Maryland, Southern PA & WV Real Estate BlogRecently posted or modified blog postshttps://www.dayhometeam.com/blog/Copyright DayHomeTeam.com2024-03-15T07:36:36-07:00tag:dayhometeam.com,2012-09-20:19579House of the Week - 215 Marley St New Market, MD 21774<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/215_Marley_Street_New_Market_MD_21774_2.png" width="1080" height="1080" />
🌟🏡 Welcome to 215 Marley St in New Market, MD 21774! Priced at $500k, this end-unit townhome is a gem 💎 in the heart of the community.
Featuring:<br />- 🛏️ 4 spacious bedrooms<br />- 🛁 3 full baths & 1 half bath<br />- 🏠 Three beautifully finished levels<br />- 🚶 Moments from the charm of historic downtown's shops and eateries<br />- 🚗 Easy I-70 access for commuters
Inside, you'll find:<br />- 🌈 An open floor plan with plenty of natural light<br />- 🔥 A cozy corner gas fireplace<br />- 🍳 A kitchen boasting a center island, gas range, and stainless steel appliances<br />- 🛌 The primary suite offers vaulted ceilings and a private bath<br />- 🧺 Convenient bedroom-level laundry<br />- 🌤️ A rear deck with a retractable awning<br />- 🚘 An attached 2-car rear-loading garage<br />- Plus, a main level bedroom and full bath!
Brinkley Manor Amenities:<br />- 🍴 Picnic area<br />- 🏀 Basketball courts<br />- 🌳 Lush common areas<br />- 🧸 Tot lots for the little ones
🎈 OPEN HOUSE ALERT 🎈<br />- Saturday, 3/16/24 from 12pm to 2pm<br />- Sunday, 3/17/24 from 1pm to 3pm
Don't miss out on the chance to make this stunning townhome yours! Come see all it has to offer during our open house weekend. 🌟🏠 #NewMarketHome #OpenHouse #TownhomeTreasure
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2045586/215-marley-st-new-market-md-21774/">Click here for more photos!</a>
2024-03-15T07:00:00-07:002024-03-14T09:28:46-07:00Jay Daytag:dayhometeam.com,2012-09-20:19584Podcast - 3/15/24🏡📊 Exciting News! FCAR Housing Stats Comparison: February 2023 vs. 2024 📊🏡
Wondering how the housing market has shifted from February 2023 to 2024? Here's a sneak peek at some key stats released by FCAR:
📉 Home sold: Down 23.4%<br />⏳ Median days on market: Down 60%<br />💰 Average sold price: Increased by 9.5%<br />🏠 Active listings: Increased by 2.3%
Tune in to our latest podcast, where Jay and Tom dive deep into one of the most crucial things for sellers to do once their home hits the market. You won't want to miss out on these essential insights! 🎙️🔍
And now, presenting our stunning #HouseoftheWeek:<br />🏠 215 Marley St, New Market, MD 21774<br />💲 $500k
This end unit townhome boasts:<br />🛏️ 4 bedrooms, 3 full baths, 1 half bath<br />🏡 Three finished levels<br />🍽️ Open floor plan with corner gas fireplace<br />🍳 Gourmet kitchen with center island and stainless steel appliances<br />🛁 Primary suite with vaulted ceilings and spacious private bathroom<br />🌳 Rear deck with retractable awning<br />🚗 Attached 2-car rear loading garage<br />🏞️ Located in Brinkley Manor with amenities like picnic area, basketball courts, and tot lots
Don't miss the chance to explore this beautiful home at our open house:<br />📅 Sat 3/16/24, 12pm to 2pm<br />📅 Sun 3/17/24, 1pm to 3pm
Join us and discover your dream home! 🌟🏠 #RealEstate #HousingStats #OpenHouse
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Before we get to homes and houses, can you believe your Baltimore Ravens got Derrick Henry in the backfield there with Lamar Jackson?
Jay Day:<br />
Yeah, they've been working that for a while. And
Tom Whalen:<br />
They got him.
Jay Day:<br />
Yeah, that's going to be pretty impressive.
Tom Whalen:<br />
They lost Patrick Queen to the Steelers, how they couldn't pay that guy, but they got Derrick Henry in the backfield, him with Ricard and Lamar.
Jay Day:<br />
I think it'll be,
Tom Whalen:<br />
Can they beat the Chiefs? That's what it's all about. That's what it's all about.
Jay Day:<br />
It is. I mean, it's like Mahomes has sort of become the Brady with the Patriots. It just is what it is. It's one of those things.
Tom Whalen:<br />
Andy Reid, Bill Belichick man, there you got to knock those guys down. That's a pretty good deal having, if Derrick Henry maybe on the backside of his career, but he's scary enough.
Jay Day:<br />
Oh yeah, yeah. When you think of him, you think about Marshawn Lynch and some of these other guys that were just powerhouses.
Tom Whalen:<br />
Hey, where do all these guys live when they moved to Baltimore?
Jay Day:<br />
Typically right in Finksburg or Reisterstown.
Tom Whalen:<br />
Oh is that right? That area's there. Okay, that's cool.
Jay Day:<br />
They like to be within a certain distance to the castles they call it. And
Tom Whalen:<br />
What's the castles? Is that Owings Mills? Were they the training area there? Okay. Okay.
Jay Day:<br />
So they end up right on the outskirts of that. Like I said, it's Reisterstown area and then into Carroll County, into Finksburg. There's a golf course community that a lot of 'em have bought over in over there.
Tom Whalen:<br />
Oh, I'm sure. I'm sure that they've got it working there.
Jay Day:<br />
Yeah, it's interesting. There are two main neighborhoods that they end up in and
Tom Whalen:<br />
I bet they buy and sell when they get traded. I'm sure that there's people looking for a place to live when they're coming to town. They move right into these homes.
Jay Day:<br />
Yeah. And then with the Redskins or Commanders, whatever they're called nowadays, I mean a lot of those ended up in a specific neighborhood in Virginia, in Northern Virginia. And like I said, it is funny because like I said, you can tell what's going on and who's going into these different areas, but
Tom Whalen:<br />
For normal people, for normal real estate, this is what we do this for. I don't think the Ravens and Commanders are listening to our real estate podcast every week. Well,
Jay Day:<br />
Well, so I'm going to tell you something really funny,
Tom Whalen:<br />
What's that?
Jay Day:<br />
One of the Ravens coaches had text messaged me that, and it wasn't Harbaugh, it was one of the other coaches, reached out to me and was looking to do just a rental in Owings Mills, Reisterstown area. And I told him we don't do rentals. And then I'm like, is this guy messing with me? So I did a little bit of research. He was really the coach. I checked the number. So then I texted him back after I told him I couldn't help him with the stuff and just let him know, even though we lost and didn't make it into the Super Bowl, that he should be proud. They did a good job.
Tom Whalen:<br />
And well, he was also looking for a rental too, so he didn't have too much faith in his job, maybe. So okay, so this week Real Estate podcast, what are we going with?
Jay Day:<br />
Alright, the Frederick County Association of Realtors put out some numbers, and again, I haven't gotten into a ton of numbers lately because it gets so boring, but I thought it would be good to just sort of give a little bit of an idea. And this was for February because as we always talk about, it takes almost to the middle of the next month to get the numbers out.
Tom Whalen:<br />
I don't find these numbers boring, Jay. I know you're in the industry, you're at work. You're here at a podcast going over these numbers that you guys talk about all the time. I'm fascinated every time.
