I'm in the process of refinancing my own home.  Yes, I admit it. I took out a 5/1 ARM when I bought the place and, guess what?  The ARM is set to readjust in September.  Rather than wait until rates go back up, I'm doing it now.  Besides, my wife is nagging me about doing a 30 year fixed and we'll roll our equity line into the first trust so it'll just be one, big happy payment.  Actually, it'll save a couple of bucks per month.But, here's the thing.  I was talking to my favorite loan officer (actually the same guy who did the original loan) and told him what I thought the home's value might be and he did a quick look see at Zillow and said it was worth $50,000 more!!  Of course, a real appraiser will come out to look at it but it got me to thinkn'.  So I looked up a couple of listings ... 02/12/2008

It's 8:30 in the morning and I'm just getting back from voting with my wife in Maryland's Primary.  We got to the polling place about 7:20.  We thought we'd be early and my wife had a "regular" job with USDA so she needed to get to work. By the time we got there (at our local Volunteer Fire Dept.) the line was already snaked out of the voting room, down the hall way and down the stairs.  To make matter worse, there was only one "check-in" machine -- some electronic gizmo that printed out a piece of paper for us to sign.  There were plenty of voting booths/machines but just one "check-in" machine.  Go figure.  People were generally upbeat, though.  There was a little grumbling about the line but not much and everyone seemed proud to be able to vote.So, I guess we'll hear as soon as the p... 02/11/2008

Debt.  It's the new four-letter word. According to the most recent figures I've been able to find, US consumer debt topped $2.5 trillion in 2007.That number also indicates an increase in the rate of debt at 7.5%.  Which means that, with each passing year, we are taking on more and more debt. The downside to debt, of course, it that it eventually needs to be repaid.  It doesn't matter if it's the company financing your car, your home or your credit cards. Another downside to debt, on a personal level, is that it affects you ability to obtain a mortgage and/or obtain a preferential interest rate. The more debt you have as a portion of your overall income may either kill your chances for a mortgage or create a situation where you need a larger down payment, pay points or pay a higher inte... 02/03/2008

Every so often I get a great one page flyer from Lowe's - the home improvement store.  It's all about getting you home ready or getting you home nice or just puttering around. It's a quick read and mostly right on the money.  This one is about getting organized and de-cluttering, which is always a good thing, especially if you're thinking of selling your home.  If you would like to download and print the flyer -- Click Here 01/30/2008

I just came away from two customer service experiences that were so positive I just had to blog about them.  It just served as a reminder that, done right, great customer service makes me feel so warm and fuzzy and with such positive feelings toward the provider that I will gladly become a raving fan, screaming advocate or whatever the buzzword du jour is for someone spreading good word-of-mouth.The first experience was with Medco which is the Federal Government's current mail-order pharmacy.  My wife is a Fed (thank God) which means I get to take advantage of her health insurance. I needed a refill and the Feds recently changed their pharmacy provider.  I was having a bit of trouble registering on their website so I called the toll free number. I had to punch a couple of buttons ("punc... 01/30/2008

I just finished watching a show on CNBC called The Millionaire Inside: Debt Makeover and I was astonished at the real estate advice the Money Mentors were offering. Granted.  The debtors (two couples and two singles) were in deep debt and had pretty poor credit scores as a result. However, there seemed to be pretty consistent counsel to sell their home in a "short sale" as part of the plan to get out of debt.  In fact, the Money Mentors made this suggestion so quickly that it made me wonder if they realized that "short sales" weren't that easy and would effectively prohibit the debtors from ever buying another house. A "short sale" is what people do when they're one step away from foreclosure.  The concept is that if you're able to sell your house before the actual, formal foreclosure y... 01/29/2008

College Park, Maryland Real Estate Market Update Here's what's happening in the College Park, Maryland real estate market: DETACHED HOMES Active: 81 Average Days on Market: 140 Average List Price: $357,798 Pending: 14 Average Days on Market: 128 Average List Price: $342,736 NON-DETACHED HOMES Active: 10 Average Days on Market: 99 Average List Price: $248,260 Pending: 3 Average Days on Market: 141 Average List Price: $210,000 DECEMBER 2007 SALES Detached Homes: 4 Average Days on Market: 113 Average List Price: $345,875 Average Sales Price*: $337,125 Non-Detached Homes: 0 Average Days on Market: 0 Average List Price: $0 Average Sales Price*: $0 *Sales Price does not include any seller contribution. Seller contributions are considered when evaluating a listing price as well as an official... 01/26/2008

