewer choices. If this continues, home owners can anticipate more competition for the existing inventory, likely leading to improved home values. Don’t look for 2005 home prices, however, because any return to that level is unlikely in the immediate future.   

 

Home SearchHome Buyers, a smaller inventory means you’ll be competing with other buyers for fewer homes. It’s important for you to have a loan pre-approval before you begin your home search, and to work with an agent who is an experienced negotiator.

 

 

If you’re interested in knowing what’s on the market now in Crofton, you can find that information by clicking on the computer image.

 

 

To find out what you home is worth in the current market, contact me today.

Copyright 2006-13.  All rights reserved.

Posted by Margaret Woda | | Discussion: Comments Off on Crofton MD Real Estate Market Update – March 2013

Boomerang Buyers to Fuel Housing Recovery

Selling your Crofton MD home?  There’s a new source of home buyers entering the market.

Waiting Period to PurchaseApproximately 10% of the homes sold in 2013 will be purchased by boomerang buyers –people who lost their homes in the past five years. In fact, nearly a half million boomerang buyers will purchase a home this year and several million more will in the next eight years. This activity will likely contribute significantly to the housing recovery.

Some experts expected the housing crisis to cause a shift toward renting but boomerang buyers don’t support that theory. They still believe the American Dream includes home ownership. Rising rents, increasing home prices and low mortgage interest rates are further fueling their return into the housing market. In many areas, including the Baltimore-Washington-Annapolis triangle, it is often less expensive monthly to own than to rent.

If you, or someone you know, has lost a home to foreclosure or a short sale, it’s a good idea to consult with a mortgage lender to find out if you qualify now to purchase again. It may not take as long to reestablish credit as you expected.

If you’re selling a home in the Crofton area, ask your agent how the marketing plan for your home targets boomerang buyers.

Read more about Bidding Wars This Spring, Spring’s Wild Card and Boomerang Buyers.

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Posted by Margaret Woda | | Discussion: Comments Off on Boomerang Buyers to Fuel Housing Recovery

FHA approved condos in Crofton

FHA approved condominiums in Crofton, Maryland

If you’re planning to use FHA financing for purchasing a home, you’ll want to focus on active listings in these communities:

Exterior front

The home pictured above is located in Stonehaven Mews. You can click on 1013 Simsbury Ct. for the price, photos, and other details about this FHA-approved condo in Crofton, MD.

Or you can click on Crofton condos to view other active listings in the 21114 zipcode. (Make sure they’re located in one of the above listed communities!) If you’re interested in another nearby area, just enter your “wish list” on this Find a Home site.

Insider’s Secret, just for you:  I have a fabulous 4-bedroom end unit townhome in Crofton Georgetown Houses coming on the market the first week of April.  This style home is rarely available, so don’t let this listing slip past you and sell to someone else, if the $330’s is your price range.

If you’re thinking about shopping for a home, contact me to find out the latest information on FHA-approved condos in Crofton, Bowie, Odenton, and Gambrills.

Posted by Margaret Woda | | Discussion: Comments Off on FHA approved condos in Crofton

How Much Deposit Will I Need to Buy a Home?

Question MarkCrofton MD Real Estate Q&A

Q.  Is an up-front deposit necessary when I find and buy a home?  If so, how much?

A.  The short answer to your first question is “Yes, you will need to submit an earnest money deposit when you make an offer on a home.”

The answer to “How much?” is not quite so simple. There is no written guideline that I’m aware of and no hard and fast rule. In fact, the amount of earnest money deposit may boil down to what the seller requires before he will take his home off the market for you.

In my experience, 1% of the sale price seems to be customary for any home in the greater Crofton area. That would be a $1,000 earnest money deposit for a $100,000 home (if you could find one priced that low in this area) or a $3,500 deposit on a $350,000 home. There are exceptions to this, of course: A highly motivated buyer in a competing bid situation might be inclined to double or even triple that amount to make his offer more appealing to a seller, or a buyer and seller may agree on a something less than 1%. The amount of earnest money deposit , like the price, is totally negotiable.

For more information, be sure to read Paragraph 18 of the Maryland Association of REALTORS standard Contract of Sale, which spellls out in some detail what happens to your deposit from the moment you write the offer until closing.

View more Real Estate Questions and Answers at FocusOnCrofton.com

Copyright 2006-13.  All rights reserved.

DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.

Posted by Margaret Woda | | Discussion: Comments Off on How Much Deposit Will I Need to Buy a Home?

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