*A Special Advertising Section*
Common questions answered by your Leading Real Estate & Home Professionals of Summer 2024
What would you say is the most important factor to consider when selling a waterfront property?
In order to generate the sizzle when you first list your home you need to price it right, make sure your home is polished up so it shines and don’t forget high quality aerial photos. That said, the key factor is to make sure you hire a brokerage that effectively targets the Washington D.C. / Metro market. Recent sales data indicates that most premier waterfront properties are sold to buyers who are migrating this way to experience the Annapolitan lifestyle.
Brad Kappel | TTR | Sotheby’s International Realty
When do you foresee there being more inventory?
I am very cautious about pretending like I have a crystal ball, and I have a gift from wonderful clients in my office joking about this very fact! I believe in the next five years we will start to see an influx of inventory from the Boomer generation, who will not only be transferring property but also wealth to the younger generations, so it will be very interesting to see how this affects supply and demand and the overall market.
Scott Schuetter | Berkshire Hathaway Home Services
What can I do to attract more showings and possibly receive multiple offers on my home?
Taking the time to get your home in prime condition is so important. A qualified Realtor will have the resources to guide you to be the hottest house in town. Buyers want new paint, new flooring, upgraded baths, and great new upgraded kitchen with updated appliances.
Giving your home a facelift prior to entering the market will pay off in price, a short time on the market and the possibility of multiple offers.
Christina Janosik Palmer | Christina Janosik Palmer Group of Keller Williams Flagship of Maryland
How should I price my home in this market?
Home sales have dropped 31.57% year to date in Anne Arundel County. This drop is wholly due to a drop in the number of homes listed. There has been a 28.1% drop in the number of homes listed in 2024 versus 2023 year to date. Average sales prices are up 3.7% so values are holding strong and all statistical measures indicate strong buyer demand. Until we see more listing inventory to satisfy or at least counterbalance the buyer demand then we will remain in a solid seller’s market.
The David Orso Team of Berkshire Hathaway Home Services | Pen Fed Realty
When is the best time to list a waterfront home?
To really understand this question starts with an understanding that most waterfront buyers have specific criteria and take their time to find a home which meet their requirements. Therefore, it is less about timing the market and more important to present the home properly with content rich information for the discerning buyers. The fact is 65% of waterfront homes were listed in the first half of the year so the competition is heaviest in the spring market. The reason for the early presentation of inventory is simply because most waterfront home sellers think their home presents the best in the spring with landscape in full bloom and the strong desire of buyers to be out on the water.
The David Orso Team of Berkshire Hathaway Home Services | Pen Fed Realty
How is the real estate market affected by the Presidential Election?
It makes sense that the real estate market is negatively affected by uncertainty such as in Presidential Election years. The good news is that after the election results are in, buyers quickly make up for lost time and both sales and prices increase. Historically, Presidential elections have been overwhelmingly positive for real estate with The National Association of REALTORS® reporting the number of sales increased the year after 9 of the past 11 presidential elections. Similarly, they report an increase in sales price of homes the year after 7 of the 8 most recent presidential elections. Looks like it’s a great time to start planning for listing your home!
Alex Tower Sears | The Tower Team of TTR | Sotheby’s International Realty
What is the importance of communication in a real estate transaction and the way the different generations want to communicate?
From the moment you meet the new client, it is important to ask how the client would feel the best in their communications with you. You cannot assume that an older person doesn’t know how to text. Or vice versa, that a millennial may not want to talk on the phone. Or that a 50-year-old prefers a face-to-face meeting. Whatever is most comfortable for the client is the best way to communicate. A real estate transaction can be a nerve-racking experience and we need to make it less of that on every level. Above all, communicate transparently with everyone. The client should never feel left out. Whether the communication is bad news or good news, it needs to be communicated.
Debbie Savoie | Long & Foster Real Estate Agent | Annapolis Eastport Office
Can I live at home during my remodel?
The short answer is yes, you can. When planning a home remodel, you might have some concerns about living in your home while construction takes place. What if it’s too loud, or you can’t use certain parts of your home due to the renovations? While these are certainly legitimate, it’s usually possible to live at home during a remodel with the proper planning and mindset. However, projects that take up a significant part of the home can be especially disruptive to your lifestyle if you stay in the home. You could break it up into phases, but the most stress-free option is to not live in the home during construction.
Matthew Bishop | Project Consultant | Lundberg Builders, Inc.
What is Werrlein Services?
