For 2013, the National Association of Home Builders broke down the cost of construction on new single-family homes into the following eight major stages of construction:
Interior finishes account for 29.3% of construction costs
Framing: 19.1%
Exterior finishes: 14.4%
Major system rough-ins: 13.4%
Foundations: 9.5%
Site work: 6.8%
Final steps: 6.6%
Other costs: 0.9%
Tour one of my newest listings this weekend - Sun. Jan. 12 from 1 to 3pm!
This beautiful home features four good-sized bedrooms and 2.5 baths. It's in excellent condition . . . everything's been updated or renovated. ALL NEW open kitchen with top-grade cabinets, stainless steel appliances and granite counters. A fully remodeled lower level. New roof, HVAC system, water heater, hot tub, sump pump, decking & washing machine. Solid hardwood floors on the main & upper levels. A lovely glass-enclosed sun porch. The fully landscaped lot is a gardener's delight. Includes a one-year home warranty! MLS# AA8227806
Call me, Jerry Kline, for more info! (443) 924-7418
While mortgage rates are still at historical lows, 30-year fixed-rate mortgages have risen nearly a full percentage point since May. As interest rates have risen, demand for new homes has fallen. As Mortgage Rates Climb, Home Sales Slip
A new report shows that a borrower who bought a median-priced home in 2004 and held it for nine years – the average tenure in a home – would now have $28,114 in equity (including combined price appreciation and paying down mortgage principle). Home owners who purchased in 2006 and 2007 – during the peak of the market – are “nearly in positive equity” territory. For Those Who Held On, Equity Has Returned
Growing Confidence in the Local Real Estate Market Leads More Homeowners to Put Their Homes Up for Sale
Median prices for homes sold in Gambrills in November were down slightly from November 2012, but the number of homes for sale in zip code 21054 jumped 63 percent year over year.
According to new housing data provided by the Metropolitan Regional Information System (MRIS), 62 homes were actively listed for sale in Gambrills when November ended. At the end of November 2012, 38 homes were listed for sale.
The spike in the number of homes for sale last month is a sign of growing confidence in the local housing market. Median home prices have risen throughout the region over the last year, allowing more homeowners who were underwater with their mortgages to overcome those deficits and break even or make money on their home sales.
The MRIS numbers also show that 13 homes sold in Gambrills last month, three more than in November 2012. At the moment, Gambrills has almost five months of housing inventory on hand.
Nov. 2013
Nov. 2012
Percent Change
Median Sold Price
$373,500
$382,500
-2.35%
No. Units Sold
13
10
30.00%
Avg. Days on Market
67
94
-28.72%
Attached Homes Sold
7
4
75.00%
Detached Homes Sold
6
6
0.00%
No. Active Listings
62
38
63.16%
Another positive sign for homeowners in Gambrills is a large drop in the “average days on market.” This number reflects how quick home are selling. The average days on market for homes sold in November 2012 was 94 days. Last month, that number dropped to 67 days.
Seven attached homes – such as townhomes, condos and duplexes -- sold last month in Gambrills, compared to four such homes in November 2012. Six detached homes sold in Gambrills in November 2012 and November 2013.
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.
Roy and Ellen Rich recently completed the purchase of their new single family home in Gambrills, with Jerry Kline of Keller Williams Flagship Realty serving as their Buyer's Agent.
Roy and Ellen looked at many homes around Anne Arundel County before making their final selection. Most important to them during their search was finding a home served by a quality elementary school for their children.
What did the Riches like best about working with Jerry?
"Your patience and willingness to do everything and anything to make the process easier," Ellen said. "You did everything -- nothing more could have made it better."
If you or someone you know has interest in buying or selling a home, call Jerry Kline direct at (443) 924-7418. Jerry's happy to help!
Who Says Homes Don't Sell During the Holidays?
My newest listing in the Seven Oaks section of Odenton, Md., 1804 Scaffold Way (MLS# AA8242240), was listed on Friday and found a buyer on Monday. This stunning 7 year old home has four bedrooms and 3.5 bathrooms and was listed for $359,999. The home was just completely renovated -- from top to bottom. It looks, feels, smells new! There's an all-new finished lower level with bedroom, family room and full bath. And all new flooring throughout. Lots of other premium renovations, too.
