Real Estate Q&A Webinar Hosted by John Day

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Topics: The topics for the Q&A webinar are only limited by your questions.

Johns Q&A Webinar was designed for you, the real estate consumer in mind.  Ever had general real estate questions and just didn’t feel like picking up the phone and getting involved with a realtor. You just wanted an answer, well here is your chance.

Just bring yourself, sign in to the webinar After You Register Here and bring your questions.  No sales pitch, just information, how great is that?

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A copy of John’s Ebook on Flipping Homes

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Wednesday October 13th 1PM

Listing Incentives Heritage Harbour

Resized goodAfter living in Heritage Harbour for five years and being one of the top real estate agents in the area, agent John Day with Long and Foster wants to help you sell your Heritage Harbour Home.

In a continuing effort to be of full service to his Heritage Harbour neighbors agent John Day is offering incentives to sellers utilizing his real estate services.

Not only will you get John’s stellar service when listing your Heritage Harbour home with him but he will perform several home preparation processes for you at no cost.

John has contacted a window cleaning company, a staging company and a yard maintenance company and decided to offer those services to clients at no charge when listing their home for sale with him.

“For the life of me, I don’t understand why anyone would not take advantage of such an offer” John says during a recent discussion.  John has been a great neighbor, always willing to lend a hand to those in need in the community. He’s cleaned up yards, cleaned up snow, watched homes for neighbors while on vacation, walked dogs while a neighbor was attending to loved ones in the hospital.  He has listed and sold several homes in the community and has helped several people buy and move into the community.

John’s career as a realtor has spanned over 15 years. He has excelled in many markets and is the  #2 agent in his Annapolis Long and Foster office. He continues to participate in continuing education for realtors and has many certifications and designations proving his continued exceptional services.

He added free incentives to those utilizing his services to be a better neighbor and try and get his neighbors to contact him, at least to have a discussion before marketing their homes.

John developed a unique selling system for Heritage Harbour homes called, Expedite. This system pretty much guarantees success when selling your Heritage Harbour home.

Contact John Day, neighbor and top selling real estate agent when you want to list your home for sale.

The Fed Will Hike Rates By 0.25%

Interest Rate costsHigher interest rates are on the way, expect increases and these should affect long term interest rates like mortgage loans.  This increase with others on the way may put downward pressure on home prices as the affordability index shows it’s harder to own now.

Two speeches this week — one by the Chair and one by a Fed governor — illuminate the plans

Source: The Fed Will Hike Rates By 0.25% At Its March Meeting; Here’s Why

Housing Over Next Decade? | Realtor Magazine

After reading this article in Realtor Mag. I feel better about our future as relators and Americans.  The outlook for the next decade in housing is optimistic.

Housing ProjectionsWe are headed into another period of population growth that will fuel the demand for housing.  One of the biggest age groups is in the 40-50 range and the baby boomer numbers are skyrocketing.

I want to go south as do, according to the article many many others. We want warmer for the ole bones and to find places where our money is not taxed like it is here in Maryland.

So take a look at this housing projection and possibly use it for some of your personal planning.

Your 10-year outlook: Expect business to get busier, but be ready for some major demographic shifts in housing.

Source: How Will Housing Fare Over the Next Decade? | Realtor Magazine

Edgewater Home Sales Rising

Edgewater Maryland Real Estate Prices are rising

Market statistics from the multiple listing services for month ending January 2017 show some significant changes in the Edgewater home sale market. The pricing trends are upward however, for Edgewater like many areas inventory is lower that the same time last year.

The numEdgewater House Pricesber of homes sold in Edgewater is up 50% year over year with 24 settled homes in January compared to just 16 in January of 2016.  The average sales price in Edgewater has risen a whopping 25% in the same period.  Keep in mind these are averages compiled by the multiple listing service comparing January 16 and January 17 so some of the pricing could have to do that just higher priced homes happen to sell this January.

From the looks of the list price to sales price ratio in Edgewater, buyers are either negotiating more aggressively or sellers are starting their list prices too high.  The average sales price to average original sales price is 89% thats a 4% decrease over the previous year of 94%.  I usually tell Edgewater sellers to expect a sales price of 95% of their list price.  That has been a sort of norm in the overall market area but thats decreasing.

The area of concern for Edgewater and many real estate markets is lack of available inventory. Edgewater homes on the market has dropped 13% year over year, making it harder for Edgewater home buyers to find a suitable property.  This drives prices upward.  Many feel many owners are just staying put for various reasons and that’s why inventory is down.  Some suggest the rise in interest rates makes it tougher for Sellers to move up without incurring much higher payments.  It’s also suspected that many homeowners still haven’t realized the equity they need to move on.

I’ve always liked Edgewater and see it as a great alternative to the higher prices one may find by just crossing the bridge into the Annapolis real estate market.

Whatever your real estate needs I am always here to help and answer any questions you may have.

See the entire detailed Edgewater market statistic report here.

Realtor GRI designation

Top Selling AgentYou have probably come across the termGRI designation” but do you know what it really means? GRI stands for “Graduate, REALTOR Institute” and the designation is conferred by the National Association of REALTORS to qualified REALTORS who have undergone 90 hours of coursework at the REALTOR Institute program.

Just like almost everything else, the real estate market has become more sophisticated and competitive. This is why it’s necessary for dedicated REALTORS to enhance their skills and knowledge so that they can serve their clients better. During the course, REALTORS receive extensive training and education in Professional Standards, Technology, Legal and Regulatory Issues, and the Sales Process, among other subjects. When you see a REALTOR with the GRI Designation, you are assured that the designee:

  • Promotes the highest level of professionalism and ethical standards in service to their clients.
  • Is recognized nationally.
  • Has acquired the necessary skills and sound, vital knowledge to guide you through any kind of real estate climate.
  • Has completed the required coursework that prepares the REALTOR to be a progressive real estate professional.

