Buying & Selling September 12, 2022

Why you need a Buyers Agent!

Published: September 12, 2022

Why do you need a Realtor?  I was thinking about this topic when I was deciding how to steer my discussion at a future Salisbury Neighborhood Housing Seminar.  This Seminar is for first time homebuyers, so their need for guidance is pretty clear, but really; Isn’t good real estate guidance necessary for everyone?  Would I diagnose and treat my own major illness?  Would I handle a tumultuous legal issue or set up my estate for my children and grandchildren?  heck no!!  Would you?  If not, then when making one; if not the most important financial decision in your life, wouldn’t you want an expert in your corner?  Someone to navigate all the documents, inspections, utilities, repairs etc and then sit next to you at the closing table and see the result of all your hard work come to a happy ending: you walking away with the keys to your new home!!  It’s an important investment!! No Realtor takes that lightly, especially not me!!

Guiding you through acquiring the pre approval and seeing how much you can afford, to figuring out what you want to be in the house…,  what time frame do you need to be in by,  where must the house be to fit your work or school distances, all this and more.

There’s no two words better suited than Welcome and Home!! Your Realtor can make that happen for you!  I have been lucky enough to sit at many a proud Buyers settlement table and nothing gives me more satisfaction than to see those joyful faces; sometimes even smiling thru happy tears, and knowing I have prepared them for a good journey of home ownership.

Buying & Selling August 26, 2022

Buy and Sell Now!! It’s a very good market for each!

Published: August 26, 2022

Whether you are looking to buy or sell a home right now, it is a very good time to be jumping into the real estate market. So many people ask me if the interest rates have slowed us down and I quickly tell them “Heck No” cuz I am so busy showing Buyers homes and listing some great new properties! LOL Yes, the interest rates have made Buyers look at what they want to pay in a monthly payment and slightly adjust their max sales price potentially, but they are still excellent interest rates!!! And they can still get into an awesome home that they can own rather than paying the very high rental rates!! They can get what and where they want and make it their own!! Never has home ownership been more important than now when people are spending more time at home! Covid taught us some good lessons ( yes, it really did lol ) in that we now know that our home IS our castle and we live, love and thrive there!! So buying now is a good thing!

And as for Sellers…. if you still want to get a very good price for your home, now is a great time to sell!! I see properties go pending all the time that the values are better than a year ago and that was better than a year before that! So go for it!! Get those closets, attics and garages cleaned out and get ready to get great activity!! We are getting into the season where there are pumpkins on the porches and the yards are spiffed up with potted mums etc… Houses look cozy in the Fall and it’s traditionally a busy real estate selling season!!

So if you are thinking of Buying or Selling, as is with most things, don’t listen to the news!!!! LOL listen to those of us in the trenches so to speak!!! I live this everyday and I am happy to say, I am very busy with good Buyers and good Sellers!! Thanks to all for allowing me to help them in any way!! I truly appreciate YOU!!

Buying & Selling July 21, 2022

What Sellers Need To Do

Published: July 21, 2022

When we say it’s a Seller’s Market right now; we mean it!! Even though the interest rates have doubled in the past few months, they are still only in the 6% range and that is excellent! When I purchased my first home in 1990, I paid 8 & 1/8 and that was with me paying a point and the Seller paying a point!! So 6% is still a fabulous rate for Buyers!!

But that doesn’t mean that a Seller doesn’t want to optimize their selling potential! Preparing your home for market will reap you benefits and is well worth the time and expense in the long run. When I do a market analysis, I go in the first time with my yellow legal pad ( yes, I’m old school. I write things down lol ); and I take notes about the house and its’ attractive and not so attractive features. I start at the curb and I end in the backyard. Anything from yard cleanup, bushes trimmed, power washing, roof repair/replacement, exterior painting etc. on the outside, to deep cleaning, painting, flooring, furniture movement, de-cluttering, or staging on the inside…. ( If you check on my Resources tab and click on “Staged to Sell” ; it will give you an idea of the specific areas that may be my concern room by room ).

I like the Sellers to be with me for that first meeting. We bat some ideas back and forth that I think will give them a good bang for their buck so to speak 🙂 And I also give them names and numbers of certain tried and true contractors I’ve used that I feel are reliable, clean, and reasonable so that they don’t have to waste time searching. Many times they don’t have service people for those categories that need the sprucing up but I almost always have one or two names to try.

The Sellers share with me what type of budget they may have to do these things, so if we can’t do them all; we do the things that Buyers seem to be looking the most when they are previewing homes to purchase. We want to do the right things… I heard a saying once that a ladder propped up against the wrong wall just gets you where you don’t want to be faster…lol

The information I gather at that 1st meeting helps me greatly to determine the list price for the property. The more a Seller tells me they can do, the higher the amount typically is, but we want to also have the work done before we go live on the market…. You may notice that often my listings go on first under the category of “Coming Soon”? That is because I am giving the Sellers time to get their house spiffy before a Buyer walks thru the door! I try to get the front of the outside done and then I take a few quick pics so it can go in the mls as coming soon, and give Buyers Agents advance notice. As they are calling their Buyers and emailing them the listing and preparing them for the start date, the Sellers are finishing up their “to do” lists. I love this relatively new category!

