Maryland and Virginia Real Estate and Homes Blog

CARROLL COUNTY MD OFFERS WONDERFUL VALUE FOR HOME BUYERS AND 100% FINANCING, NO DOWN PAYMENT LOANS (edit/delete)

LET’S TAKE A TOUR OF HOMES IN CARROLL COUNTY. 

DON’T BE SURPRISED IF YOU ARE SURPRISED AT THE VALUE AND THE BEAUTIFUL COUNTRYSIDE.  Carroll County MD is rural, but with the growth in the Carroll County economy, retailers have located in Sykesville, Eldersburg and Westminster offering convenience shopping for residents.

JUST LOOK AT WHAT YOUR MONEY WILL BUY IN CARROLL COUNTY and you can buy these homes with NO MONEY DOWN. 

Finksburg * Westminster * Manchester * Taneytown * Hampstead

New Windsor * Eldersburg * Sykesville

Search Listings of Homes for Sale in Carroll County, MD

Average Income Families with Children - $85,000

Population - 170,000

Land Area - 449.1 Square Miles

Population Density - 375 Persons Per Square Mile (Rural)

Economic Growth Annualized 5 Years - 2.2% Per Year

High School Graduates - 68%

College Graduates - 40%

Average Drive Time to Work - 37 Minutes ( Baltimore, Columbia, Frederick)

 Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.

GOOGLE.  FRIEND OR FOE?

A very thoughtful article by Lisa Hill about Google’s ongoing process of making every word ever written available to the world in Google search, inspires this opposite view. 

BACKGROUND.  The library was often my best friend.  Growing up in Washington, DC many years ago gave me access to many wonderful institutions.  The Public Library in my neighborhood was my “hang out”.  However, hop on a street car or take a long walk and I could visit the Library of Congress, walk the stacks, read, research, learn and enjoy books on any subject of interest.  Appreciating my love of learning and wanting to keep me closer to home, my parents sacrificed to buy a World Book Encyclopedia which, I believe I read every word A-Z.  Reading was truly my hobby and access to these institutions inspired tours to the Museums along the Mall between the U.S. Capitol and the White House. 

ACCESS AND COST.   Clearly I would not have had access to the books in my life if I had lived somewhere else.  My summers were spent at my grandparents’ farm in North Carolina where learning was from public school texts and my grandfather’s lovingly provided lessons.  How limiting is that??  Books that I could select and read by the hundreds would have cost our family $Thousands of Dollars over the years.  We were poor.  Without the libraries in my life, I would have been denied the literary adventures I enjoyed.  However, today, with computer access, a child has access to the world of knowledge heretofore only available to those of us with library access and that is limited to the budget and selections of the local library managers and often local politicians.  Who pays for publications on Google?  Advertisers or subscribers.  However, at the average cost of books, $20-$40-$120, per copy, depending on whether fiction, non-fiction, reference or text, the cost of books alone takes them out of the hands of billions of citizens of the world. 

Access to these institutions helped develop not only a thirst for knowledge but also inspired a lifelong talent for research which served me well throughout school years, raising children, government service and success in several business ventures including real estate brokerage. 

HOW MANY CHILDREN GROW UP WITH ACCESS TO SUCH MAGIC AT THE END OF A STREET CAR RIDE?  However, today, the same adventure is available to young and old on Google.  Not many, until GOOGLE. 

In 1997, Google changed the Internet world.  In 1994 when I discovered the Internet, I knew my business would change and I couldn’t wait to “get on line”, put up a web page to advertise my real estate services to prospective home buyers around the world.  Indeed, I purposefully targeted relocating home buyers around the world in 1995.  It worked then and it works to today.  Google has been a good friend since 1998 when I realized that I better learn to “speak Google” or be left in the dust. 

GOOGLE BOOKS -A few years ago, Google embarked on an ambitious attempt to index, digitize and make available to the world, books and papers in and out of print.  Google probably over reached by including many copyright protected publications in it’s “library”.  The copyright owners sued and several years later a monetary agreement has been reached whereby copyright owners and publishing houses will be paid to enable Google to publish these works, many of which would be unreachable to millions of people who, with access, would love to have access to these publications. 

