Fort Meade - USNA - Andrews AFB: May 2008

When a Crofton real estate agent writes about the schools, it's usually about school rankings or test scores, new equipment or facilities, career accomplishments of teachers or academic achievements of students.  It's rarely because of their philanthropy!

But then, how many public elementary schools raise over $17,000 for medical research?  That's exactly what they did at Crofton Elementary School on Duke of Kent Street this year.

Their "Coins for Kids" campaign raised $3,294,43.  But their BIG fundraiser was a "Hop-A-Thon" which raised $14,000 for Cystic Fibrosis.  The community is very proud of them, and so is Governor Martin O'Malley who awarded them a Governor's Citation.

The best (or at least favorite) reward, however, was seeing Principal Donna O'Shea and Assistant Principal Colleen Brusca step up to the mat, as promised - for a sumo wrestling match, no less,  It was too close to call and a tie was declared, but the winner surely was Cystic Fibrosis Research.  Teachers got involved, too, with some of them dying their hair blue when the fundraising goal was achieved.

Laura Gordon, whose second-grade son Austin has Cystic Fibrosis, accepted the check for $17,294.43 on behalf of the Foundation.

But this isn't the only special project at Crofton Elementary this year.  Read about Best Buddies, International Week, Junior Achievement, Drownproofing, and the Birthday Book Club on the Crofton Elementary School website.

If you're relocating to Maryland, and schools are important to you, isn't this the kind of school community you want for your chiildren?  Crofton has three excellent elementary schools, and a fourth one opening in September.  Excellent schools are just one of the reasons Crofton real estate is a good investment and why Crofton was named by Money Magazine as one of the Top 100 Best Places to Live. 

This post included in Your Online Relocation Package for Anne Arundel County Maryland 

You may have read my post on April Fool's Day, April 1, titled Starting a Series of Blogs for Sellers.  I encouraged you to subscribe to Focus On Crofton so you could read each installment as it came out, whether you are a consumer or an agent.  

I also promised to provide a summary at the end, here on the Maryland Real Estate Blog.  Here it is:

1. A SOLD Sign in Your Crofton Front Yard - April 1, 2008.  A challenge to sellers to be one of those who DOES have a sold sign in their front yard.
   
   
2. Factors That Impact the Sale of Real Estate - April 8, 2008.  Discusses factors beyond a seller's or agent's control and emphasizes the importance of addressing those which ARE within our control.  
   
   
3. Pricing Your Crofton Home for Sale - April 14, 2008.  Pricing is both an art and a science - this post explains.
   
   
4. Five Things Crofton Home Sellers Must Do - April 21, 2008.  Find out what home sellers must do, both inside and out, to make sure their home is ready to sell in this Buyer's Market.
   
   
5. Crofton Home Buyers Want to See Your Home - April 28, 2008.  Scheduling appointments and providing access to your home is one thing.  But there's more.  Find out what this broker and agent do to make sure home buyers see your home at its best.
   
   
6. One Big Secret for Effectively Marketing Your Crofton Home - May 5, 2008.  Find out why most real estate marketing doesn't work.
   
   
7. Negotiating Skills Are Essential for Crofton Home Sellers - May 12, 2008.  Find out when negotiating begins and when it ends - it may not be when you expect.
   
   
8. How Important Is Your Real Estate Agent? - May 19, 2008.  In a nutshell - VERY important, since sellers rely on their listing agent to advise and advocate for them at each step in the home selling process.

Yes, it's true - a REALTOR saved my daughter from herself!

My daughter's first home purchase began Mother's Day weekend when I was visiting her in Texas.  For anyone who missed it, I wrote about how this whole thing started in My Daughter Made an Offer on a FSBO this Weekend...  Then I followed up with two more posts, FSBO Foot-In-Mouth Syndrome and In Defense of FSBO's.

I'm happy to report that the story has a happy ending for her, thanks to Jennifer Nodwell, of RE/MAX Pinnacle Group in Arlington, Texas.  No, Jennifer is not an ActiveRainer because I had referred Susan to Jennifer long before my ActiveRain days, when Susan first received the job offer in Texas.  (I'll invite her, when I send her the link to this post.)

After Susan walked away from the failed purchase of a FSBO property near UT Arlington, Susan contacted Jennifer and set out to buy a home.  She had found another one online, and asked Jennifer to show it to her.  Again, Susan was ready to buy - but Jennifer advised that it was over-priced and a lower offer would be appropriate.  Well, that one didn't work out either, so they went back to basics with a sit-down so Jennifer could get to know Susan and Susan could get to know the market.  And, of course, Jennifer knew the perfect neighborhood for this buyer - one that Susan had never considered.  When Susan looked at homes in that area, she agreed it was what she wanted but didn't know she could find or afford.  A good REALTOR is just what this buyer needed to get her headed in the right direction.

