Real Estate Education, Experience, Intelligence

Aug. 10, 2017

Why Sell Your Property Now?

Sell Before 2017 is Over!!!!

Sell your house now while rates are at all-time lows. If you live in Baltimore and are thinking about selling your house now is the best time to sell. Interest rates are at the lowest since one can remember making mortgage payments for prospective buyers very attractive. Also, the inventory in Baltimore for great deals is very low. The supply of multiple great houses for sale in many neighborhoods doesn’t exist. If you have a home with great amenities on a nice block you should be able to receive multiple offers and probably 95% of asking price if the home is priced right. Baltimore is gaining many home buyers coming from all over due to many factors with inventory on the low side sellers are in the driver’s seat.

Numbers Don't Lie

Here are the official numbers for the Baltimore metro area:

2017                              2016                  Year-Over-Year

Sold Dollar Volume   $5,940,184,874             $5,423,541,116         9.53%

Avg Sold Price             $295,693                       $284,193              4.05%

Median Sold Price      $255,210                        $248,940               2.52%

Avg Days on Market               68                                79               -13.92%

In Conclusion 

Based on the numbers above one can see that the housing prices have risen while the days on market has gone down. This is great news for sellers. Time is money and the sooner one can sell their home the sooner they can make decisions about the next steps they need to take. For a complete valuation on your property, click here.

 

July 26, 2017

Baltimore Real Estate Market on Fire!

Real Estate Market at Record Highs

The Baltimore Metropolitan area median sales price is $279,400, which went up 1.6% or $4,400 from last years, and up 2.1% compared to last month. This was the highest price level since July 2007. Now is the best time to buy or sell your home, the market is operating at one of the highest rates in a decade. The Baltimore Metropolitan area has seen increases in almost every aspect, almost all jurisdictions ( Baltimore county, Carroll county, etc...) have seen increases in market activity.

Baltimore Market Overview 

  • Sales volume across the Baltimore Metropolitan area was $1.4 billion, which increased 6.6% from last year.
  • Closed sales total of 4,509 went up 4.8% compared to last year and set an all-time high for the decade.
  • New contract activity of 4,313 was 1.2% above last year’s June record of 4,260.
  • There were 5,851 new listings in June, up 0.7% from last year but down 1.6% from last month.
  • Active listings declined by 12.6% year-over-year to 11,097, the 21st consecutive month of declining year-over-year inventory levels and the lowest June levels in a decade.
  • The average percentage of original list price received at sale in June was 96.6%, up from last year’s 96.1% but down from last month’s 96.8%.  This is the highest June level of the decade.
  • The median days on market were 19 days, down from 22 days last year, and remains at the lowest monthly level in a decade.

June Average Sales Price

  • The overall regional median sale for June is $279,400, which is a 1.6% or $4,400 increase from last year, and up 2.1% or $5,775 from last month.  This is the 16th consecutive month of year-over-year price increases and is the highest June price level of the past decade.
  • Compared to last June, town home prices were up 6.1% to $219,000 and single-family detached prices were up 2.8% to $350,000.  Condo prices were down 2.5% to $204,750.
  • Prices are above the 5-year average of $269,010 and the 10-year average of $260,055.
  • June prices are 18.6% above the 2011 low of $235,500.
  • Howard County continues to be the most expensive area in the region, with a June median sales price of $437,500, a 4.2% increase compared to last year. 
  • Baltimore City remains the most affordable area in the region, with a June median sales price of $164,000, a 5.8% increase compared to last year.
  • The highest level of year-over-year price appreciation was in Carroll County, where prices rose 7.0% to $319,900.  Only Harford County saw a decrease in prices compared to last year, where they dropped 3.0% to $252,000. 
  • For the year-to-date, all jurisdictions show price increases, and the overall regional median sales price has increased 2.5% to $255,210.

