The Baltimore Business Journal reported that the mid-Atlantic housing market continued to show signs of recovery during the second quarter with both sales and prices up.

Rockville-based Metropolitan Regional Systems Information Systems Inc. says unit sales volume in the second quarter was up 60.6 percent from the first quarter, and up 15.9 percent from a year ago. The average sale price in the second quarter was up 4.2 percent from the second quarter of 2009, the third straight quarter prices have risen compared to the same period a year earlier.

Houses are also selling faster, with the average time it takes a listing to sell falling to 56 days, compared to 71 days in the first quarter and 93 days a year ago. That is the fastest houses have sold on average since 2006.

The mid-Atlantic housing market includes: Anne Arundel County, Baltimore City, Baltimore County, Carroll County, Harford County and Howard County.

“While the mid-Atlantic housing market is not yet performing at the robust levels of 2005, it is clearly showing some important signs of recovery that are crucial to reestablishing a stable housing market,” said MRIS CEO David Charron.

The average sales price of a home in Baltimore County was $165,959 in the second quarter of 2010, an increase of 3.2 percent from the 2nd quarter of 2009. The second-quarter 2010 average sales price is down 17.5 percent from a peak in the second quarter of 2008.

Nick Gioia | www.NGRealtyGroup.com

Maryland’s 6,304 foreclosure filings in June was nearly a 104 percent increase from the same month last year, according to report released Thursday by market research firm RealtyTrac. Nationally, the number of foreclosure filings declined nearly 7 percent in June to 313,841.

For the first half of the year, January to June, Maryland’s 28,293 filings was a 56.2 percent increase from the same period a year earlier. That comes out to 1.2 percent of Maryland homes receiving a foreclosure filing during the six-month stretch.

Between January and June, foreclosures jumped 8.3 percent nationally to 1.7 million.

“The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market,” RealtyTrac CEO James J. Saccacio said in a statement.

Nick Gioia | www.NGRealtyGroup.com

Home sales across the Baltimore area continued to increase in June by nearly 9 percent, while median sale prices also took their biggest jump in three years.

During the month, 2,579 homes sold across Greater Baltimore, according to Rockville market research firm Metropolitan Regional Information Systems Inc. That was up from 2,375 in June 2009.

The median sale price in the Baltimore area — Baltimore City and Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County — increased 2 percent to $255,000. That was up from $250,000 during the same month last year. In May the median sale price dropped more than 4 percent to $235,000.

MRIS’ report comes one day after Clear Capital released data saying the Baltimore area was among two major markets not to see housing prices rise in the past year.

Meantime, the average number of days home stayed on the market in June across the Baltimore area also improved to 100 days, a more than 17 percent decline, according to MRIS.

In Baltimore City, the number of homes sold in June increased 11 percent to 579 compared with 521 during the month last year. But the median sale price of homes fell nearly 8 percent to $143,000.

Baltimore County home sales jumped nearly 1 percent to 681, and the median sale price held steady at nearly $230,000.

Anne Arundel County saw the biggest bump in home sales in the Baltimore area. Sales increased more than 15 percent to 556 in June. The median sale price spiked 5 percent to $325,000.

Nick Gioia | www.NGRealtyGroup.com

           Floor Plans:   First Floor     Second Floor     Basement

The Asssociated Press reported that homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

Senate Majority Leader Harry Reid, said Thursday that he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. The National Association of Realtors estimates that about 180,000 homebuyers who already signed purchase agreements are likely to miss the deadline.

Reid introduced the proposal as an amendment to a bill that would extend jobless benefits through the end of November. Joining him were Sen. Johnny Isakson, and Christopher Dodd.

The Senate is expected to take up the amendment next week. Senate Democratic leaders hope to finish work on the jobless benefits bill next week, but they have yet to secure enough votes.

Reid, who faces perhaps the toughest re-election campaign of his political career, represents a state that has the nation's highest foreclosure rate.

The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline.

"Time is of the essence," said Lucien Salvant, a spokesman for the group. "It's important for Congress to get this done, because there's whole bunch of loans that aren't' going to close on time."

