The decision to buy starts when the prospects step out of their car in front of the property.
A Look at Real Estate Activity in Odenton's Seven Oaks
Odenton’s Seven Oaks community is experiencing significant real estate activity so far in 2012, with 27 homes already sold, 11 currently under contract and another 24 homes actively listed for sale on the multiple listing service. Data provided by Metropolitan Regional Information Systems Inc. (MRIS) show that nearly all of the homes sold in Seven Oaks this year – 24 of 27 -- were townhouses. The remaining properties sold were two detached homes and one duplex.
In terms of homes currently for sale but not under contract, 15 of the Seven Oaks properties are townhouses, four are detached properties and four are duplexes. The list prices range from $199,000 for a townhouse at 1924 Gardenia Court to $405,000 for a single family detached colonial at 311 Ammunition Ave.
For the Seven Oaks homes that have sold this year, prices vary from $180,000 for a contemporary townhouse at 201 Royal Oak Court to $390,000 for a detached colonial at 1950 Artillery Lane. (Another $8,399 was paid by the seller to the buyer of the Artillery Lane house to help close the deal.)
According to MRIS, 13 of the 24 homes actively for sale in Seven Oaks have been on the market less than 30 days, meaning that more than half of the community’s properties currently for sale were put on the market during the peak spring season. Seven of the 24 homes have been on the market between 30 days and six months, two have been on the market between six and nine months, and two have been on the market nine months or more.
Of the 27 Seven Oaks properties that have sold this year, seven were on the market 30 days or less. Thirteen of the properties were on the market between 30 days and six months, three were on the market between six months and nine months, and four were on the market nine months or longer.
Distressed Properties
The MRIS numbers also show that a sizable portion of the homes sold in Seven Oaks this year – and those that currently are for sale -- were put on the market by homeowners in financial distress. Of the 27 homes already sold in the community in 2012, seven were listed as potential short sales and two were foreclosures. Of the 24 Seven Oaks homes currently listed as “active” on MRIS, 10 are potential short sales.
Certain streets in Seven Oaks have shown particularly high levels of real estate activity this year. They include the following:
No. of Homes for Sale & Under Contract
Commissary Circle (5 Homes)
Canteen Circle (3 Homes)
Scaffold Way (3 Homes)
Ammunition Ave (2 Homes)
Knapps Way (2 Homes)
No. of Homes Sold in 2012:
Commissary Circle (5 Homes)
Artillery Lane (2 Homes)
Bulrush Court (2 Homes)
Conquest Way (2 Homes)
Pinecove Ave. (2 Homes)
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
Edina Realty Pulls the Plug on Realtor.com
Edina Realty pulls the plug on Realtor.com | Inman News.
The brokerage will no longer submit its listings to several large national real estate search sites. Multiple listing services typically prohibit brokerages that display each other's listings under the terms of reciprocal Internet Data Exchange (IDX) agreements from running such lead forms and ads.
MBA to HUD: Lift 203(k) Ban on Investors
Bankers Group Urges Feds to Open Rehab Loan Program to Investors This would sure help get rid of a lot of excess housing inventory.
The Rise of the Unsightly Home
For you real estate professionals out there, here are some great tips for selling an ugly home.
Are You Eligible for the HARP Mortgage Refi Program?
Many homeowners incorrectly assume they don’t qualify for this federal help
The federal government’s newest mortgage relief program has helped thousands of financially troubled homeowners refinance their mortgages to take advantage of today’s historically low interest rates. With the program recently enhanced to broaden the pool of borrowers who qualify, two new websites help homeowners quickly determine if they might be eligible.
The Home Affordable Refinance Program (HARP) allows a homeowner with a qualifying mortgage to benefit from lower rates, even if their home has decreased in value or is worth less than their current mortgage balance.
First launched in 2009, HARP recently was revised (HARP 2.0) to allow refinancing no matter how “underwater” the homeowner might be on the loan. Under the original HARP Program, borrowers did not qualify for refinancing if their loan-to-value limits were more than 125 percent.
In addition, many of the fees associated with the original HARP program were reduced or eliminated under HARP 2.0.
HARP 2.0 requires that mortgages eligible for refinancing be owned by Fannie Mae or Freddie Mac. Also, Fannie Mae or Freddie Mac must have taken delivery of such loans before May 31, 2009.
The problem for many homeowners is that most don’t know whether their loans are owned by Fannie Mae or Freddie Mac because borrowers make their monthly payments to their lender or loan servicer.
So how can you find out whether your mortgage is owned by Fannie Mae or Freddie Mac? Each entity has established a website that allows homeowners to make this determination.
