The Deep Shore

Worcester County Residential Market Report

2010-04-20T21:54:00.002-04:00

The Coastal Association of REALTORS has released the Worcester County Residential Market Report for March 2010 and I think it shows improvement in the market.

Year to date through March, the number of new listings for single family homes is down 14.4% over 2009.

Year to date through March, the number of single family homes that are under contract is up 16.5% over last year.

Year to date through March, the number of single family homes that have gone to settlement are up 17.5% over last year.

So, if the number of single family homes coming on the market has gone down and the number of homes that are under contract have gone to settlement has gone up, we are seeing a correction in the inventory. As we reduce inventory we will see prices stabilize and eventually begin to increase slightly. As we reduce inventory we will see homes sell more quickly.

Is this a good time to sell your home? It depends on your specific situation, but it appears to be better now than it was a year ago. Is this a good time to buy? Yes! Prices are still lower than last year, interest rates are still very low, and while the inventory and selection is still good, it is getting smaller. As a buyer would you rather wait until there are fewer homes to choose from with slightly higher prices and possibly slightly higher interest rates? Buyers should make their move now!

Mortgage Rates Fall

2010-04-16T17:12:00.002-04:00

REALTORmagazine, the official magazine of the National Association of REALTORS reported on 04/16/10 that mortgage rates have fallen.

"The first decline in five weeks drove mortgage interest back down to near historically low levels once again as the 30 year fixed rate averaged 5.07 percent for the week ended April 15, down from 5.21 percent a week ago.

Freddie Mac also reports:

+ The 15 year fixed rate averaged 4.40 percent, down from 4.52 percent
+ The one year adjustable rate mortgages averaged 4.13 percent, down from 4.14 percent.
+ Interest on the five year ARM came in at an average of 4.08 percent compared to 4.25 percent last week."

When you consider the reduction in prices of homes, the low mortgage rates, the huge selection of homes on the market and the $8,000 federal tax credit for first time home buyers, it makes you wonder if there was ever a better time to buy a home. Just a thought.

REALTOR® Magazine-Daily News-Fed: Low Rates Likely Through 2010

2010-04-10T22:46:00.001-04:00

REALTOR® Magazine-Daily News-Fed: Low Rates Likely Through 2010

REALTOR Nationwide Open House Weekend

2010-04-07T20:43:00.003-04:00

REALTORS across the country are conducting open houses this weekend of April 10 & 11, 2010. This national effort comes just before the April 30, 2010 deadline for the federal homebuyers tax credit. It is our final push to show as many houses to as many homebuyers as possible before the deadline expires.

Long and Foster Real Estate, Inc. is the largest privately owned real estate company in the country. Long and Foster is a regional company with real estate sales offices in MD, DE, NJ, PA, VA, WV and DC. Our offices have scheduled over 5200 open houses for this weekend! Please refer to your local newspapers and to our Salisbury, MD website, http://liveondelmarva.com for a full list of the local open houses. We'll even show you the open houses of our competitors.

I am holding an open house at 1611 Camden Ave., Salisbury, MD from 12:00 noon to 2:00 P.M. on Sunday, April 11. The complete listing information and photos of this 5 bedroom, 4.5 bathroom home can be viewed on my website, www.JeffChapmanRealtor.com.

For more information on the federal tax credit guidelines and other useful homeownership tips visit www.marylandhomeownership.com.

Tax Credit Extension for the Military!

2010-04-03T22:10:00.004-04:00

There is a push on to get houses under contract on or before April 30, 2010 and go to settlement on them on or before June 30, 2010 to be eligible for the Federal tax credit of $8000 to first time home buyers and $6500 to previous home owners.

BUT members of the military who serve outside of the United States for at least 90 days between December 31, 2008 and May 1, 2010 HAVE A FULL EXTRA YEAR to buy a home and still qualify for the tax credit.

Instead of having to enter into a contract to purchase a home by April 30, 2010 and close on the transaction by June 30, 2010, which is the guideline for those non-military home buyers, service members have until April 30, 2011 to sign a contract and until June 30,2011 to close IF they served at least 90 days out of country during the initial program.

This extension also applies to members of the Foreign Service and employees of the intelligence community who are serving on official extended duty outside of the U.S. In both cases, only one spouse must be serving on official extended duty to qualify for the extension.

Hey, this seems like one reasonable way to thank those people who protect and serve our country. Now we only need to come up with another 100 ways to show them our appreciation! If you or a member of your family serves in the military, THANK YOU!

If you need more information on the tax credit or if you want to talk about buying or selling a home on the Lower Delmarva Peninsula (THE DEEP SHORE), please contact me.

Sellers, Get Ready for Spring

2010-03-30T22:00:00.003-04:00

If it ever stops raining on the Eastern Shore of Maryland, prospective home buyers will be out and about looking for the perfect home to purchase. Now is the time to make your house the one they remember. CLEAN IT !

Does your house look great from the curb? Pick-up all the fallen branches, rake the yard and the flower beds. Trim the bushes. Plant lots of bright colorful flowers. Pressure wash the house if necessary. Make your house "pop" when they pull in the drive.

Your house has been closed up for weeks of cold and rainy weather. We all know to "de-clutter" but now is the time to do the dreaded Spring Cleaning. Try to see your home through the eyes of an interested stranger. You need impress that stranger.

Spring is here. Buyers are on the move. Get your house ready for them.

24/7 Marketing of Your Home!

2010-03-27T14:50:00.002-04:00

Recently I began using a real estate marketing service provided by VoicePad. I enter some basic information on the houses I have listed and I place VoicePad sign riders on the house sale signs. When an interested buyer prospect sees the house sign they call the number on the sign rider and enter the street number of the house. An automated voice program answers the phone and provides information about the house. The prospective buyer will hear a brief description of the house, the price, size, some features, and how to contact me. They can request a text message with all the information. Within a minute of the buyer's phone call I receive a text message telling me of their inquiry. The text provides their cell phone number and I can call them to see if they need more information or wish to schedule a showing of the house. I also get an email notification of their inquiry. This is a great way to follow-up with people who have stopped to look at the house, and it is a new method I'm pleased to use to help my clients sell their houses.

2010-03-26T22:33:00.005-04:00

You are Running Out of Time!

2010-03-26T20:59:00.004-04:00

First time home buyers have until April 30, 2010 to get their purchase of a house under contract. Once under contract, they have until June 30, 2010 to go to settlement on that house. The federal tax credit for a first time home buyer is 10% of the purchase price up to a maximum of $8,000. You are considered a first time home buyer if you have not owned a primary residence for a minimum of three years. If you are currently shopping for a house you need to keep these dates in mind. There will be no extension. If you miss these deadlines you will not earn the tax credit.

Even people who currently own a home can earn a $6500 tax credit. If you have owned your primary residence for 5 of the previous 8 years and you buy a new home and declare it to be your new primary residence, you can earn up to a $6500 tax credit if you have the purchase under contract by April 30, 2010 and you settle by June 30, 2010. You don't need to sell your other house. You don't need to buy a more expensive house. You could down-size to a smaller home and rent your larger original home. So long as you are purchasing your primary residence you are eligible for the federal tax credit.

So, is $8000 a good enough reason to buy a house? Maybe, maybe not. But if you already planned to buy a house, why not do it now and save some money?

If you have questions about this tax credit, or any other real estate matter, please contact me.