A few days later, Jennifer told Susan about a property in that neighborhood which was not yet on the market, but the seller was working with another agent to buy one of Jennifer's listings.  She got permission for Susan to see the home and, to make a long story short - "my baby" is now buying a house!

After growing up in the D.C. area, where you have a hard time finding a decent 2 BR 1 BA condo under $300,000, Susan feels like she won the lottery with a seven-year old brick home that has 3 BR, 2 BA, a fenced yard, fireplace and double garage for about half that price.  With Jennifer's guidance, she made a fair offer and asked for the closing help she wanted - and the seller accepted the offer without any changes. 

In case I ever doubted it, this proved to me again that REALTORS do have value, because I do for my clients what Jennifer did for Susan, and you do for your clients - help nice people find the right home for them, with minimal hassle and the right price.  It's so easy to get discouraged when consumers attack our fees and openly dismiss our value - this was one of those times that warm any REALTOR'S soul. 

So, to all you folks who followed the first few installments of this, now you know the rest of the story:  A REALTOR rescued Susan from her FSBO woes and she got the job done right for "my baby."  We all expect Susan to live happily ever after.

If you've been hating your stairs lately, I have a solution for you.  It's a cute little rancher located at 1717 Tedbury Street, in Crofton.

Never noticed Tedbury before?  That's one of the best features about living on that street - not many people drive on it.  When you come into Crofton from Route 450 via Tarrytown, you go right past Tedbury as you hurry on down to Crofton Parkway.  Tedbury actually runs parallel to Tarrytown, and hooks up with Regents Park road at the end.  As Crofton roads go, this location is one of the best - it's rarely traveled, there are well-maintained homes, and the street is easily accessible to Rt. 450 and beyond to Annapolis, Baltimore and Washington.

For the past several Mondays, this blog has addressed factors that impact real estate sales in Crofton, so let's look at the top three:

PRICE - Hard-to-believe price is $399,500 - Well below other homes this model that are currently on the market.  Contact me to find out how that translates into a monthly payment.

CONDITION - As you can see, the tree-framed exterior of this home has been updated with new siding, shutters, garage doors, and shrubbery.  Very nice!  The interior is clean and in good repair, with a brand new kitchen counter, some updated appliances, and a super-nice slider to the patio.  If someone in your household has allergies or asthma, you will appreciate the fact that this is a smoke-free and pet-free home!

ACCESS - Easy to see!  Simply give me a call at my office (410-451-1900) or on my direct line (301)-346-2923.  I live nearby, so I can meet you there or at my office, in the Crofton Village Green, and we can go over there together.

Interest rates are hovering around 6% for a 30-year fixed rate loan and you can get into this Crofton home with as little as 3% down with an FHA loan.  Or, if you put down 5%, I have a program for you with no Mortgage Insurance or up-front lender costs.  Many others available, to suit your situation.  One lender even provides free payment insurance for a year - they'll cover your mortgage payment for 12 months, if you lose your job.  

To see more photos of this Crofton home and Crofton community amenities, click here.

RELATED LINK:

• Your Online Relocation Package for Anne Arundel County Maryland 
• Find out how today's mortgage interest compares with the rates last week and last month 

Crofton real estate prices are still higher than the 2005 level.

And that's good news for Crofton homeowners - especially the military families based at Fort Meade, NSA, USNA, and Andrews AFB, because relocation is not optional for you when you get orders!  For many other Crofton residents, the timeframe for moving is more flexible. 

The biggest issues we face, in Crofton, is the steadlily growing inventory and shrinking number of homes sold. 

People often ask me, "What about BRAC?"

..."Isn't that good insurance for our housing market?"  The short answer is yes, and I think perhaps that could be one reason prices haven't fallen lower.  As to that magic number of 22,000 new jobs - well, there are a lot of counties vying for those families, who will be easily absorbed across the entire region.  Only a small percentage of these families will find their way to Crofton, and I'm working with several of them right now.

Take a look at this chart I made, using statistics published by the Metropolitan Regional Information Systems, to give you some historical perspective for viewing today's Crofton real estate market:

 
The average and median sold prices are down less than 2% from April last year, and they're still higher than 2005.  Yet, because home owners are listing their homes too high, the average sold price is a much lower percentage of list price than I ever remember seeing in Crofton - 92.92% - and that may contribute to how long it is taking homes to sell. 

Come on Crofton, price your home right in the first place and it will probably sell faster and for more!