At http://www.fanniemae.com/loanlookup homeowners simply need to enter their property address to learn if their loan is owned by Fannie Mae. At http://www.freddiemac.com/mymortgage homeowners can determine whether they have a Freddie Mac loan by simply entering their name, address and the last four digits of their Social Security number.
Homeowners should note that there are several other loan and borrower requirements for HARP 2.0. Interested homeowners should contact a qualified realtor or mortgage lender for more information.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
What to Do When Homes Linger on the Market
Homeowners in Financial Trouble Can Benefit From Short Sales
More than 300 Anne Arundel County properties currently are in short sale status
Homeowners in the area struggling to meet their monthly mortgage payments should know that there are options to help alleviate this financial burden. With more than 300 Anne Arundel county properties currently in short sale status, it’s important to understand the benefits of the real estate short sale process.
To review, short sales are a type of real estate transaction under which the lender, typically a bank, agrees to accept less than the amount owed on the homeowner’s mortgage. Short sales are a common strategy for homeowners who are “underwater” on their mortgage, are behind on their payments and have unsuccessfully tried to refinance their properties.
A short sale does not always make the remaining amount owed on the mortgage disappear. However, a short sale avoids foreclosure on the homeowner’s property, and in doing so can greatly reduce financial damage to the borrower’s credit.
Some of the benefits of a short sale include the following:
1. Short sales are an alternative to foreclosure. As unpleasant as a short sale might be, it’s far more preferable than going through foreclosure. Foreclosure usually devastates your credit, leaving you with all kinds of financial problems, from paying higher premiums on insurance, to losing access to credit cards and even missing out on job offers from employers who use bad credit scores against applicants.
2. Short sales soften the damage to credit. Although a short sale will not protect a borrower’s credit completely, the negative impact will not be as severe. In fact, if a borrower isn’t severely delinquent on the mortgage leading up to the short sale, credit damage may be minimal.
3. Short sales lower the homeowner’s after-sale debt. Short sales don’t always completely eliminate the amount of money owed to the lender after the home sale. But the amount owed will be significantly less – perhaps tens of thousands of dollars less -- than what would be owed if selling the property through a conventional sale.
4. Reduced income tax liability. The tax benefits of pursuing a short sale vary depending on the homeowner’s tax situation. However, when banks forgive the homeowner’s unpaid portion of the debt, the homeowner may have to report that amount to the Internal Revenue Service as taxable income. That amount is likely to be much lower with a short sale than with a foreclosure, thereby reducing the homeowner’s income tax bill.
5. Short sales lessen the stigma of financial failure. Even when homeowners fall behind on their mortgage for valid reasons, there’s often a sense of shame or guilt relating to the unpaid debt. Compared to foreclosures, short sales are seen as a more proactive course of action, allowing homeowners to have much more control over and input in resolving their loan obligations.
For more information on whether a short sale might be right for you, contact a reputable real estate or mortgage professional.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
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A Snapshot of Homes for Sale, for Rent in Chapel Grove
The Chapel Grove section of Odenton has experienced relatively brisk real estate activity this spring, with several homes listed for rent and for sale in recent months.
The 252 luxury single family homes and 159 townhouses built by Winchester Homes between 2002 and 2009 are situated on well-planned sites, surrounded by preserved woodlands and open space for recreation. Home prices in the community are down considerably from a few years ago, but they do seem to have stabilized recently.
Here’s a current list of what’s for sale and for rent in Chapel Grove.
Townhouses for Rent
2428 Killarney Terrace
Rent: $2,350/mo.
Bedrooms: 3
Bathrooms: 3.5
Garage Spaces: 1
Days on Market: 1
Townhouses for Sale
2408 Killarney Terrace
List Price: $360,000 (Short Sale)
Bedrooms: 3
Bathrooms: 2.5
Garage Spaces: 1
Days on Market: 21
2398 Jostaberry Way
List Price $384,900
Bedrooms: 3
Bathrooms: 3.5
Garage Spaces: 1
Days on Market: 330
Detached Homes for Rent
763 Seneca Drive
Rent: $3,350/mo.
Bedrooms: 5
Bathrooms: 3.5
Garage Spaces: 2
Days on Market: 7
Detached Homes for Sale
1403 Keuka Court
List Price $639,999
Bedrooms: 4
Bathrooms: 2.5
Garage Spaces: 2
Days on Market: 8
1562 Star Stella Drive
List Price $623,000
Bedrooms: 5
Bathrooms: 3.5
Garage Spaces: 3
Days on Market: 80
1529 Star Stella Drive
List Price: $729,900
Bedrooms: 4
Bathrooms: 3.5
Garage Spaces: 2
Days on Market: 40
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