 June Closed Sales for Baltimore Metro area

  • There were 4,509 closed sales in June, up 4.8% compared to last year, and up 13.7% compared to last month.  This is the highest overall monthly level of the decade.
  • Town home sales were up 9.4% to 1,547, single-family detached sales were up 2.6% to 2,508 and condo sales were up 2.0% to 454, Compared to last year. 
  • June sales were well above the 5-year average of 3,781 and the 10-year average of 3,166.
  • Sales were 90.4% above the 2011 low of 2,368.
  • Sales activity across the region was up in all jurisdictions except Howard County, where sales declined 2.1% to 524.  Carroll County had the highest percentage increase in number of sales (+8.2% to 302) while Harford County saw the smallest level of increase of 2.9% to 427.

June Median Days on Market 

The average days on market (DOM), which the average days listings have been on the market, in June in the Baltimore Metro region was 19 days, down three days from last year and the same as last month. This is the lowest DOM of the last decade.

  • Condos had an average DOM of 24 days, while townhouse have a median DOM of 22 days and single-family detached have a median DOM of 17 days.
  • June’s average DOM of 19 days is well below both the 5-year average of 24 days and the 10-year average of 39 days.
  • June’s average DOM of 19 days was 45 days less than the peak DOM of 64 days in June 2008 and June 2009, and was the lowest June level in a decade.
  • Baltimore City had the highest average DOM of 30 days, up from 27 days last year.
  • Howard County had the lowest average DOM of 12 days, down from 14 days last year.
  • For the year-to-date, the regional average DOM is 29 days, down from 39 days for the same period

Baltimore Real Estate Market Conclusion 

The overall regional median sale for June is $279,400, which is a 1.6% or $4,400 increase from last year, and up 2.1% or $5,775 from last month.  This is the 16th consecutive month of year-over-year price increases and is the highest June price level of the past decade. Now is the best time to buy or sell your home, the real estate market is operating at close to record highs

July 2, 2017

Happy Birthday America!

THE BEST PLACE IN THE WORLD!

Posted in Community News
Jan. 2, 2017

7002 Paris Road

7002 Paris Road Randallstown, MD 21207

What a beautiful property in Randallstown, MD

Paris road was acquired by one of Baltimore's most well know real estate groups.  They purchased this property and all their properties based on core factors of location, schools, and affordability. All the renovations are completed by Baltimore small business owners. 7002 Paris Road is one property of a 1.6 million dollar portfolio, which generates approximately 3 million dollars in the local economy every year. This is a true sign of the pride of Baltimore.

The property is full of amenities. Upgraded wood trim and stone finishes, the latest Home and Garden style kitchens and bathrooms, top grade flooring, and custom paint job.

You can own this property for less than $1700 a month and with 3.5% down payment. Ask how you can own this property with NO MONEY DOWN. Please contact Danny Bowling with R.E. Shilow db@reshilow.com or 443-900-7055.

Dec. 19, 2016

Own a $300k Home for $1500 Per Month!

Let Us Show You How

R.E Shilow Realty from Ross Lewin on Vimeo.

 

Here is an interesting fact, the average apartment these days will cost between $1,200.00 to $1,800.00 per month depending on the area. In most cases, working with the right Real Estate Agent and their Lender Partners you could purchase a home for $300K with minimal money down. And in most cases the seller will help with the closing cost! That would put your payment right about $1,400.00 per month! We even have programs that you can purchase a home with no money down.

Simple Process

It all starts with scheduling your Home Buyers Consultation. At R.E. Shilow Realty we don't want to hard sell anyone. Our goal is to simply guide you through the process and offer our expert opinion and market knowledge so you can begin building your family's memories in your dream home!

So don't let a simple 15 minute conversation stand in the way of starting your new life!

Contact:

Danny Bowling

db@reshilow.com

direct| 443.900.7055

office| 443.602.9900

 

Nov. 22, 2016

Elections Do Not Slow Property Buying In Maryland

Maryland Home Market Remains Active

Being Maryland is directly adjacent to the most powerful city in the world, Washington D.C., we tend to be more in tune with politics than the rest of the country. 2016 has certainly been viewed by many as the most divided and economic uncertain election in our lives. It seems the country has never been more divided and at the center of the divide is the health of our economy. Through the political unrest there does not seem to be any waiver in consumer confidence in the Maryland home buying market.