Werrlein Services is the one stop shop for all your home service, renovation, and construction needs. You no longer will have to look around for different trustworthy and affordable home professionals anytime something goes wrong. We solved that by having it all under one roof. We provide you with the great convenience of only needing to call one number for all your home service needs. Each home is assigned to one of our Home Specialist. We will be working directly with you each time to provide an easy and reliable experience. We like to call it “Home Services, Made Easy.”
Jonathan Werrlein | Werrlein Properties
What should buyers consider before entering today’s market?
Navigating today’s challenging real estate market requires setting emotions aside and making informed decisions. Real estate remains a cornerstone of long-term wealth building, even during a market peak. If a buyer has a long-term window, real estate values will ultimately increase and allow buyers to build equity. While high interest rates are a concern, if a buyer finds a home that fits their needs and budget, it is reasonable to expect to reduce the mortgage payment through refinancing when interest rates decline, as predicted, in the next twelve to eighteen months. Successful offers must be both creative and strategic. An experienced real estate agent will help craft the most competitive attractive offer possible, significantly enhancing the chances of winning the bid and closing the deal. Partnering with a trusted and knowledgeable agent who will gather the right information ensures decisions will be well-informed and align with a buyer’s personal and financial objectives.
Deborah Laggini | Long & Foster Real Estate Agent | Annapolis Fine Homes Office
How can I get the highest price for my home?
To get the highest price for your home, focus on the perfect blend: set a strategic price with your agent, address necessary repairs, stage it like a model home, use stunning professional photos, and time your listing just right. I simplify the process by creating a detailed timeline and list of tasks for each seller, assisting with the planning phase, and providing remarkable professional photography. It truly is an art, strategically approaching the market while showcasing how beautifully your home shines.
Erica Baker | TTR | Sotheby’s International Realty
How can you find joy in the home buying process?
Use emotional currency wisely. When you’re competing against multiple offers on a home, do not mentally move your furniture in until you get a ratified contract back. Put on your adventure hat! Show up to tour properties with the enthusiasm of an explorer. House hunting never feels like a chore to me or my clients. We celebrate the small victories and laugh off the misses. Be super picky! …about one thing: LOCATION. Everything else is mostly changeable, shop the location first and foremost otherwise, you’ll fall in love with a house and realize you can’t buy it because you don’t like the neighborhood. Understand what you can’t control: seller’s attitude or timeline, showing availability, what other people are willing to pay for a home, how many houses are for sale and interest rates.
Nina Galvez | Wander Homes of Compass
What do we do if we think we need to make repairs or do updates before our home goes on the market?
Before undertaking repairs or doing any updates consult an experienced local realtor to best advise you on the most up to date marketing recommendations. Sometimes an item that you think is an issue may not be. We have even partnered with companies that will do renovations, make licensed repairs and delay the cost until after closing. You get valuable marketing expertise and expert guidance of what is necessary or recommended to increase your property value and help you avoid wasted time and money.
Christy Bishop | Associate Broker | Berkshire Hathaway HomeServices PenFed Realty
Can you buy a waterfront home for under a million?
Yes! It is possible to find a waterfront home for under a million; you just have to know where to look. Annapolis and surrounding areas offer a variety of stunning waterfront homes that provide picturesque views, direct access to the water, and the serene lifestyle you’re seeking—all for under a million dollars. By knowing the best locations and leveraging connections built over years, it’s possible to find exceptional waterfront properties, including off-market opportunities. Whether you’re looking for a cozy cottage or a modern retreat, the right network can help you navigate the market and find the perfect affordable waterfront home.
Jennifer Chino | Team Lead, Stahley Thompson Homes
What are the key considerations when building a waterfront home?
You and your builder must fully understand and be able to design your dream home with critical area guidelines in mind. Site work, stormwater management, buffer zones, and impervious surface considerations are key. You can download a free checklist for Waterfront Homes at MuellerHomes.com
Paul Mueller, Jr. | Mueller Homes
If I purchase a commercial property for my business or as an investment, is that different from buying a residential home?
When buying these two types of property, there are many similarities in the process, but several key differences make having the right team essential. Firstly, the contract can be more intricate and involve more negotiated terms. Secondly, financing differs as banks usually require working with their business bankers rather than mortgage brokers you may have dealt with before. Lastly, using a title company with a specialized commercial team is crucial to help spot issues and navigate these intricacies effectively.