First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

Nick Gioia | www.ngrealtygroup.com

The Baltimore Business Journal reported that a group of green building advocates is opposing plans by Baltimore County Council to change the way the county rewards environmentally conscious homeowners.

The U.S. Green Building Council has launched a campaign seeking to defeat county legislation requiring homeowners to show how much they’ve reduced their energy costs to qualify for a reduction in property taxes.

The county council is scheduled to hold a work session at 2 p.m. Tuesday on Bill 43-10, which is slated for final vote June 7. The bill was sponsored by Councilman Vincent J. Gardina, who could not immediately be reached for comment.

The legislation changes Baltimore County’s current tax credit program, which is based on homeowners meeting standards the building council established called LEED for Homes. The designation, short for Leadership in Energy and Environmental Design, outlines certain steps a homeowner can take to make their properties more energy efficient like installing better-insulating windows or using appliances that do not use as much power to operate.

Meeting LEED does not guarantee homeowners will save a certain percent on their utility bills, which is why council is looking to change the program. Under the proposed bill, homeowners would only qualify for a reduction in their property taxes if the improvements they make to their homes cut down on their energy usage by 40 percent or more. That would be measured not by the green building council but another standard called Home Energy Rating system.

Nick Gioia | www.ngrealtygroup.com

If you're looking to live in an area that features a versatile housing market with an assortment of single-family homes in suburban neighborhoods, charming townhouses and contemporary condos, look no further than the charming community of Reisterstown, Maryland. Like the real estate market, Reisterstown's school districts are exceptional, and the various recreational and cultural amenities abundant. Home prices in Reisterstown are affordable, making this the perfect time to invest in your dream property. Whether you're looking for a historical Reisterstown property or two-story residential home on a tree-lined street in Reisterstown, one of our local Realtors are ready to help you.

History of Reisterstown

The community of Reisterstown was named after German immigrant John Reister, a farmer who founded the town in 1758. John Reister first farmed corn and tobacco in the area, and after seeing that the road alongside the land he purchased was one that was frequented by travelers, decided to open up a successful tavern and inn. Schools in Reisterstown Reisterstown's first schools were private. Franklin Academy became the first public school in 1849 and in 1874, a high school was added making it the first high school in Baltimore County. The building now houses the Reisterstown Library. Today, students in grades K-12 attend Franklin High School, Franklin Middle School, and one of five elementary schools: Franklin, Cedarmere, Glyndon, Reisterstown, and Chatsworth. Private and parochial schools are also readily available to serve the educational needs of students in a faith-based setting. These schools include Chestnut Ridge-Grace (preschool), Hannah More Schools (grades 4-12) and Sacred Heart Parochial School (grades K-8). Recreation Residents in search of recreational opportunities don't have to go very far as Baltimore County is rich in parks, history, and recreational areas. If you're looking to quietly observe wildlife anytime throughout the year, then check out the Gwynnbrook Wildlife Management Area and its many miles of wildlife viewing areas and nature trails. The 17,000-acre Gunpowder Falls State Park and the Soldier's Delight Environmental Area provide visitors with a number of iron ore pits, wooded nature trails, a marble quarry, meadows and streams. Historical sites in the area are numerous and include the Fort McHenry National Monument and Historic Shrine, Hampton National Historical Site and Rockburn Branch Park. Reisterstown's real estate market is diverse and affordable, not to mention architecturally charming with countryside, American, traditional, and contemporary styled homes dominating the market. Prices for single-family residences in Reisterstown can start as low as $150,000 for charming starter homes on treed lots to the $500,000s for a 4 bedroom/2.5 bath home. Reisterstown homes in the low $600,000 range are usually multi-storied, grand, made of brick and stucco, and are usually located in a quiet suburban neighborhood. Homes that start from the $850,000 to $2.5 million range are usually historical properties and contemporary estate homes in exclusive enclaves. Townhouses and condominiums are also available for purchase throughout Reisterstown, with prices starting from the $112,000 to $385,000 range.

Are you interested in Reisterstown, MD homes for sale? Top real estate agents with the NG Realty Group of Remax Sails will provide you with any information or assistance you need with buying or selling your home.

