The Sniff Test

I've rarely met a homeowner who thought the house they were selling smelled. Unfortunately, many do. Perhaps we don't smell our own stink. Those of us with cats often lose our ability to smell the litter box odor. The Washington Post discusses the impact of smell on the ability to sell a home. Frankly, I have mixed feelings on this one. If a house is carpetted, there are few smells that will linger after new carpet is installed and a coat of paint put on the walls. This makes the problem relatively minor for a buyer to remedy. Of course, some times whatever is smelling has soaked into the subfloor. When that happens, this can be a major issue. That said, the Agents who allowed the house to go on the market without the seller having an understanding of the smell have demonstrated their incompetence. One reason to use a Real Estate Agent is objective feedback about the condition of the home. This includes the smell. Perhaps these homes should have been painted and carpetted before prospective buyers stepped foot inside. Certainly, doing so puts a specific cost on the problem... as opposed to allowing potential buyers to "fantacisize" about the the cost...

-jbn

Baltimore County BRAC Plan

Baltimore County has released its BRAC Plan. The Baltimore Sun provides some details on the report, or you can actually see the whole thing on the County's web site. This may prove invaluable for investors in years to come, as part of a roadmap to the County's development plans.

Helping your house, Helping yourself

Right now, with the real estate industry in a buyer's market, sellers need to remember - sometimes you have to spend money to make money. Take this house in the Fair Lakes area of Fairfax County, Virginia. The Washington Post is recommending trimming a tree in order to make the house more appealing. It's not uncommon for me to see Baltimore listings where you literally, "can't see the house for the trees." While trees are a wonderful thing, I can never help but wonder if the house wouldn't sell better if the picture online at least showed the house!

When selling, it really is important to find someone to look at your house objectively, and help you understand how potential buyers may see it... or not see it. If they can't see your house, odds are good, they won't bother to tour it.

The problem of vacant property

The Baltimore Sun wrote yesterday about Goodwill Industry's problems leasing space in Southwest Baltimore. Essentially, they are running into many, many landlords with space - unwilling to lease it at current market rates, because "they think the market is going to pop". (My words). While I don't think The Sun outright calls it "speculation," that's what it is. This problem exists throughout Baltimore. We have property owners speculating on the future and leaving potentially productive property vacant.

I believe the problem is Maryland's very flawed tax appraisal and assessment process. Odds are that the vast majority of the affected properties have been appraised by SDAT well below their market value. As such, with taxes low or non-existent, the owners have little incentive to do anything different - they owe nothing and pay few taxes. If the State could improve their appraisal practices with these properties, I believe they would not only generate significant revenue, but also find that many of the vacants would be put into the housing and commercial property inventory.

Look up any block with lots of vacants in SDAT's database. I believe you'll see significant numbers of properties clearly under-appraised. Honestly - I don't understand how they miss this boat.

-jbn

Creating House Lust

In a story about model homes in an Annapolis development, The Washington Post discusses steps decorators perform in an attempt to "create house lust." Anyone considering putting their home on the market this summer should read the story, and think about how it applies to the resale market.

While I'm not a huge advocate of extensive staging, certainly it is worth looking at a home from the position of a buyer. Frequently, a new coat of paint, and a little bit of nice furniture can help. In my case, when I bought my current house (and my previous house, for that matter), I think other buyers may have been scared off by how MUCH furnitute was in the house. In each case, I sat at closing worrying about, "is the house big enough?" In each case, seeing it with no furniture, or with my own more simple decorations, found me saying, "This house is almost too big!"

If you are considering listing your house for sale, and would like to talk about options, please don't hesitate to give me a call at 410-999-6095. I'll be happy to come by, discuss what you may want to do to make the house more attractive to buyers, and to do a free, no obligation, competitive market analysis.

Columbia Convenience for Baltimore Commuters

In a Baltimore-focused blog, why would I write about Columbia? Simple. For anyone commuting to DC down Baltimore-Washington Parkway or I-95, Columbia is well located as a shopping stop on the way home from work. Now, a new shopping center, quite close to I-95, is about to make that even easier.

About a week ago, I noticed the new shopping center, with Best Buy opening and a Lowe's coming soon. What I didn't know is that the shopping center is expecting Trader Joe's, Loehman's, and Costco. As well, Houlihan's, Mimi's Cafe, and On the Border Mexican Grill will adorne it, according to The Baltimore Sun. The shopping center is located at the intersection of Route 175 and Route 108... just west of I-95. If you exit from I-95 and go West, it's the first intersection, less than 1 mile down the road. I suspect you'll be able to get off the highway and back on in about 5 minutes.

As a tangent, Anyone that's seen my pantry knows I'm a big fan of Trader Joe's. If you haven't ever been in one, I recommend checking out the one nearest you. I happen to frequent the one at I-695 and Reisterstown Road. Now I'll have another one to stop at, when I'm headed to or from DC.

-jbn