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Welcome to the premier resource for all real estate information and services in the Howard County, Carroll County, Baltimore County, Anne Arundel County and Montgomery County areas. Our team has been selling homes in these areas for 30 years in Ellicott City, Maryland, Columbia,Maryland, Glenwood, Maryland,Elkridge,Maryland, and Laurel, Maryland.  We hope you enjoy your visit and explore everything our realty website has to offer, including all real estate listings, information for homebuyers and sellers, and more About Us, your professional Realtors.

Looking for a new home? Use Quick Search or Map Search to browse an up-to-date database list of all available properties in the area, or use our Dream Home Finder form and We'll conduct a personalized search for you, or you can call us at 410 365-1605 or email us at patsmith22@comcast.net.

If you're planning to sell your home in the next few months, nothing is more important than knowing a fair asking price. We would love to help you with a FREE Market Analysis. We will use comparable sold listings to help you determine the accurate market value of your home. Contact us at patsmith22@comcast.net

We would love to work with you to find you a new home or sell your current home.  

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Real Estate News!!!

Latest Realty News from NAR

REALTORS® Expect Home Prices to Increase by 4% in the Next 12 Months

In a monthly survey of REALTORS®, respondents are asked “In the neighborhood(s) or area(s) where you make the most sales, what are your expectations for residential property prices over the next year?

Among the respondents, the median expected price change is four percent. The chart below shows median expected price change by state based on survey responses collected during February–April 2018[1], according to the  April 2018 REALTORS® Confidence Index Survey

Respondents from the states of Washington, Oregon, Idaho, Nevada, California, Utah, Wyoming, Colorado, and Wisconsin expect the highest price growth in the next 12 months, with the expected median price growth at more than five to nearly eight percent.

Owing to tight lack of construction, house prices have increased steeply since 2012 compared to the growth in income. Nationally, the median price of U.S. existing homes sold was 68 percent higher than the level in January 2012, the year the housing market started to recover solidly.  Meanwhile, wages have increased only 15 percent since then.

Based on the FHFA House Price Index at the state level, the strongest price growths from 2012 through 2017 were in the West region such as Nevada (102 percent), California (85 percent), Arizona (76 percent), Oregon (74 percent), Idaho (70 percent), Washington (68 percent), Colorado (68 percent), Utah (65 percent). Home prices have also increased steeply in Florida (73 percent), Michigan (71 percent), and Texas (47 percent).

Use the data visualization below to view median listing prices in April 2018. Red areas are areas where prices are higher than the U.S. median home price growth. Hover on the map to view the historical median listing prices of properties listed on Realtor.com from June 2012 through April 2018.[2]

MedianPrice_DB3

[1] Because each month’s survey asks about the outlook in the next months, the responses collected from January-March 2018 covers the outlook for January 2018-March 2019.

[2] Realtor.com data is freely available and can be download from https://www.realtor.com/research

Older Boomers: Most Satisfied Buyers Purchasing Forever Homes

Older Boomers, buyers aged 63 to 71 years, made up 14 percent of all home buyers in 2017. The median age for this group was 66 years old and they were born between 1946 and 1954. Within this group, they had the second largest share of single female buyers at 22 percent. Their primary reasons for purchasing a home, more than other generations, were the desire to live closer to friends and family (25 percent), followed by retirement (15 percent).

Combined, Older Boomers owned the highest share of investment (nine percent) and vacation (seven percent) properties. Equal to the Silent Generation, Older Boomers were the most likely to purchase homes in a small town (27 percent) and in a rural area (11 percent).

Compared to other buyers, they moved the greatest distances at a median of 30 miles. Older Boomers were the least likely to purchase homes for the quality of school districts or convenience to schools. Rather, they purchased homes for the quality of the neighborhood and for convenience to friends and family. This age group found commuting costs as well as windows, doors, and siding installation equally important. Overall, Older Boomers were very likely not to make compromises on the home when they purchased (47 percent), citing that they were never moving and it was their forever home (27 percent).

In their home search process, Older Boomers were very likely to drive by homes and neighborhoods and they were the least likely to find the paperwork a difficult step. Older Boomers were the most satisfied with the home buying process at 93 percent.