Nick Gioia | www.ngrealtygroup.com

Fannie Mae is using a new addendum for their REO properties.  What shocked me is that some REO agents did not even know about these changes in Baltimore. 

As you may know all banks use their own addenda for REO sales.  For many years now Fannie Mae has been using basically the same addendum which stated that the buyer MUST use the seller's title agent and that the cost of transfer taxes and stamps would be borne in full by the buyer.  Fannie Mae is in fact EXEMPT from the payment of transfer taxes and stamps, although some local jurisdictions push the entire burden on the buyer without taking the exemption into account.   The burden on the consumer for the payment of all transfer taxes and stamps, as you might imagine, can sometimes make or break a deal.

The addendum has been dramatically changed in that it now states "The closing shall be held at a place so designated and approved by the Purchaser".  This is an absolute turnaround from previous versions wherein it stated that the purchaser MUST use the seller's title agent! Additionally, the contract no longer states that regardless of local custom Fannie Mae will NOT pay any portion of the transfer taxes and stamps!  These two major changes have long be awaited by those of us who do REO work in Baltimore, Maryland.

The net effect of this new addendum is that the buyer can now make his/her own selection as to title agent and will then be better protected against any prior title defects.  The fact is that the seller's title agents do not do 60 year title searches because they are not required to.  In most cases, the title agent who is "representing" the seller is merely acting as a liaison between Fannie Mae and the buyer.  Even in cases where the seller's title agent is doing the closing they still don't do a full title search. I have been told time and again that the only thing they (the seller's title agent) do is to get the title report from the foreclosure attorney who has reviewed title from the date of the foreclosed deed of trust forward.

CLICK HERE to view the new Fanne Mae Addendum

Additionally, and most importantly as far as the consumer is concerned,  is that Fannie Mae will split the transfer taxes and stamps, AND, they won't use those transfer taxes and stamps costs as part of the buyer's closing cost credit!! This is a huge win for the consumer.

You may ask why did they change their addendum? The obvious answer, from a buyers perspective, is that there are more Foreclosures on the market and they wanted their properties to be more desirable to buyers. Unfortunately, the truth is that Fannie Mae is now trying to market their properties through REO agents and www.homepath.com for TOP Dollar to Home owners. As a common practice, over the first 30 days of a listing, they will reject all offers below list price - No Exceptions. That's right Reject! So if you are looking for a deal, don't expect to find one listed with Fannie Mae. On the 60th day Fannie Mae has started to co-list their properties on the MLS and with an auction house similar to Hudson & Marshall. The catch, if you are the listing agent, is that you have done all the pre-marketing and property management for the last 6+ months and the auction company gets the commission. The agent does NOT even get so much as a thank you. Buyers are still able to post a pre-sale bid with the auction company, but their pre-sale floor is usually 95% of list sale price. 

It should also be noted that they have started to put deed restrictions on Investor non-owner occupant deeds. The restriction is as follows: "This deed restriction applies to non-owner occupied purchases. Buyer is restricted from selling/encumbering property for more than 120% of purchase price for a period of 3 months from date of close."

Nick Gioia | www.NGRealtyGroup.com

Compared to a year ago, existing home sales were up 22.8 percent!

In the NAR's South region, which includes Baltimore County, Baltimore City, Howard County, Harford County and Carroll County, existing home sales increased 8.6 percent and were up 23 percent from a year earlier. The median price in the region was up 1.2 percent to $150,000.

In the Baltimore City and Baltimore County, the median sale price rose 1.5 percent to $245,900 year-over-year. Sales grew 34 percent compared with a year earlier.

"The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, bit other factors are supporting the market, " said NAR chief economist Lawrence Yun in a statement. "For people who were on the sidelines, there's been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low."

While sales rose sharply nationally, the number of homes on the market also rose, with total housing inventory at the end of April up 11.5 percent.

The NAR also notes rising prices, saying median existing home prices were up 4 percent from April 2009. Foreclosures and other distressed sales accounted for 33 percent of sales in April.

The biggest jump in April prices was for condos, up 9.1 percent from the previous month, according to the NAR.

The biggest month-over-month increase in sales regionally was in the Northeast, surging 21.1 percent.