Enjoy A Midsummer Night’s Dream on Google.  I wonder what Shakespear would think.

Publications covered by the agreement include:

1. In-copyright and in-print books
2. In-copyright but out-of-print books
3. Out-of-copyright books

RESPECT FOR COPYRIGHT OWNERS -As the owner of over 100 Copyright registrations, I have the utmost respect for the right of the copyright owner to decide where and when their intellectual property can be published and used and by whom.  As many ActiveRain friends know, I protect my copyrights vigorously and relentlessly.  However, to date, not one of my competitors who has taken one of my copyright protected maps and used them on their own web page has ever asked me for permission.  No doubt, they would know the answer would be “no”, “no thank you” or “Hell no”.  So, rather than create or purchase their own map image, they take and use maps belonging to me.  Of course I pursue damages.  Why would I not?  However, I don’t pretend to be developing a classical library of maps available to the world in a repository of great works.  I believe Google is doing just that with many publication otherwise not available. 

IMO, GOOGLE IS THE WORLD’S LIBRARY.  Yes.  Anyone, young or old, with a computer connection, will be able to access some of the great literary works no longer available in the neighborhood library, if there is a neighborhood library, many of which have closed due to funding problems. 

Will Google benefit?  Of course, and why shouldn’t they?  This project will bring the works of literary giants to students and adult readers around the world who would never have had an opportunity to read. 

I applaud Google for their ambition, their innovation, their service and their success.

HOMES IN KING GEORGE COUNTY VIRGINIA ARE priced right and offer lovely homes and spacious lots for home buyers.  Homes in King George offer a direct commuter route to Fredericksburg, Dahlgren and Stafford.  Many employees of locations in Charles County MD also elect to buy a home in King George because they can enjoy newer homes at good prices and often acreage. 

New construction, resale homes, properties with acreage, water privileged communities are all available in King George County. 

HOMES LISTED FOR SALE IN KING GEORGE

KING GEORGE COUNTY DEMOGRAPHICS

• Average Income Families w/Children - 71,000
• Population - 20,000
• Land Area - 180 Square Miles
• Population Density - 115
• Growth Rate Annualized 5 Years - 4.2% (high)
• Average Age - 35 Years
• Married - 60%
• Married w/Children - 38%
• High School Graduates - 85%
• College Graduates 30.5%
• Average Commute Time - 33 Minutes

Search Listings

                                           * * * *  HARD CORE REAL ESTATE TALK  * * * *

STATUS REPORT for TARP (Troubled Asset Rescue Plan). 

Inspired by an article by Judi Barrett this morning, I just can’t resist offering a vision of what the “temporary fix” of the financial market looks like today to the average American citizen. 

What did the “fix” involve? 

About $700,000,000,000 for the first round.  That is 7/10ths of a Trillion Dollars. 

Secretary Paulson said:  “Right now, our focus is restoring the strength of our financial system so it can again finance economic growth. The financial security of all Americans - their retirement savings, their home values, their ability to borrow for college, and the opportunities for more and higher-paying jobs - depends on our ability to restore our financial institutions to a sound footing.”

Let’s see.  Sec. Paulson’s goal for TARP was to:  “restore the strength of our financial system” so it could:

• finance ecomonic growth
• stabilize retirement savings,
• stabilize home values
• stabilize ability to borrow for college
• stabilize opportunities for more and higher-paying jobs

HOWEVER, IF ONE LOOKS AT WHAT THE BANKS CAN DO WITH THE MONEY THEY RECEIVED, between $2,000,000,000 and $25,000,000,000 each.

• Banks can buy other banks.
• Banks can loan the money.
• Banks can pay shareholder dividends.
• Banks can hoard the money.
• Banks can pay bonuses to executives and employees.

What is the public’s first concern? 