So for all you potential Sellers out there: whether it be finding out there may be a few small things needing to be done like furniture placement and de-cluttering, or big things like roofs, new carpet and paint etc… the initial meeting of my FREE market analysis, is critical and a service I enjoy. It not only gets me familiar with the house, but also You and I value the relationships I have with all my Sellers!!

 

In my next blog, I will talk about Buyers and preparing offers in this hot market!

The Housing Market July 8, 2022

The Current Housing Market – July 2022

Published: July 08, 2022

If I had to describe the Real Estate Market as I see it today in one word; I would say, ‘Busy!’

You might ask; ‘Laurie how is that different than the market last month, or last year or for the last couple of years for that matter?’ And I would say…. Other than minor seasonal fluctuations, like holidays, snow, storms, school starting, school ending, etc., it really isn’t different. I find that on the Eastern Shore of Maryland and Delaware, our housing market has a luxury of being insulated and isolated from many of the regional or national trends. We don’t have just one industry that supports us, we have Agriculture ( Farming and Chicken ), we have higher education campuses, we have a major medical hub, etc… so we are very fortunate to not rely on only one industry for our home sales statistics.

I get asked “Well, aren’t the higher mortgage interest rates affecting sales?” Yes, they are…. but the Buyers are still buying and the Sellers are still selling…. some things are shifting down a little though…. If Buyers are monthly payment driven (and they should be), then they are looking at about $20k to $40k less than they were before the interest rate hike. And we are seeing a few more reduced list prices in our searches than we had been for quite a while… So that original price put on when the interest rates were in the 3%’s, just isn’t drawing the traffic it should now that interest rates are in the 6%’s. The fact that the house goes under contract though, shows that as long as we react quickly, there is a Buyer that will see the value at the new price. I’ve had several conversations this week with new Sellers. Which is great because we so desperately need new listings!! In my next weeks BLOG, I will share what I suggest to these Sellers and any that want to put their best foot forward when they go live! The more they do before hand, the better the sales price and terms they will get when they go under contract. Till then: Keep Smiling and as always; call if you need any help buying or selling property in Maryland or Delaware.

And now, some good advice from Ken Lee with Movement Mortgage to help put your best foot forward in getting pre approved!

The power of the pre-approval:
In this ever-changing market with increased home prices, and interest rates are rising as well. Knowing how much you qualify for and being comfortable with that monthly payment has never been more important. It is important to apply now so that you know you are comfortably shopping in a price point that fits your monthly budget. We are in a time where keeping track of what your monthly out flow is has never been more important. So often in the mortgage business clients will get qualified for the maximum loan amount they are approved for, but that doesn’t always mean it is comfortable. My favorite thing to tell my new clients is “my computer will qualify you for a monthly payment, but the computer is not writing that check every month.” It is vitally important to your financial health to buy what you can afford, not necessarily what you qualify for. There are many benchmarks we can use to determine a comfortable monthly payment for you, and then work backwards on what that means for a total home purchase price. This can make the whole process more enjoyable as you know you are not stretching for a home that is outside of your comfort zone, and you don’t fall in love with a property you can’t afford. Call me today for more information

Ken Lee
Movement Mortgage
301-639-3631

Uncategorized June 2, 2022

Welcome to my new real estate website

Published: June 02, 2022

Welcome to my first blog ever from Laurie Cannon. I hope to appeal to your Real Estate related interests with a timely paragraph or two each week. So check in for all things informative and helpful in the real estate biz. May of 2022 is starting off busier than expected even though interest rates have climbed to over 5%. There is such a back up of buyers apparently in all the price ranges that it is not stopping the selling of listings in our areas of MD and DE. Interest in well priced and well maintained homes is still high with many houses still going pending right after going on the market.

We are seeing a lot of the “domino” transactions, that is when the small house seller is buying the middle house and that seller is buying the large house and that seller is downsizing or moving out of the area. It makes for a very healthy market since one homes’ equity and owner is going into the next transaction. We still do see the people moving in and out of the area of course, and those people are healthy buyers and sellers too and help keep the market aggressive since those buyers are not contingent on something selling in order to purchase but any market is well fortified that has a variety of interest.

We may be seeing some creative lending tools to compensate for the higher interest rates; ie Buyers paying a point or two, but really nothing too crazy. Anything that is done, should be something that gives the buyers a savings, but doesn’t take away the from the equity of their home purchase. And truthfully, although the rates are higher than they were a couple of months ago, they are still extremely attractive. For instance, when I first moved to Salisbury In 1990,the interest rates were around 10% and it was common for the Buyers and the Sellers to each pay a point so as to get the interest rate down to 8! We thought that was a real bargain!

Now, I’d like to let one of my preferred lenders tell you what’s going on lending wise.

Hope Morgan with MNET Mortgage take it away…..

This week we are waiting to see what happens with the highly anticipated FOMC (Federal Open Market Committee) Meeting. The expectations are for the Fed to hike the Fed Funds Rate by .50%. This will have no impact on home loan rates. Much like 2018 when the Fed hiked rates a 4th time, mortgage rates improved dramatically as it was perceived the Fed was going to slow the economy too much with more rate hikes. Time will tell what the Fed will be able to do in this rate hiking cycle. There are heightened signs that the Fed won’t be able to hike as much which includes U.S. economic growth slowing quickly from last year’s pace. In the long and short of it all. Rates have been on the rise. Hopefully we will begin to see them become more stable. During these past months, borrowers have experienced at least a 2.5% increase.