Speaking of how long it takes to sell, here's a graph showing this and the past two years:

The bottom line of all this is not much different than you expect: 

Crofton is not immune to this downturn in the real estate market, but we're a lot better off than most of the country and even our county.  Thank goodness for BRAC, and the incoming personnel that continue to discover why Money Magazine named Crofton one of the Top 100 Best Places to Live in 2007.

By the way, this is GOOD news for buyers, because you can feel fairly confident about your property holding its value, but you have a larger-than-usual inventory of homes to choose from.  Just contact me for a free subscription to home listings for the area, and you'll receive updates as new listings come on the market or current listings adjust their prices.

RELATED LINKS: 

• Previous real estate market updates for 2008, including March 2008, February 2008, January 2008
• Your Online Relocation Package for Anne Arundel County Maryland
• Find out how today's mortgage interest compares with the rates last week and last month 

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After two posts about my daughter's failed purchase of a FSBO property and LOTS of comments to those posts over the past few days, I feel a need to come to the defense of FSBO's.  Someone has to play devil's advocate, and I started this conversation - so why not me. 

By way of background:

It all started because My Daughter Made an Offer on a FSBO this Weekend.... and it didn't work out.  I wrote about her experience and my observations, expecting the post to receive little or no attention; but the ActiveRain gods featured the post.  The dialogue in the comments took on a life of its own, with one individual saying "I welcome FSBO's and have no need to hate on them or their preferred method of sales."   Whoa!  My post was about my daughter's experience and my observation of why/how this sale failed to materialize.  Hate FSBO's or their preferred method of sales - where did that come from??? 

I followed up with a second post based on Susan's FSBO experience over the weekend, FSBO Foot-In-Mouth Syndrome, thinking it might be a wake-up call for some homesellers and help save them from themselves.  The post referenced a recently published list of 25 Mistakes Home Sellers Sometimes Make - mistakes NOT limited to for sale by owners - in fact, real estate rookies are prone to them, as well as home sellers. 

Again, the dialogue took on a life of its own, and not exactly pro-FSBO.

And so this post was born:  IN DEFENSE OF FSBO's

Some homeowners choose not to use a real estate agent for three primary reasons:

1. They want to save the commission and put it in their own pocket.
2. They never met a real estate agent they like or trust, or they had a bad experience with a real estate agent in another transaction.
3. They think they can do a better job if they're in control, rather than someone who may not know the property as well as they do. 

Frankly, I understand and appreciate this logic because I'm a homeowner, too.  I wouldn't list my home with another REALTOR because I want the commission in my own pocket; I never met another agent I like or trust enough to list with them instead of selling my own home; and I know I can do a better job than anyone else, so I'm not about to give up control of my home sale. 

Is there any agent reading this who feels any differently?  I didn't think so.

All I'm saying here is this: 

Some very nice, intelligent, motivated, well- intentioned homeowners sometimes prefer to sell their own homes, or at least try.  They have as much right to do that as I do to treat my cold with over-the-counter medication or to decorate my own living room, even though I might be better off making a doctor's appointment or hiring a decorator.  Just as that doctor or professional decorator may do a better job for me than I could for myself, a professional real estate agent will probably do a better job than a homeowner selling his/her own home.  

Those two posts happened to be about FSBO's in another state, and I was there solely as the buyer's mom - not as a real estate professional.  However, I do always try to help FSBO's in my local area in every way I can, and I strongly encourage all agents to do the same. 

When you reach out to FSBO's, they sometimes end up listing with you; they may refer prospective buyers to you; and it's possible they will recommend you to other homesellers - especially if their FSBO experience is not as easy and profitable as they expect.

Truth is, it probably won't be as easy or profitable as they expect.  But I'm not going to say "I told you so."  By then, they'll know. 

In defense of FSBO's, remember they are not evil just because they decided not to hire a real estate agent. There's no reason for any real estate agent to feel threatened by FSBO's or to disrespect them.   Yes, compete for their business;  yes, tell them what you can do for them;  yes, be proud of what you do for home sellers.  And remember, FSBO's are people, too, and they're not your enemy.

Home sellers can be their own worst enemies when they develop a case of "foot-in-mouth syndrome".  It's a common ailment among all home sellers - especially FSBO's.  Symptoms include the following:

• Sincere (mistaken) belief that buyers share sellers' priorities and taste.
• Assumption that marketing is all about property features, when it's really about the buyer's wants and needs.
• A need to fill silence with noise by talking too much (about the wrong things).