Here are the housing statistics for December 2007 in the City of College Park and Town of Berywn Heights, MD.  As you can tell, it's a little better than Prince George's County as a whole but still not a pretty picture with the number of sales significantly down and the Days on Market significantly higher. It ain't pretty.            2007      2006      %   Change   Total Sold Dollar Volume:   $2,567,080   $7,079,390   -63.74%   Average Sold Price:   $320,885   $353,970   -9.35%   Median   Sold Price:   $316,790   $374,995   -15.52%   Total   Units Sold:   8   20   -60.00%   Average Days on Market:   119   88   35.23%   Average List Price for Solds:   $354,600   $362,159   -2.09%   Avg Sale Price as a % of Avg   List Price   90.49%   97.74%     01/24/2008

In my previous posts about getting your home ready for sale I emphasized the importance of --1.  Being Priced Competitively2.  The Benefits of Location3. The Overall Condition of Your Home 4.  Curb Appeal 5.  Making Repairs and de-cluttering and6.  How Long it Might Take Your Home to Sell Now, it's time to put the finishing touches on your home so that when prospective buyers come by to visit, the first thing they'll think is, "WOW!". In many cases, a home has been updated over the years and current owners have a great kitchen, fabulous baths and clean,open spaces for family rooms, living rooms and bedrooms. In other cases, the owner hasn't done a thing to the house since it was built in the mid-60's or earlier...and it shows - Avocado Green or Harvest Gold appliances, pastel pinks and ... 01/19/2008

Our local Multiple Listing Service (known as MRIS) provides a ton more in services than just listing your home. It also provides accurate data regarding housing sales. Below is a general overview of the situation in Prince George's County. It ain't pretty. 2007 2006 Total Sold Dollar Volume: $131,237,232 $305,490,562 -57.04% Average Sold Price: $336,506 $347,148 -3.07% Median Sold Price: $303,000 $330,000 -8.18% Total Units Sold: 390 880 -55.68% Average Days on Market: 118 66 78.79% Average List Price for Solds: $365,954 $357,838 2.27% Avg Sale Price as a percentage of Avg List Price: 91.95% 97.01% 01/18/2008

College Park, Maryland Real Estate Market Update Here's what's happening in the College Park, Maryland real estate market: DETACHED HOMES Active: 80 Average Days on Market: 137 Average List Price: $361,786 Pending: 10 Average Days on Market: 126 Average List Price: $365,060 NON-DETACHED HOMES Active: 11 Average Days on Market: 113 Average List Price: $250,932 Pending: 2 Average Days on Market: 52 Average List Price: $202,500 DECEMBER 2007 SALES Detached Homes: 4 Average Days on Market: 113 Average List Price: $345,875 Average Sales Price*: $337,125 Non-Detached Homes: 0 Average Days on Market: 0 Average List Price: $0 Average Sales Price*: $0 *Sales Price does not include any seller contribution. Seller contributions are considered when evaluating a listing price as well as an official... 01/15/2008

Now that you've decided to put your home on the market and make the outside look great (curb appeal) and you've priced your home competitively so that you will attract the most buyers possible it's time to make the inside look great. In the age of the Internet and with lots of people online looking at homes it is more important than ever to make sure your home looks like a page from a magazine.  I know this is particularly hard if you have kids and/or pets but making your home look clean and attractive will help you sell your home faster and at a higher price.  If you think about it, don't you feel more comfortable and relaxed in a place that's been spruced up whether it's a friend's home or a hotel. The very first thing you need to do is de-clutter.  Yeah, I know how all that stuff acc... 01/12/2008

   As long as I can remember, College Park, Maryland has been nothing more than a spot on the map representing where the University of Maryland is located. The main road in front of the campus is Route 1. This little strip offered a few bars, a hamburger joint and a campus book store.Yep, that is the extent of it.Hold onto your hat Dorothy.......we are in for a ride.Announcing Plans for the EAST CAMPUS REDEVELOPMENTAs Montgomery County Executive, Duncan honchoed Silver Spring's redevelopment. Now a University of Maryland Vice President, he envisions something bigger -- and better. "I've always said when you have a good Town Center, people like going there, they like bringing friends there, and hanging out there. And we don't have anything like that in College Park."Right now, students w... 01/07/2008

