Daily Archives: June 23, 2013

Despite recovering market, Maryland foreclosure activity remains elevated | Cross River Real Estate

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Maryland’s housing market is improving, but many homeowners still face trouble.

Foreclosure activity in Maryland last month reached a 33-month high, according to RealtyTrac, which gathers real estate data nationwide. Among the states, Maryland had the largest year-over-year increase — 229 percent — in foreclosure starts in May.

“Every day, we just get a lot of struggling, hurting, scared homeowners,” said Owen Jarvis, an attorney with the St. Ambrose Housing Aid Center in Baltimore. Although many homes going into foreclosure now are investments gone wrong, not owner-occupied properties, scores of homeowners are falling behind on payments, he said.

Lenders began the foreclosure process on just over 2,000 Maryland properties last month, according to RealtyTrac’s figures. And last month’s high foreclosure figure is not an anomaly. Maryland’s foreclosure numbers have been among the highest in the country for about a year, ranking fourth last month.

Several factors are behind the state’s elevated foreclosure rate.

Some lenders have dragged out the process, possibly biding their time until the market improves. The chief reason, though, is that Maryland changed its foreclosure laws after the housing bubble burst, requiring more oversight and a more drawn-out process for banks to claim property.

Maryland’s extended foreclosure timeline has given many homeowners time to pursue relief, such as mortgage modifications, from lenders. At the beginning of the financial crisis, foreclosures in Maryland could be completed in a matter of days, leaving homeowners little time to react to bank actions.

The post-bubble spike in mortgage delinquencies prompted the General Assembly to rethink the state’s foreclosure process. Legislators extended the amount of time required before a foreclosure auction, increased access to housing counseling services and instituted a mediation program.

“The governor early on decided that we, Maryland, did not want to be the state with the fastest foreclosure process,” said Raymond Skinner, secretary of the Maryland Department of Housing and Community Development. “Our approach from the beginning has been to focus on our homeowners and keep as many people as we can in their homes.”

The minimum number of days a foreclosure in Maryland could be completed went from 15 to 135, Skinner said. On average, it now takes 575 days to complete a foreclosure in Maryland, said Daren Blomquist, vice president at RealtyTrac.

But the high foreclosure activity, which is expected to continue for months, also might have a chilling effect on the state’s budding housing recovery.

 

 

 

Despite recovering market, Maryland foreclosure activity remains elevated – baltimoresun.com.

For People Of Color, A Housing Market Partially Hidden From View | Katonah Real Estate

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We’ve written before about the wealth gap between whites and people of color — a divide that’s only grown wider over the past half decade. And since so much of Americans’ household wealth is wrapped up in homes, a significant amount of that wealth gap has been chalked up to an array of barriers to homeownership for people of color.

 

Here’s another sobering data point to that end: A new study has found that blacks, Latinos and Asians looking for homes were shown fewer housing options than whites who were equally qualified. And fewer options meant higher housing costs.

 

The study, conducted by the Department of Housing and Urban Development and the Urban Institute (a nonpartisan think tank in Washington) used a method called “pair testing.” Two people — one person of color and one white person — called and then visited a real estate office to ask about an available property for rent or sale. Both of the pair testers told real estate agents that they had about the same income, assets and employment. Both testers were greeted politely and given appointments to look at properties. But whites were told about and shown more units. They were also more likely to be offered lower rent than their testing partners.

 

According to the study, the problem wasn’t regional but national. The researchers said they did this more than 8,000 times in 28 different metropolitan regions.

 

Here’s how their findings broke down:

 

Black renters learned about 11 percent fewer rental units, and black homebuyers were shown about a fifth fewer homes.

Asian renters learned about 7 percent fewer rental units, and Asian homebuyers saw about a fifth fewer homes.

Latino renters learned about 12 percent fewer units. (Interestingly, the study found that there was not a statistically significant difference in the way whites and Latino homebuyers were treated.)

“Those most serious and severe door-slamming kinds of discrimination aren’t happening so frequently,” said Margery Turner of the Urban Institute. “But it’s disappointing to conduct a study on housing discrimination in 2012 and find that it still persists.”

 

The researchers also found that “minority homeseekers whose ethnicity is more readily identifiable” were more likely to be discriminated against.

 

For People Of Color, A Housing Market Partially Hidden From View | WWNO.

Don’t Call It Home Staging. Call It Superstaging! | Bedford Hills Real Estate

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It’s not news that San Francisco home sales have been rocketing above expectations since the beginning of the year. Bay area buyers have seen themselves outbid by the cost of a mansion in their home towns; sellers have found that even an unstaged home, or even raw fixer-upper, will sell above asking within a week.

