Some Highlights:

• The average down payment for first-time home buyers in Maryland is only 6%!
  
• Despite mortgage interest rates being over 4%, rates are still below historic numbers.
• 88% of property managers raised their rents in the last 12 months!
• The credit score requirements for mortgage approval continue to fall in the Baltimore Metro Area.
  
• If you are looking for a REALTOR or Lender and would like to start the Process here in Maryland. Contact Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components by either CLICKING HERE or Calling 443-885-0875 Equal Housing Opportunity
  

Some homeowners in Maryland have recently done a “cash out” refinance and have taken a portion of their increased equity from their house. Others have sold their homes and purchased more expensive homes with larger mortgages. At the same time, first-time Maryland buyers have become homeowners and now have mortgage payments for the first time.

These developments have caused concern that families might be reaching unsustainable levels of mortgage debt. Some are worried that we may be repeating a behavior that helped precipitate the housing crash ten years ago.
Today, we want to assure everyone that this is not the case. Here is a graph created from data released by the Federal Reserve Board which shows the Household Debt Service Ratio for mortgages as a percentage of disposable personal income. The ratio is the total quarterly required mortgage payments divided by total quarterly disposable personal income. In other words, the percentage of spendable income people are using to pay their mortgage. If you are thinking of re-financing or obtaining a mortgage. Fill-out our simple on-line mortgage application now and our preferred lender will be in touch with you the same day!

 Today’s ratio of 4.44% is nowhere near the ratio of 7.21% during the peak of the housing bubble and is instead at the lowest rate since 1980 (4.38%).
Bill McBride of Calculated Risk recently commented on the ratio:
“The Debt Service Ratio for mortgages is near the low for the last 38 years. This ratio increased rapidly during the housing bubble and continued to increase until 2007. With falling interest rates, and less mortgage debt, the mortgage ratio has declined significantly.”
Bottom Line for Maryland, Baltimore, Harford and Cecil County Home Owner's...
Many Maryland families paid a heavy price because of questionable practices that led to last decade’s housing crash. It seems the American people have learned a lesson and are not repeating that same behavior regarding their mortgage debt. If you are thinking of Buying or Selling your Home in the near future. Contact Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 or visit our WEBSITE to start your home search today! (equal housing opportunity)

 GoBankingRates gave this advice to anyone considering a home purchase,

“Before you buy a home in Maryland, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”
As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line. If you are considering buying a home in Maryland, Harford County, Baltimore County or City, whether it’s your first time or your fifth time, let’s get together to evaluate your ability to do so in today’s market! Fill out our CONTACT FORM Today and we will contact you to get started with a ONE-ON-ONE Consultation that is FREE! or Call us, Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 www.MarylandHomesTeam.com and begin your home search experience NOW!

 Pricing trends per month. This chart will update automatically each month so mark your calendar to visit our website periodically. As you can see we are trending nicely over the past year even compared to the Mid-Atlantic Region.  If you are thinking of Selling your Home and would like to discuss the value in your particular neighborhood. Call or email us anytime.

This is an actual question from a Seller who wanted to list their home and my response.

Q:  I need to sell my Baltimore Maryland House, as I have found another house already.  I heard about a program one Realtor was offering called Guaranteed Sale where they will sell my home in 25 days or buy it themselves.  Sounds great!  Is there a catch?

A:  Run, don’t walk, away from Realtors that offer a Guaranteed Sold or Sold or We Buy It program.  In my opinion, this is a deceptive marketing tool that some Realtors use and it’s a major bait and switch.

Here’s how it works:  The Realtor will advertise, “I’ll Sell your Home in 25 Days or I’ll Buy It Myself”.  Sounds great.  They must just be SO confident in their sales abilities that they can afford to buy your home if they don’t sell it, right?   You happily set an appointment with the Realtor and then they go over the fine print in the contract.

Here’s what the contract says: You will be charged X (very high) commission to list the home with the 25 day guarantee (I’ve seen as high as 9% to 11% commission).  WHAT?  Why so high?  Because they are taking on the risk that if they don’t sell your home, they may have to buy it!  The other fine print you’ll find in these types of contracts includes language that allows the listing agent to set the asking price of the home, not you, and the price will be a good 10 to 20% below market value in order to make sure beyond a shadow of a doubt that it will sell, and thus minimizing the Realtor’s risk in the transaction.   There also may be additional price reductions built into the contract.  No Realtor WANTS to buy your home if they can’t sell it.

Then, you sit back in your chair, appalled at the thought of paying 9% to 11% commission, and tell the agent so.  The Realtor says, “But wait, there’s another option we offer!  We also have the standard contract in which we don’t guarantee the sale of your home, and you set the pricing at market value.  And that commission rate is only 6%”.  (I’m just throwing out numbers here – commissions vary from Realtor to Realtor, brokerage to brokerage).

You are so relieved that you can get your home listed for less than 11% commission that you excitedly sign the normal listing agreement at 6%, thinking you got a deal. Now wait – think about this for a minute.
The Realtor lured you in with what I would consider to be deceptive marketing practices, and then bait and switched you to the standard Maryland Association of Realtors listing agreement that all Realtors use, at a more typical  commission rate.  You see, this Realtor never intended that you would really sign at 11%, their goal was just to lure you in with the deception of guaranteeing a sale, get you to sign and list with them at the 6%, and not have to buy your home.

Did you fall for it?
And is this really the Realtor that you want representing you?
What do you know about their sales track record, marketing programs, or anything else they do?
They just bait and switched you, and you might even be able to get the same or better deal from a better Realtor who doesn’t have to rely on such deception!

I once spoke with a Realtor who used this type of program and I asked how many of his clients who listed with him actually signed up for the higher rate commission and take the guaranteed sale?  He said less than 1% of clients.  WOW.  If that doesn’t prove this is a classic bait and switch, I don’t know what does…

Don’t Sign!
You are better off to use a good Realtor in your town who’s highly recommended, has a proven track record and has excellent marketing strategies and who sets a realistic asking price for your home.   This is what will get your home sold in under 90 days.  I’ve done it many times – its rare that a home stays on the market over 30 days anymore!  Your Realtor shouldn’t need to rely on a deceptive marketing practice to get listings. 

If you live in the Baltimore Metro area, you can find out here what your home may be worth in today’s market.  Don’t fall for the bait and switch!  By the way – I am listed in the Top 5% of Realtors in our area – is the agent who just bait and switched you?  We do not charge a fee for our Marketing Plans like other Teams who use this type of marketing do.
If you live outside of the Baltimore Metro area, and would like a recommendation of a Realtor with an excellent track record in your city or town, please contact me.  I have a great network of real estate professionals all over the country.
Thinking about Selling?Contact Robert McArtor now for more information and find out what your home may be worth in today's market.

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