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September 30, 2008
Want a nice view of Laurel real estate and get some exercise at the same time? The Laurel Md Riverfest 5K Run/2 Mile Walk will be held October 11 2008. The race starts and finishes at Riverfront Park in Laurel Md on Avondale St. just off of Main St. The race is also sponsored by First Generation College Bound.
What is great about this race, is they offer prizes in various catagories. Some prizes are based on age for the over forty crowd and of course seperate prizes per gender. This race would also be a good tune-up for the Turkey Trot on Thanksgiving. The Turkey Trot will also be held in Laurel Md at the First United Methodist Church on Main St.
I hope to see you at Riverfest.
September 29, 2008
When I purchased my first Laurel real estate over ten years ago, I had no idea if my neighbors shared my passion for the Washington Redskins football team. I use to live in Montgomery County Md and that was Redskin country. When I moved to Laurel Md, I knew I was a little bit closer to Baltimore Md, the home of the NFL Baltimore Ravens. In fact, I was now only thirty minutes from the Ravens new stadium.
What I have discovered is that most of my neighbors are Redskin fans. Yes, there are some Raven fans here as well. There are more Ravens fans here than in my previous residence in Montgomery County Md. It appears that Laurel Md is mostly Washington Redskin turf. The Baltimore Ravens are a good football team and have one a Super Bowl more recently than the Redskins. Thank goodness Redskin and Raven fans can live in peace next to each other.
September 27, 2008
Remember I told you people who buy Laurel real estate are surrounded by athletic people? Apparently, those athletic people include senior citizens. I just read an article in the Gazette describing a senior hockey league here in Laurel. The memebers of this team are 70 and older. And get this, the local team’s name is the “Gerihatricks”! Oh that is too funny. The team practices and plays at the Gardens Ice House on Old Gunpowder Rd in Laurel Md.
God bless these guys. They still suffer the same injuries as regular hockey players. Players have shoulder injuries, knee injuries and the traditional missing teeth. While friends of the guys can’t believe they are doing this, their wives are very happy with them. Kind of inspirational.
September 26, 2008
Not only are people who buy Laurel real estate smart, but they are also athletic. The Laurel Advocacy and Referral Services (LARS) is getting ready for its annual Turkey Trot by having a T-Shirt Design contest. LARS is looking for original artwork that would feature a turkey, crab and a race that would fit on a T-shirt.
The turkey would represent Thanksgiving. The crab would represent the race’s Platinum sponser, Casey’s Crab Company. The Turkey Trot is a 5K run/1K walk that is held every year in Laurel Md, usually on Thanksgiving morning.
The winning entries will be put on over 400 T-shirts and distributed the morning of the race. All entries should be dropped off at or mailed to LARS at 311 Laurel Ave., Laurel Md. 20707. All submissions should say, “Attention Turkey Trot” and should be submitted no later than October 6, 2008. The winner will receive a $50 Visa card.
September 25, 2008
How will a “Bailout” affect Laurel real estate? Well lets talk about how the real estate market works. To pay for a home, a buyer needs money. Most people don’t have $300,000 in the bank to put down on a house. A buyer goes to a lending institution, like a bank and borrows the money from them. Banks lend out money to numerous people and eventually they exhaust their cash supply.
How do the banks replenish their supply of cash? They sell all the loans in bundles they have to an investor. The investor pays the bank for a bundel of loans. As a result of selling these loans the banks cash supply is replenished and they can continue lending to buyers.
However, because so many people have lost their homes because they can not pay their mortgage, these “bundles” of loans are not profitable for the investor who normally buys them. Therefore, the investor does not buy bundles of loans from the bank. The bank then can not replenish its cash supply and can not lend money to anyone for a home or anything.
What the federal government is trying to do is buy these bad bundles of loans so that the banks can lend money again. If the Feds buy these bundles, they are hoping that when the economy gets better, they will be able to sell these loans to the investors. This action by the government would, in the short term, replenish the banks cash and allow them to lend money again. In a sense, the government is bailing out the banks.
