Frostburg Real Estate Blog

Today in our local paper, the Cumberland Times News, was the regional update associated with real estate.  I couldn't help but read some of the promotional articles that the real estate companies in our area put into this supplement. 

The first to catch my eye was one of the "Agent Mill"  companies.  Throughout their article they claimed to be the number one company associated with days on market of their listings.  Of course I know that data is easily manipulated to make it say whatever the writer wants or considers relevant.  Well, I decided to do a little research of my own just to check the accuracy.  I researched the top four producing companies in our area and through that research I found that this company was actually 3rd in the actual days on market for not only their listings that sold but of all listings that the company had over the past year to included withdrawn and expired listings of our entire market area.  Turns out that the number one company's average days on market was nearly half of the "Agent Mill" company.  Of course, this is only based on the information that I researched and maybe their researchers found a way to manipulate the data, say maybe they only researched listings that sold after they removed them from the MLS and resubmitted them to reduce the actual days on market.

The second article I read was that of a national chain who claimed to be the top producing real estate office in the state for that company.  They just forgot to put in the part about only as compared to other independently owned, single office franchisees in the state which makes them only competing with three or four other offices throughout the state, all of which are smaller offices than this one.

Whatever happened to the Truth in Advertising Laws?  This stuff drives me crazy.  Consumers don't know any better than to believe what they read.  Every week in the paper I see an article by an agent from one of these companies beaming about how great of an agent they are and they are in the top 1% of all agents is the state.  Wake Up Call!  when you sell five houses and barely have a million dollars in volume you are not one of the top agents in the state, you aren't even one of the top agents in our area.  Stop trying to pretend to be something you are not!  Tell the truth, do your job and you will be successful.  It is up to us as agents to create and maintain a good public image, claiming to be something you are not does nothing to help.

I just wanted to let the world know that I have recently passed my West Virginia Real Estate Salesperson exam and am now a licensed agent there.  This should big benefit to The Carter-Roque Team's business due to our close proximity to Mineral County and the Potomac Highlands Region.  I look forward to adding this expanded service area to all of my customers.  If anyone has any questions or is interested in finding out what services we offer feel free to give me a call at 301-268-3010 or 301-689-8857.

The Cumberland Times News posted an article today regarding the recovery of Maryland's housing market.  Below is the article or you can follow this link.

Md. on slow, steady road to housing recovery

BOBBY MCMAHON
CNHI News Service

ANNAPOLIS - Maryland's housing industry has seen the light at the end of the tunnel. Probably.

According to recent figures and industry experts, the state's real estate and homebuilding industries have hit bottom and begun a slow climb back up.

BRAC-related jobs and a better-than-average economic outlook could mean a faster recovery than expected, but concerns remain about the expiring first-time home buyer tax credit and other problems in the industry, all of which put continued growth in doubt.

Housing sales in the state have more than doubled since January (2,209 to 4,838), according to figures from the Maryland Association of Realtors, which show that sales in July were higher than any month since August 2007. The number of homes on the market, roughly 44,000 last month, has also been decreasing, a positive sign showing homes being sold and moving off the market.

Steve Meszaros, the president of the Maryland Association of Realtors and a regional coordinator for Long and Foster, attributes these positive signs in part to the federal first-time home buyer tax credit.

"It's been a big help,'' Meszaros said. He estimates that about 30 percent of homebuyers are making use of the credit, which was included in the federal stimulus package and offers up to $8,000 for first time buyers who purchase a home as their primary residence.

Across the country, more than 1.4 million people have received the credit. Ted Koebel, a professor of urban planning at Virginia Tech, called the tax credit's contribution to the housing recovery "rather exceptional.''

"In most recoveries, it's more the pent-up demand from people who are moving up in the market than first-time buyers that fuel a recovery,'' Koebel said. For first-time buyers, the $8,000 credit has been enough of an incentive "if somebody is straddling the fence.''

The tax credit is set to expire on Dec. 1, causing concern that its end could put the brakes on the positive gains in the housing market. Sen. Ben Cardin, D-Md., has introduced a bill that would extend the credit another six months.

If the extension doesn't pass, Meszaros and others said that it would negatively affect home sales by taking away a major incentive to buy a home.

"First-time home buyers have one basic situation in most cases, and that is the lack of cash,'' Meszaros said. "Anything we can do to provide some boost to them in some fashion is a help. And that's why the tax credit is a huge item - it's necessary that we make this happen.''

