November 29th, 2013 Categories: Crofton Real Estate
2732 Cherrywood Court, Odenton, MD 21113
Contact me today to see this beautiful 2 bedroom 2 level townhouse in the Woodland Walk section of Piney Orchard. This interior of this home has been redone from top to bottom, including new carpet, flooring, and paint. Available immediately. $1700/month.
Long & Foster Real Estate, Inc.
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November 29th, 2013 Categories: Crofton Events
You’d better watch out, you’d better not pout, you’d better not cry I’m telling you why, Santa Claus is coming to town!
Don’t miss Santa’s arrival at Crofton Country Club on Monday evening, December 2, just in time for the annual Christmas tree lighting at 7 p.m. Come early to enjoy caroling by the Children’s Choir of Elizabeth Seton Parish, and sing along. After Santa’s arrival atop a firetruck, he’ll be going into the clubhouse to visit with Crofton kids.
It will be a fun evening with a local band, Pocket Change, providing holiday music while children meet with Santa. Two clowns, Jello and Flopsy, will entertain the children, crafts and a coloring contest will take place, and refreshments will be provided by Crofton Country Club. Meanwhile, it’s a great opportunity for the grownups to catch up with their neighbors.
Even if you don’t have small children, chances are you’ll enjoy this holiday tradition in Crofton!
Local information posted to Focus on Crofton is my way of attracting new buyers to our community while keeping my neighbors informed. Please feel free to comment below or contact me directly if you would like to see a post about an event sponsored by your community organization or a specific real estate topic.
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November 22nd, 2013 Categories: Crofton News
Crofton Village Garden Club Honors Our Troops
The members of Crofton Village Garden Club love our troops and love flower arranging. These two loves come together at our November meeting, each year, when we make patriotic-themed flower arrangements for the veterans at Loch Raven VA Community Living and Rehabilitation Center in Baltimore, Maryland. Each member makes several of the arrangements during this hands-on workshop – enough for every guest at Loch Raven to receive one.
This year’s masterpieces were delivered to the vets by project chair Sunny Frank, with the assistance of Bernie Robertson and Harriet Kiilehua. You can click on the photo below to enlarge it.
Originally published at CroftonVillageGardenClub.com on November 22, 2013
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November 21st, 2013 Categories: Crofton Real Estate
Loan Approvals Get Tougher in 2014
New mortgage approval requirements in 2014 could make it harder for you to buy a home. In fact, you may want to make your purchase in the next 30 days if you are:
- Retired. Even if you have more than adequate savings to draw on for your monthly expenses, you may not qualify after January 1, 2014, if your current income doesn’t satisfy the income to debt ratio required for a new home loan.
- Self-employed or freelance workers. In order to prove stability in income, evidence regarding your income over several years may be required. If you have a great accountant who managed to lower your taxable income, that could backfire on you now.
- Lost your job during the recession. Even if you’re employed now, it may be months or years before your new job will be considered stable, based on the new loan qualifying requirements.
Other homebuyers who will likely be impacted negatively include those who rely on commissions, bonuses, or overtime pay for income and those who still owe on student loans.
In fact, most home-buyers will feel the impact of new regulations because lenders tend to be conservative when new regulations go into effect. They’ll likely err on the side of caution as they evaluate your:
1. Monthly Debt to Income ratios (43% or less)
2. Current debt obligations: credit cards, car loans, student debt, alimony, child support, etc.
3. Current or realistically expected income or assets (such as bonuses or overtime).
4. Current employment status (and length of employment).
5. Monthly payment for the property.
6. Monthly payment on miscellaneous loans.
7. Monthly payment for related obligation, such as the Condo or Homeowner’s Association, insurance, and taxes.
8. Credit history.
Since some people who qualify for a loan today will not qualify sixty days from now, it simply makes sense to buy in December before the new loan requirements go into effect. Contact me today if you’d like the contact information for Crofton area lenders my clients have recommended or if you have any questions for me about real estate in the greater Crofton area.
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November 15th, 2013 Categories: Market Updates
Crofton Maryland Real Estate – October 2013
Crofton home sales were down in October, whether you’re counting new contracts or closings on contracts written in previous months. This is not surprising, given consumer uncertainty with everything from health care to job security, because the real estate market tends to be a good barometer of consumer confidence. The real estate statistics for Crofton, the greater Crofton area, Anne Arundel County, and Maryland seem to confirm that local consumer confidence was in the tank last month. Let’s look at Crofton’s numbers:
Crofton Home Sales
- Closed Sales: Down nearly 18%. 23 closings last month compared to 23 in October 2012. While this is lower than last year, it’s not lower than the previous three years.
- New Under Contract: Down over 31%. 11 new contracts last month compared to 16 in October 2012. This is the fewest new under contract we’ve had in the past five years.
- New Pending Contracts (including contingent contracts): Down almost 40%. 20 new pending contracts compared to 33 in October 2012
- All Pending Contracts (including contingent contracts): Down almost 35%. 43 pending contracts altogether compared to 66 in October 2012.
- Days on Market: Down 12.5%. 56 days on market compared to 64 in October 2012. Remember, these closings were based on contracts written in August and September so the days on market statistic doesn’t reflect more recent consumer confidence. When we compare with last month, instead of last year, days on market were up over 16%.
The barometer I tend to use for anticipating the real estate market in coming months is “balance” in supply and demand – how many new listings vs. how many closed and pending sales. If the number of new listings is lower than the sales, the market is likely to tip in favor of home sellers because there will be greater competition for their home and buyers will have fewer options. If the number of new listings is higher than the sales, sellers will be competing to attract buyers and we can expect to see lower prices and more days on market. Given this explanation, let’s look at new listings in October:
Crofton Home Listings
- New Listings: Up over 22%. 33 new listings last month compared to 27 in October 2012. This is three times as many new listings as there were properties placed under contract last month. The highest in three years.
- All Listings: Up more than 46%. There were 79 active listings in October compared to 54 in October 2012. If properties continue to go under contract at 11 per month, and no new listings go on the market (unlikely), that’s an absorption rate of seven months for these 79 listings to sell.
Crofton Home Prices
On a much brighter note for home sellers, prices on sold homes were up last month!
- Median Sold Price: Increased approximately 11%. $334,500 was the median sold price compared to $300,000 in October 2012. Median is the mid-price of all homes sold, with an equal number of homes priced above and below this figure. Median is generally considered to be a more accurate reflection of home prices than the average. This is the highest median sold price in Crofton over the last five years!
- Average Sold Price: Increased approximately 11%. $338,067 was the average sold price compared to $304,721 in October 2012. the average is determined by adding the sold price for all closings and dividing the sum by the number of closings. In some cases, this can severely skew the numbers if there’s one property that’s significantly higher or lower than all the others. We don’t have that occur as much in Crofton as it does in some other areas, such as nearby Davidsonville. This is the highest average sold price in Crofton for the last five years!
What all this means to you
Crofton Home Buyers – It looks like you’ve caught a break. Just as interest rates and home prices started creeping up and the inventory started shrinking, the Crofton real estate market hit the brakes. You have another opportunity to step into home ownership while the tide is in your favor. Don’t blow it this time!
Crofton Home Sellers – Don’t throw in the towel just yet, because the numbers are still better than we’ve seen in recent years and there’s no guarantee of a quick turnaround. This may be the best market that home sellers will see for a while, so hang in there…. price your home conservatively, hire a professional stager to make your home appeal to likely buyers, and choose an experienced agent who knows how to overcome the challenges of any real estate market.
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