Shopping for and Selling Homes Online

In today’s real estate market more people use the internet to shop for homes and in turn sellers have embraced the medium as the primary vehicle for advertising their homes. Buyers like to see lots of photos, which as we all know tell a thousand words. Better still, high definition video can bring the buyer right into the home.

For buyers, the more photos they can see and video they can watch, all the better. This creates a challenge for sellers to provide excellent photos and video which depict the true nature of the home. Poor photos and video are to be avoided. Care should be taken to provide proper lighting and images free from blurring.

The images the seller provides to market their home should give the potential buyer a true and accurate depiction of the property while matching the written description in order to attract the buyer to visit the home. Once there to see it in person, there shouldn’t be any unpleasant surprises, like a room that was made to look larger than it is.

Use the best equipment possible. It is better to use a digital single lens reflex (DSLR) camera than a point and shoot camera. A wide angle lens produces a better shot and soft lighting is better than harsh lighting. To get a distortion free photo, use a tripod or monopod to steady the shot.

Video is fantastic, but it isn’t always possible to produce good video, especially when size is a factor. Some smaller homes can’t always be videoed effectively. Again a wide angle lens is a must, but don’t use video which only shows partial views. Seeing half of the room doesn’t help anyone! Using photos with video editing software can produce a “video like” production which may be a better option if your video camcorder cannot adequately capture the rooms.  

Combining the internet, photos, video, QR codes and mobile websites may make printed brochures a thing of the past. Today, if a listed property has a web brochure available online, a buyer can use their smartphone to scan a QR code or enter the property address in a web browser search and see the online property brochure along with all of the photos and or video right from the comfort of their car or home.

Charles Kraus, GRI Associate Broker – Coldwell Banker Residential Brokerage, Annapolis, MD

Obama Expands Foreclosure Prevention Program

Obama expands foreclosure prevention program – January 28, 2012 – CNNMoney.com: The Obama administration is taking another swing at improving its main foreclosure prevention program.

Understanding Septic System Inspections

Daniel Brumsted of Environmental Testing Lab, Inc. in Annapolis, MD gives an explanation of what to expect when inspecting a septic system when buying a home. Homeowners are advised to have their septic tanks pumped every two years to ensure a properly operating system and to head off potential costly repairs. When buying always ask the seller for their septic system records.

Charles Kraus, Associate Broker – Coldwell Banker Residential Brokerage – Annapolis, MD – (443) 822-0700

Selling Your Home – Inspection Concerns

When you are selling your home, one of the problems that can occur when the buyer has a home inspection performed, involves underground storage tanks. Occasionally, we run into an underground storage tank (UST) and sometimes they are used for gasoline, but most often they are used for heating oil.

Underground tanks are subject to moisture and rusting can lead to leaks due to failure of the integrity of the tank. Leaking gasoline and heating oil can contaminate ground water, so they are an environmental concern. Most states have regulations regarding these underground storage tanks, so check with your state and local jurisdiction to see what the regulations are for removal or abandonment.  According to Maryland’s Department of the Environment, they recommend tanks that are 25 years old or more be replaced with above ground tanks.

If a property is found to have an underground storage tank one way of testing the tank’s integrity and its associated piping, is to have a professional contractor who specializes in UST’s to perform a pressure test to determine if the tank is leaking. Additionally, a soil test around the area of the tank may be performed to determine if there has been any contamination. If it has been disclosed to the buyer that the property has a UST, a potential buyer will have to make a personal decision based on the information at hand, to consider making the removal and replacement of the UST with an above ground tank a condition of the contract or excepting the existing buried oil tank.

A careful inspection should be made to determine if an abandoned UST exists. Occasionally a situation occurs where sometime in the past, a UST will be replaced with an above ground tank or the HVAC system will be changed to an alternative fuel and in either case the old UST will be abandoned in place. Sometimes the current seller may not even be aware of this. These abandoned tanks can be problematic, especially if heating oil was left in the tank. Even if there is no oil in the tank, it may be advisable to remove the abandoned tank. Old tanks may be found to be abandoned in place by removing all oil and filling the tank with cement, sand or a slurry mixture. If in the time since abandonment took place the integrity of the tank failed and heating oil (or gasoline) has leaked into the soil, a regulated removal and environmental clean up will most likely be necessary. The clean up will often require removal of all contaminated soil from the site and disposal of the soil as required by the state and or local government.

We hope that this raises awareness of the problems that can occur when an underground storage tank exists. The information presented here is by no means the entirety of the subject or complete in scope and should be construed as a limited presentation involving USTs. Always consult with a professional in the field and also with your state and local government.

Note: The United States Environmental Protection Agency (EPA) does not regulate residential underground oil tanks.

If you are selling your home and would like to learn more about other tips and concerns, the DVD Strategies for Selling Your Home is available online at ShowMeHowVideos.com

Hillsmere Shores Subdivision in Annapolis, MD

Hillsmere Shores also known as Hillsmere Estates is a water privileged community in Annapolis, MD featuring a beach, boat ramp, marina and community pool and it is situated next to Quiet Waters Park, less than 5 miles from downtown Historic Annapolis.