Jay Day:<br />
Alright, well, so what they put out was a comparison of how February, 2023 was verse February 2024. So the amount of homes that sold in 2024 verse 2023 of February was down 23.4%. So the unit sold, it was only 209 homes sold and settled in February. So like I said, down 23.4%, the median day is on market. That one actually went down 60% from 2023. So basically the homes sold faster. There was less homes that sold. New listings, they were down 3.6% from February. Average sold price was up 9.5%. So again, less homes sold, shorter days on market, less listings hitting the market, but the average sold price was up almost 10%. The median sold price was up 4.7, so almost 5%. And then the active listings, they were up just a tad and the active listing, so it was up 2.3%, that's 312 versus 305. So small number, but when you look at it, it just gives you the picture of we thought inventory was tight in 2023, inventory is actually a bit tighter. And if you were waiting to sell the average price, like I said, we're up almost 10% from year over year. February, 2023 to February, 2024.
Tom Whalen:<br />
So if you have proper financing and call Jay Day and the Day Home Team at LPT Realty, then you as a seller, you're in the catbird seat.
Jay Day:<br />
Yeah, yeah. I mean, so even though we're still in this seller's market, one of the things I wanted to talk about is one of the most important things when selling your house. And I'm going to put you on the spot and don't worry so many things, you may not know this and if you don't, I'm not going to tease you too bad. What do you think one of the most important things once your home is on the market, not beforehand, but once your home is on the market, what do you think as a seller, one of your most important things is?
Tom Whalen:<br />
Where your house is.
Jay Day:<br />
Well, location is key.
Tom Whalen:<br />
Location key. Okay, curb appeal.
Jay Day:<br />
Curb appeal is important.
Tom Whalen:<br />
Then I had no idea what you're talking about.
Jay Day:<br />
So the most important thing is allowing easy access to show the home.
Tom Whalen:<br />
To let 'em come in and take a look at it.
Jay Day:<br />
Yes, you would be amazed how difficult at times it is to get showings of properties of just this past week I had somebody really wanted to see something. It goes on the market on a Friday, I go four or five days beforehand, schedule it for the time that's convenient for my person, rejected. They wanted to do a different time, so then I put in another time. Nope, they won't do that time either. And it's like, remember the economy we're in and we also have less people working remote now more people are going into work. So the availability of the buyer of being able to come in has shrunk. They're not working from home where they could run out and skip their lunch and do a showing instead of having a lunch break. Most of the people are commuting. They're working in D.C., they're working in Baltimore, Montgomery County, nowhere close. So when they have a time, that time is sort of one of the things that can work with them. So when you offer a different time, it doesn't always pan out and sometimes those people might not come back. So having the lockbox on the door, allowing the agent to have a key in the lockbox, allowing easy access with a phone call. The showings, try not to turn them down. And if you limit your access, it is going to make it much more challenging to get your home sold. The key is you want to have 'em. You want to make it as easy as possible for people to get in and to see your home.
Tom Whalen:<br />
We heard a story last week, Jay, I forget what Diana and I were talking about, but just strange things in home and somebody said, yeah, we were looking at a home. We were looking at a home to buy and they go into the bedroom, there's a teenager sleeping in bed, and they said, look, this kid's tired of showings and he's not going to leave the house anymore. This is the bedroom. Things like that. Things like that.
Jay Day:<br />
At least. So on that one, I'll give them credit for still allowing the showing,
Tom Whalen:<br />
Allowing the showing,
Jay Day:<br />
But it makes the buyer uncomfortable that they can't really, you're not going to be hanging around in a room where there's a teenager sleeping.
Tom Whalen:<br />
No, you don't even want to smell that room. Teenagers sleeping in. I mean you don't want to go in there at all.
Jay Day:<br />
And people are like, oh, well I want two days notice. Yeah,
Tom Whalen:<br />
That's a lot. Yeah, that's a lot. Then you're making somebody rearrange their entire life.
Jay Day:<br />
And think about this, if you're a seller, remember the buyer's not just looking at your house, they're looking at multiple homes and we're scheduling them in a time window, sort of like the cable guy. We will be here between this time and this time. When you have a showing that's set from one to two, that doesn't mean they're going to get there at one and stay until two. That means the arrival time will be between one and two and you have to guess. I mean, I've seen it now where people are limiting down to a half hour. And the problem is if you end up getting stuck in traffic, if a showing takes longer because you get there and there's multiple agents and the person can't really go through the house as easily, there's all these different things that will impact your showing times. So just think about it, let as many people in as you can. Again, that'll help get you potentially multiple offers and the more you turn down showings, the harder it's going to be to sell. I mean, that's pretty much the gist of that.
Tom Whalen:<br />
Makes sense. You got a home of the week?
Jay Day:<br />
I do. This is an end unit town home over in New Market in Brinkley Manor. So if you don't know where Brinkley Manor is, it's right off of the downtown historic part of New Market. So very close to restaurants, bars, shopping, all types of fun stuff. Four bedrooms, three full baths, one half bath, three fully finished levels. Like I mentioned, it's moments from historic downtown shops and restaurants. Easy access to I 70. This is an open floor plan. They have a corner gas fireplace, a center island, gas range. Any of those that are listening that have gas cooking, you never want to go back to electric. Once you have gas cooking, it's a game changer. Stainless steel appliances, the primary suite, AKA, the master bedroom has vaulted ceilings and a spacious private bathroom. The laundry is on the upper level near three of the bedrooms, which makes that super convenient. There's a rear deck with a retractable awning. It backs up to open space, so that's very nice as well. There's an attached two car rear loading garage on the main level. When you enter the home, there is an actual bedroom and a full bath. So if you had someone in your family who did not handle stairs well, that could be very convenient. And in Brinkley manner, they have pavilion and picnic area, basketball courts, common grounds, tot lots. Go to wfre.com, look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule showing. Or this weekend only, Saturday and Sunday. Saturday, we're holding this house open from 12:00 PM to 2:00 PM and Sunday we're holding it open, 1:00 PM to 3:00 PM So if you wanted to just get in and not schedule a private tour, you can come by, check it out. I will tell you when we have our open houses, we've been having 30 to 60 people through. So come by, say hello. Check out the house and if it works for you and we can make it happen.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.
2024-03-15T06:59:19-07:002024-03-15T07:36:36-07:00Jay Daytag:dayhometeam.com,2012-09-20:19536jjjjjjjjjjjjjj2024-03-11T16:25:19-07:002024-03-11T16:25:46-07:00Jay Daytag:dayhometeam.com,2012-09-20:19510Podcast - 3/8/24🏡🌟 Expert Home Price Forecasts for 2024 Revised Up! 🌟🏡
Great news for homeowners and potential sellers! Experts have recently revised their 2024 home price forecasts, and they're even more confident that prices will rise, not fall. 📈💰
Check out the chart below to see the updated projections compared to their initial forecasts made at the end of 2023. The difference is significant, indicating stronger upward pressure on home prices. 📊💪
What's driving this surge? Two major factors: low housing inventory and declining mortgage rates. With fewer homes for sale and favorable mortgage rates, buyer demand is on the rise, leading to higher home prices. 🏠📉
But don't just take our word for it! Real estate experts regularly update their forecasts to reflect market changes. As mortgage rates continue to trend down, we can expect even higher demand and potentially higher price forecasts. 📉🔍
Curious about how these changes could impact your local market? Let's connect to discuss what you can expect with home prices in your area. 🤝🔮
#RealEstate #HomePrices #MarketTrends #ExpertInsights 🌟
And don't forget to check out our #HouseoftheWeek:<br />🏠 12215 Old Frederick Rd Thurmont<br />💰 $750,000<br />🛏️ 4 bedrooms, 2.5 bathrooms<br />🌳 9.8 acres<br />🔥 Primary suite with vaulted ceilings & wood-burning fireplace<br />🛁 Primary bath with heated flooring, soaking tub, & spacious shower<br />🐾 Animal lover's dream with two pole barns & split rail fencing<br />🌄 Breathtaking sunsets & mountain views
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. All the info you need on the current stay, the industry. What are we going with this week, Jay?