 

You might think this’d encourage laziness among sellers, but at least one boutique agency is thinking just the opposite: a little extra effort might result in record sales within record times. They call it simple marketing, but I call it “uberstaging.”

 

Climb Real Estate has been creating a niche for itself with its rolling Airstream satellite office. Now they’re talking their sellers into spending as much as $50K on pre-sale improvements, betting that the payoff will more than cover the cost.

 

The first step is to identify the potential buyer. In the case of this property, on Page Street in Hayes Valley, they  pitched their concept toward a single, professional woman in her 30s buying her first home – a powerful buying force in today’s market, by the way. Then they hired a interior designer Ian Stalling, art consultants from Art Haus, color consultant Wendy Trotter, and even landscape designer Dat Pham to create a space designed specifically for this fictitious buyer.

 

“This isn’t about the four walls,” says Chris Lim, Climb’s marketing director. “It’s about what happens in those four walls. How is your life going to be better if you buy this property? Is it that Blue Bottle coffee is just down the street? Is it the restaurants and the easy commute to downtown? How do you create a storyline that will convince someone that this is meant to be her home?” The stack of takeout menus and bottles of coffee in the kitchen are only the beginning of that story.

 

Don’t Call It Home Staging. Call It Superstaging! | Houses | HGTV FrontDoor.

Real Estate Number One Selling Tip | Bedford Real Estate

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You are not hiring a Realtor to put a sign on the lawn, an ad in the paper, and hold an open house. You can do this yourself. You are hiring a Realtor to provide you with maximum exposure to the greatest number of qualified buyers for your home.

 

Supply and Demand

You’ve heard of supply and demand? The more potential buyers at your supply, the higher a priceyou can demand.

 

The absolute number one tip I can give you to help you get the most money possible for your home is this: make sure you get full Multiple Listing Service (MLS) coverage.

 

Don’t look at any offers until you are sure your home is on the MLS computer.

 

I will say this again…

 

Don’t look at any offers until you are sure your home is on the MLS computer. An army of Realtors at your disposal can’t be beat.

 

Dump any Realtor that tries to tell you to put your house on exclusive (only his/her company) or wants you to negotiate offers before it gets on MLS.

Dump any Realtor that wants to list your house on a Friday and have a public open house the following Sunday. There is not enough time to get your home on the system.

I do not care how good a Realtors marketing plan is, it is worthless compared to the value of having your home on the MLS system. Think of it this way. Realtor = home on MLS = most Realtors = most buyers = most money.

 

Is the first offer the best offer?

There is a saying in real estate. The first offer is usually the best one. This is only true, if everyone knows it’s for sale.

 

Real estate surveys in my area showed the owner lost an average of $2000. when their house was sold by the same office or Realtor that listed their home. The reason…the offer was written before any one else knew it was for sale.

 

MLS Comes First

Ask any realtor you are contemplating dealing with, what the order of their marketing plan is. If submitting to the Multiple Listing Service is not the first thing they are going to do, look for another realtor.

 

If you took away every selling tool I had, and said I could only have one of them back, I would choose the MLS service. This is not a commercial for MLS. It is just the best weapon Realtors and the public have for getting maximum exposure on property.

 

MLS is a strong selling tool,…use it… It will make a difference on your bottom line.

Real Estate Number One Selling Tip.

Top 10 Tips for Home Sellers | Pound Ridge Real Estate

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Top 10 tips for Home Sellers

1) Know what comparable homes in your area have sold for.

Knowing what other homes in your area have sold for will help you get top dollar for your home at sale time.

Keep an eye out for homes that are similar to yours. Watch the sales prices of homes that are similar models, have the same number of bedrooms and bathrooms, finished basements, garages, decks or patios, additions, and other similar features to your home.

Home sales prices are public information, you can consult your county or state to find out this information.

2) Learn the lingo.

The process of selling a home brings with it a host of terms that you may have never heard before. Click here for the definitions to some important words you’re likely to encounter.

3) Landscaping can add as much as 10 to 15 percent to the value of your home.

Add a few trees and shrubs to your landscape and you’ll not only improve the view, attract birds and wildlife, but also make your home more energy efficient. And that’s attractive to potential buyers.