Nick Gioia | www.ngrealtygroup.com  

In Maryland, there seems to be some confusion about what the phrase “as is” means in practical terms in a real estate sale.

You’ll see “as is” with an increasing number of listings on the MLS as more and more homes are hitting the market either as short sales or as REO sales.

Here’s what an “as is” typically means in actual practice: the seller will not make any repairs to the property nor will the seller credit the buyer at closing for physical problems that may be uncovered during the home inspection.

So your analysis as a buyer is very simple: if a home has been neglected and the listing says “as is”, you’d better plan on handling repairs at your own expense after the closing when you are the owner.  (There are ways to finance repairs; Section 203K loans are a good avenue to explore with certain ‘as is” sales.)

To help clear up what seems to be widespread confusion about what an “as is” listing entails, here’s a review of what an “as is” sale does NOT entail in Maryland:

1. “As is” does not relieve home sellers of the obligation to truthfully reply to buyers’ questions about what the sellers knows about the home.

2. “As is” does not relieve listing agents from complying with Maryland  laws requiring an agent to disclose to buyers information the agent knows about the property that might reasonably be deemed to be material to a buyer’s purchase decision making.  Note that with bank owned homes (REO sales), the bank (and hence the listing agent) rarely knows anything about the property, so you’d best perform a lot of buyer due diligence with bank-owned homes.

3. “As is” does not prohibit buyers from inserting a home inspection contingency into a purchase offer.  Home inspections can be conducted and sale agreements may be terminated pursuant to a home inspection contingency, just as with any other home purchase.

So with an “as is” listing, by all means get a home inspection.  Just understand that “as is” typically means the seller will not undertake repairs, so if your inspector finds expensive defects, you’ll most likely have to terminate, get your deposit money back and move on to another home.

Here’s a complication with REO (bank-owned) sales: often during the cold months of the year, the homes have been“winterized” (water and utilities turned off, water pipes drained and often filled with anti-freeze.)  So there is no way to do a complete home inspection without “de-winterizing” the home and then re-winterizing it again once the inspection is done – a very expensive proposition that lenders frown upon (if not outright bar) and thus not very practical.

Nick Gioia | www.ngrealtygroup.com

Sadly, there is probably more truth than fiction in this video.

Nick Gioia | www.ngrealtygroup.com

Jamie Smith Hopkins, reporter for the Baltimore Sun, published a very interesting article regarding Baltimore City Home Sales in the 21224 ZIP Code, which consists of Canton, Highlandtown, Patterson Park and Greektown. She stated that lots of people bought a home in Baltimore's 21224 ZIP code last year. More than any other ZIP code in the whole region, in fact.

That's one of the housing-market extremes of 2009, and I thought those of you who enjoy top 10 lists would get a kick out of that sort of thing. So I crunched the numbers and editor Liz Hacken put them together in a photo gallery for your amusement and possible edification.

Baltimore metro area ZIP codes with the most home sales in 2009

The list has ZIP code extremes and city-neighborhood extremes -- biggest average price increases, biggest drops and largest changes in sales either direction. And, of course, the sales hot spots as measured by total activity.

In the city, the neighborhood with the most home sales last year was Canton -- not coincidentally in the 21224 ZIP code. More than 820 homes changed hands in the ZIP last year, almost 350 of which were in Canton.

Nick Gioia | www.NGRealtyGroup.com

I’m thinking that anyone with an ad contract with CBS might give some thoughts to these arguments…

Nick Gioia | www.NGrealtyGroup.com

Once you have found a home and wish to make an offer be certain you review a comparative market analysis report (CMA for short) that is produced by your Realtor or buyer’s agent. A CMA is a comparison report of similar properties to the subject property, that assists home sellers and home buyers determine an estimated, but educated price that a house could potentially sell for at a particular given time.  It is not an appraisal and not as in-depth. And almost all the time should cost you, the buyer, nothing. As you may have seen many Realtors who market themselves and services by offer a complimentary CMA to potential home sellers. Depending on the market you are in and the agent/company a CMA report can be a few pages to many.