Perhaps you saw my recent post titled My Daughter Made an Offer on a FSBO this Weekend....  Not only did this very nice woman make the mistake of trying to negotiate on her own behalf, without any negotiating skills, she suffered from "foot-in-mouth syndrome".  Let me give you some real life examples of how this condition played out:

My daughter and I spent about 15-20 minutes walking around this 1950's era house located two blocks from a university campus. Based on our experience and her goals, we talked about things she might do to make this house more enjoyable for her (cosmetics), maximize the return on her dollar with updates over the course of time, and make it a more profitable rental property for the future.  Topping the list of "to-do's" were add a second bath, update the existing kitchen and bathroom, and rip out the 70's style harry-homeowner built-ins.  We both have some experience with real estate investment, rental properties, and college-town communities in particular. 

However, Madame FSBO said that extra built-in storage was a life-saver - without it, there just wouldn't be enough (yet, without it, closet space was double that in any dorm or grad student housing); she went on to say they never replaced the windows or updated the bath and kitchen because that would over-improve the house for the neighborhood.  After 8 years of professionally managing student housing, Susan knows the importance of doing this, but the seller's comments had the effect of making her feel stupid for even considering it. 

Hmmmm.  Why didn't this seller just keep her mouth shut?  Why didn't she ask questions about what the buyer liked/disliked and then validate the buyer's feelings about the house?  Instead, she just weakened her own position in negotiations because she severely diluted the buyers' excitement about the property.  Her "foot-in-mouth syndrome" AND her poor negotiating skills were the reasons Susan walked away from this property which suited Susan's wants, needs, goals and budget.

Madame FSBO, I hope you learn from your mistakes - you lost a well-qualified buyer who would have been very happy with your property.  Please read 25 Mistakes Home Sellers Sometimes Make - At least five of them should look familiar, because you made them. 

This was a disappointing experience for Susan, but a good one for me (from a professional perspective) - it reinforced in my mind the value I provide to home sellers. 

Related Post:

• In Defense of FSBO's

UPDATE:  This experience awakened Susan's desire to buy a home, and we spent the rest of my visit to Texas looking at neighborhoods.  By the time I left last night, she was safely in the hands of a buyer-broker of her choice and they were submitting an offer on another (mls-listed) property today.

It's true - and I was party to this travesty!  I'm sorry.  I apologize to all my fellow real estate professionals for the error of my ways. 

FSBO's, take note - there's a lesson in here for you!

You see, I'm visiting my daughter in the Dallas-Fort Worth area, and (like most impulse purchases) the day started out with good intentions:  Breakfast, with a little detour to the gas station for a fill-up.  But we succumbed to one of those little FSBO directional signs as we passed a corner between the gas station and Atlanta Bread Company.  We found ourselves in the cutest little neighborhood about two blocks from the University of Texas at Arlington... 

Susan is more savvy than the average first-time homebuyer - she has been the daughter of a real estate agent since birth, she worked at the front desk of RE/MAX ONE during college, she managed university-area properties professionally for eight years, and she often reads my blog.  This FSBO, however, is still living in the past - in the Seller's market. 

Susan made a good and fair offer - full price, with the seller paying her closing costs and prepaids, settlement in 20 days.  And she did what home buyers do today, when the seller said "no" - she walked away without any further negotiation. 

Boy, did this seller need an experienced REALTOR to advocate on her behalf - She just blew it big time!  There was a way to bring these two parties together, but she didn't know how to make that happen.  Before the seller even realizes it, weeks or months down the road, Susan will probably be living comfortably in another home.

Excuse me, Madame FSBO - this is what's known as a "Buyer's Market."  Are you in denial about that?  Living on another planet without TV, newspaper or the Internet?  Clearly you and your amateur advisors need to read my Focus On Crofton blog today on the topic of real estate negotiation in a buyers market.  Just as buyers are starting to come out in greater numbers, loan parameters are tightening again - which means fewer qualified homebuyers. 

Sellers, take heed of these words from an experienced pro:  you don't often get home buyers who are pre-approved for 1/3 again higher price, with no contingencies, and willing to settle for your imperfect property - and there are plenty of other homes available for them if you blow this opportunity!

Follow-up to this post: 

• FSBO Foot-In-Mouth Syndrome 
• In Defense of FSBO's

UPDATE:  5/13/08.  Susan found another house, made an offer, (listed with RE/MAX and her agent is RE/MAX) and the owner countered with "retaining mineral rights" and no closing help.  Susan will move on again - after all, this IS a buyer's market with lots of other houses available and "moving on" is what homebuyers do these days.  As soon as her agent gets back in town...

UPDATE #2:  5/19/08.  Third time is charmed!  More info to follow.

My blog about Crofton Maryland Community and Real Estate Information has introduced me to some GREAT people!

