What You Shouldn’t Do With A Lockbox

Lockbox Holds Key To The Property

OK let’s begin with, (for those that don’t know) what is a lockbox?  A lockbox is large gray or black metal box that hangs from the front door knob at the entry to a condo or townhome or single family home . Inside this lockbox is a key to the property. If you a licensed REALTOR in good standing with your local Board or REALTORS, or an appraiser or other affiliated industry like a home inspector, you can obtain a card that looks like a credit card to access the key that’s inside the lockbox.

It’s pretty cool actually. The listing agent for the property can go on line anytime and check to see who has been to the condominium. They can tell the person’s name, their company, the date and time that they entered. I personally think it’s more secure then handing out keys.

Now that I told you all the good things about a lockbox, I’m going to tell you what you shouldn’t do with a lockbox.

When a listing agent removes (we call it unshackling) the lockbox from the door handle we enter a specific code…and presto magic, the box becomes unfixed from the handle. Here’s the heads up part. These handy dandy boxes weigh a ton. DON’T  drop it on your foot. I did, and it felt like someone threw a brick at my foot. I learned a valuable lesson. Put your one hand under the box before releasing the shackle, thereby eliminating all the hopping around and occasional not nice word I may have uttered during that time. Plus my nicer shoes definitely weren’t happening until the swelling went down much much later.

So to sum this story up. If I was a seller, I would want my listing agent to put a lockbox on my property for the ease of use and security purposes. If I was a buyer’s agent, I would want the lockbox there to facilitate me being able to show my perspective buyer that particular property. But the real moral of this story is to “Not Do” what I did…..don’t drop that dead weight on your foot. You’ll be really sorry.

I Support The Senate Bill To Extend First-Time Homebuyer Tax Credit

I am very pleased to see the parent company that I work with supporting this legislation. The proposed extension for this tax credit will serve to further enhance the recovery of the real estate market, in addition to being a wonderful incentive to many Americans to experience the joys of home ownership.

PARSIPPANY, N.J., September 17, 2009 – Realogy Corporation, a global provider of real estate and relocation services, today announced its support of a bi-partisan Senate bill (S. 1678) introduced last night that would create a six-month extension of the $8,000 federal tax credit for first-time homebuyers and move the current expiration date forward to June 1, 2010.

“This is an important next step for maintaining positive momentum toward a recovery in the housing markets and the overall U.S. economy,” said Realogy President & CEO Richard A. Smith, who also serves as chair of the Business Roundtable’s Housing Working Group. “While we applaud this effort and support passage of this prudent and necessary legislation, we also want to make it clear that we will continue to work with Congress to broaden the scope of the credit.

“Specifically, Realogy supports expanding the existing first-time homebuyer tax credit to all homebuyers of a principal residence, increasing the size of the tax credit, and eliminating the existing income eligibility caps, all of which we believe are critical to the ‘move-up’ or repeat buyers who we expect will drive the essential second phase of a housing recovery.

We believe that stimulating demand for housing – particularly in the repeat buyer or ‘move-up’ market – is the most effective way for Congress to truly accelerate a broader economic recovery,” said Smith.

The bill was introduced last night by U.S. Senator Benjamin L. Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA) and Debbie Stabenow (D-MI). The current tax credit provision for first-time homebuyers, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009.  According to the most recent data from the Department of the Treasury, nearly 530,000 Americans have applied for the tax cut to help them purchase their first home. About 40 percent of all homebuyers this year will be eligible for the tax credit.

Kuddos to Senator Cardin, Senator Ensign, Senator Reid, Senator Isakson and Senator Stabenow and Realogy Corporation for their support of this very important piece of legislation.

Real Estate Beach Camp – Ocean City, Md.

Real Estate Beach Camp - Ocean City, Maryland

I am so excited. Sunday is Real Estate Beach Camp in Ocean City, Maryland.It seems so long ago that Derek Massey, Marney Kirk, Kim Wood and I began germinating this little seed that was to grow into a RE beach camp.

So what is a Real Estate Bar Camp? RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.

We decided to morph our event a bit. Chop down the time involved, and actually hold it in a bar. (No kidding) We tweeked this and that,,, made it at night, instead of during the day, and preplanned 3 sessions, instead of having a sign up board the day (night in our case) of the event.