Older Boomers’ income was below the median income of all buyers ($88,800) at just $80,700 and they purchased homes at a median price of $239,200. Older Boomers were the most likely to use the proceeds from the sale of a primary residence as the source of their downpayment (56 percent) and from an IRA account (five percent). They were the largest group of home buyers to save for a downpayment for more than two years (30 percent).

Older Boomers were the third largest share of home sellers at 22 percent in 2017. The median age for an Older Boomer seller was 67 years. They had the second lowest median income at $80,700. They were the most likely to sell to be closer to friends and family (28 percent) and for retirement (19 percent), and at a median distance of 39 miles from the home they recently purchased. They were also very likely to sell when they wanted to (94 percent). They receive the highest equity at 46 percent and second highest dollar value at $86,000.

April 2018 Housing Affordability Index

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.66 percent this April, up 13.4 percent compared to 4.11 percent a year ago.

  • Housing affordability declined from a year ago in April moving the index down 8.8 percent from 159.8 to 145.8. The median sales price for a single family home sold in April in the US was $259,900 up 5.5 percent from a year ago.
  • Nationally, mortgage rates were up 55 basis point from one year ago (one percentage point equals 100 basis points), while median family incomes rose 2.8 percent.

  • Regionally, the West recorded the biggest increase in home prices at 6.4 percent. The South had an increase of 5.0 percent while the Midwest had a gain of 4.1 percent. The Northeast had the smallest incline in price of 2.5 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The West had the biggest drop in affordability of 9.4 percent. The South and the Midwest both had a decline of 8.0 percent. The Northeast had the smallest drop of 5.4 percent.
  • On a monthly basis, affordability is down from last month in all four regions. The West had a decline of 0.8 percent followed by the Northeast with a dip of 2.0 percent. The South had a drop of 2.6 percent followed by the Midwest, which had the biggest; dip in affordability of 6.0 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 183.6. The least affordable region remained the West where the index was 104.6. For comparison, the index was 147.9 in the South, and 160.2 in the Northeast.

  • Mortgage applications are currently up 4.1 percent. Consumer confidence remains strong. Home prices are up 5.5 percent while median family incomes are only growing 2.8 percent. New home construction is being held back by increased material cost and labor shortage.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Housing Shortage Tracker

Home prices around the country are continuing to surge—and they are not likely to slow down any time soon. In the last three years, the national median home price has increased about 20 percent, with annual gains of six percent on average. Meanwhile, in some areas, home prices are hitting warp speeds. Seattle and Denver metro areas have experienced about 40 percent price gains in the last three years.

Lack of housing inventory is considered the main reason that drives up home prices. Although new home construction has picked up, it is still not enough to accommodate the increased housing demand. Recently, the pace of permit issuance has been only about half the peak level in 2005. Furthermore, the unemployment rate has dropped below 4 percent due to a strong economy. As more people enter back into the work place the demand for housing is expected to increase as Americans set their sights on homeownership.

NAR identifies the metro areas with the highest deficit of homes. The Monthly Housing Shortage Tracker is an index, which compares how many permits are issued relative to the number of new jobs. The higher the index the higher the housing shortage in the area since it shows that more jobs have been created than homes. Based on the historical average, two permits are issued for every new job. However, the highest value for the index in April was 13.6 in the San Jose, CA metro area. This means that for every 14 new jobs a single-family unit is permitted. In contrast, a single-family unit is permitted for every new job in Sarasota, FL metro area.

The “usual suspects” are at the top of the list. It is noteworthy that, among the top ten metro areas with the highest housing shortage, seven are located in California.

Dashboard 5

The visualization below allows you to see how many permits are issued for every new job for 178 metro areas. Click on a metro area on the map and see the number of permits issued and new jobs created in the last three years.

HST-blog

So, what should be done? Here is a very simple answer: build more homes. There is strong demand for housing, but not enough supply. That leads to rising home prices. By increasing the supply of housing price growth will ease. However, building too few homes may be the most significant factor, but not the only one. The vast majority of houses coming on to the market are not newly-built, but existing homes. In the meantime, the number of residents age 65 and over grew from 35.0 million in 2000, to 49.2 million in 2016, accounting for 12.4 percent and 15.2 percent of total population, respectively. The median age is increasing in most areas of the country. This means that the average homeowner has become less likely to move and therefore fewer existing homes will be put on the market.  So, while building more homes will help housing shortage, other factors, including an aging population, will make a return to “normal” housing inventory levels difficult to reach in the near-term.