Even though home numbers have gone north these past few months, many in the industry still see a great deal of uncertainty ahead. Michael Owings, the president of the Homebuilders Association of Maryland, is concerned that qualified buyers are still unable to get credit from a bank.

"We feel like we're putting some real qualified buyers in front of lenders and they're getting spit out the back door with a big ‘no','' Owings said at a meeting of the state Board of Revenue Estimates last month.

Another impediment to continued growth is home appraisals, which Meszaros said is holding up home sales because appraisers are low-balling the price of homes across the board.

"I think the lenders are being prudent,'' Meszaros said, "and I think that the appraisers are either not familiar with the market or they're being much too conservative with their appraising.''

But even with credit, appraisals and other issues looming over the industry, Owings thinks the state will recover sooner than most, thanks to lower-than-average unemployment and a stronger economic outlook.

A large piece of that recovery will also be driven by the 60,000 new jobs coming to the state in 2011 because of the Base Realignment and Closure (BRAC) process, said Owings. A 2006 state report estimated that roughly 28,000 new homeowners and renters would move to Maryland, and while updated numbers (a new report will be released in December) could show that the recession has driven the number down, officials expressed confidence the influx would be significant.

"We anticipate that we will be welcoming 28,000 new neighbors to the various communities,'' said Mike Raia, spokesman for Lt. Gov. Anthony Brown. "I wouldn't be surprised if that number went up.''

Even with a push from BRAC, experts and industry insiders alike predict that the market will really turn around once existing homeowners begin selling their current houses and moving up to larger, more expensive homes. Koebel said that it's these homeowners - and not the first time buyers - that make up the bulk of house-buying demand, calling their return "extraordinarily critical'' to continued growth.

Looking ahead, there's consensus that any recovery in the housing sector will be slow and steady. Gone are the days of house flipping and buying property as an investment, and Meszaros, who received his real estate license in 1977, sees that as a good thing.

"If we can get back to the times when you buy a house for the kids and you put a picket fence around it, that's what a house is for,'' Meszaros said. "It's a place to live. It's a place to raise a family.''

I ran across this blog and though it was interesting and helpful to both sellers and buyers. 

Donny Carter  

www.carter-roque.com

Hello,  my name is Donny Carter.  I have been helping friends and others fufill their dreams in the mountains of Western Maryland since 2005.  I was raised in Frostburg and have spent most of my life in town.  Over the years I began to realize the importance of teamwork and quickly adapted this into my real estate career.  In January 2009 I created the Carter-Roque Real Estate Team by bringing Meg Roque into my group.   Over the past several months we have seen our business increase by leaps and bounds.  I always had a knowledge of what needed to be done but as an individual real estate agent I just didn't have enough time to implement everything.  Starting September 1 we will be adding a thrid person to our team with hopes of being able to continue to service our friends and clients the way they come to expect.  We look forward to working with you in the future.  Feel free to visit our website at www.donnycarter.com or if you have any questions please call us at 301-689-8857. 

Rare oppertunity to own a home on Frostburg's Historic Cobblestoned Frost Avenue.  This large victorian home has had many rectnt updates including electric, roofing and windows.  Most of the trim has been restored back to original.  A recent addition houses a master suite on the second level and a large kitchen area ready for your dream kitchen.  There are hardwood floors throughout most of the living areas and two large fireplaces will add warmth on those cool Frostburg nights.  This home also features a rental unit that could be utilized as an in-law suite or you could open the home back up into a large single family home.  View more information about this home at www.carter-roque.com or call the Carter-Roque Real Estate Team at 301-268-3010 today to see this once in a lifetime opportunity listed at $205,000.

 The Carter-Roque Real Estate Team is part of The Goodfellow Agency, 5 E. Main Street, Frostburg, MD 21532.  The office phone number is 301-689-8857.

I didn't really know the true value of staging a home until I went to list a home last week.  I was not ready for what I walked into.  I had met with the owners on saturday and agreed that I would come by the house on Tuesday to do a walk through and take some pictures before doing a CMA to determine the list price.  The owner's are in the process of packing for thier move, so I had expected to see some boxes around the house.  What I didn't expect was the house to look so bare. 

The house has a good flow and very open floor plan but with many of their belongings already packed many of the spaces were undefined.  All of the items had been removed off of walls and all that was left were the nails and hooks that held the pictures up.   It would take a buyer with some imagination to be able to see the potential of this home.

Lucky for me, I know a home stager and we were able to get he into the house this past Saturday to discuss making some improvements.  I am looking forward to staging this home in the next week and hopefully we will have a quick sale.