Consumer confidence as recorded by the Conference Board has hit a decade high since 2007, right before the great recession. A mixture of steady job growth, increasing wages, and the lowest mortgage rates ever recorded in America has seemed to give Maryland a boost in confidence. 

Faster home sale growth has been recorded in Howard County 20%, Anne Arundel County 16%, and Baltimore city 14% year over year. Even the counties of Charles, Frederick, and Montgomery have experienced double digit growth.

For many years the first time home buyer market was very slow, but now with rising employment, wages, and easing credit guidelines the first time home buyers are starting to come out in force not only buying homes, but buying the most expensive homes they can afford. This is putting pressure on the median and average home sale prices and for the first time in the last 10 years causing a decline in inventory and edging list prices higher.

A Better Outlook

For the first time since recent memory there are beginning to be more buyers and sellers in our regional markets, particularly Howard County, Carroll County, and Montgomery County, and a few others. 

With the number of job openings increasing in Maryland particularly through the I-95 corridor the short term outlook is positive and showing signs of even more improvement. Interest rates are looking to edge higher, but not by much and are seen to stay very favorable for home buying and commercial buying for the next year. 

Keep your head up and working hard Maryland! Financial times seem to be changing for the better!

For more information on your local housing outlook or to get a value analysis of your home, please give us a call or email at 443.602.9900 res@reshilow.com.

 

By:

Ryan E. Shilow

A Johns Hopkins Mater of Real Estate

Maryland Real Estate Broker of Record

Nov. 16, 2016

Baltimore Real Estate Prices Highest October Since 2007

Greater Baltimore Market Summary

Real Estate Statistics you can't ignore!

Greater Baltimore median sales price of  approximately $255,000 was up 8% from last year, and at the highest October level since the great recession. 

The sales volume across the greater Baltimore area was just over 900 million, up  over 10% from last year.

October closed sales of 3,060 transactions were up over 3% compared to last year. This was the highest level of October sales recorded since 2005.

The number of new listings dropped 9.8% to 4,327 compared to last year. Showing a stronger sellers market with a drop in inventory/homes for sale.

The number of active listings declined by just under a staggering 15% to 11,958, marking 14 months of declining inventory levels. Again showing a signs of a possible on coming sellers market.

The average percentage of original list price received at sale in October was 94.8%, the highest October level in a decade.

The median days-on-market was 40 days, down from 47 days last year.

Baltimore Market Conclusion

Our greater Baltimore Market (Howard County, Baltimore County, Harford County, Howard County, and Baltimore City) is showing signs of true market growth that has not been seen in over a decade. What is driving this growth? Is it the change in our president? or Is it a still low interest rate environment powered by he central bank? or Is it our areas citizens that have been working harder since the great recession to make a better life for themselves and our community? We are not 100% sure, but one thing is for certain; the out look of our local housing market and economy are showing strong signs of forward motion. 

Keep it up Baltimore!

For more information on our real estate market, please contact an associate or our broker directly at 443.602.9900.

By: Ryan E. Shilow

 

May 11, 2016

HIGHEST APRIL HOME SALES IN DECADE

BALTIMORE METRO HOME PRICES SORE IN APRIL

Baltimore Metro home prices are up 6% in April

Total sales volume is up 20% from last year; nearly $900 million

Baltimore Metro has had a 21 consecutive month increase in property sales

What is the Real Estate Market Saying?

With pending sales at its highest level since 2007, active listings down for the eighth consecutive month, and 94.6% of list price received by all $900 million of sales; the market is saying " renters are starting to feel stable in their jobs and are looking for their first homes and homeowners are starting to feel confident in getting the best value for their homes.

Click here for the official  REALSTATE BUSINESS INTELLIGENCE.

April 11, 2016

What Happens When You Buy a Home

What Exactly Happens When You Buy a Home?