VIEW ACTIVE LISTINGS IN MARYLAND

Typical Components of the CMA Report:

■ Active Listings: Active listings are homes that are CURRENTLY FOR SALE. This list lets you know what the competition is currently with ACTIVE homes. It is the price sellers likely hope their homes will sell for.

■ Pending Listings: Active listings that are currently in contract and off the active market but have not yet closed. This list allows you to view which direction the market is headed and which types of homes and the price range that buyers and sellers are meeting at. Pending lists are not closed so you wont know the selling price – also most agents will not share this information either considering it’s confidential status. This analysis carries the median weight of consideration for the comparison report.

■ Sold Listings: This list is THE MOST important of the entire CMA report. This list typically goes back 6 months but sometimes more depending on the situation. The most recent sold homes carry the most weight in comparison of course. Appraisers will use this list in addition to the pendings to help determine an appraised value for your home. This is the REAL EVIDENCE so study it carefully as it carries the MOST WEIGHT of the entire comparison report.

■ Withdrawn/Cancelled/Expired Listings: This list is usually due to homes that are overpriced but it could also be a number of other reasons. Sellers could be wanting to remodel to gain higher appeal or higher price, they could have fired their agent or are conducting repairs.  Sellers could also have a personal situation that has changed and may sell at another time. This list is the last consideration when examining the overall comparison report typically.

How does your agent determine which homes are worthy of comparison to the subject property?

■ Similar Location: Homes that are in the same neighborhood, subdivision or development are best. These will be homes that are hopefully on the same street, block or within very close distance. Be careful though, in some neighborhoods, especially older ones, just crossing one street or major thoroughfare can alter price schematics and comparables quickly even if the homes are similar in physical attributes. A home that sits on a corner lot is usually worth more and a home that sits to a busy street/commercial building is valued less by most buyers.

■ Similar Square Footage, Bedrooms, Bathrooms: Usually, it’s best to start with similar bedrooms and bathroom ranges first. Than square footage comes into play after. Some homes may have far more square footage but it is not finished or usable and therefor less of a consideration. Going one bedroom more or less, or one bathroom more or less will alter the comparables and price range. However, if it is not possible to find homes within the last 6 months or so that are of the same bedrooms and bathrooms and square footage you may have to go outside these bounds but adjust projected price/value for an addition or subtraction of such specs. When considering square footage remember that the larger the square footage in a home, the price per square foot becomes less. Also it’s best to stay within a 200-400 plus or minus of your subject properties square footage range than make adjustments if necessary.

■ Similar Year Built and Construction Era: Appraisers will typically go for homes that are built as close to your subject property’s era as possible. A common approach is to go 5-6 years plus or minus of your subject property as most subdivisions or neighborhoods take around 10 years or less to complete. Careful though, sometimes newer neighborhoods or homes are built right next to an older established neighborhood. In certain neighborhoods older homes sell for more than the new ones and vice versa.

■ Similar Amenities and Updates: Appraisers will monitor and add/deduct value on homes that differ in upgrades, remodeling updates, additional features such as a pool or double car garage vs. no garage, ect. When viewing your CMA be sure to make adjustments.  A fixer home will be worth less. A home that is completely updated and modern will be worth more to buyers.

Post complements of Portland Realtor Huy Nguyen

Nick Gioia | www.ngrealtygroup.com

Daniel J. Sernovitz with the Baltimore Business Journal reported that home sales in Greater Baltimore jumped more than 35 percent in April, the last month for home buyers to cash in on federal tax credits.

For the month, 2,205 homes sold in April, according to Rockville-based home sales tracker Metropolitan Regional Information Systems Inc. That’s up from 1,632 homes in April 2009 and from 1,800 home sold in March 2010.

“We are pleased to see signs of recovery within the mid-Atlantic region,” David Charron, CEO of MRIS, said in a statement.

The federal tax credit program that gave first-time homebuyers $8,000 and existing homeowners $6,500 expired in April.

As the Baltimore Business Journal reported April 30, real estate experts predicted the final month for the stimulus-funded program would help drive more hopeful homeowners to the closing table. The question going forward, they say, is whether those were sales that would otherwise have taken place in the months to come.