Paul Skrickus | Director of Commercial Operations | Eagle Title
What determines if a lot is suitable for building a custom home?
A feasibility study should be part of any offer to purchase a lot. This process typically takes 45-60 days and offers you valuable information on costs and helps ensure that the home you want to build can actually be built, on the lot you have chosen.
Paul Mueller, Jr. | Mueller Homes
What are the qualities I should look for in selecting a Realtor to work with?
An agent’s dedication as a full-time Realtor and their dedication to making your real estate goals a reality. Request the agent’s track record for the last 12 months, don’t be afraid to ask for references and what their reputation is in the industry. Ask for a 90-day business plan in writing. Keep in mind this is a business transaction so you should handle it exactly that way. Ask for a realistic “days on the market” strategy/marketing game plan when listing your home. When buying a home, make sure you meet and interview to decide if all the personalities mesh. Most of all, make sure you select an adequate and knowledgeable advisor to one of your largest purchases or sales.
Christina Janosik Palmer | Christina Janosik Palmer Group of Keller Williams Flagship of Maryland
Do you expect the Seller’s Market conditions that we have seen for the last couple years will continue throughout 2024?
We have never experienced a time when there were less homes listed for sale. This unprecedented lack of supply coupled with high demand has continued to propel our local market. There are a plethora of cash buyers currently searching for their waterfront escape. If you want to sell your home for top dollar, don’t wait, sell now and catch this hot seller’s market.
Brad Kappel | TTR | Sotheby’s International Realty
How can Realtors® meet their clients’ needs for a luxury home in a market with such low inventory?
In today’s competitive real estate market, finding the perfect home can be a challenge, especially when it comes to luxury properties. As realtors, we need to be resourceful and proactive. Long & Foster has one of the largest networks of agents which helps us find properties that are pocket or coming soon listings. Another great strategy is to identify the ideal location and collaborate with a top-tier builder to create a custom home. This offers the best of both worlds: a prime location and a tailor-made residence. By partnering with a quality builder who provides a seamless, one-stop-shop experience, you can ensure the process is as easy, fast, and stress-free as possible. Simply let us know your preferred location, and we can often create the perfect home to match your vision.
Colleen Smith | Long & Foster Real Estate Agent | Annapolis Bestgate Office
Are we on the back end of the real estate boom?
Yes, the “Covid Years” are completely in the rear view mirror. In 2023, there were 6970 homes sold in Anne Arundel County which is slightly below the 25 year average of 7560 per year. The peak occurred in 2021 with 12,152 homes sold and then started to decline in 2022 with 9139 homes sold. Naturally the number of homes sold is related to the number of listings being presented to the market. Here’s the catch; demand is still outpacing supply so we remain in a seller’s market and pricing is holding firm. The 43% decline in sales could be very misleading on the surface without a deeper understanding of all market factors. Data leaves clues!!!
The David Orso Team of Berkshire Hathaway Home Services | Pen Fed Realty
Regarding the National Association of Realtors lawsuit settlement, is it true that a seller no longer has to pay commission to the buyer-agent?
In Maryland, a seller has always had the right to negotiate how much he/she is willing to pay in commission to agents. Although the MLS did require the commission to a buyer agent be at least $1, the NAR settlement terms going into effect on August 17, 2024 allow a seller to pay zero commission to a buyer-agent. However, I would strenuously advocate that it is actually in the seller’s best interest to pay a competitive commission to a buyer’s agent because offering commission: (1) increases the potential pool of buyers, (2) ensures that the buyer is properly represented by his/her own agent, which in turn, greatly reduces the risk of liability to the seller and the seller’s agent, and (3) dramatically increases the likelihood of getting the deal closed. In fact, it is estimated that 70% of deals under contract with an unrepresented buyer never make it to the settlement table.
Claire Buchner, Esq. | Omnia Real Estate
In a competitive market, why is selecting the right real estate agent important?
In a competitive market, it’s important to select the right real estate agent so that the consumer is properly protected and taken care of. You want an agent who is full-time, professional, experienced and understands the pulse of the market. An agent can provide recommendations in the client’s best interest while being honest and direct. It’s important for the agent to have the knowledge to advise them to optimize the transaction for both buyers and sellers for the best possible outcome. It’s very beneficial for the client to have an effective negotiator, someone who is gracious and polite and understands the value of the relationship while having the grace of understanding.
Kathi Austin | The Austin Team of Northrop Realty
What are the three most common features that buyers look for in a top tier waterfront property?