 

As an educated buyer, you have been searching for months to find that perfect home that covers all the checklists.  After a few months of learning, scouring, and negotiating the market, you finally have an accepted offer and are ready to end this lengthy process.  Before you go ahead and ask for the delivery of the home, there are several important steps that need to occur.  Luckily, you have an experienced realtor who will be representing your best interests in closing on your new home.

The First Step

make sure your earnest money is deposited promptly and correctly into escrow.  This money is used as a sign of good faith, this will make the sellers feel good about taking the house off the market. 

Step Two

Once the contract is ratified, it is important to get your inspections done ASAP to make sure you meet all contractual requirements. It is typical to have a general inspection done, with potentially more inspections ordered if there was something found that requires a specific inspection (mold, termites, etc.).

Step Three

While this is happening, you will also be working with your lender to make sure that all of the documentation is in order and the mortgage can be applied for and processed.  Furthermore, you will be working with your title company to make sure the title is clean of all liens or other judgments.

Step Four

After the home has been inspected, the lending organization will want an appraisal done, to ensure the property is valued correctly before committing to a loan agreement.

The Final Step

Once all of these steps are taken, and issues that come up are mitigated, it is finally time to close on your home.  It is important to remember that the process of closing on your new home is one that needs to be handled with skill and expert navigation.  The real estate experts at R.E. Shilow Realty will be there for you every step of the way.

 

Feb. 29, 2016

Top Ten Mistakes When Selling Your Home

Top Ten Mistakes When Selling Your Home & How To Avoid Them

If you are new into the field of real estate investment, you need to realize some troubles you are going to face while selling your home. These troubles are partially or completely due to ten commonly made mistakes. Therefore, before getting started, we highly recommend you to take a look at the problems that you may face when selling your home:

1) Not seeking professional help:

Real estate investment is not as simple as it looks on the paper. While you may be relying a lot on your abilities that puts you under the guard of restrictions, your competitors could be taking a step ahead. This step ahead is seeking the professional help. Make sure you get Experts' Opinions before making any step in selling your property.

2) Irrational thinking:

If you let your emotions control the decisions you are going to make about selling your property, you are going to face losses in the long run. A lot of newbies tend to make emotional decisions while negotiating with the buyers, which can harm the potential opportunities.

3) Poor presentation:

Fill your house and never present it empty. You do not have to buy new furniture. But getting your house a little decorated with the furniture you already own will add a lot of charm to it.

4) Lack of renovation:

Renovating your house will undeniably take some cost. But you have to look at the benefits you will get out of it later. The renovation will increase the value of your property and enhance your reputation as a seller. And this will undoubtedly raise the value.

5) Not advertising your house:

A lot of sellers refrain from advertising their house. However, we assure that putting a little time and effort with your real estate professional into good advertising will bring:

  • More potential clients
  • Higher property value
  • Quick selling opportunities

6) Not referring to a real estate agent:

Spending your time and energy in developing healthy relationship with a great real estate agent promises to bring you success. No one but an established real estate agent can guide you about the real pros and cons of the land and property you own.

7) Beware of home inspectors:

You may think that deceiving sellers about the problems of the area you own will work. It is not that simple. Professional home inspectors can easily detect all the small and big problems of a house. So you should be open about elaborating the issues your property has. This will also keep your reputation intact.

8) Mis-pricing your house:

This is where professional help makes a huge impact. Over-pricing or under-pricing your property can bring huge losses. So it is highly recommended to get your house properly priced from an agent. You can start by getting your home value here.

9) Bad Timing:

The prices of certain areas keep going up and down. Make sure you sell your house at the best possible time to get the most favorable results.

 

10) Ignoring the new trends:

Conventional thinking may be good at times, but not always. People demand change in terms of outlook. You have to make sure you build your place with the modern trends. For instance, contemporary style houses are more common in the current era. I great way to stay on top of real estate trends is to start reading blogs on places like Active Rain and Real Town.

The Bottom Line:

To sum it up, we would advise you to go step-by-step before putting your property up for sale. Getting hasty about it will only bring harm. Seek professional help, renovate your house according to the new trends, advertise it, get in touch with an agent and you can easily avoid the common mistakes that newbie sellers make.