April was also the first month in more than a year that home prices gained ground, albeit marginally, The median sale price in April was $235,000, up 2 percent from $229,925 in March and barely from $234,950 in April 2009. The average amount of time a home spent on the market fell 11 percent year-over-year to 113 days

The data includes Baltimore City, Anne Arundel County, Baltimore County, Carroll County, Harford County and Howard County.

Harford County posted the highest year-over-year increase in regional sales. For the month, 245 homes sold in the county, up 78 percent from April 2009. The median sold price fell by a percent there to $227,557, down from $230,000 in April 2009.

In Baltimore City, 487 homes sold, up 24.5 percent from a year ago, and the median sold price increased 16.8 percent to $134,900. In Howard County, sales increased to 252 homes, up 22.9 percent from April 2009, and the median sold price fell nearly 3 percent to $339,500.

Nick Gioia | www.NGRealtyGroup.com

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called Realtor. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. Realtors are committed to treat all parties to a transaction honestly. Realtor subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same Realtor again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a Realtor.

If you're still not convinced of the value of a Baltimore Realtor, here are a dozen more reasons to use a Baltimore Realtor like Nick Gioia and the NG Rrealty Group with Remax Sails:

1. Your Baltimore Realtor an help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your Baltimore Realtor has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your Baltimore Realtor can assist you in the selection process by providing objective information about each property. Baltimore Realtors have access to a variety of informational resources. Baltimore Realtors can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your Baltimore Realtor can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Nick Gioia with the NG Realty Group and Remax Sails can advise you as to which investigations and inspections are recommended or required.

5. Your Baltimore Realtor provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Baltimore Realtor can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Baltimore Realtor title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your Baltimore Realtor can help you in understanding different financing options and in identifying qualified lenders.

7. Your Baltimore Realtor can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your Baltimore Realtor can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your Baltimore Realtor markets your property to other real estate agents and the public. Often, your Baltimore Realtor can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your Baltimore Realtor markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Baltimore Realtor acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Realtor Code of Ethics requires Realtor to utilize these cooperative relationships when they benefit their clients.

10. Your Baltimore Realtor will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of Nick Gioia with the NG Realty Group and Remax Sails, you do not have to allow strangers into your home. Nick Gioia will generally prescreen and accompany qualified prospects through your property.

11. Your Baltimore Realtor can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your Baltimore Realtorcan help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your Baltimore Realtor can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Baltimore Realtor is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

To list and sell your home in todays market, contact Nick Gioia and the NG Realty Group with Remax Sails.

Every month, I receive several calls from prospective clients who ask for tips on selling their home. Many have had their home on the market with another agent or broker for months without a showing. Some home sellers have had dozens of buyer previews but not one purchase offer.

In buyer's markets, it is especially important to pull out all the stops and make your home stand out among the sea of inventory on the market. Ask yourself why a buyer would choose your home over all the other homes for sale.

Poor Condition of Your Home

Check out your competition. If 90% of the homes in your market are not selling, then your home needs to outshine the top 10%. Look at the homes that are pending sales because that's your current indicator. Sold comps could be two to three months in arrears of market movement. You want to know what is happening right now, and pending sale data will tell you which homes are selling.

Apart from preparing your home for sale, consider its condition. Perhaps you should consider adding updates or doing repairs before selling. If the top 10% on the market have new carpeting and your carpeting is worn and dated, your home is not going to sell. Replace the carpet. Paint the walls neutral -- not white. Check its curb appeal.

Not Enough Photographs or Badly Shot Photographs

Homes in the MLS that have one photo are passed by. Homes with dozens of photographs get noticed. On all our listings we have a professional photographer take several sets of photographs and only use the best of the best . Shoot wide angles with plenty of light showcasing your home's best features. For goodness sake, keep the toilet lid closed.

•Unless your bedrooms differ from one another significantly, just shoot the master bedroom or largest bedroom.

•Don't get yourself or the camera in the photo of the bathroom by shooting the mirror's reflection.

•If your hallway is narrow, don't take a picture of it. Get a close up of your fireplace or other interesting feature instead.

•Take several photos of the kitchen. The kitchen is generally the most important photo.

•Before photographing the dining room, set the table.

•Living room photos should show space, so move out some of that furniture.