• Are we going to be able to keep our home?
• Can I get a home loan?
• What will my house be worth next year?
• Will my job be here next year?
• What will groceries cost our family next year?

Question:  What has been accomplished by TARP?

• TARP has not slowed foreclosures or short sales. 
• TARP has not helped employment.
• TARP has not reduced interest rates for home mortgages. 
• TARP has not increased home mortgage lending.
• TARP has not stabilized retirement savings.
• TARP has not stabilized home values.

GRANT ME ONE PREMISE.  The American economy will not recover until the housing industry is stable and . . . . .

• Home prices are stable
• Mortgage funding is available
• Employment is stable.
• Retirement savings are stable. 

The real estate industry starts with folks.  Folks need shelter which means the average family can buy the average home.  Home prices are now at an affordable level.  Yet, buyers are not buying and foreclosure sales and short sales continue the downward pressure on home prices, thereby reducing the number of home buyers who would buy new construction or move up if they could sell what they have. 

Nothing the government has done has helped . . . . yet.

Something lingers in my mind’s eye.  An images of a closing package for a family buying a $250,000 home.  In my market, with a VA or FHA mortgage loan, the package would contain about 50 pages and require about 20 signatures.

Compare that with the TARP outline provided the Congress. 

3 Pages. 

Mmmm.  3 pages to describe a government program to stabilize the American economy.   Amazing!

WHAT ARE THE HOUSING STATISTICS FOR OCTOBER??

RECALLING MR. YUN’S HOUSING REPORT FOR SEPTEMBER 2008 which showed an approximate 7% increase in production. 

NAR STATISTICS DO NOT IDENTIFY THE REAL CAUSE OF INCREASED PENDING SALES.

As reported in October for pending sales in September, NAR Chief Economist Lawrence Yun says that home buyers are responding to more affordability. 

Could it be that the uptick in pending sales for September was an anomaly?  Could it be that the increase in pending sales for September was due to the “pending” deadline, end September, for the Down Payment Assistance programs?

WE SHALL SEE.  In the interim, I pulled stats for closed sales for Prince George’s County, Maryland for the month of August, September and October.  Pending sales are not available for these months since many have closed.  So, SOLD reports were used.

August Closed Sales  - 451.  Average List Price SOLD - $303,215.

September Closed Sales - 579.  Average List Price SOLD - $288,367.

October Closed Sales - 338.  Average List Price SOLD - $274,744.

If the increase in pending sales for September was due to “more affordability”, what can we make of the reduction in sales for October when homes are even more affordable?

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail.

                                           * * * * HARD CORE REAL ESTATE TALK * * * *

HOW MANY REAL ESTATE LICENSEES CAN THE COUNTRY ABSORB?

ActiveRain member Paul Henderson reflects with sadness the numbers of Realtors leaving the business and the loss of brokerage offices.  Perhaps there is a different view. . . .

HAVE WE SACRIFICED QUALITY FOR QUANTITY?  I believe that our ranks have needed thinning for far too long.  Low entrance requirements encouraged part time, untrained, unskilled and often down right risky agents.  With the numbers of offices that offer minimum supervision, inexperienced agents are not receiving the training to even begin their real estate practice.  I, for one, am very glad to see a retraction.

60 HOURS IN A CLASSROOM AND A MULTIPLE CHOICE EXAMINATION AND YOU HAVE A LICENSE TO PRACTICE REAL ESTATE SALES.  Getting a real estate license is just too easy.  Brokerages recruit new agents if they can find the office because, with a 50/50 split, if these new licensees bring in 1-2 sales of friends and relatives, it was profitable for the broker.  These unskilled agents may be dangerous for the consumer, but they are extremely profitable for the brokerage.  The primary function of many brokers or office managers is not, as is often thought, agent supervision or office management.  A manager’s primary job description is, for many companies, recruiting new agents.  Many large offices offer real estate classes which serve as a primary recruiting tool.