In Which States Did Properties Sell Most Quickly in April 2018?

Amid strong demand and tight supply, REALTORS® reported that properties that sold in April 2018 were typically on the market for 26 days, down from 29 days compared to the same month last year, according to the  April 2018 REALTORS® Confidence Index Survey.[1] The median days on market have been broadly on a downtrend since 2011 when the properties typically were on the market for three months from May 2011, when this question was first asked in the RCI Survey, through March 2012.

During the February–April 2018, properties typically sold within one month in the District of Columbia and in 23 states led by Washington (21 days), Utah (21), Nevada (22), California (22), and Colorado (22), Oregon (24), Kansas (24), and Indiana (24).

 

Amid fewer listings for sale in many areas, properties continued to sell at a faster pace in many metro areas, based on the days the properties were listed on Realtor.com. Properties sold most quickly in California, Washington, Utah, and Colorado, particularly in the metro areas of Jose-Sunnyvale-Sta. Clara, CA (19 days), San Francisco-Oakland-Hayward, CA (24 days), Seattle-Tacoma-Bellevue (25 days), Salt Lake, UT (28 days), Ogden-Clearfield, UT (29 days), Colorado Springs, CO (30 days), Midland, TX (30 days), Boston-Cambridge-Newton, MA (30 days), Denver-Aurora-Lakewood (31days), and Washington-Arlington-Alexandria, DC- MD-VA-WV (31 days).

Use the data visualization below to view the median number days properties were listed on Realtor.com in April 2018.[2]

DOM_DB1


[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.

[2] To access Realtor.com data, go to https://www.realtor.com/research/data/.

 

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The Pearce Group
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Appt:  410 984-1215
Bus: 301 854-6321
www.thepearcegroup.biz
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Jackie Vaughan and Patrick Smith 
The Jackie Vaughan Team
#1 Team - 12 Years!
with Long & Foster Realtors
Ellicott City Office
Direct:  410 365-1605
Office: 410 461-1456

Email:  patsmith22@comcast.net

Testimonials Page

Hi Patrick, We wanted to take a moment to thank you for all your efforts in finding us a home. Your knowledge of the short sale process and your patience in dealing with all the unexpected events that came up are greatly appreciated. Your advice was valuable and your insights were immensely helpful for us in our decision making process. We will wholeheartedly recommend you to our friends and co-workers who in the market for buying/selling homes. Best Regards, Suthan Suthan and Reji
John and I want to thank you for all you did to help get our home sold. We appreciate your patience in answering our questions and reassuring our concerns. We wish you and Patrick continued success in your real estate partnership. John and Sharon Bouman
When we placed our home in the capable hands of Patrick and Jackie, we had a sales contract in only 12 days. They showed us the utmost patience and respect. They were always available to us when we called and offered the perfect solutions every time. Marian Jeffries
Patrick and Jackie are the perfect example of what Realtors should be! The selling and buying process happened so fast that it made our head spin, but Patrick and Jackie were the consummate professionals and led us through every step. It was wonderful working with Patrick and Jackie and I will always recommend them to friends. Paula and Jonathan Gal-Edd
Dear Long & Foster: agent NOUN: 1. One that acts or has the power or authority to act. 2. One empowered to act for or represent another. While "agent" is an overused term in many industries, few people ever get to experience the thrill, and true power, of agency by representation. In a profession that oftentimes seems haggard, by ignorance of sub-standard practitioners, we are proud to announce that Jackie Vaughan, Patrick Smith and Karey "Vaughan" Thesing exemplify the purest definition of agency, and the highest level of professionalism, for the real estate industry. Simply put, they are the best! Sincerely, Christine and Edward D'Elicio
I thought you would like to know what highly competent professionals you have in your organization. From the beginning to end, their dedication and attention to detail was exemplary. We consider ourselves fortunate to have been associated with your organization and with Patrick and Jackie. Please give them our thanks and gratitude. John O'Donnell
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