Properly positioned deciduous trees (trees that shed their leaves in the fall) can save you up to 25 percent of your typical energy bill for heating and cooling. These trees provide cooling shade in the warm summer months; and in the cold winter months block chilling winds, yet let through precious sunlight that warms your home.

Computer models from the Department of Energy have predicted that just three trees, carefully placed around the house, can save an average household between $100 and $250 in heating and cooling energy costs annually.

Well-planned landscaping can reduce your energy costs by as much as 50 percent. And you don’t have to just use trees. Fences, walls and rows of shrubs can block winter winds and shade during the summer, and vines grown on trellises can shade windows or the entire side of a house. To deflect winter winds, plant evergreen trees and shrubs on the north and west sides of your house. To deflect summer winds, plant on the south and west sides of your house.

Make sure when you select your trees, shrubs and other plants, that you choose plants that are suitable for your environment. For example, in warm climates that lack significant rainfall, choose specimens that are drought-tolerant. If you choose the wrong plants, you’ll end up spending in plant maintenance and water what you saved on the energy costs.

Not sure what trees to plant? The Arbor Day Foundation (www.arborday.org) has a “Tree Wizard” that you can consult to determine the best trees and shrubs for your region of the country.

4) A shiny coat of paint and a little straightening up go a long way

Spend a day of your time and a few dollars for a new can of paint, and not only can you give an old room a new look, but you’ll add some value to your home come sale time.

Not sure what color to paint? Flip through some magazines or watch the many home improvement programs in television. There are excellent redecorating ideas out there that can make a drastic improvement in your home for little money.

Also, try to look at your home the way a stranger might see it, and make some small improvements that could go a long way.

  • If there are kids’ toys on the floor, put them away.
  • Stains on the carpet? Hit them with some spot remover.
  • Have a cat or dog that sheds all over everything? Take a sticky lint remover to your chairs and drapes.
  • Remove light fixtures and clean them out, the brighter light will make your house look cleaner.
  • Burn scented candles to let off a pleasant aroma – but do not forget to blow them out if you leave and don’t leave them burning around small children.
  • Dust blinds, banisters and windowsills – these areas don’t always get caught by the duster.

5) Thinking of doing a remodeling project to add to your home’s value come sale time? Here are some important features homebuyers are looking for in the homes they buy today.

General features

  • Floor plans that reflect an open, casual lifestyle
  • Upstairs laundry rooms
  • Linen closets
  • Decorative moldings
  • Recessed lighting

Entertainment spaces

  • Big family rooms
  • Sunrooms and other areas that encompass the kitchen
  • Small living rooms

Kitchens

  • Natural wood cabinets
  • Hardwood floors
  • Solid-surface and granite countertops
  • Stainless steel appliances

Bathrooms

  • Large showers
  • Separate, compartmented toilets
  • Soaking tubs

Community

  • Tot lots and playgrounds
  • Parks and trails
  • Community swimming pools

*Compiled from multiple industry sources

6) Help your home sell faster by including features that will appeal to an older buyer.

These features can make your home more marketable to a wider variety of home buyers, which makes these features a better “bang” for your remodeling “buck”. Many of these features can be put in for little or no additional cost during your remodeling project.

General features:

  • Path lighting to front or rear doors
  • At least one entrance with no steps
  • A shelf by the front door
  • Handrails on any steps or porches
  • One-story layouts, should you be designing a new home
  • Improved lighting with recessed fixtures in common areas and hallways
  • Lever handles on doors and windows
  • Lower light switches and thermostats; raised outlets
  • Wider doorways

Kitchen/laundry room features:

  • Lever-handle faucets with pull-out spray
  • Rolling island that can be placed back under the counter
  • Revolving corner shelves and pull-out shelves
  • Lower, side-opening oven
  • Side-by side refrigerator with slide-out shelves and a water/ice dispenser
  • Cooking range with controls on front
  • Larger cabinet and drawer pulls
  • Front-loading washer and dryer

Bathroom features:

  • Two to three attractive looking grab bars in shower
  • Lever handles on faucets
  • Slide-bar-type hand-held shower, for sitting or standing
  • Inset shampoo nooks
  • Curbless showers – nothing to step over
  • Tub and Shower controls moved closer to entry point

*Source: National Association of Home Builders

 

Top 10 Tips for Home Sellers – AHAA – Association for Homeowners Across America.

Washington sixth most expensive housing market | Bedford Corners Real Estate

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It might not be noticeable to anyone buying a house or condominium in the Washington area, but the region has slipped out of the top five most expensive markets.