Jay Day:<br />
Last week we dedicated the podcast to talking about mortgage rates and buyers and things like that. So I thought we would talk this time about how I love seeing what experts, experts forecast for things. So the experts have made changes to their forecast for what they think pricing is going to look like on homes and increases in values in 2024. So let me give you what they estimated and what it has been changed to. So the last time we talked about these forecasts from the companies, it was back in November, and Goldman Sachs is one of them. Goldman Sachs was thinking that home values were going to see an increase of 1.9%. That was their estimate for 2024 when they made their predictions in November. Now, as of March, they're now thinking that the home values will increase 5%, so they realize they may have underestimated what the home values are going to, the appreciation that's going to happen. The Mortgage Banker Associations went from 1.1% to 4.1%. Zillow went from 0.2% to 3.5%. Fannie Mae, 2.8% to 3.2%. Freddie Mac, 2.6% to 2.8, and the National Association of Realtors went from 0.7 to 1.9. The gist of this, Tom, is, and I'm sure if anyone's here wants to go back and listen to the podcast, we talked about this. I laughed at the numbers that they had in their original forecast and said, we're going to go way beyond those numbers. And now they've also made the adjustments of, hold on. These values are not going down. They are not going to just go up a slight amount, but we could potentially see a massive increase. And we saw, just think about the split, and I think what caused this for them was the rates. We had some rates to hit that upper fives at the end of last year into January, and we saw a peak in sales. And when the peak in sales happens, we ended up seeing an increase in sales prices. So they realized, Hey, if these interest rates end up dropping, these prices are going to continue to increase and increase to a point that can be a little more than we ever anticipated. So I looked at another thing from the National Association of Realtors, and just to give an idea in 2023, because it always takes time for things to pass for them to be able to evaluate all the numbers. In 2023, 15% of the 221 metro areas had double digit year over year price increases. So double digit increase in percentage of values year over year. I mean, that's massive. That's a huge number.
Tom Whalen:<br />
Let me ask you a question, layman's question. This news of all the increase of the values of these homes and the prices of these homes, is this great news or just news or good news for some people, bad news for some people.
Jay Day:<br />
So if you're a seller and it's good news because you're going to sell your home for more.
Tom Whalen:<br />
It's good news. Absolutely.
Jay Day:<br />
If you're a buyer, you're going to be paying a little more. But it all boils down to exactly what we've talked about, that we can't predict anything that is truly going to happen. We can base things off of the past. Typically in a election year, things do get a little interesting. It's not unusual that rates come down. We had that happen for a bit and then the rates went back up. We're still nowhere near, we're still in the early phases of getting close to the election. It'll be interesting. I want to see how it all shakes out. I don't even know what the expectation is after, and I go back to it all the time. None of us could have ever expected or thought about what covid would've done and how that shifted and changed the real estate industry and market completely.
Tom Whalen:<br />
That was crazy. We were doing these on the phone. Yeah, it was lunacy. Yes.
Jay Day:<br />
I forgot all about that. That was, yes.
Tom Whalen:<br />
No, I remember vividly.
Jay Day:<br />
I remember listening to the first one and I'm like, that audio sounds horrendous.
Tom Whalen:<br />
It sounds horrendous. Yes, it's gotten a little bit better, but just not being together. That was horrible.
Jay Day:<br />
Yeah, we weren't. Well, and that was the funny thing. I guess I can say it now. And we couldn't be together in the studio because of all the companies had to be very careful and keep their employees safe.
Tom Whalen:<br />
Sure, absolutely.
Jay Day:<br />
And then we would do a phone call of that, and then I would end up seeing you and show you houses.
Tom Whalen:<br />
I know, I know. And it was during Covid, it was when we had to follow a lot of rules to go into these homes. It was not easy to show a home.
Jay Day:<br />
I'm like, Tom, you can't touch anything here. Here you need to use this hand sanitizer before.
Tom Whalen:<br />
Oh no, that was great. It was great. You and I have done these for a long time, man.
Jay Day:<br />
Oh yeah. And I mean, funny thing too is that's when I first met Andy, because Andy was coming to the station and he was looking for places, and we don't do rentals, but with the relationship we have with the station, he wanted to see some places. And I'll never forget the first time I met him, he walked up and I'm like, okay. I shake his hand. I'm like, all right, but now I need you to use this hand sanitizer because they're requiring that before we go in the house, I have to use it before I touch the doorknob. He looked at me, what in the world did I walk into? I'm like, Maryland is a little different than the South. Yes, we're technically in the south, but not really.
Tom Whalen:<br />
It ain't Mississippi. It ain't the Delta South. We are in the South.
Jay Day:<br />
And I was like, I'm sorry, buddy. You got to wear a mask. I'm like, it's not me. It's just we got to follow these protocols or I can get in trouble.
Tom Whalen:<br />
I guess people, they know that you and I have been close friends, not just business colleagues for a long time. They must know that by now. We've been together for a long time. We love each other's families.
Jay Day:<br />
Oh yeah. Well, and it's funny because every once in a while I still do get people that are like, do you really know Tom? And I'm like, and I tell everybody, I said in the beginning, Tom did a lot of stuff. He did a lot of our, I said, we met. I was like, but honestly, these podcasts. And that's when we really started to get to know each other, when we're sitting in the studio for 45 minutes to an hour recording these podcasts. And then once you started to looking at houses and then helping your family with selling homes, and then we were around each other even more.
Tom Whalen:<br />
And when we were doing the podcast, first time, we're there with no women around, so we got to know each other really well.
Jay Day:<br />
Yeah. Well, and I'll never forget when you embarrassed me. I think I showed you a house on my birthday and you guys all took me to a
Tom Whalen:<br />
Village Tavern, man.
Jay Day:<br />
And you sang, and I'm like, oh my God,
Tom Whalen:<br />
Happy Birthday. Here's a bottle of gin and chocolate cake. Yeah, man, you were in.
Jay Day:<br />
And Tom's voice is beyond recognizable, so just picture him in a restaurant singing,
Tom Whalen:<br />
Trying to embarrass you, leaning into it.
Jay Day:<br />
He did a hell of a job.
Tom Whalen:<br />
Yeah, we did a great job that day.
Jay Day:<br />
Tom was definitely, and that's when I just started laughing. But they were surprised that I'm like, I don't care. It's my birthday. I'll show you a house. And they're like, well, we want to go out to lunch with you.
Tom Whalen:<br />
We became really good friends, and I saw the fact that you were a professional, the best realtor around that was just a bonus. And you helped us buy a house. That was just a bonus with your friendship, man, I'm a lucky guy knowing you and Christina.
Jay Day:<br />
Same thing with us, knowing you and Carol. I mean, it's interesting how things have evolved over the years and you and I probably had no clue what this would've turned into. I'm sure you've done,
Tom Whalen:<br />
No way,
Jay Day:<br />
Tons of different things over the years with different clients. And then it has really turned into, like you said, we know each other's family. We care about each other's family. My mom makes your cookies every year,
Tom Whalen:<br />
Every Christmas man, the best ever.
Jay Day:<br />
And she'll call me and she goes, oh, the people, she's retired now. But she'll be like, oh, the people at work told me that Tom was talking about my cookies on air.
Tom Whalen:<br />
So she needs a little bit of pressure. Let's get that tin of cookies over here or it ain't Christmas. Got a Home of the week?
