Per the National Association of Home Builders (NAHB), lumber prices have tripled over the past 12 months and have caused the price of an average new single-family home to increase by $35,872.
Last week, we discussed the current sellers’ market and how it is difficult to get offers accepted when facing multiple offer situations.
Buyers are looking for ways to strengthen their offer in this competitive seller’s market.
According to the National Association of Realtors®, existing-home sales declined in February, following gains in both January, 2021 and December, 2020. However, all four U.S. regions recorded year-over-year gains.
Anyone who sells a property in Maryland, but is a “non-resident” of the state of Maryland, must pay a withholding tax.
Lack of inventory, rising prices, multiple offers on new listings—all confirmation that we are indeed in a sellers’ market.
Finding a homeRead more
Most people are familiar with the VA Loan, which is a loan program through the Department of Veterans Affairs.
The Maryland Real Estate Commission is the regulatory agency that provides licenses to real estate brokers and agents.
Its office receives 400-500 consumer complaints annually.
Maryland Real Estate Commission is a special funded entity in which license fees fund its operations as well as the Real Estate Guaranty Fund.
Maryland Realtors have providedRead more
This year has produced noticeable real estate market shifts, and in many cases the surge in real estate demand was fueled by the effects of covid-19.
Here on the shore, we saw increases in feeder market sales due to the consumers desire to have a safe, drive-to vacation spot.
Various other factorsRead more
In a strong real estate market with lower inventory, we are experiencing numerous multiple offer situations, especially on the lower price point category of homes that first-time homebuyers would be seeking.
So how can a first-time homebuyer strengthen their chances of beating out other buyers?
This is one of the hardest, butRead more
Habitat for Humanity of Worcester County operates a ReStore located at 9026 Worcester Highway in Berlin.
Cash may be king in a sellers’ market, but buyers need to understand that the same is not true with financial institutions.
Information from a recent Sears Home Services survey is showing that the pandemic has prompted homeowners to reevaluate their homes.
With “for sale” inventory limited in many price points, sellers may be able to ask more for their home.
The National Association of Realtors Chief Economist, Lawrence Yun, released a video report that dissects the latest homes sales numbers, talks about what could make the market even stronger, and forecasts what’s aheadRead more
The National Flood Insurance Program’s authority to provide flood insurance is currently scheduled to expire on Sept. 30.
The National Association of Realtors is making every effort to secure a long-term reauthorization of theRead more
At the beginning of the summer, we reported that demand has been very strong in the Ocean City market and surrounding areas since the end of April.
When listing a home for sale, sellers should make sure they really “come out of the gate running.”
With the recent Tropical Storm Isaias impacting our coastal area, the importance of having a plan in place for storm events to protect your property is top of mind.
Below is the final summary of the 2020 legislative session of the Maryland General Assembly on items that were passed and put into legislation affecting the real estate industry as it relates toRead more
Below is a summary of the 2020 legislative session of the Maryland General Assembly on items that were passed and put into legislation affecting the real estate industry as it relates to affordableRead more
With low inventory in our market, and a high buyer demand, we are experiencing many multiple-offer situations on properties.
Demand has been very strong in the Ocean City market over the past month due to both being in our spring market (although somewhat postponed due to covid-19) and historically low interest rates.<> Read more
Listing inventory is at record lows both around the country and in our local area, and buyer demand is coming back as the country eases restrictions, so it’s a great time to sellRead more
The National Association of Realtors® sent out a press release last week commending the Department of Housing and Urban Development for finalizing new Federal Housing Administration condominium loan policies. The changes, many of which NAR has championed for overRead more
Customary in the state of Maryland is a split of transfer and recordation charges between a buyer and a seller. Section 14-104(b) of the Real Property Article, Annotated Code of Maryland provides that, unless otherwise negotiated in the contractRead more
Real Estate Report:
If you are in the market to buy or sell a home, you are probably going to retain the assistance of a real estate professional. Practitioners in the field of real estate can hold various titles, and each of the titles comes with aRead more
Real Estate Report:
Homebuyers may be eligible to receive up to $5000.00 in closing cost assistance through Bank of America’s Home Grant program. These funds can be used to help with nonrecurring closing costs suchRead more
Real Estate Report:
With the Federal Reserve raising interest rates last week by a quarter of a percentage point and signaling that the central bank is on track to raise rates twice more in 2018—homebuyers should payRead more
Real Estate Report: CMA vs. Appraisal
To clear up any confusion, there is a definite difference between a Comparative Market Analysis (CMA) and an appraisal. Basically, they are two different levels of reports in determiningRead more
Real Estate Report:
As of January 1, 2018, there are new residential smoke alarm requirements in the state of Maryland, as per a bill passed by the Maryland General Assembly in 2013. Maryland REALTORS® has provided information to helpRead more
Maryland REALTORS® released their Maryland Year End sales figures, and announced that in 2017, residential sales in Maryland climbed by 3.2 percent, or more than 2,500 homes across the state. Eighteen of Maryland's 24 jurisdictions posted gains in homeRead more
The National Association of Realtors issued a news release that summarizes real estate related tax items in the Tax Cuts and Jobs Act put into place just before Christmas. They started by saying that Realtors can take some credit for many of the bill’s improvements during itsRead more
Contingencies Provide Buyers an Important Check and Balance
Purchasing a new home is normally the biggest investment you’ll ever make and once you’ve bought a home, it’s a decision you can’t easily reverse. Contracts of sale offer various contingency clausesRead more
The Maryland Association of Realtors has issued a new brochure for the public entitled “Get to Know the Role of Real Estate Agents”. The brochure covers the role of agents and agency relationships and is a useful tool forRead more
Most real estate agents are Realtors®, which means they are members of the National Association of Realtors (NAR). By belonging to NAR, all member Realtors are bound by NAR’s Code of Ethics. But beyond the ethics code, NAR developedRead more
In Maryland, licensed real estate agents answer to the Maryland Real Estate Commission, a part of the Department of Labor, Licensing and Regulation’s (DLLR) division of Occupational and Professional Licensing. The Commission exists to serve both real estate consumers in Maryland and the real estate licenseesRead more
In a recent news release issued by the National Association of Realtors (NAR), it was reported that Realtors continue to invest in new technology for their business and have spent more than they did in previous years on keeping up with technology advancements.
It is not surprisingRead more
Have you looked at real estate ads lately, and wondered if there was a printing error that caused a box of squiggly lines to appear??
Well, it's no mistake. It's one of the newest mobile internet technologies using 'bar codes", or more specifically dubbed QR codes.
A QR (Quick Response)Read more
- Home Builders Association reports lumber prices rising
- Options exist for homebuyer looking to waive inspections
- Waiving appraisal effective strategy for select buyers
- Recordation taxes, transfer fees
- Home sales slip in February after gains in months prior
- Individual, business rates of withholding tax in Maryland
- Worcester County following Md. Forest Conservation Act
- Cost effective home staging tips
- Tips to improve chances in challenging sellers' market
- Agricultural use assessment in Md.
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