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Turning the Tables: Some HOAs Are Foreclosing on Banks
Some homeowner and condo associations in Florida are turning the tables by foreclosing on banks that have failed to pay dues or other expenses on the properties that they’ve repossessed. HOAs Foreclosing on Banks?
Odenton For-Sale Housing Inventory Tumbles Sharply
In Greater Ft. Meade Area, Buyers are Finding Far Fewer Homes to Choose From
The number of for-sale homes in the greater Ft. Meade area has dropped sharply year over year, leaving buyers in Odenton, Gambrills, Severn and Crofton with much stiffer competition for the fewer properties available.
Local housing statistics for November show that the number of homes for sale in key areas near Ft. Meade has dropped between 20 percent and 41 percent from a year ago (see table, below). Demand for local for-sale housing has increased steadily over the past year, with many buyers now having to settle for what they can find.
After years of steep price declines, home prices in the area largely have stabilized. Mortgage interest rates remain at historic lows and buyer appetite for local properties has increased.
Still, the pace of local home prices is lagging the upturn in buyer demand. Once the current inventory of local properties is absorbed by buyers, prices should begin to steadily increase.
The November housing numbers below were issued by the Metropolitan Regional Information Service.
No. of For-Sale Homes Available (on MLS)
Location
Nov. 2012
Nov. 2011
Percent Change
Odenton
89
135
-34.07%
Severn
116
145
-20.00%
Gambrills
38
58
-34.48%
Crofton
54
92
-41.30%
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.
Md. Homeowners: Don’t Miss Dec. 31st Deadline to Apply for Homestead Property Tax Credit
Many homeowners are unaware if they’ve applied for the credit. Some mistakenly believe they've applied but haven't.
Maryland homeowners have until Dec. 31st to apply for the state’s Homestead Property Tax Credit program. The credit gives state homeowners a break on their property taxes by limiting annual property tax increases.
The state a few years ago enacted legislation requiring homeowners to apply for the credit or risk losing it. New buyers must apply for the credit within six months of purchase, while all others have until Dec. 31 to claim the credit for this year.
The state enacted the legislation in 2007 after finding a host of eligibility problems with the program. The credit can be used only for a homeowner’s primary residence.
Many homeowners are unaware if they’ve applied for the credit, while some mistakenly believe they’ve applied but haven’t.
To verify whether you’ve applied for the credit, visit the State Department of Assessment and Taxation website http://sdat.org/.
At the site, click on the “Real Property Data Search” link in the middle column. Then select the county in which the property is located, click on “Street Address,” and enter the property address.
The Homestead Property Tax Credit application information appears at the very bottom of the property record.
Homeowners who find they need to apply for the credit should call the State Department of Assessment and Taxation at (866) 650-8783.
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.
Who's Calling the Shots: Buyers or Sellers?
“The days of buyers sticking it to sellers are over," says one real estate practitioner. In the Odenton/Gambrills, Md., area, prices have stabilized and there is a shortage of for-sale homes on the market. Who's Calling the Shots: Buyers or Sellers?
Widows Increasingly Face Foreclosure
Homeowners over 50 are falling into foreclosure at the fastest pace of any age group, according to nationwide data, in part because women are outliving their spouses and are unable to cope with cuts in their pensions, ballooning medical costs, and the fine print on their mortgages. Widows Increasingly Face Foreclosure
Buyers: Prepare for Stiffer Competition
Homes buyers in a growing number of areas are finding something they haven’t seen in years when house-hunting: Competition. With housing affordability high and mortgage rates low, home buyers are ready to cash in but they’re finding a lot of others are as well. Agents Prepare Home Buyers to Compete
Changing Family Structures Bring Changes to New Home Features
As more families try to squeeze more people under one roof — with adult children and aging parents moving back in — builders are offering up new options to make co-habitation more comfortable for families. Housing Changes as More Squeeze Under One Roof
Old Homes v. New Homes: Home Shoppers Reveal Their Preferences
Home buyers who prefer newer homes tend to cite energy efficiency, the ability to customize the home to their needs, and lower maintenance costs as top drivers. Home Shoppers Reveal Preferences in Old vs. New