Privacy is paramount, many of the buyers coming to the Annapolis area in search of a retreat to relax and escape from the hectic city life. Waterview is also extremely important. Unobstructed panoramic views always fetch a premium in this market and the most coveted feature is the waterfront pool. The local critical area laws are very restrictive and having a pool on the waterside can be a challenge to have permitted, so an existing waterside pool is a major value add.
Brad Kappel | TTR | Sotheby’s International Realty
What are the qualities I should look for in selecting a Realtor®?
Finding the right Realtor® is such an important part of the home buying process! The top three qualities to look for are availability, experience, and enthusiasm. Communication is key, as is timing, so an agent that is available and communicative will make a big difference. Experience and expert knowledge in the market and the area is also necessary. This could include knowing the local schools, sports teams, community events and activities for kids. Then finally, enthusiasm! The home buying process can be stressful at times, so working with an agent who will put you first and be positive is essential! It will make the process more fun and successful for all.
Sharon Blaszczak | Long & Foster Real Estate Agent | Severna Park Office
It seems like waterfront homes have become unaffordable and uber luxury is the new norm. Is that true?
A very passionate NO!!! Don’t be fooled by advertising of luxury homes by realtors trying to build a personal brand. I’d offer three statistics to encourage potential waterfront homebuyers: (1) The average sales price for waterfront homes in 2023 was $1,486,834, which was $40,000 more than 2022. (2) 79% of waterfront homes sold in 2023 were under $2m. (3) 2 out of 3 waterfront homes purchased in 2023 were purchased with a loan NOT cash. My advice for anyone seeking to live on the water but feeling a bit intimidated by the pricing is to meet with a true professional and have a consultation to share your dreams and visions.
The David Orso Team of Berkshire Hathaway Home Services | Pen Fed Realty
What exciting new things are happening at Lakeside at Trappe now that the new home community has been open for a while?
Lots of exciting things are happening at Lakeside at Trappe! Residents are enjoying the new swimming pool, fitness room, and dog park and we will soon open the new sports court and playground. Plus, for a limited time Brookfield Residential is offering a low 5.99% interest rate or up to $20k towards closing costs on select quick-move-in single-family homes that close in 2024! New home shoppers can visit LakesideatTrappe.com or call 410-936-5658 for more details and to arrange a tour!
Jeff Sullivan | Realtor, Monument | Sotheby’s International Realty
What effect does water depth have on the value of a waterfront home?
While more water depth is generally better, the advent of shallow draft boats and the increase in horsepower of outboard motors have made super deep water less necessary than it was even ten years ago. However, it is still important that the water is considered navigable.
Chuck Mangold Jr. | Benson & Mangold Real Estate
What may be common bank-required repairs for a loan?
If the buyer is taking a conventional loan, you’ll probably only need to fix major structural issues that put the value of the house at risk, such as foundation cracks or a deteriorating roof. FHA loan will require more repairs to include things like: Patching up peeling paint, installing handrails on stairs, concealing exposed wiring and broken gutters.
DeeDee McCracken of The DD McCracken Home Team of Coldwell Banker Realty | O: 410-224-2200 | C: 410-739-7571
Affiliated real estate agents are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
How big of an impact do you think the NAR Settlement will have on sellers locally?
Honestly, because MD was one of 17 states that already had buyer brokerage agreements in place, I see this more of a procedural change for agents. Buyer brokerage compensation has always been negotiated and will remain that way. I’ve always explained to my seller clients that part of the commission goes to listing brokerage and another portion is offered as a coop fee to the buyer brokerage to incentivize buyers agents to show the property. With the new procedures in place, sellers can now formally choose to not offer buyer brokerage compensation but should be advised of the potential negative implications that can result from doing so, mainly attracting less buyers.
Tricia Wilson | Chaney Homes
What are the three most common features that buyers look for in a top tier waterfront property?
Privacy is paramount, many of the buyers coming to the Annapolis area in search of a retreat to relax and escape from the hectic city life. Waterview is also extremely important. Unobstructed panoramic views always fetch a premium in this market and the most coveted feature is the waterfront pool. The local critical area laws are very restrictive and having a pool on the waterside can be a challenge to have permitted, so an existing waterside pool is a major value add.
Brad Kappel | TTR | Sotheby’s International Realty
You were recently voted Best Waterfront REALTOR on the Eastern Shore. What makes you an expert on waterfront properties in the area?