And I'm not just talking about incoming contacts from people who read my blog.  I've also discovered some neighbors I never would have met, if it weren't for my blog.

A few weks ago, for example, I received a google alert for "Crofton Maryland" and clicked through to read about Art Huseonica, a mountain climber from Crofton who was training for an expedition that begins next week.  I contacted him for permission to use some of the material in my blog and asked for additional information about his pending climb of Mt. McKinley; he followed up with a phone call and a visit to my office. 

I'll update you periodically when the climb begins next week, if you're interested.  Be sure to click through on the links, because that's where you'll find most of the interesting information.

Crofton resident Art Huseonica recently completed a trip to the Grand Canyon, where he and Prescott, Arizona's Ray Bellam climbed "rim-to-river and back out in one day."  For photos and more about their adventures, read Denali Ice Agers Train in Grand Canyon.

The Ice Agers are a team of mountain climbers preparing for the Denalis West Buttress Expedition, scheduled to climb Mt. McKinley May 19-June 12.   For anyone who doesn't know, that's the highest peak in North America.  It sounds like Art's Grand Canyon excursion was a training climb for the upcoming "big one" in Alaska.

For more information, check out the American Alpine Institute website and their Climbing Blog.  Between now and May, I'll try to catch up with Art for his input on what we should be watching for, as we follow the excursion online.

Art teaches for University of Maryland University College and works for SchoolMart.com when he isn't climbing mountains.

RELATED LINK:

My UMUC Story:  Art Huseonica Aims High

You can read my follow-up tomorrow (May 10 after noon) by clicking on FocusOnCrofton.com.

An interesting footnote to all this is that Art is the newly elected President of the Greater Crofton Council.  It's an organization that I don't belong to (I live in the area represented by the Crofton Civic Association), so this connection could potentially provide me an opportunity to meet other new interesting people in my community.  Who knew...  I was just looking for blog topics that my neighbors would enjoy reading!

I have photos, but the ActiveRain photo upload tool isn't working for me now.  Neither is spell-check.  I'll try again later before I go out of town for five days. 

Home sellers, you have every reason to be concerned about making mistakes when you sell your Crofton home.  And you wouldn't be alone if you did make a few mistakes.  In fact, avoiding mistakes is one of the reasons many home sellers give for hiring a REALTOR to help them.

Here are a few mistakes you should  be careful to avoid:

  1. Leaving home for a few minutes and missing buyer calls.

  2. Failing to get a showing appointment when a buyer calls.

  3. Not showing your home when it's convenient for a buyer.

  4. Spending more time/money than necessary preparing
      your home to sell.

  5. Spending too little time and money.

  6. Spending time and money on the wrong things.

  7. Overpricing your property.

  8. Underpricing your property.

  9. Not accurately identifying the right target market.

10. Creating an ineffective marketing message.

11. Spending too much on marketing your home.

12. Spending too little on marketing.

13. Marketing in the wrong places.

14. Showing features the buyer will consider a disadvantage.

15. Showing unqualified buyers... or unscrupulous buyers.

16. Showing your home while your family is there.

17. Appearing anxious when you follow-up with prospective
      buyers.

18. Not following up with prospective buyers.

19. Making unnecessary selling concessions.

20. Not making necessary selling concessions.

21. Failing to make required disclosures for lead and other environmental concerns.

22. Failing to disclose material facts.

23. Inadvertently discriminating against someone in a protected class (do you know what
      they are?). 

24. Not hiring a real estate professional to represent your interests.

25. Hiring the wrong real estate professional to represent your interests.

 

There's a reason why Maryland requires licensing for anyone assisting home sellers and buyers with a real estate transaction.  After all, a home sale is a complex business transaction governed by complex federal, state and local laws with potentially costly liabilities.  Not only that, but most states require many hours of continuing education for real estate licensees, regardless of how many years experience they have, to ensure they keep up with ever-changing real estate laws.  And that doesn't even begin to address the ongoing practical training most REALTORS obtain through their brokers and professional organizations. 

Someone who has never sold a home before, or only a few homes, can't be expected to avoid mistakes or know how to address the many issues that can arise in a real estate transaction.  Fortunately, you don't have to. 

I'll follow up later this week with some suggestions for choosing the "right" REALTOR to represent you in your home sale - your best bet for avoiding, or at least minimizing, those potential mistakes. 

In the meantime, check out Jason Crouch's featured post today Adventures in the Grocery Store - A Real Estate Allegory - a totally different approach on the topic of home-seller mistakes.

RELATED LINK:

• Your Online Relocation Package for Anne Arundel County Maryland 
• Find out how today's mortgage interest compares with the rates last week and last month