Jay Day:<br />
I do, buddy. Getting back to your neck of the woods. 12215 Old Frederick Road in Thurmont. This is listed for 750,000. It's a four bedroom, two and a half bath, 9.8 acres. The house is just under 2,700 square feet above grade. There's a partially finished basement. The primary suite, which used to be able to be called a master suite, has vaulted ceilings. A wood burning fireplace in your bedroom, talk about ambiance. The master bathroom has heated flooring, a soaking tub, a spacious shower. The home also has two pellet stoves, one on the main level, one in the lower level. This place is an animal lover's dream. They've got two pole barns, they have split rail fencing. They have a run-in shed. And the photos that the owner sent me with the sunsets, he said, these sunsets are just breathtaking. They're absolutely gorgeous from what he shared with me. Mountain views and you have all of that, but you're still not too far off of 15 to get to things. Thurmont is great place. I mean, you make the commute on a regular basis.
Tom Whalen:<br />
Love Thurmont.
Jay Day:<br />
So if you want to check it out, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, you can click schedule a showing, and one of our agents will give you a private tour. And thanks for tuning in.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening. We'll be back next Friday. Tell your friends all about it.
2024-03-08T08:02:11-07:002024-03-08T08:30:16-07:00Jay Daytag:dayhometeam.com,2012-09-20:19509House of the Week - 12215 Old Frederick Rd Thurmont, MD 21788<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/12215_Old_Frederick.jpg" width="1200" height="630" />
🌄🏡 Welcome to your dream home at 12215 Old Frederick Rd, Thurmont! Priced at $750,000, this stunning property is nestled on 9.8 acres of lush land, offering breathtaking mountain views and unforgettable sunsets.
Here's what you'll love:<br />- 🛌 4 cozy bedrooms<br />- 🛁 2.5 baths for your convenience<br />- 🏠 A spacious 2,669 sq ft living area above grade, plus a partially finished basement<br />- 🌟 Primary suite with vaulted ceilings and a wood-burning fireplace for those chilly nights<br />- 🛀 Luxurious primary bath with heated flooring, a soaking tub, and a spacious shower<br />- 🔥 2 pellet stoves to keep you warm and cozy<br />- 🐾 An animal lover's paradise with two pole barns and split rail fencing<br />- 🌅 Enjoy the serene mountain views and stunning sunsets from your new home
Don't miss the chance to make this your own slice of heaven in Thurmont! 🌳✨ #DreamHome #MountainViews #ThurmontLiving
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2044980/12215-old-frederick-rd-thurmont-md-21788/">Click here for more photos!</a>
2024-03-08T07:58:52-07:002024-03-08T08:02:01-07:00Jay Daytag:dayhometeam.com,2012-09-20:19451Show - 03/04/24
Jay Day:<br />
Good morning, WFMD listeners, this is Jay Day.
Christina Day:<br />
and Christina Day.
Jay Day:<br />
With Real Talk Real Estate. Hard to believe. We're already in March getting closer. As we always joke, you say we're in spring, and I like to remind you that spring is not March as much as I would love it to be. But let's talk about what happened in the real estate market. But let's talk about what happened in the real estate market in February.
Christina Day:<br />
So interesting numbers, I was looking at the February statistics for Frederick County. I always like to look at Frederick County because Frederick County is where we're based out of, but Frederick County is also one of the more, I would say, more urbanized areas that we service if we're looking at this kind of Western Maryland pan handle grouping of areas. So we expect that the numbers in Frederick are going to be a little bit better, higher sales prices and more unit counts of homes that have actually moved, been put on the market. That sort of thing.
Jay Day:<br />
Become a little more transient.
Christina Day:<br />
Yes. So yes, exactly. So it's a good way to look at what is the, I would say the most likely to have the most activity. So our most optimistic view maybe. So closing out February, we actually had on the 28th when I looked at the numbers, we had 158 active units. Now that was 158.
Jay Day:<br />
As I said before, let's stop talking in terms of real estate talk,
Christina Day:<br />
158 units, which would be homes. So that was up from the month before, the month before, we were in January at 136. Now, the real interesting thing I thought was that in our feet on the ground experience, we're seeing a lot of activity happening, but the average, well, the median days on market for those actives was 56. That's a long time.
Jay Day:<br />
We haven't really been experiencing that on ours. It might be the people that are sort of pressing the envelope on price. I've noticed when I'm looking at comparables and the actives that are out there, most of them are homes that need some cosmetic work, not enough work to be appealing to an investor they're trying to sell. But also now with a buyer having these higher interest rates, enough cosmetic work that it makes it almost not worth it to them to have to spend the money to update the flooring, get rid of the wall paper, update the kitchen, things like that.
Christina Day:<br />
Yeah, I think there's a couple contributing factors. I think one is that there's been more stuff coming on the market and we are seeing more sellers start to get off the fence and make a decision to sell. I think there's also, like you were saying, condition, people not having their homes really truly ready and looking their best to capitalize on a buyer. And I also think people are pushing the envelope because last month in, well the month before in January, the median price was 509 and the median days on market was 28. For February it was 512, and the days on market had really increased. So as we keep pushing the envelope on pricing, what happens?
Jay Day:<br />
Well, and I think that also ties then to when we talked about it towards the end of last year, the interest rates started dipping, which created that activity that sort of showed up in December and January and then rates have hit,
Christina Day:<br />
Back. Yeah, we're back up there.
Jay Day:<br />
Which is going to have an impact, especially like I said, the homes that need work because the mortgage payment goes up and what some people don't think of on the investing side, if an investors buying it, they're carrying costs of increase too with these interest rate changes. So it's all little pieces to the puzzle that make it the big picture to explain what's really going on.
Christina Day:<br />
Exactly. So we did have a fair amount of coming soons as we approach the tail end of February, there were 60 that were waiting to come on the market. Usually we see there's additional inventory that doesn't show up in that coming soon that will pop on as active, but that was up from 41 in January. So that is a third more.
Jay Day:<br />
And again, something that would be expected as we're getting into what Christina calls March is spring. But it's true, typically there's less homes available in the earlier part of the year, and then it starts to increase into the spring and then it starts to decrease again as schools start opening. And it just the natural ebb and flow of real estate.
Christina Day:<br />
Right. So contract activity, we had interesting numbers there too. So the homes that did go under contract, there were eight days on market and there was a median price of 463. So previously in January it was 13 days on market and the median price was 475. So it looks like those that moved were just a hair less, but they did move quicker when they did move. So that was good. Nice to see those numbers. And then for sold, this was actually really impressive. So like I said, I pulled these numbers just as we were rounding out the end of February. So there were some that hadn't posted. I did see a number of listings that hadn't been updated yet, but it looks like our actual numbers going to be somewhere around 170 to 180 once everybody gets all their stuff updated. And that compared to January's closings, which were 125, that's a big difference in the number of homes that actually sold. So that's why I said I think that there's just more stuff moving through the pipeline. So even though we're sitting on an extremely low inventory, the inventory has come up a little bit, but we're also seeing a lot more choices out there for buyers.
Jay Day:<br />
And again, it's that sweet spot. We had a time where nobody was doing inspections, inspections came back, we're starting to see inspections get waived. Then we started seeing them coming back again and listening to that. So when you talk about what sold, those are things that went under contract, obviously in January.
Christina Day:<br />
In January especially. Yeah.
Jay Day:<br />
And then the ones under contract are the ones that went under contract most likely, maybe end of January, but in February where the rates had increased.
Christina Day:<br />
Yes.
Jay Day:<br />
So I think it might've been a little bit of a spark too, of, oh my gosh, these rates can go back up to a much higher point of where they were. We better blank or get off the pocket.
