Odenton, Md., Home Prices, Sales Slumped in November

Number of Homes Sold Dropped 29 Percent; Median Prices Down 8 Percent

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November brought a steep drop in temperatures to Odenton and nearby Ft. Meade, Md., and along with the cold weather came a corresponding chill in the local real estate market.

Year-over-year housing numbers show that fewer homes sold in Odenton in November 2014 than in the previous November. Average home prices here dropped and homes took longer to sell.

Median home prices in zip code 21113 dropped 8 percent, from $305,000 to $280,000. The number of homes that were sold fell 29 percent, from 38 to 27. And the average number of days those homes stayed on the market rose 18 percent, from 45 days to 53 days.

Last month also saw a 20 percent jump in the total number of homes listed for sale in Odenton compared to the previous November (147 homes versus 122 homes).

The number of detached single family homes sold in Odenton took the biggest hit, dropping 53 percent, from 15 homes to seven. Similarly, the median sale price of those homes plunged 36 percent from the same time last year.

Attached homes, which include townhomes, condominiums and duplexes, fared a little better by comparison. Average prices of attached homes sold in Odenton dropped 4 percent over the previous year, while the number of attached units sold dropped from 23 to 20.

The housing data was issued by RealEstate Business Intelligence.

 

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418 or JerryKline@kw.com, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

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New Disabled Veterans Mortgage Program Offers Big Help to Maryland Vets

Applicants Need to Hurry, Though – Program Ends May 30th

AAA -Disabled Veterans

 

 

 

 

 

 

Do you know a disabled military veteran looking to buy a home in this area? The state of Maryland last week announced the creation of a new – and temporary – initiative designed to help such buyers purchase a home using bargain interest rates.
Even better, the new mortgage assistance program can be used in conjunction with other state programs that offer down payment and closing cost assistance to veterans.
Interest rates for the Maryland Homefront Disabled Veterans Mortgage Program are as low as 3 percent. Up to $5,000 in down payment and closing cost assistance also is available to qualified applicants.
Interested homebuyers have to hurry, though. According to information distributed by the Maryland Department of Housing and Community Development, the program is set to expire in two months – May 30, 2014.
Program Eligibility
The program is open to honorably discharged disabled veterans. By program definition, a disabled veteran is a veteran with a 30 percent or greater disability.
Eligible veterans also must qualify for a Maryland Mortgage Program loan, based on such criteria as credit score, income limitations, etc. Before buying their home, eligible veterans must take approved homebuyer education courses and use an approved mortgage lender.
Loans under the program typically are limited to first-time homebuyers. However, this requirement can be waived under certain circumstances.
Qualification for a Veterans Administration loan is not required.
Under the program, the property purchased must be located in the state of Maryland.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

 

Workers Who Relocate Share Their Must-Haves for a New Home

When it comes to relocation for a new job, transferees say the two most important factors in choosing a new home are being in or near a specific school district and having a work commute of 30 minutes or less.

Relocating Employees Share Their Dream Lists

My New Seven Oaks – Odenton, Md., Listing Under Contract in 3 Days!

Who Says Homes Don’t Sell During the Holidays?

My newest listing in Odenton, 1804 Scaffold Way, went under contract in 3 days!

My newest listing in Odenton, 1804 Scaffold Way, went under contract in 3 days!

 

 

 

 

 

 

 

 

 

 

My newest listing in the Seven Oaks section of Odenton, Md., 1804 Scaffold Way (MLS# AA8242240), was listed on Friday and found a buyer on Monday.  This stunning 7 year old home has four bedrooms and 3.5 bathrooms and was listed for $359,999. The home was just completely renovated — from top to bottom. It looks, feels, smells new! There’s an all-new finished lower level with bedroom, family room and full bath. And all new flooring throughout. Lots of other premium renovations, too.

If you or someone you know needs help selling their home, contact me, Jerry Kline, today! (443) 924-7418

Jerry Kline Helps John Murray Buy 1804 Scaffold Way, Odenton

John Murray (right) and Jerry Kline, Realtor, celebrate John's purchase of 1804 Scaffold Way in Odenton, MD.

John Murray (right) and Jerry Kline, Realtor, celebrate John’s purchase of 1804 Scaffold Way in Odenton, MD.

Congratulations to John Murray on the purchase of his new single family home at 1804 Scaffold Way in Odenton, just across from Ft. Meade, MD. John is a friend and investor who enjoys rehabbing houses.

John cited my “positive attitude, attention to detail and professionalism,” in describing his home-buying experience with me. “I always felt like I was Jerry’s most important client,” John said.