•Remember to include the back yard and gardens.

•Add descriptive text to each photo; make your poetry sing.

•Add profesional Floor Plans to the MLS Listing to highlight flow and features.

You Haven't Paid For Extensive Marketing and Advertising

No single aspect of marketing sells a home. It's a combination of marketing efforts. If your newspaper makes a mistake and lists your home under the wrong section, don't panic -- homes have sold to buyers who found them in the wrong place. For that reason, consider placing an ad under several classifications and indexing links on verious internet search engines. NG Realty Group General Marketing Plan

•Print four-color postcards and mail them to surrounding homes in the neighborhood and to out-of-area buyers.

•Create four-color flyers containing several photos to distribute to prospects and those who tour your home.

•Hire a virtual tour company to shoot and upload videos to multiple internet and real estate servers.

•Massively advertise on the internet through paid and free websites.

•Hold Open Houses on Sundays that coincide with other neighborhood open houses. We have found that sometimes Thursday evenings attract buyers.

•Get feedback from buyers about what they liked and disliked about your home, and make adjustments to overcome objections.

•Consider shooting a video yourself and uploading it to YouTube.com, even if it's just you talking about what you like about living there.

You Hired the Wrong Listing Agent

You want to work with an agent who is competent, experienced and honest. There are a variety of ways to find an agent but the easiest way is through referrals from friends and family.

If you desire full-service and want an agent to spend tons of money on the listing, hire a full service brokerage like the NG Realty Group with Re/Max Sails. To find the best listing agent, don't base your decision solely on the suggested sales price or how much the agent charges you because there are other considerations. The average listing commission in the Baltimore Metropolitan Region is 2.5% to 3%, unless you go with a limited service or small/discount broker who usually is only able to offer limited marketing exposure of your home. Discuss home pricing and commission negotiations last. First, find out the agent's strategic marketing plan.

You Haven't Priced Your Home to Sell

Sellers say, "But I don't want to give away my house." Of course, not. You want to sell it. To sell your home, the price must be right. Don't "test" the market or ask an inflated figure because if you do, your home will probably sit on the market and the DOM will continue to tick. Dated listings don't generally sell for list price.

To avoid overpricing your home, examine the sold comparable sales. Adjust for square footage and improvements, if necessary. If your home has a bad layout or is located in bad location such as next to a school, on or near a busy street or bordering a liquor store, you're not going to get the same price as homes with a good layout and in a good location.

For example, if the last three homes sold at $400,000 but you feel they are not comparable to yours because they don't contain updates -- but they were located on a quiet street and your street is noisy -- your home is probably worth about the same. A plus-$50,000 adjustment for the updates could wash out the minus-$50,000 for the busy street.

In a buyer's market, price your home a minimum of 2% less than the last comparable sale. If you can't live with that price, then don't put your home on the market and set yourself up for disappointment. Overpricing is the worst mistake a home seller can make.

If you would like additional tips about selling your home or would like to schedule a no obligation consultation, please contact Nick Gioia at sellbaltimore@gmail.com or (410) 814-2402.

Catonsville is an unincorporated community and a census-designated place in Baltimore County, Maryland. It is located in the South-Western section of the county, and is approximately a 10 to 15 minute drive to the downtown attractions of Baltimore City and about 5 to 10 minutes from Baltimore-Washington Internation Airport (BWI). Catonsville offers the advantage of convenient access to Baltimore City combined with the beauty and peacefulness of the suburbs of Baltimore County. The Western edge of Catonsville is bordered by the Patapsco River and Howard County and includes part of the beautiful and serene Patapsco Valley State Park. Also close by to Catonsville are Historic Ellicott City and the city of Columbia.

What Makes Catonsville Unique?

"Music City, Maryland" - In 2002, the Maryland legislature issued a proclamation declaring Catonsville to be "Music City, Maryland" due to a concentration of musical retail stores, venues and educational facilities in the area.  

Best Place To Live -  In 2007 Money magazine ranked Catonsville the 49th best place to live in the USA, third best in Maryland and Virginia. Catonsville's rich history engenders its continued small business growth and local pride.