Christina Day:<br />
I think you can say poo on the radio.I give you permission, you can say poo, go ahead. I'll say it for you. So looking at the inventory and the dynamics of the inventory is also something I like to do. So if we're looking at what is a good median expectation of price for Frederick County, I like to think that depending on your preferences, we see a good volume of things coming in and around the 450 range. And I was actually talking with Redfin, a manager at Redfin, and they were saying the largest amount of inquiries that they get are on properties in that approximate 450 range in Frederick County. And I thought, well that's pretty interesting because I think that's about where the average works out. Yeah, it is totally is because a more universally appealing price point for most people. So for the bulk of the people now, for our current inventories and what is available, as we were closing out February that 300 to 400, there was 27 properties listed active. 400, nope, 400 to 500. There were 18. Now, I mean, guys, that's not enough to feed the appetite of the buyers that are out there. And in our tales from the street portion of the show, when we talk about things that we've recently dealt with, one of the things I can tell you, I had a buyer who was looking in that 350, 400 ballpark in January, early February. And we literally, in two weeks, we were able to see over 20 homes that fell within that price range looking between Frederick County and Washington County. That was a lot of homes to be able to show somebody in a very short period of time, it was actually quite refreshing to have choices. Yes.
Jay Day:<br />
When something comes up, up, then we got to get out there right away.
Christina Day:<br />
Yeah,
Jay Day:<br />
You had a marathon over, what was it? Just two days.
Christina Day:<br />
Three days? We did three days. And on the one day I think we looked at probably 16 homes, and then the other two days was another 15 homes. So it was every bit of 20 to 30 homes that we got into. Some of them did go under contract, so we weren't able to do anything with those because as we're scheduling other people were acting upon them. They had already seen it. But it was an interesting experience to be looking in that price point across the two counties. And the interesting thing was the varying degree of condition. I mean, we looked at town homes, we looked at single families. We weren't picky with regard to was it attached, was it detached? But the varying degrees of finishes, maintenance, improvements, it was pretty wild to see what was out there. And I can tell you the ones that she didn't want were the ones that needed the most work. What she actually ended up buying was something that had been completely renovated and beautifully done.
Jay Day:<br />
And again, it boils down to what is the mortgage payment going to be and does that allow you to have extra money to put into the house? And with the rates being where they are and the prices being where they are, we have to put that combo together because the same where people were, oh, my interest rate was 10% or 12%, and that's what real estate salespeople, lenders will throw out there to you. But the reality is homes were a hundred thousand dollars. So let's be real on that. When I see agents say that or type that out and put it on, it drives me nuts.
Christina Day:<br />
Well, but I mean in just a slight disagreement with you on that, the income levels were vastly different.
Jay Day:<br />
But compared to right now, I would say the income levels are definitely not keeping up with the pace of the highest sales prices we've seen and the higher interest rates. I think we're still over that threshold of where what would be considered normal. Most people, I mean even think about it, we talk to our sellers and they find out what people are paying for their mortgages. They're in shock. They're like, I wouldn't pay that amount of money a month for this house. Because if they want to do a post settlement occupancy, sometimes they have to pay it. And one of the interesting trends that I've seen, and I don't know if you've seen it as much with your clients. Well, the one thing is a ton of our people when they're selling, they're leaving Maryland point blank. They're going down south, they're getting out of Dodge. The other thing that's been really interesting, and it's been enough clients that it's sort of like a little trend that I've been surprised with is they're actually not picking where they're going. They're getting RVs and sort of going that route. They're like, I'm capitalizing on the real estate market right now. I'm going to make as much as I can on my house, and I'm not going to buy anything because I just want to see how everything shakes out. I'm just going to have an RV and we're going to RV it. And I mean, some of these RVs are super sweet. I mean, some of our clients, I've seen the stuff that they bought, they've got their fireplaces, they've got pretty extravagant looking RVs, but they're like, I don't know where I want to be and I don't know if I want to commit to a mortgage not knowing where I really want to be and what's going to happen.
Christina Day:<br />
Yeah, I can think of a good handful of people we've had that have gone that route even just in the last year. And it's funny, I actually think I follow up with all of our people. Usually if you're a client of ours, we build a good relationship and it extends past the sale. And when I check in, a lot of them have found properties pretty quick that they ended up liking somewhere else, and then they're back into having a house again. But I do want to go back to our conversation about the median income real quick because I actually happen to have stats on that readily available because that was one of the things that I was looking through for the show. And one of the things that I found was, so according to the National Association of Realtors, the median household income for a first time buyer, now this is nationwide, these are national statistics, is 71,000. Okay? Now household income, is everybody in the house who's making money that would contribute towards the purchase of this house?
Jay Day:<br />
Lets look at that if that's the average. And again, you can't afford,
Christina Day:<br />
No, but that's national. So hold up. So hold up before you go. Getting all excited that you think you're right. The median household income of a repeat buyer nationally is 96,000
Jay Day:<br />
Still.
Christina Day:<br />
And then the median household income in Frederick County is just over a hundred thousand. So we live in a high income area, and if you took a hundred thousand and you used the 33% front end housing ratio, so that would be $8,000 a month of income times 0.33 is a $2,750 a month payment for your median.
Jay Day:<br />
Okay. Because the example I give and we look at have a lot of, one of the hot spots in Frederick County is New Market.
Christina Day:<br />
Yes.
Jay Day:<br />
A town home that is 10 years or younger is over $500,000 that if you're making, I disagree.
Christina Day:<br />
And okay, folks, this is how married people who work together talk to each other.
Jay Day:<br />
And for those listening, we do a small outline of what we're going to do for the show, but we don't talk about it.
Christina Day:<br />
No, this is totally unscripted.
Jay Day:<br />
Yeah, unscripted. But again, I just feel like if you're the average person and I saw what the payment would be, so you're the mathematician with this, what do you think roughly a payment is for? And again, we have to deal with taxes, insurance, all of that $500,000 at 6%. Is that easy enough to figure out?
Christina Day:<br />
Well, no, because not a lender, but I would say that you're probably, if you're at 500 and you're around 6%, depending on if you're in the city limits and all of that kind of good stuff. It is. So I just had one close and she had locked in a couple of weeks ago. She locked in at 6.25, but it did cost her, because actually when I was reviewing her closing statement, I was like, are you sure this is right? Did you mean to pay this many points? It was like two and a half points to get to that 6.25. And I mean, I was kind of shocked. And she said, yeah, I want the lower interest rate for the long haul. It's worth it to me to pay it. So yes, I do understand what you're saying, but I am saying that when you have an $8,000 a month gross income that you're using to qualify that your housing payment is going to fall somewhere in that $3,000 range, you might be able to get away with a little bit more depending on your credit and your other debt load.
Jay Day:<br />
2700.
Christina Day:<br />
Yeah, that's around 3000. Yeah. Moving on. Anyway. So that 500 to 700, I actually think from a, like you were saying, if you're looking in certain areas like New Market or if you're looking for a single family detached, two story colonial, four bedroom, two and a half bath type property, you're definitely looking more in a 500 to 700 range closer to the upper end of that to find what you're looking for. Now, here was an interesting stat for that. For the 500 to 700 range, there was actually 42 properties out there. So I think that is kind of indicative that that is a big part of our market, which is that kind of 500 to 700 range, seven hundred,
Jay Day:<br />
Repeat buyers.
Christina Day:<br />
Oh yeah.
Jay Day:<br />
The difference is, and the advantage is they're selling their home. Hopefully most of them have equity and they pulled a bunch of money out of the house and that allows them, that their net mortgage ends up being,
Christina Day:<br />
It's going to be less.
Jay Day:<br />
That hit where you're talking about,
Christina Day:<br />
Absolutely.
Jay Day:<br />
Without that, it would be extremely difficult.