Read On Please:

About

What? Real Estate Bar Camp: An Ocean City Evening

When? Sunday, September 13th at 7:30 PM (right before the 2009 MAR Conference)

Where? Micky Finns, Ocean City Fishing Center, 12940 Inlet Isle Lane, Ocean City, MD 21842

Who? Real Estate Professionals (brokers, agents, mortgage and title professionals, etc.) who are interested in utilizing technology, social media and networking to market and operate their business.

Is there an Attendance Limit? 50 people. The location isn’t allowing for many more.

How much does it cost to attend? $0

What is Real Estate Bar Camp? Read this.  Good stuff, eh?

How will this event be different? We’re holding it at night.  In a bar.  We’re likely to have only 3 sessions, and we will probably select them in advance (please email us or comment if you have any great topic ideas!).  The cool thing about RE BarCamp is that each one is unique.  REBarCamp: An Ocean City Evening promises to be an intimate gathering of real estate professionals who are dedicated to making this a better industry for consumers and professionals alike.

What’s the Twitter hashtag? #REBCOCMD

Are we taking sponsorships?  Absolutely (more to follow, but email us at REBCOC@gmail.com if you’re interested). Where: Micky Finns, 12940 Inlet Isle Lane, Ocean City, MD 21842

How: Powered by participants, helped by sponsors

Why: To build connections. To better grow our businesses. To push boundaries. To be creative in an open and supportive forum.

Sign up: RSVP here.

Are we tying this to a charity? Indeed.  We asked attendees and sponsors (through there sponsorship dollars) to donate to the local Habitat For Humanity of their choice.

If you are not attending Real Estate Beach, but want to hear about it, stay tuned. We will posting pictures and a video not too long after Sunday night.

Did I say I was excited?

So What About Those Interest Rates?

Interest rates…everybody wants to know where they are headed. Here’s what’s coming out this week that will definitely have an impact.

The Fed’s Beige Book – officially known as the Survey on Current Economic Conditions will be reported on Wednesday. It shows info from banks, interviews with business contacts, economists, market experts, and other sources. The Beige Book is thought by some to be looking in the rearview mirror too much, but it can serve as a future indicator of the Fed’s policy decisions.

This Thursday, the Initial Jobless Claims report will be released. Last week, the number filing for jobless benefits fell, even though it was still higher then previous estimates. Markets will be watching to see if this report hits expectations of approximately 556,000 new claims.

Also on Thursday, the Balance of Trade for July will be reported. The expectations are that the trade deficit will come in the same as the previous month when it widened to $27 Billion. A negative balance of trade (deficit) occurs when imports surpass exports. The United States trade balance has been in a deficit since the mid 1970’s.

Lastly, on Friday, the Preliminary Consumer Sentiment Index will come out. This is a survey conducted by the University of Michigan and measures consumer attitudes regarding the present and future economic conditions.

The biggest factor this week is treasury auctions as the release and sale of Government Bonds can affect Mortgage Bonds, which can alter our interest rates. It’s good to keep your eye on Treasuries and stocks this week as an excellent indicator of what rates will do.

As always, many thanks to Paul Soule, a Senior Mortgage Advisor with Coldwell Banker Home Loans.

Why You Shouldn’t Buy The Most Expensive Condominium In The Building

Which property to choose?

I have always believed that when buyers are considering making a purchase, that they should not buy the most expensive condominium or home in a given neighborhood or building.

Why you ask?  Let’s say you fall in love with the best of the best in a particular area.  It has everything you could possibly want. You see that the sellers have obviously put a lot of time, effort and money into the property. It most definitely stands out as the premier unit in the building or home in the neighborhood.  Why wouldn’t you want to buy it immediately?

Before you get carried away, you have to take a look at the sales prices of comparable properties, “comps” we call them, in that area.  If you compare the comp prices to this stand out property, you should probably notice a pretty significant price difference. This difference should act as a wake up call to you. This property is undoubtedly selling for a price range far above the comparable sales.  You should be seeing warning lights at this point. I think you are going to have a problem if you purchase this most expensive home in the building or community. In fact, I think you are going to have two problems.

As I see it, the first problem is relative to the appreciation of the property. The appreciation on the property is always going to be dragged down by the homes around it. If you take a $800,000 beautiful property and put it in the area of $250,000 properties, the $800,000 value is going to come down a lot because the community will not support the higher price.  When you eventually decide to sell, new buyers are also going to look at the comps in the area and laugh at your asking price.