Having lived on the Eastern Shore since 1990, I have watched this area grow and thrive. Most of my time here has been spent on the water, whether it be during my time owning Hemingway’s Restaurant or at our family homes. Having moved 11 times in 27 years I have seen it all! With over 20 years of real estate experience, I sell more than a property, I sell the Eastern Shore lifestyle. I have helped many clients - now friends - find and sell their waterfront gems and I’m honored to be voted Best Waterfront REALTOR for 2024. As put by my recent clients Tom and Elissa, “Biana knows the Eastern Shore better than anyone we have come across. She has deep insights into the people, the homes, and what makes it such a special place.”
Biana Arentz of Coldwell Banker Realty
Given the current national and global uncertainties, the real estate market is everchanging. What are the most important factors a seller should consider when putting their home on the market now?
Price: Buyers are very savvy and it is critical not to overprice. Review the comparables provided by your agent and understand that you’ll actually attract more interest if buyers feel the value is justified. If so, there are still a large pool of buyers in the market and you may end up with multiple offers.
Staging & Photography: I can’t stress the importance of having your home show its best when it is first put on the market. Declutter, organize, and stage appropriately is the key! Hiring a professional stager when necessary can make all the difference, especially when a house is vacant. The same goes for a photographer/videographer; remember the first impression is often the difference between the potential buyer wanting to see a property or not.
Laura Carney | TTR | Sotheby’s International Realty
Should I stay or should I go?
Deciding whether to sell your home or stay involves balancing personal attachment to your low interest rate with financial analysis, market evaluation, and consulting with professionals such as a financial advisor and a Realtor. Many clients express a desire to move on, but frankly love their current interest rate. Each decision is unique, requiring careful consideration of your long-term goals, potential financial gains and costs from selling, and current local market conditions. Analyzing all factors will help determine the best step forward for your individual situation.
Lisa Barton of The DD McCracken Home Team of Coldwell Banker Realty | O: 410-224-2200 | C: 410-829-2051
Affiliated real estate agents are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
Do you expect the Seller’s Market conditions that we have seen for the last couple years will continue throughout 2024?
We have never experienced a time when there were less homes listed for sale. This unprecedented lack of supply coupled with high demand has continued to propel our local market. There are a plethora of cash buyers currently searching for their waterfront escape. If you want to sell your home for top dollar, don’t wait, sell now and catch this hot seller’s market.
Brad Kappel | TTR | Sotheby’s International Realty
What are the benefits of choosing a residential cooperative for your retirement?
Residential cooperatives like Londonderry on the Tred Avon are a unique option for people seeking a retirement lifestyle while maintaining control over their investment because in this resident-driven culture: 1) The Londonderry cooperative community offers the financial benefits of real estate without the burden of home maintenance. 2) All real property (housing and common areas) is actually owned by the corporation with a fee simple title and membership in the corporation is achieved through the issue of a stock certificate and an Occupancy Agreement (lease). 3) Cooperative owners have a say in how the community is managed and operated. 4) As a shareholder in the cooperative, residents may recoup all of their initial investment, plus appreciation, dependent upon the market’s performance.
Rachel Smith | Londonderry on the Tred Avon
What is title insurance?
Title insurance PROTECT HOMEOWNERS , from claims against their home that happened before they purchased it, such as a prior owner’s failure to pay taxes or a home that was sold without consent. If you have title insurance, you’ll be covered for legal fees, title disputes that may come up during your time as the homeowner. There are two kinds of title insurance: One a lender title insurance is usually required when purchasing a home by lender. The secondly type of title insurance is completely optional, but paying this one-time fee will protect you the buyer from unexpected issues with the home’s title for as long as you own the house.
DeeDee McCracken of The DD McCracken Home Team of Coldwell Banker Realty | O: 410-224-2200 | C: 410-739-7571
Affiliated real estate agents are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
What is one question that second home buyers should ask but don’t?
What are some attributes of the community aside from just the water?” My favorite part about welcoming a second home buyer is sharing the many features of our community, including a vibrant arts and dining culture. For instance, you can visit the Avalon Theater or Ebenezer Theater for music, the Academy Art Museum for its extensive art collection, and dine at Bas Rouge, which features the 2024 James Beard Award-winning Best Chef for the Mid-Atlantic. This only scratches the surface of the many art galleries and dining establishments we have to offer on the Eastern Shore.
Chuck Mangold Jr. Benson & Mangold Real Estate
As a seller do I still have to offer the buyers agent compensation?