If you or someone you know needs help selling their home, contact me, Jerry Kline, today! (443) 924-7418.
Median Home Prices Jumped 27 Percent, Sales Rose 12 Percent Year Over Year
The Odenton housing market is continuing its climb from the depths of the 2008 housing crisis, with median home prices in the community rising 27 percent last month over the same period the year before.
According to housing statistics published by Metropolitan Regional Information Systems, the median price for homes in zip code 21113 increased from $239,450 in November 2012 to $305,000 last month. The number of homes sold also increased, from 34 in November 2012 to 38 last month.
Also notable in the report was a dramatic drop in the amount of time it takes to sell a home here. In November 2012, the average “days on market” for homes sold in 21113 was 109 days. Last month, that number dropped 59 percent to 45 days.
November also brought a surge in the number of detached homes sold in Odenton, compared to the same period last year. Fifteen detached homes sold in Odenton last month while only six sold in November 2012.
The number of attached homes -- such as condominiums, townhomes and duplexes – sold in Odenton dropped 18 percent last month (28 homes vs. 23 homes) over November 2012.
With the local housing market continuing to emerge from a multi-year slumber, more Odenton homeowners are selling their properties. The number of homes actively on the market in Odenton jumped 37 percent last month to 122 homes, a jump from 89 in November 2012.
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.
For 75 percent of military families, owning a home is one of the most important things to accomplish upon returning from service, according to a recent survey of more than 400 military members and their spouses. We at Keller Williams Flagship Realty are proud to have helped hundreds of veterans and active-duty military fulfill their homeownership dreams. For those of you stationed near Ft. Meade, Maryland, our Odenton Keller Williams office is located just two miles from the base at 1216 Annapolis Rd. Odenton, MD 21113. Stop in and see us!
There are concrete reasons for – and advantages to -- selling your home during the holidays.
As a realtor, I get this question a lot this time of year: Is it better to list my home for sale now, or to wait until after the holidays? Similarly, should sellers who currently have their homes on the market temporarily withdraw them from the MLS and wait for the holidays to pass?
There are six good reasons for listing your home for sale now or leaving it on the market if you already have it for sale. Just think like that buyer you’re hoping to court.
1. People who look for homes during the holidays are more serious buyers. Think about it – with all the things you need to do during the holiday season, would you be out there looking through other peoples’ houses if you didn’t really need to? While it’s true there are fewer buyers as the year ends and winter sets in, the fewer buyers who are out there are out there for a reason. Most have to find a new place to live – and soon.
2. As a seller, you’ll have less competition. Fewer homes are on the market during the holiday season, and buyers have fewer houses to choose from. This helps you capture motivated buyers more easily, and less competition may very well help you garner you a higher price.
3. Buyers have more time to look for new homes. Yes, the holiday season is busy for everyone, with all the travelling, shopping, wrapping presents and sending greeting cards. But remember, more homebuyers are off work during the holidays, and buyers have more time to search for homes online and see homes between trips to the mall. Don’t be surprised if showing activity at your home spikes a bit during the holidays – if your home is in good condition and it’s competitively priced.
4. Some people want to buy a home before the end of the year for tax reasons. Every buyer’s financial situation is different. But there are tremendous tax advantages to buying a home, and these savings help offset taxable income earned in a particular year. These tax savings often give buyers extra motivation to get a deal done by Dec. 31.
5. January is traditionally a month for employees to start new jobs. Employees who are relocating this time of year to accommodate new jobs need a new place to live, and they usually cannot delay such moves. Sellers who keep their homes on the market through the holiday season are in prime position to appeal to these buyers.
6. Homes generally look more appealing during the holidays. The festive nature of the season helps homes show better, particularly on the inside. With all the decorating, entertaining and pleasing aromas, your home may never be more attractive to buyers. Take advantage of it.
It’s natural for sellers to have reservations about putting or keeping their home on the market through the holidays. Maintaining your home in showing condition and allowing buyers to walk through your home during this more private, family period is a bit off-putting.
But there are concrete reasons – and advantages – to selling your home during the holidays. Motivated buyers need houses to buy. Those buyers can’t choose your home if they don’t know it’s for sale.
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.