The second problem I see is something called “hemming”.  Your appreciation potential is seriously limited because you own the most expensive home in the area. This becomes an even bigger problem if you decide to remodel or in an way upgrade the property. Under normal circumstances, doing a remodel or upgrade would add value to your property. When you own the most expensive property, not only will it not add value, it may cut into your equity. Why? If you do a $50,000 remodel, you may see a $10,000 gain for your $50,000 cost. You’ve just lost $40,000.

Nobody can predict the future, and unless you can foresee what potential increases will be for your whole community or building, you shouldn’t be the one to own the most expensive property in a given area.  Your dream property could turn into a nightmare for you financially.

Ocean City, Maryland – Sept Events

Ocean City Sunfest at the Inlet

The Second Season is upon us…  make your plans now to enjoy Ocean City during the “quiet” month…

Check out September happenings here or view the list below:

September

September 1-October 31
Delmarva Needle Art Show & Competition
Julia A. Purnell Museum, 208 W. Market St., Snow Hill
Popular exhibit of regional needle art including quilts, embroidery & more. Admission. Tues.-Sat., 10 a.m.- 4 p.m.; Sun., 1-4 p.m. Claire Otterbein, 410-632-0515. www.purnellmuseum.com.

September 2
Concerts on the Beach
N. Division St. Beach
Free live entertainment while you relax beside the cool Atlantic. Wednesday at 8 p.m. Bring a blanket or chair & enjoy the evening. 800-OC-OCEAN (800-626-2326). www.ococean.com.

September 4-6
Labor Day Weekend Art & Craft Festival
Convention Center, 40th St. & Bay
A fun shopping experience with art & crafters displaying unique items for show & sale. Fri.-Sun., 10 a.m.-5 p.m. 410-524-9177.

September 5
Labor Day Weekend Concert
N. Division St. Beach
Enjoy free concert on the beach to celebrate the holiday weekend! Bring a blanket or chair & enjoy the weekend beside the ocean. Saturday, 8 p.m. 800-OC-OCEAN (800-626-2326). www.ococean.com.

September 17-20
Delmarva Bike Week
Ocean City Area
Motorcycle related activities with rides, entertainment, vendors, celebrities, manufacturers & more. Thousands of motorcycle enthusiasts enjoy four days of fun. Thurs.-Sat., 9 a.m.-7 p.m.; Sun., 9 a.m.-4 p.m. Bruce Bennett. www.delmarvabikeweek.com.

September 18-20
Gem, Mineral & Jewelry Show
Convention Center, 40th St. & Bay
14k, sterling jewelry, pearls, beads, loose stones, crystals & more. Admission. Fri., noon-7 p.m.; Sat., 10 a.m.-6 p.m.; Sun., 11 a.m.-5 p.m. Barbara Haney, 804-746-7663. bhaney8081@aol.com.

September 20
Run for the Rocks
Inlet Beach Area
Come run a 5k, 10k or 10-mile race. Sponsored by the Beach Patrol, event is open to the public. Sunday, 7 a.m. www.ococean.com/ocbp.

September 24-25
Sand Castle Home Tour
Ocean City Area
Unique Ocean City area homes on display in this popular annual event. Thurs.& Fri. Tickets required. 410-524-9433. www.artleagueofoceancity.org.

September 24-27
Sunfest
Inlet Lot
Ocean City’s most popular festival! Nationally known & regionally popular entertainers highlight four days of fall fun. All entertainment is free with the exception of this year’s headline acts. Thursday enjoy dance favorite The Village People, tickets are $25, 20 & 15. Friday see Little Big Town with seats $40, 35, 32, 30, 27 & 20. Saturday, September 26, Rick Springfield. Tickets are $50, 45, 40, 35, 30, 25 & 20. Tickets for headline entertainment will be on sale at the Roland E. Powell Convention Center Box Office. Monday through Friday 9 a.m. to 4 p.m. or by calling TicketMaster at 1-800-551-SEAT, in Baltimore/Washington, call 410-481-SEAT, www.ticketmaster.com Nothing delights the eye more than our artisans’ unique designs of fine art & distinctive crafts. Enjoy watching the artist as they reveal their technique at the Demonstrating Artist tent. Try the bold taste of the Eastern Shore with fabulous food. Children’s activities are available on Saturday & Sunday. Festival hours Thurs-Sat., 10 a.m.- 10 p.m.; Sun., 10 a.m.- 6 p.m. 800-626-2326. www.ococean.com.