Washington now ranks No. 6, based on median sales prices in May, according to real estate tracking company Zillow Inc. Price gains in the area are still healthy, but tame compared with some markets.

San Jose, Calif., is the most expensive housing market in the country, with a median sales price of $695,300 in May, up nearly 22 percent from a year ago.

In Washington, the median sales price in May was $331,600, up 6.3 percent from a year ago, Zillow reports.

San Francisco, San Diego, New York and Los Angles all had higher median sales prices than Washington recorded in May.

Detroit remains the cheapest big city for homebuyers, with a median sales price last month of just $87,400. Pittsburgh was second lowest, with a median $111,800.

 

Washington sixth most expensive housing market – Washington Business Journal.

Reno market better than rest of Nevada | Chappaqua NY Real Estate

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After years of experiencing the lows of the real estate market, many industry professionals expressed hope that better days are on the horizon.

“The market continues to improve,” said Joel Sarmiento, senior vice president of community outreach regional manager for Wells Fargo. “There continues to be new legislation that is coming. It’s going to be a while before we are through this whole entire thing, but there’s light at the end of the tunnel.”

More than 100 gathered for the State of the Housing Market event hosted by the Reno chapter of the National Association of Hispanic Real Estate Professionals on Friday at the Atlantis Casino Resort Spa. Sarmiento was one of the speakers.

Even though Nevada continues to top distressed property lists and hundreds of thousands of people have sought help to stay in their homes, it was much worse two to three years ago, experts said. The state seems to hit bottom, and the Reno-Sparks region is recovering, they said.

“The state in Reno is better than what we see nationally and also better than what we are seeing in the entire state of Nevada,” Sarmiento said. “It is one of those markets that is performing at a much higher level than the state of Nevada and, say, Las Vegas, for example.”

About 95 percent of Wells Fargo’s home loan customers are current on their mortgages in the area, he said during the presentation.

Northern Nevada is doing better because homeowner legislation has slowed down the foreclosure process more in Southern Nevada in comparison, he said.

Wells Fargo, the national’s largest home lender and a sponsor of Friday’s event, has invested in technology and hired more people to handle increased activity and are seeing improvements in the time it takes to process short sales and foreclosures, he said.

Meanwhile, home prices still are well below the peak of the market in the mid-2000s and more people are entering the home-buying market. The low existing homes for sale inventory is driving bids higher and moving others to sell their homes.

 

Reno market better than rest of Nevada | Reno Gazette-Journal | rgj.com.

Housing Market: From Recovery to Bubble–Already? | Armonk Real Estate

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Only a year after the housing market bottomed, “bubble” talk has surfaced as soaring, double-digit price gains sweep markets across the country.

An open house in Cheviot Hills—a neighborhood in West Los Angeles—attracted 150 people and brought in 14 bids before the home sold for 7 percent above the listing price at $2.9 million.

A loft in Manhattan’s SoHo district recently sold for $3.25 million after a bidding war pushed the price 10 percent above the asking price.

In Chicago’s Wrigleyville area, a two-flat greystone was bid up to $850,000, 6 percent above asking price, and sold to a single-family home converter who plans to add another floor and put it back on the market for $1.8 million.

“Prices in some areas are just out of control,” said Scott Tamkin, an agent with Keller Williams Realty in Los Angeles. “As soon as a good property comes on the market at a reasonable price—bam! It’s gone in multiple offers, often times in cash.”

U.S. home prices surged 12.1 percent in April from the same period a year ago, the biggest jump since February 2006 and the second straight month of double-digit gains, CoreLogic reported at the start of June.

Tight inventories, cheap money, and investor appetite are driving prices through the roof in some cities; particularly in hard-hit markets such as Phoenix and Las Vegas.

To be sure, not all areas are overheated nor have some even recovered since the downturn. But in most big cities, demand is hot, deals are quick, and many properties are getting bid up before selling for cash.

And even though home values are still a far cry from their peak in 2006, economists caution that prices in some areas have risen too far, too fast.

“It’s clearly not sustainable,” said Stan Humphries, chief economist at Zillow.

Wells Fargo Senior Economist Mark Vitner seconded that: “If investors don’t back off soon, it could lead to a bit of a price bubble.”

Prices have risen despite a lack of major improvement in fundamentals—namely jobs growth and incomes.

“Home prices need to moderate,” said Lawrence Yun, chief economist at the National Association of Realtors. “It’s bad news in terms of affordability and certainly not sustainable for prices to rise and incomes to lag.”

 

Housing Market: From Recovery to Bubble–Already?.