Christina Day:<br />
Yes, you need to come to the party with some money. We're not talking about doing a hundred thousand income second purchase with an FHA three and a half percent download. That's not what we're doing here. And actually the one that I had this past week where I happened to be privy to the payment because it was a buyer's side situation and the interest rate and that sort of thing, that was something that we were very careful about was what was her monthly payment going to be and was she truly going to be comfortable with carrying that payment for the long haul? So it is important when you are shopping guys, if you're a buyer and you're thinking, what can I afford? It is so important that you get with your lender about your comfort payment. It doesn't matter what you can actually afford. What matters is what you're comfortable paying
Jay Day:<br />
And hey, I forgot that I actually had some note. Oh, so 450,000 if we're at a six and a half % interest rate, just the principal and interest not including the taxes and insurance is just under $2,900. It's 2831.
Christina Day:<br />
There you go.
Jay Day:<br />
At 7%, it's 2993. At 6%, it's 2697. So when you add taxes and insurance, none of them fall on that 2750.
Christina Day:<br />
But you didn't account for down payment. So anyway, so that 700 to 800,000, there was only seven. 800 to a million, there was only two. And over a million get this. Okay. I'm going to have you guess, how many homes do you think are in Frederick County resale that are over a million as we closed out 28. Now give me a guess on what you think the days on market.
Jay Day:<br />
180.
Christina Day:<br />
No, 86.
Jay Day:<br />
This is real unscripted.
Christina Day:<br />
Yes.
Jay Day:<br />
Now she had to find a way to be right.
Christina Day:<br />
So the interesting thing is though, and I think that this is really important because we deal with a lot of over million dollar sellers or people who are thinking about selling their home. They're in that over million dollar price point. And the thing I think that it's really important for you over 1 million sellers to keep in mind is it is not as fast moving of a demographic. Now, I have seen some that have moved very quickly and it's you have,
Jay Day:<br />
Thats waterfront and Lake Linganore. If you have 200 acres.
Christina Day:<br />
Or if you have something really cool downtown, Frederick, Baker Park, those kinds of properties, right? We've seen certain neighborhoods that have really high draw that those do move quicker. And some I look at and I'm like, holy cow, I can't believe somebody paid that for that house and it went that quick. But hey, for whatever reason, the right person, right time,
Jay Day:<br />
Haitian location,
Christina Day:<br />
The magic happened. But you guys, with the million pluses, you do need to understand that is a very specific qualification. You just heard us talking about what income was necessary for a $450,000 mortgage, right? Well, they're likely not coming in getting a $450,000 mortgage if they're buying your million dollar house. Now, I did get another interesting statistic, and that was
Jay Day:<br />
Did cheat and saw this one about how many people were
Christina Day:<br />
Paying cash. Now, I did not believe that that might be a nationwide statistic, but I did not necessarily feel like we see it that way on the front line. And I want to say it was like 32%.
Jay Day:<br />
But remember institutional buyers, we had them here locally. We've sold some of our listings to them. However, when you go out to Colorado and other areas,
Christina Day:<br />
It's very common.
Jay Day:<br />
It's very common. So we, and I don't remember the statistic, I wish I would've known we were going to talk about that. I would've pulled those numbers, but I was shocked at how high the number was of institutional buyers that, well, not buyers anymore because they own, but what percentage of homes were owned by companies or institutions
Christina Day:<br />
And we're not talking about Joe Smo, LLC, I own a half a dozen rentals, and that's my retirement plan. We're talking about companies like BlackRock, we're talking about big corporations and hedge funds that are making it their business to own vast amounts of residential real estate properties. So when you see these ads, guys just keeping it real, and this is Frederick County, we're very culturally geared towards protecting farmland and the American dream of people owning a home and building a life, right? Building net worth. The greatest way to build net worth is by owning a home. Always has been, always will be. Unless you're some financial guru and you know exactly how to play the market with the stocks and things like that. For the average person owning a home is going to get you the best amount of wealth and set yourself up for the long term. So when we look at these companies that are buying this up, the problem is when you see an ad for an open door or Zillow buying houses or what were some of the other companies that were out there doing it, you see these ads on tv, we'll buy your home. You don't even need to put it on the market. The reality is they are getting your home and they are turning it into very likely a rental, and they are taking that opportunity away from somebody to own a home or they're going to hold it and then flip it and get the profit that you probably should have gotten.
Jay Day:<br />
Like she said, we're not talking about the small investor. Nope. I mean, even small investors might have a portfolio of 40 homes or something. Yeah, we're talking massive amounts. And the interesting part is, and again, we don't get into politics, but we're on wfmd, so I'm going to throw something else in there. If you have wealth management and you're dealing with Vanguard or places like that, you'd be shocked. Look at where certain money comes into and who's funding Zillow and Opendoor and BlackRock. You may want to look at that. If like what Christina said matters to you of, if you believe in that American dream, you think people should own homes and you don't think that people should just be renters and it, there's a whole lot of stuff under the, as they say, getting into the weeds. When you start moving things out of the way and you see what's really happening, it can be a little interesting. I'll leave it at that.
Christina Day:<br />
And I am a big proponent, obviously it's been my career for almost 30 years that I want to see people own a home. If owning a home is right for them, I want to see them strategically build wealth and live a life. That is one, there's the stability of owning a home stability financially that comes with owning a home. It is a saleable asset. So yes, if you're transient and you're moving every year, that might not be the best plan for you. But if you're transient and you're moving on a frequent basis and you play it right, you could be building a portfolio of rental properties yourself.
Jay Day:<br />
I was going to say, one of the properties that I just sold was working for the, it was my seller client, the buyer that bought it. They were pilots and they have homes. When I was talking to the agent, they own homes, and I think he said four different states, but it's where their main hubs are, and they just wanted to be able to have a place that they can build wealth. They know it's theirs. They don't have to stay in hotels all the time.
Christina Day:<br />
Oh, and have you checked rental prices in Frederick? We don't handle rentals, but I will tell you, the rental prices in Frederick, you talk about the median income necessary for a mortgage, the median income you'd have necessary for a rental is worse because the prices on rentals here are ridiculous and they are building apartments left and right. But the reality is it's not cheap.
Jay Day:<br />
I know the apartments over and by Oakdale High School, we had a couple clients that actually moved in there in between
Christina Day:<br />
While they were waiting to find a house.
Jay Day:<br />
I was shocked.
Christina Day:<br />
Oh yeah.
Jay Day:<br />
Yeah. They're like, wow. I sold my single family and I moved into while I found my other place, and they were like, it was nice, but not that type of
Christina Day:<br />
Yeah,
Jay Day:<br />
So any other stats that are really important that you wanted to make sure we got out there?
Christina Day:<br />
One of the things that I was thinking about with as we come into spring, it's going to be really important for you guys to just be keeping a close eye on the market with your agent or with us. That's what we do. But it's important to really keep a close eye on it and stay well-informed. We have tools on our website that you are welcome to use that will give you an estimated value. It's not entirely accurate, but it's pretty accurate. But there is no harm in having us come out and give you a good idea as to where your home would be priced and really talk through, does it make sense or doesn't it make sense for you and give you a baseline to keep track of that on.
Jay Day:<br />
Yeah. So if you're interested in that, our website is dayhometeam.com, D-A-Y-H-O-M-E-T-E-A-M. com. Again, dayhometeam.com. You can reach us by dialing 866-702-9038. Again, 8 6 6 7 0 2 9 0 3 8. We are local. Our office is actually right over by the Frederick Airport. We're here to assist and we've been around. We'll be around as long as we can. And I thank you for tuning in. I'm Jay Day.
Christina Day:<br />
And Christina Day,
Jay Day:<br />
And thanks for tuning in for Real Talk Real Estate.
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Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty, once again, weekly real estate podcast, state of the industry. What are we going with this week, Jay?