John is in the process of totally updating this property, and he will soon be putting it back on the market for resale. Contact me for more information on this great property; it’s in a great neighborhood and will be offered at a great price! Call Jerry Kline (443) 924-7418.

Odenton, Md., Homes Sold Twice as Fast Last Month as a Year Ago

Average home prices here up 15 percent from April 2012; number of homes sold up 24 percent

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The Odenton real estate market continued to steam forward in April, with significant jumps in average homes prices and the number of homes sold.

According to data released by the Metropolitan Regional Information System (MRIS), average prices for Odenton homes sold in April rose 15 percent from the same time last year. The number of homes sold also increased, from 29 in April 2012 to 36 last month.

Also notable is that Odenton homes continue to sell much more quickly. In fact, in April, they sold twice as quickly as a year earlier. The average number of days that Odenton homes stayed on the market dropped 55 percent, from 136 days in April 2012 to 61 days last month.

Following a trend present in most of west Anne Arundel County, the number of homes for sale in Odenton also continues to drop. Last month 126 homes were listed for sale in zip code 21113, down from 138 homes the previous April.

Another sign of a strong seller’s market in Odenton is reflected in what’s called the “sale price to list price ratio.” Basically, this measure reflects the average price of homes sold, divided by the average original list price of those homes.

In Odenton last month, home sellers got 96.3 percent of the original asking price for their properties, on average. In April 2012, they got 92.8 percent.

The MRIS figures also show a large year-over-year increase in the number of detached single family homes sold. Eleven detached homes sold in Odenton in April 2013, while five sold the previous April.

 

 

April   2013

April   2012

Percent   Change

Avg. Sold Price

$322,138

$279,941

15.07%

No. of Units Sold

36

29

24.14%

Avg. Days on Market

61

136

-55.15%

Avg. SP to LP Ratio

96.3%

92.8%

3.78%

No. Attached Units Sold

25

24

4.17%

No. of Detached Sold

11

5

120.00%

No. of Active Listings

126

138

-8.7%

 

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).

 

Rental Investment Properties Make Money for You Four Ways

The greater Odenton area is an excellent place to invest and become a first-time landlord.

Investment Properties

Have you ever thought about investing in real estate?

I’m sure you’ve heard the horror stories. Friends, family members and colleagues tell you of the headaches and financial risks associated with owning and renting investment properties.

But when approached with a solid strategy, and with an abundance of caution, the financial benefits of owning investment properties are undeniable.

My wife and I noticed it the minute we signed our completed income tax return. The first residential rental property we bought completely changed the bottom line on what we owed the Internal Revenue Service – for the better. The effect was so dramatic we decided to buy two more units, and we now own three income-producing rental townhouses in the Piney Orchard community.

Rental investment properties can make money for you four ways:

1. Principal Reduction – In essence, owning an investment property means that after obtaining financing and providing a down payment, other people buy the house for you. Investment property owners use the rent collected from tenants to pay down the mortgage and pay other expenses associated with the property.

2. Income – Also called cash flow before taxes. Any amount of rent collected over and above the amount needed to cover the mortgage and other expenses is income for you. When the mortgage is paid off, you own the house free and clear, and the lion’s share of the monthly rent collections go directly to your bank account.

3. Income Tax Savings – In effect, federal and state governments subsidize your purchase of real estate by allowing you to write off property taxes, mortgage interest and certain other expenses. Owners of investment property also are allowed to “depreciate” the property. The end result is that investment properties can greatly reduce your tax liability, allowing you to put even more money in your pocket.

4. Price Appreciation – Granted, when measured over the last four to six years, there’s been little if any property price appreciation in most areas of the country. However, in most parts of west Anne Arundel County, properties have increased in value over the lows of the housing crisis.

The greatest financial benefits of owning residential rental property are realized when all four of these factors work in concert to boost a property owner’s bottom line. However, even when one or more of these factors is not adding to a property’s financial performance, the remaining factors may still combine to produce a positive net cash flow for the owner.

The key is buying the right property at the right price.

The greater Odenton area is an excellent market for investing in rental properties. The reason? There’s a large number of renters, there is frequent turnover of tenants, average rents per unit are high and there are plenty of properties available for purchase.

But it’s important that you do your homework. Not every rental property is a good investment, and many can lead you into financial hardship.

The key is finding the right property and consulting qualified professionals who have experience handling such investments. These experts include accountants, tax advisors, financial planners and realtors.

 

Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418, or visit his blog (www.JerryKlineRealtor.wordpress.com) or website (www.JerryKline.kwrealty.com).