The Townsend House -  was the home of the late Mr. and Mrs. Robert Townsend. The house, which was designed with an eighteenth century floor plan, contains six rooms and an entry hall. The home includes a variety of antiques from the eighteenth and nineteenth centuries, including collections that the society has gathered since its organization in 1973. The home came into the possession of the Catonsville Historical Society because Mrs. Townsend had bequeathed it to the Society in her will. Among the property's many features is the recently completed knot garden .

Visit our Catonsville Neighborhood Page to find Catonsville Real Estate for Sale

Nick Gioia | www.NGRealtyGroup.com

History of Silo Point

Constructed in 1923, the B & O Railroad grain terminal was the biggest and fastest grain elevator in the world. This beacon of international commerce jutted 290 feet into the air. Today, the 24-story tower rises above Baltimore's Harbor to mark a new era in modern living.

The grain terminal was the pulse of the world's agricultural market in the new age of industrialism. Every year, nearly ten miles of conveyor belt carried 3.8 million bushels of grain from rail cars to transatlantic cargo ships. These vessels transported the grain to ports all over the world.

Silo Point Residences

If you've always envisioned yourself living In unparalleled luxury, it will be easy to imagine yourself as Silo Point. The distinct residences of Silo Point offer towering windows allowing light to flood the unique spaces. Of course, all homes offer gourmet kitchens, walk-in closets and hardwood floors, all in a contemporary space, all with a spectacular birds-eye city and harbor views. There are also over 30 different floor plans ranging from 1100 - 5000 sq ft.

Style Sky Lounge

To experience city living at its finest, Silo Point residents need go no further than the 19th floor. The STYLE Sky Lounge offers an exclusive club right on the premises. The city skyline is your backdrop as Silo Point and STYLE magazine have partnered up to create an experience like no other. Take in the crisp evening air, or cozy up to the fire, all while enjoying 360 views of the Baltimore Harbor unattainable from anywhere else. Whether it is a celebration, a catered party, or a private late night cocktail, the STYLE Sky Lounge will be Silo Point's signature entertaining spot.

Visit our Silo Point Neighborhood Page 

It always scares the daylights out of me when I start to read about “appreciation” in the housing market.  It’s not that there is a discussion regarding appreciation occurring… that is always a good thing.  What worries me most is that there are far too many investors, usually new investors, who get caught up in the promise of huge profits driven by appreciation and they make their investment decisions accordingly. OUCH!

We saw this happen every day during the run up.  In fact, many “successful investors” – and I use that description disparagingly — during the run up, were successful only because of appreciation, yet they thought themselves to be real estate geniuses.  Well, we know how that ended for thousands.  Not only did the investors tank, but so did the lenders who funded them!

With that as a backdrop
 
I found this article, a Baltimore Sun housing blog that displays a Case-Schiller map of the U.S. and predictions of when housing prices should return to their pre-decline days.  In other words appreciate to the point where they were in the summer of 2006.

After taking a quick look at these predictions, I am not sure I agree.  While I do believe we will be seeing measured – very measured – appreciation starting in the next few years, hoping for property prices to climb to their previous highs is wishful thinking!

Why Wishful Thinking?

To get to those highs would mean that the economy would have to produce over 8 million new jobs (just to reclaim all those who lost their jobs) and then it would have to grow so that incomes increase to the point where higher priced homes could be afforded.

Lets dissect the probability of the economy creating in excess of 8 million new jobs anytime soon. Economist have indicated that in a normally functioning economy it can be expected that 50,000 new jobs will be created every month, or, 600,000 every year.  To replace those 8 million that were lost would require at least 12 plus years, and in some states like California and Michigan, they may never recover. Bottom line… it ain’t going to happen!

Are we likely to see appreciation anytime soon?  Yes!  But in very modest terms and not for at least the next 18 months. And, we can be pretty sure that we are a very long way off from the pre-meltdown highs.

How will a smart investor respond to this scenario?

Simple. The smart investors will know that they should never purchase a property where appreciation is considered into their calculated profit.  So, even more simply put, the trully seasoned investor doesn’t care about appreciation because they aren’t considering it to make their deals work.

Nick Gioia | www.ngrealtygroup.com