When you go with a GRI designee, truly, you are working with a trusted and well-trained REALTOR. If you are looking for the best Maryland REALTOR, you will be pleased to know that John Day has earned his GRI designation in 2008.

Buyer Closing Costs

cost-1174936_640Get an estimate of your buyer closing costs before you begin

It’s nice to know what your buyer costs are going to be before entering into the process.  On the buyer’s side of the transaction, fees can add up quickly.  Many of the fees may be associated with lenders fees to you.  The fees vary from state to state and counties within those states.  Remember that each situation is different.

Example of Buyer’s Expenses on a Purchase in Anne Arundel County

For this example I chose a sales price of $225,000.  I made the assumption that the minimal down-payment for FHA was going to be used.  I also included a deduction to the buyers expenses in the form of a sellers credit to the buyer closing costs.  I’ll run through an brief explanation of charges, then I suggest you open the document below entitled Buyers Estimated Expenses.

A house location survey may be required by the lender, it shows where the house is situated on the lot.  There is also the option of purchasing a more expensive boundary survey which is more detailed.  The lender requires you have homeowners insurance on the property to cover loss in case the property gets damaged.  The lender will be added as a loss payee so they are covered.  This fee may or may not show up on the HUD 1, it may be paid by you prior to settlement but it is required.

When you obtain a mortgage on the property ist must be recorded in court records and the same with the deed of trust.  The title company may require judgement reports to see if any judgements are against the buyer.  The title company who prepares the deed and handles the settlement portion of the transaction charges a few for their services.  There are some misc. fees to the buyer as well.

Buyers Title examination, Abstract, Title insurance and binder are all fees charged by the title company.  Title insurance, the most expensive of these fees protect you against future claims from past owners regarding ownership.  The Lenders portion of the title insurance is required where the buyers portion is not.

Transfer Taxes and Recordation Tax for home buyers is based on the sales price of the home.  The seller pays a share of this however in the attached example you will only see the buyers share.  In this example I assumed the buyer was a first time Maryland home-buyer. A first time Maryland Home-buyer is exempt from the state portion.

The lender will charge some sort of loan originating fee or points, the house needs to be appraised and the buyers will be charged for a credit report.  A flood certification will determine if the property is in a flood zone and may affect your insurance coverage requiremnts.

That covers most of the closing costs for the buyer.  There are additional cash outlays called escrow or accruals.  These items are collected upfront to be deposited in your mortgage escrow account so the real estate taxes and homeowners insurance can be paid by the lender when they are due.  After the upfront fees they are collected monthly in the mortgage payment.

See This Buyers Estimated Expenses Form   for a detailed look at the estimate I used to demonstrate the expenses when purchasing a home.


How To Price My Home To Sell

The last several years pricing has been all over the map. We compete with foreclosed properties. We struggle with fear in the market. We pull our hair out when an appraiser kills the deal becasue they value the home much less than it sells for. And we are amazed by lenders who change the rules daily, making it nearly impossible for buyers to get loans.


In my practice, I believe it’s about setting expectations of the market and process.  I cannot control what a buyer does, they make an offer based on their needs and perception of value.  So let’s talk expectations. First, What is my home worth?  The simple truth, it’s worth only what some one will pay you for it.  Sounds trite, I know, but it’s a fact and it’s something that we cannot predict.  With that said, there is an approach that works well in most markets and that is being realistic and even pricing your home a bit below the available sold comparable data.
The realistic way to determine value is to look at homes that have settled that are similar to yours.  You won’t find exact matches unless you live in a community where the size and floor plans are almost identical to your neighbors.  Your agent’s job is to provide you with the data. We can show you what has sold in the general geographic area where your home is located. Then, together, we make adjustments to the value based on condition, size, style, age and updates that have been made to the property.  There are no indicated numbers that we as agents use or appraisers use to make those adjustments.  When I do these calculations, I base it on how much money is a finished basement worth, an additional bath or bedroom, a new kitchen and the like.

Sometimes all the adjustment in the world doesn’t help your home sell quicker than your neighbors.   An example would be, if your home has no basement and your neighbors does and theirs is finished as well.  We can’t dig a basement under your home now and if a buyer must have a finished basement, they won’t buy your house even if it’s less expensive.  Another example would be if a nearby home sold quicker than yours for the same or more money than you are asking.  We ask why.  Well the remarks say, new kitchen cabinets, granite counter tops, recessed lights and newly renovated bathrooms.  Now you have a choice, you either make improvements or make adjustments.  Some people won’t buy a house that needs a lot of work.   Lets say the kitchen and bath updates cost $30,000.00 and you price your home $30,000 less then the competitor.  It may not help, why would anyone want to do $30,000 in updates to get a $30,000 price reduction?  There is no advantage except for possibly the color of the cabinets, granite etc.

Someone buying a home that needs work knows that hard cash to make improvemnts is harder to find than financing and paying more for a home that already has everything they want.  So where does that leave you.  In order to sell your home in a reasonable time you need to make adjustments realistically when comparing to other properties that settled.  The settled price of sold homes tell us much more about realistic prining than the asking price of homes listed for sale.  Those listed homes could be on the market for a year, do you want to sell your home?  That is the question.

I can get you pretty close, it’s up to you if you want to take my advice.  I will turn down a client who wants to list their home above other comparables.  I don’t want to get fired for not selling it, I don’t want to have the price discussion every few days, I want what you want, a sold sign out front.  Contact me about selling your home fast.  I’ve had great success over the years and lot’s of experience when it comes to valuations.  Last year I sold over 60 listings of mine and they brought fair prices.


Contact me anytime, by phone or email and let’s get your home sold fast for more.