September 24, 2008
There are still programs in Laurel real estate for the first time home buyer. You may have recalled from earlier post the programs that are available for first time home buyers in Maryland. Despite this current financial crunch, those programs are still available. The Maryland CDA program, which offers first time home buyers in Maryland a lower interest rate and better overall terms on a loan, is still available. In fact, the CDA loan allows for 100% financing to anyone with a middle credit score of 660 or higher. That is as of today. Montgomery County Maryland still offers the HOC loan. This loan again has great terms for first time home buyers in Montgomery County Maryland. The HOC loan will even provide a small loan with a low interest rate for your down payment.
In addition, I have been contacted by some banks recently with programs for people who don’t have much cash, but have decent credit. Remember, banks don’t make money unless they lend it to you.
September 23, 2008
As I have always stated, if you buy Laurel real estate, you will be surrounded by smart people. And now, those smart people will have more of an opportunity to get even smarter. The National Science Foundation has awarded Capital College a $586,000 five year scholarship grant in Science, Technology, Engineering and Mathmatics program on August 18th 2008.
This grant is set-up to provide students who are gifted academically, but do not have the funds to pursue their education. Nine students a year will benefit from this scholarship over the next five years.
Capital College has not received this type of funding for a long time. Congratulations Capital College.
September 22, 2008
How will this government bailout effect Laurel real estate? My prediction is the action by the government will have little effect on home purchases. I don’t feel the Feds should bailout these companies. The reason they are having trouble is simple……bad management. You want proof? Just look at all the companies that are not having any trouble. Heck, Bankofamerica is buying companies. After 9/11 while airlines were laying people off, Southwest airlines was hiring! Don’t be afraid of a bailout, the government has been doing it for decades. Remember Chrysler?
The economy will survive just fine. The stockmarket has weathered every storm for over a hundred years. The market has survived, wars, natural disasters and man-made disasters. Did you know that 19 days after the horrible 9/11 attack, the market was higher than it was just before the attacks?
So don’t panic. All of us just need to keep going about our business. The housing market will be fine.
September 20, 2008
If you buy Laurel real estate you will be surrounded by talented people. The first rehearsal for people interested in being a part of the second annual performance of “Trilogy of Dreams” will be 10:00 a.m. to noon on September 27 at First United Methodist Church, 424 Main St. Laurel Md.
“Triology of Dreams” is a musical tribute to Martin Luther King Jr. It was written by Laurel Md’s own Mack Statham. Statham is the organist at First United Methodist church in Laurel Md. The composition combines three Negro spirituals in a moving tribute to Dr. King.
“Last year was a tremendous success”, Statham said.
For more information contact Becky Boeckman at 301-490-4569
September 18, 2008
Recently, a buyer client of mine looking for property in Laurel real estate, asked me the best way to write an offer on a short sale. This client is not an investor, so what I explained to her applies only to this particular situation. She saw a home in her price range on the internet. The home was priced at $180,000. This particular home had sold for about $290,000 two years earlier. Recent sales in the neighborhood for this particular model were significantly higher than $180,000. If you recall my earlier blogs on short sales, you know that I feel we will be wasting our time on this. However, she wants to write an offer and asked me the best way to write the offer.
We have already looked at comparables in the neighborhood, so we know the home is significantly under priced. I told her the first thing I need to do is call the listing agent. My questions to the listing agent will be; have you been in touch with the mortgage holder?; is there a second mortgage holder?; does the bank know you are listed at this price?; The answers to those questions will help determine the likely outcome of our offer. In presenting an offer my buyer will need a letter from her lender stating she is approved for a loan at the sales price. I need to write a crisp clean offer….the contract must look like a professional wrote it. The offer needs to be delivered. I must have a continual follow-up with the agent to check on progress. On average we will probably not hear anything about our offer for about two months. In the meantime, my buyer will continue to look for homes. If she finds something better we will withdrawl our offer on the first home and write a contract on the second.
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Brien Berard
RE/MAX
13994 Baltimore Ave.
Laurel, MD 20707
Phone: (301) 604-0198
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