NEW AGENT TRAINING.  We have brokers offering new agent training for a fee, one of which I’m aware in my area is $600.  Is agent training a responsibility of the broker as is suggested by the license law of many states?  Or, agent training a profit center? 

The end result of a reduction in the sheer numbers of licensees and Realtors may result in a much needed rise in the average REALTOR’S annual income:

• While Realtors who have spent two or less years in the business had a median income of $10,500 in 2007, those with three to five years of experience . . . . . .  Inman News, May 2008.

BETTER NEW AGENT TRAINING IS NEEDED.   Recognizing the need for better new agent training, many states are now requiring significant Post Licensing Training which is mandatory for new agents.  This is encouraging.  However, before that new agent has even completed the required new agent training, they are able to represent buyers and sellers. 

WHERE IS THE SUPERVISION?  Agents often ask questions of their peers through such forums as ActiveRain.  We know from reading ActiveRain posts that many agents are not skilled in the most fundamental skills required to represent the consumer in a professional manner. 

Experienced agents and brokers may write about financing types, property valuation, contingencies, settlement procedures, real estate and mortgage regulations, etc,.  Inexperienced and unskilled agents ask “how to” questions.  The risk is that the answers they receive will not be accurate or reflect the license law of their particular state.  It is their broker to whom their “how to” questions should be directed.  Unfortunately, many brokers and managers are preoccupied with office routines and recruiting new agents.  The name of the game for growing brokerage companies is market share of agents and listing inventories. 

Much of the “training” received by new agents has little to do with contract management skills or license law.  Most office meetings are sales training session, sharing listing information, broker products, etc.  Sales training is paramount for brokers because new agents learn early on that the most important part of their job is getting listings through contacts with friends, relatives, neighbors, spheres of influence, farms, etc. for property listings. 

WHY ARE UNTRAINED AGENTS RISKY?  Below is a listing of the categories of consumer complaints to the Maryland Real Estate Commission.  None of the categories of complaints are related to business development.  Of course, many abuses of the Realtor Code of Ethics would be filed with the Real Estate Associations of Realtors or Real Estate Boards of Realtors and not the Commissions or Boards regulating licensees.  But, it’s interesting to review the causes of complaints to the licensing authorities.  While there may be agents that violate license law through habit, negligence or expediency, I believe that most violations below result from lack of experience and/or training. 

TOP REASONS FOR CONSUMER COMPLAINTS:

Failure to disclose material facts
This could be to buyer or seller.  For a listing agent it could be failure to disclose flooding.
For a buyer’s agent it could be failure to disclose financial condition, insufficient funds for escrow.

Giving advice to buyer or seller that would result in future problems.
This includes telling buyers that home inspections are a waste of money. 

Failing to keep copies of contracts and provide copies to buyers and sellers.
Buyers and sellers are entitled to have a copy of any document that they sign WHEN they sign.

Asking buyer or seller to sign blank forms.
Asking sellers to sign blank listing forms or buyers to sign blank contracts or addenda.

Failing to provide Disclosure/Disclaimer Forms
Failure to have seller complete the forms and/or failure to provide to buyer before the contract is
complete represents an incomplete contract. 

Not depositing escrow funds within 7 days of ratification of contract.
Brokers control escrow accounts and money is deposited immediately following contract acceptance.

Failing to disclosure Deed Restrictions or Covenants by Distribution of HOA or Condo Documents
Buyers have a period of time to review and rescind a contract when documents are received. 

Changing the terms of buyer financing from conventional to FHA without agreement of seller.
This changes the net to the seller.  Buyers making application with new lender and not pursuing loan
accepted by seller when contract accepted. 

Failure of agents to use the full name of their broker in advertising.
The consumer must be able to contact the broker through the agents advertising.

Agents failing to disclose known flooding in listing.
If the agent knows, they must disclose, even if the seller doesn’t want to. 

Source:  List obtained from course material at a Continuing Education class in April, 2007.

WE DON’T NEED 1,200,000 REALTORS.  WE NEED SKILLED AND EXPERIENCED AGENTS.