College Park, Maryland Real Estate Market Update Here's what's happening in the College Park, Maryland real estate market: DETACHED HOMES Active: 80 Average Days on Market: 138 Average List Price: $365,052 Pending: 10 Average Days on Market: 115 Average List Price: $337,750 NON-DETACHED HOMES Active: 11 Average Days on Market: 105 Average List Price: $252,295 Pending: 2 Average Days on Market: 52 Average List Price: $202,500 DECEMBER 2007 SALES Detached Homes: 4 Average Days on Market: 113 Average List Price: $345,875 Average Sales Price*: $337,125 Non-Detached Homes: 0 Average Days on Market: 0 Average List Price: $0 Average Sales Price*: $0 *Sales Price does not include any seller contribution. Seller contributions are considered when evaluating a listing price as well as an official... 01/07/2008

I just finished listening to almost an hour of discussion on the Kojo Nnamdi Show about the housing market in the DC Metro area.  Fascinating stuff. There was a lot of talk about the outer Virginia suburbs (Loudon and Prince William Counties) but there was a healthy dose of discussion about the ARMs that are about to re-set, living close-in to DC vs farther away, and a few call-ins from people who had great success stories about selling their homes in a relatively short period of time.Guess what?  The people who called in to say they sold their homes quickly (one used a Realtor, the other was a For Sale By Owner) attributed their success to price and condition.It was a fairly wide ranging discussion about the DC area housing market with three reputable and competent experts.If you misse... 01/03/2008

A big part of what home owners can control when putting their home on the market is the over all condition of their home.  Certainly, curb appeal -- how your home looks when you drive up to it -- is very important.  The grass should be nicely mowed and any gardening or landscaping should look as nice as possible.  Any major items should be stored away.  These include things like toys, trash cans and recycling bins, tools and other big things that take away from the overall appearance of the house. It's important to have good curb appeal for two reasons: 1) your house will look a lot nicer when photographs are taken for the Multiple Listing Service and 2) it'll look great when potential buyers drive up or drive by. In today's market, lots of potential buyers are searching the Internet be... 01/01/2008

When you're deciding on what to price your home for in order for it to sell, it is interesting to see how long, in general, it is taking for homes to sell in your area. This is known as the absorption rate.The table below is for all the homes in College Park and Berwyn Heights (20740) during the last 365 days (12 months), 180 days (6 months) and 90 days (3 months). This table is very general.  It takes into consideration all homes within all price ranges. Higher priced homes as well as lower priced homes.  Believe it or not, you can actually drill down to the absorption rate within specific price ranges.  For example, if you might want to price your home between $300,000 and $400,000 you can determine almost exactl how long it will take to sell or be absorbed by the market.So, let's loo... 12/29/2007

There is an old saying that says the three most important things about real estate is "Location. Location. Location."  This has been repeated so often by so many that no one questions it anymore.  The fact of the matter is that, as important as location is with real estate, it is not the only important aspect.  As I mentioned in my two previous posts, Price and Condition, are equally, in not more important than Location.It is location that you, as a home seller, have no control over.  Your house is on it's piece of the earth and, more than likely, it isn't going anywhere. Granted location does have an effect on price and condition.  Certain neighborhoods command better prices than others. Heck, even in College Park you can see a pretty wide gap in home prices from one end of town to the... 12/27/2007

Back in the days of the boom, home sellers really didn't need to do anything to fix up their home in order to prepare it for sale.  Heck, all they really needed to do is put it on the market, advertise a bit and, WHAM!, people seemed to be ready to line up to buy it.In fact, many people didn't even tidy their place up.  Clothes on the floor, dishes in the sink, dirty carpets and marked up walls were pretty normal. And that's just the cosmetic stuff.  Forget fixing the roof or the leaking faucet or the malfunctioning electrical outlets.If you hadn't already heard: those days are gone. Now, if you want to have a shot at selling your home within any sort of reasonable amount of time it needs to be clean and orderly. Things need to be picked up and put away.  The walls may need a paint job ... 12/24/2007

There is a video that was put together by a fellow Realtor down in Charlottesville, VA who writes a blog on RealEstateZerbra.com. The video is short and direct without a lot of hoopla and, to some, it may be way too fundamental and elementary - home movie. Click here to take a look. In fact, I have a nice DVD I lend out to my Seller clients specifically called, "Pricing Your Home to Sell" produced and narrated by David Knox, a long time real estate speaker and trainer. This particular DVD is 20 minutes long and looks a lot nicer with lots of tables and graphs as well as David providing a compelling case for pricing your home competitively to the market. No matter which video you look at -- the black and white amateur production or the snazzy color DVD -- the message is the same: if you ... 12/22/2007