Free parking is available at the West Ocean City Park & Ride. Park free & ride shuttle bus to Sunfest for $1. Ride the Boardwalk Tram to the Inlet for $3 each way. Express trolley shuttles will depart from the south lot of the Roland E. Powell Convention Center at 40th Street, ride all day for $2.

September 24-27
Sunfest Kite Festival
On the Beach, 1st St. – 6th St.
Bring the family & let your spirits soar! Enjoy days filled with spectacular kite flying. Thousands of spectators travel to see master kite flyers from around the world showcase their aerial displays of art. Thurs.-Sun., 9 a.m.-9 p.m. Jay Knerr, 410-289-7855. www.kiteloft.com.

September 25-27
Berlin Fiddlers Convention
Main St., Berlin
Annual event begins Friday evening with a free concert, continues through the music competition on Saturday & ends with Sunday morning Bluegrass Gospel Jam. Also crafters & food. Fri., 6-9 p.m.; Sat., 10 a.m.- 5 p.m.; Sun., 10 a.m.- noon. Carol Kenney, 410-641-4775. www.berlinmdcc.org.

America’s Fanciest Dog – Of The Hot Variety

An estimated 20 billion bun clad dogs are eaten every year by Americans. Interestingly enough, our country eats more quantity, and more different variations of the hot dog then any other country.

That doesn’t mean these dogs ain’t been around too long, because they have. As early as 800BC, the Greek poet, Homer, mentioned blood sausages in his epic piece The Odyssey.

Hot dogs have typically hailed as the favorite food at the ball park, the beach or boardwalk and at a barbebue.

Now days anything that can be encased in something like a bun can be called a hot dog, or quite properly the “haute dog”.

Hot dogs just aren’t made of meat anymore. Everything from french fries to lobster can find its way into a bun, and we haven’t even talked about toppings. But I think I’ll save that discussion for another time.

But wait…cream cheese on a dog. Go figure.

Homeowners Alert

This blog was posted on Active Rain. It is a must read for homeowner’s that are facing a foreclosure or short sale situation.

There are some very important legalities that your lender must be able to definitively prove. It is such a stressful time in a homeowner’s life to be losing their home. Please make sure that you understand your rights and the process.

Monica Thanks Her Well Wishers

This past March I had some pretty extensive shoulder surgery. Looking back, I bravely posted a video of myself (no make up…OMG) laid up at home. It was a long recovery period and I still don’t have full range of motion, but it will be 100% pretty soon now.

I made a new video today. I was very touched and overwhelmed by the outpouring of well wishes and thoughts as I was healing.  I guess I looked so bad in that old video…everybody really felt sorry for me.

Mucho hugs and kisses to all of those who were so very supportive.

What Should I Buy?

Beach Scene Ocean City, Maryland

When I work with a prospective purchaser of real estate, I always want to find the best possible match for you. Is it in the right price range?  I always insist that a buyer be pre-qualified to determine their borrowing power.  It helps me pick the right properties, and you to know where you stand and it creates a beginning point for our relationship.

So many areas to explore…  What is the style of home or condominium that you are looking for? How are you going to use the property? Most in my market are looking for a second home or investment property here at the beach.

I want to know about you as a person. Do you have children or extended family? How many will be occupying the house, or coming to visit?  Remember…you don’t know how many friends you have “till you have a place at the ocean”. (Just a simple old saying I remembered).  Many buyers are very specific about their location.You, the buyer, and your needs are critical to me so I can assist you in making the best possible decisions.

Some people are boaters and want to have a boat slip right out their back door. Others want a two level townhouse for more privacy.   You might know where you want to be…as specific as I want oceanfront between 62^nd and 75^th Street. That might be where all your friends and family hang out. So of course you want to be there too!

Whatever your needs…I exhaust all of the options to find the right place for you.  After all, we are all human and sometimes we don’t know what we want until we see it…but we start with some strong basics and go from there. My job is asking the right questions and give you, the buyer, accurate information from A to Z.