Jay Day:<br />
I figured. Let's talk about another hot topic is we were talking, we talk interest rates and it's a constant up and down things are always changing. We were in a spot where we had some interest rates hitting with the number five in it, and then we had a knee jerk reaction where things went back up and into the upper sixes and sevens, and it's easy to talk about it and say the numbers change, the interest rates fluctuate all the time. But one of the things that I really wanted to mention and get the details on for you is what does that look like in a monthly payment? So I want to give some details here. Now, realize these numbers I give you for these mortgage payments, that is only your mortgage principal and interest. So your principal payment and your interest payment, that does not include your insurance. It does not include the taxes for the state or city that you're in that you have to pay monthly as well tied in with your mortgage. And if there's an HOA or condo fee that's not included either. This is just if at these sales prices I'm going to give you and these interest rates, this is what the payment is before having your taxes, insurance, HOA, condo fees, all that stuff tacked on. The reason I want to explain it is to see what that big difference is when a rate changes by half a percent. So we'll start with a low loan amount, and to be very honest, there's not much in Frederick County. Now, as we go out into our outskirts and different areas we cover, you can get homes for 250,000. Again, not really here in Frederick, if the rate was 6%, your principal and interest payment on that is $1,498. So just under 1500 bucks when the rate changes and it goes to 6.5%, that takes you up to $1,580. If it goes up to 7%, that's $1,663. So from the highest down to if it went from, if rates change from six to 7% over the course of a day and a half, two days, your payment monthly increases by almost $165.
Tom Whalen:<br />
Depending on your financial situation, that can really affect your quality of life on a monthly basis.
Jay Day:<br />
Oh yeah. So then let's go to 450. And 450 is what they consider the median income for Frederick County and not income, but the median sale price here in Frederick. So 7% interest rate for 450. And again, this isn't the whole mortgage payment. I just want to make sure people understand that this is only principal and interest. So let's say for example, lemme just throw something out there. Let's say that you're, and I'm going to throw a high number out there just to make math easy. Say that your real estate taxes, you're in Frederick City and your real estate taxes are $12,000 a year. You pay that as part, most people pay that in their mortgage, and that would add a thousand dollars a month to the mortgage payment if you're in Frederick City and you have that high of a basis for that. But, so 450,000, 7%, your principal and interest is 2993.86. If the rates are six and a half, it's 2844.31. If it's 6%, it's 2697.98. So $295.88 a month different from 6% and 7%. So that's almost $300 extra every month just on your mortgage payment because the rates fluctuated in a day, day and a half.
Tom Whalen:<br />
Well, a normal person, they could have a monthly bill of $300 for something else.
Jay Day:<br />
Oh yeah. Look,
Tom Whalen:<br />
And then they get swallowed up by that mortgage payment.
Jay Day:<br />
Well, think of it, you go to the grocery store and sometimes you get the bill and I'm like, I only have four bags. How the heck was that? It's shocking.
Tom Whalen:<br />
I'm fascinated every day by what you're talking about.
Jay Day:<br />
And then we'll go on a high end, and it's not unusual. There are a lot of detached homes in Frederick County that are in the 800,000 range. If you had a home loan for 800,000 and your interest rate was 6%, that's 4796 a month, principal interest, six and a half percent is $5,056 a month and change. 7% is 5322.42. So from 6 to 7%, that's a $526 difference a month.
Tom Whalen:<br />
That is a huge difference.
Jay Day:<br />
Yeah. So when people are talking about, and I wanted to bring that up because of the affordability factor and the pain factor that people are feeling, remember it wasn't that long ago that people were getting 4%. Notice none of these were four. So you can imagine if we went from six to seven and that's in that 450,000 range, let's say it's about $300 a month. If you went from people that were approved at a 4% and now it's a 7%, you're talking maybe $600 a month difference. I mean, that's massive. You can't afford it anymore.
Tom Whalen:<br />
No, you can't afford it. Absolutely.
Jay Day:<br />
So I know on some of these podcasts we've talked about, this is why getting your pre-approval done is important. And even before you write, you need to know what the rates are because you may have been approved yesterday, but you're not approved today or you may be approved, but your comfort level, if your mortgage payment's going to go up $150 a month, you're not comfortable with that. So you shouldn't be writing on that house if you're not going to be good with that payment. So it is beyond crucial, in my opinion, to make sure you're tied in very tight with your agent. Your agent is working very closely with your mortgage advisor who's doing your loan so that they can inform you on things. Because sometimes people don't understand. It's like same thing, you can't lock your rate until you have a house under contract. So if you were quoting you, let's say today was a good day and rates were 6%, and you wrote on a house this weekend, you got the contract accepted, you go to lock your rate, you find out about your contract gets ratified on Sunday, you call the loan officer on Monday, and on Monday the interest rates jumped from six to six and a half percent.
Tom Whalen:<br />
So you're no longer locked in at that point.
Jay Day:<br />
Yeah, you're not locked in at all until,
Tom Whalen:<br />
Yeah, you thought you were taking care of business Monday. We're getting it done.
Jay Day:<br />
And then you find out and you're like, oh, wow.
Tom Whalen:<br />
I see. That's why you need to listen to these podcasts and call the pros.
Jay Day:<br />
Yeah, it's really important. And I mean, the other thing too is people ask about down payments and how much down payment money is required, and this is where first time home buyers get overwhelmed because they think you need 20% down. You do not need 20% down. The 20% down, what that does is that eliminates mortgage insurance. So the numbers I gave you for those mortgage payments, I didn't even mention that. So again, that was your principal and interest. Then you have to add, again, taxes, your insurance on your house, and then if you didn't put 20% down, you need to add your mortgage insurance premium on top of that.
Tom Whalen:<br />
Just explain mortgage insurance. What does that ensure?
Jay Day:<br />
So mortgage insurance has nothing to do with, and it doesn't protect you technically, the mortgage insurance is you have to pay for this in order to protect and ensure the bank that's lending you the money that if you default, they can make a claim for the default.
Tom Whalen:<br />
I see.
Jay Day:<br />
So it protects the bank.
Tom Whalen:<br />
I understand.
Jay Day:<br />
And that's why the bank says, hey, if you're going to put 20% or more in, you've got enough skin in the game, you don't need to buy insurance for me. If you're going to put less than 20% down, I need you to pay more every month so that it can cover an insurance policy in case you go into default.
Tom Whalen:<br />
These podcasts are amazing. I've never heard you mention those terms. Mortgage insurance. Thank you for explaining.
Jay Day:<br />
And it's funny, I do a real rough idea of what I want to talk about, and then as we get into it, I'm like, you know what? I didn't even include the mortgage insurance talking about it.
Tom Whalen:<br />
There's something else. There's a lot of little fires that come up.
Jay Day:<br />
Yeah, there really are. So if you're listening to this and you're really curious about the mortgage side, again, we're not loan officers. We don't do the mortgages. We will connect you with a partner who you can rely on, and I'm going to say it, the internet companies, the ones that you can't reach a person, the ones that just have you do stuff online, they're not giving you the details. They're not digging into all of this. This is why it's really important to make sure you're dealing with someone who's an expert that you can reach immediately. You can get answers and they're not annoyed by your questions because that's the thing. You also don't want someone like, well, when you're dealing with these big companies, you're a number and they're getting so many inquiries. If you haven't actually bought something or done something, they may make the priority somebody else. So it's important to get the education on this, and that's why we work with the lenders we work with. But so if you're curious, just check out our website dayhometeam.com. Our mortgage lenders are on there. You can actually click a button and it sends them a notification if you want to just talk to them and not even talk to us yet. So feel free to do that. We see those come through on a semi-regular basis where people just want to talk to the lender to see if they can even do anything before they talk to us as an agent. But you're ready for the house of the week,
Tom Whalen:<br />
What you just said. That's the move you need to make. Talk to the lender first. Come in with all your numbers together before you come in with Jay. It's going to save everybody time and headaches.