Hillsmere Shores Demographics

Current Available Homes for Sale in Hillsmere Shores

VA Funding Fees Going Up October 1st, 2011 (Postponed Until 09/17/2011)

UPDATE: Gov’t postpones raising the Funding Fees Until November 17, 2011.

VA Funding Fees for loans closed on or after October 1, 2011
                                                     

	1st-time User		Previous User
Down payment	Guard/Reserve	Veterans	Guard/Reserve	Veterans
Less Than 5%	1.40	1.65	2.80	2.80
5% Less Than 10%	0.75	1.00	0.75	1.00
10% or More Down	0.50	0.75	0.50	0.75
VA to VA Rate Reduction	0.50	0.50	0.50	0.50
Cash Out Refinance*	1.40	1.65	2.80	2.80
VA Assumptions	0.50	0.50	0.50	0.50

  * includes Non_VA to VA Refinance           

Fee Schedule courtesy of Carolie Noyes, Mortgage Advisor, PHH/Coldwell Banker Home Loans (410) 533-6117    email Carolie at carolie.noyes@mortgagefamily.com

Baltimore Metro July 2011 Real Estate Statistics

The July 2011 real estate sales statistics have been released by MRIS and RBI. The Baltimore Metro area includes Anne Arundel, Baltimore, Carroll, Harford and Howard counties and Baltimore city.

 Baltimore Metro July 2011 Sales Statistics

Statistic	Volume	Year over Year	Month over Month
Total Sold Dollar	$606,817,429	+ 6.66%	- 7.68%
Closed Sales Units	2,176	+12.45%	- 8.11%
Median Sold Price	$225,000	-10.00%	- 4.46%
AVG Sold Price	$278,868	- 5.15%	+  .46%
AVG Days on Market	114 days	+17.53%	+ 1.79%
AVG Sold to Orig List Price	88.58%	- 2.31%	- 1.12%

Anne Arundel County July 2011 Sales Statistics

Statistic	Volume	Year over Year	Month over Month
Total Sold Dollar	$167,587,360	+ 1.58%	- 8.86%
Closed Sales Units	447	+ 5.92%	-17.07%
Median Sold Price	$290,000	-12.09%	+2.84%
AVG Sold Price	$374,916	- 4.10%	+ 9.89%
AVG Days on Market	115 days	+ 9.52%	+ 2.68%
AVG Sold to Orig List Price	90.47%	- 1.57%	- 1.11%

Eastern Shore Metro July 2011 Sales Statistics – includes Caroline, Cecil, Dorchester, Kent, Queen Anne’s & Talbot counties

Statistic	Volume	Year over Year	Month over Month
Total Dollar Sold	$53,097,088	–8.48%	-17.62%
Closed Sales Units	200	+ 3.63%	-15.25%
Median Sold Price	$192,500	-15.94%	- 3.75%
AVG Sold Price	$265,485	-11.69%	- 2.79%
AVG Days on Market	166 days	- 0.60%	-18.63%
AVG Sold to Orig List Price	87.12%	- 1.22%	+3.84%

On average for the areas shown, Average Sold Price to Original List Price shows that properties are selling for 9.53% to 12.88% off the seller’s original list or asking price. Real estate is local and these statistics may not represent those in your area or subdivision. Contact us or your real estate agent to find our what the statistics are for you area or subdivision.

For more information, please contact – Charles Kraus, Associate Broker
Coldwell Banker Residential Brokerage Annapolis, MD (O): (410) 919-2642

Pre-Inspecting Your Home Before Selling

Interest Rates Improve

As money flees Wall Street in search of a safe haven, bonds are a beneficiary and that means interest rates are improving for mortgages. Contact your lender today to see if improving rates may help your situation.

Charles Kraus, Associate Broker
Coldwell Banker Residential Brokerage
Annapolis, MD

Anne Arundel County Real Estate Inventory by the Numbers

Here is an interesting look at the homes available for sale in Anne Arundel County shown in table format displaying the number of homes for sale by price range. These numbers were accumulated just before the 4th of July 2011 Holiday.

 

Price Range	Number of Homes For Sale
under $99,999	43*
$100,000 – 299,999	418
$300,000 – 399,999	606
$400,000 – 499,999	445
$500,000 – 599,999	293
$600,000 – 699,999	203
$700,000 – 799,999	145
$800,000 – 899,999	92
$900,000 – 999,999	72
$1,000,000 – 1,249,999	72
$1,250,000 – 1,499,999	67
$1,500,000 – 1,999,999	63
$2,000,000 – 2,999,999	52
$3,000,000 – 3,999,999	18
4,000,000 – 5,999,999	7
$6,000,000 +	4
*Does not include listed mobile homes

 

The average days on market for homes for sale according to the last available report of May 2011 for Anne Arundel County is 109 according to Real Estate Business Intelligence statistics. Also, the same report shows nine months of inventory available, which is calculated by dividing the number of homes available for sale by the number of homes sold in that month.

It is interesting to note that most expensive home for sale in Maryland according to the Metropolitan Regional Information System (MRIS) is located in Dorchester County and as of the date of this post, was listed for $30 Million Dollars. You can see it on Homes Data Base.

  Charles Kraus, Associate Broker – Coldwell Banker Residential Brokerage – Annapolis, MD (O) 410 919-2642