As a seller your goal is to sell your property for the best possible price within your desired time frame. Offering compensation to the buyers agent will greatly benefit you; is very likely that not offering compensation will reduce your buyers pool, and thats what usually drives a higher sales price and faster sale.
Cornelia C.Heckenbach | Long & Foster Real Estate | Forbes Global Properties Specialist
What differences are there between a Buyer vs Sellers’ Market?
In a buyer’s market, there’s plenty of inventory, leading to lower prices and longer days on the market. Local trends favor buyers, who have more negotiating power. In contrast, a seller’s market features low inventory, driving prices up with shorter days on the market. Sellers benefit from competitive bidding, more favorable contingency scenarios, and quicker sales due to high demand and lower supply in the area.
Lisa Barton of The DD McCracken Home Team of Coldwell Banker Realty | O: 410-224-2200 | C: 410-829-2051
Affiliated real estate agents are independent contractor sales associates, not employees. ©2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
Where do you save & where do you splurge on a tight kitchen remodel budget?
When it comes to remodeling your kitchen the place to splurge is on the functionality pieces. Pick cabinets that will allow you to use all the available space such as drawers and ceiling height wall cabinets while saving on the actual cabinet material. Other ways to save is to determine what could be upgraded later such as drawer organizers, hardware, porcelain floor tile and even light fixtures. For a kitchen look that will never expire, choose neutral tones throughout.
Kimberlee Sauerhoff | Studio Manager/Designer | 314 Design Studio, LLC
What would you say is the most important factor to consider when selling a waterfront property?
In order to generate the sizzle when you first list your home you need to price it right, make sure your home is polished up so it shines and don’t forget high quality aerial photos. That said, the key factor is to make sure you hire a brokerage that effectively targets the Washington D.C. / Metro market. Recent sales data indicates that most premier waterfront properties are sold to buyers who are migrating this way to experience the Annapolitan lifestyle.
Brad Kappel | TTR | Sotheby’s International Realty
What are the current local market trends in real estate?
The real estate market is ever evolving, driven by supply and demand. Such factors as economic trends and interest rates play an integral role in current market trends. In our current market, there’s a healthy demand for homes, leading to swift sales and favorable prices for sellers. In Anne Arundel County, April 2024 saw a median sale price of $482,000, marking a 5% increase from the previous year, while Prince George’s County recorded a median sale price of $432,000, up by 3%. This tightens options for buyers, creating a competitive environment. Sellers, however, are in a much more advantageous position creating a seller’s market. Given these shifts, it’s crucial to partner with a knowledgeable company and agent who prioritizes understanding your unique needs to navigate today’s market.
Jacqueline Reyes | Long and Foster Real Estate, Inc. | Crofton/Bowie Office
As a first-time homebuyer, am I guaranteed downpayment assistance?
As a first-time homebuyer you are not guaranteed downpayment assistance, but assistance is often available depending on the lender and the programs available at that time. Most of these programs work via a grant and can be as much as 5% of the purchase price. There are also no-money down programs that can help a wide variety of buyers. Always consult with your trusted realtor to stay up to date with the latest programs/ offers.
Brandon Bruce | Long and Foster Real Estate, Inc. | Crofton/Bowie Office
What do we do if we think we need to make repairs or do updates before our home goes on the market?
Before undertaking repairs or doing any updates consult an experienced local realtor to best advise you on the most up to date marketing recommendations. Sometimes an item that you think is an issue may not be. We have even partnered with companies that will do renovations, make licensed repairs and delay the cost until after closing. You get valuable marketing expertise and expert guidance of what is necessary or recommended to increase your property value and help you avoid wasted time and money.
Christy Bishop | Berkshire Hathaway HomeServices PenFed Realty
Can I sell my investment real estate using a 1031 exchange and buy a vacation home that I can enjoy with my family during the summer months?
No. You can sell your investment real estate and reinvest the gain, tax deferred, to purchase your vacation or second home, the challenge is making sure it will qualify as a 1031 investment property. Meaning that during the initial 24 months of ownership there are strict rules to follow regarding personal use. The important rule is that you can only use the property for 14 days each year or 10% of the actual days that you rent it out. For example, if you lease it for 200 days each year, your personal use can be up to 20 days. If you are able to abide by these rules, after two years the dream vacation home is yours to use as often as you like without any more requirements.
Jack Papaleonti, GRI/Realtor® | The Anchor Team of Academy Realty