Jay Day:<br />
So house of the week. This area is near and dear to you, my friend. 10612A Daysville Road in Walkersville.
Tom Whalen:<br />
I saw this home. It's beautiful.
Jay Day:<br />
Yes. Oh, so you did, you saw it.
Tom Whalen:<br />
I saw it on social media.
Jay Day:<br />
Okay.
Tom Whalen:<br />
It's a beautiful home.
Jay Day:<br />
Yeah. So 725,000, Walkersville. Super convenient. Like I said, very near and dear to you. You spent quite a bit of time in Walkersville.
Tom Whalen:<br />
A long time. Yes. I love it There.
Jay Day:<br />
It's five bedrooms, four and a half bath, craftsman style home, three acres, open floor plan, a gas fireplace, stainless steel appliances, granite countertops, custom cabinetry. A massive center kitchen island, fully finished basement, a pool. If you want to get, as we talked about, saving some money on groceries. They have a chicken coop so you can have your own eggs. Farm fresh eggs are just so different. They really are.
Tom Whalen:<br />
They do hit different. I love 'em.
Jay Day:<br />
They have a covered deck patio area. The home is energy efficient. You can go to wfre.com, look at Tom and Jay's real estate podcast to see the house of the week, or if you just want to go and check it out, we are having an open house Saturday and Sunday this weekend. So Saturday the open house is 1:00 PM to 3:00 PM. Sunday is 12:00 PM to 2:00 PM. You don't need to have an agent or even reach out to us. If you want to go, just visit at the open house, or again, you can go look up the podcast, click a button and get a showing that's private where you're not going to have a ton of people walking through. Look at it. We have video, we have drone photography, videography. As Tom mentioned. It's a beautiful house. He checked it out on social media already.
Tom Whalen:<br />
Well I look at all your stuff.
Jay Day:<br />
Yeah. So thanks for tuning in. I'm Jay.
Tom Whalen:<br />
I'm Tom. Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. We'll be back again next Friday. Thank you for listening to all your friends, all about it.
2024-03-01T08:15:51-07:002024-03-01T10:29:57-07:00Jay Daytag:dayhometeam.com,2012-09-20:19425House of the Week - 10612A Daysville Rd Walkersville, MD 21793<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/10612A_Daysville_Rd.jpg" width="2165" height="1620" />
<br />🌿🏡 Welcome to your dream home in Walkersville's tranquil countryside! This exquisite 5-bedroom, 4.5-bathroom Craftsman-style gem is nestled on 3 lush acres, offering a perfect mix of elegance and country charm.
Step inside to discover:<br />- An open floor plan that flows beautifully, highlighted by a cozy gas fireplace 🌟🔥<br />- A chef's dream kitchen with stainless steel appliances, granite countertops, and custom cabinetry, perfect for both simple meals and grand dinners 🍳🍽️<br />- A spacious eat-in area, making every meal a communal joy 🥂
But there's more:<br />- A fully finished basement that's the ultimate versatile space, with a second kitchen area for extra convenience 🎮🏠<br />- Dive into the sun-kissed pool 🏊‍♂️, surrounded by nature's beauty<br />- Enjoy fresh eggs each morning from your own charming chicken coop 🐔<br />- The covered deck and expansive patio area set the stage for memorable outdoor gatherings or peaceful woodland viewings 🌳🎉
Located in sought-after Walkersville, you're just moments from shopping, dining, and leisure, blending serene country living with city convenience 🛍️🍴
This home is a sanctuary of luxury, comfort, and nature's allure, ready to embrace those looking for a peaceful yet sophisticated lifestyle. Don't miss out on crafting your paradise in Walkersville! 🌄✨ #CraftsmanCharm #WalkersvilleWonder
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2044670/10612a-daysville-rd-walkersville-md-21793/">Click here for more photos!</a>
2024-03-01T07:00:00-07:002024-02-29T09:07:41-07:00Jay Daytag:dayhometeam.com,2012-09-20:19370Podcast - 2/23/24🏠📈 Houses Are Still Selling Fast! 🏠📈
Thinking of selling your house? Here's some good news! While the housing market isn't as frenzied as it was during the 'unicorn' years, homes are still selling faster than normal.
📊 The graph below shows median days on the market for every January from 2017 to the latest data available. Homes are selling faster than usual, with the most recent data indicating a shorter time on the market compared to previous years.
What Does This Mean for You?<br />With demand increasing and mortgage rates down, your house may sell quickly too! Now could be an excellent time to list your home and take advantage of the strong housing market.
🏡 House of the Week 🏡<br />📍 25 Breeze Hill Ln Martinsburg, WV 25405<br />💰 $250,000<br />🛏️ 3 bedrooms & 1.5 baths on main level<br />🚗 Detached garage<br />🔥 Wood-burning fireplace<br />🌳 Large fenced yard<br />🏡 Partially finished basement with second kitchen, bedroom, and full bathroom
This charming rancher is perfect as a starter home and offers a prime location close to Route 81. Don't miss out – schedule a viewing today! #HouseoftheWeek #MartinsburgWV #RealEstate 🌟
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay, things have been so volatile and so crazy. Let's say somebody, we're going to sell our home. How long is it going to take to sell a home these days?
Jay Day:<br />
Well, honestly, we've been back into a sort of chaotic mode again. Two weeks ago, we had a property over in Boyd's that, and we do a crazy ramp up pre-marketing and open house process that we started. And to give you an idea, so the one we had in Boyd's, we only had an open house on Saturday. It was only for two hours. You may have seen it on Facebook because Christina posted a picture of the cars that were lined up.
Tom Whalen:<br />
I saw that, yes. Saw that Saturday morning. Yeah, you guys were backed up there.
Jay Day:<br />
Yeah. So we had over 30 unique groups of people that came through and that two hour timeframe that turned into eight offers. And I can't give the details on the offers, but let's just say that the seller was extremely happy,
Tom Whalen:<br />
Wow. Nice.
Jay Day:<br />
With what happened. So things did slow down a little bit. They've picked back up. When I'm looking at it and we talk about, so what's happened so far this year, and even if we go back in time, I found a really neat chart that sort of gives an idea of median days on market in January, because we can't give the numbers for February. It's not over yet. But when we go to January and we look back, they pulled data as far back as 2017. The median days on market back in 2017, in the month of January was 88. 2018, it was 83. 2019, it was 81. 2020, it was 82. And then our odd years, our covid slash unicorn years, 2021 was 66. 2022 was 59. 2023 spiked up to 72. And then this January it was 69. And again, when I give you the median days off of this chart, this is not local, this is nationwide.
Tom Whalen:<br />
I see. Yes.
Jay Day:<br />
But only three days more than we were in 2021. And definitely better than we were in January of 2023. So if you're a seller, if you're price it right and you have an agent that does the marketing that needs to be done, these homes have been selling very quickly. Most of our listings in Maryland, Pennsylvania, West Virginia, Virginia, have been selling in less than a week. But we don't take our foot off the pedal. We are still doing massive amounts of marketing. Like I said, this open house thing that we started, we started it first quarter last year and we were not huge proponents of the open house because we, they're not all going to be super successful, but we have a detailed program that we roll out that involves us visiting the neighbors, calling the neighbors. I mean, we have a detailed process.
Tom Whalen:<br />
If you're calling the neighbors of the home, there's somebody selling a house.
Jay Day:<br />
Yes.
Tom Whalen:<br />
You go check around the neighborhood to get the vibe.
Jay Day:<br />
Well, the reason, so we give them an invite, and if you think about this, how many times you have friends over and they're like, oh man, I love to be close to you. I'd love to be,
Tom Whalen:<br />
I see where you're going with this.
Jay Day:<br />
So we try, it's a spin of you could possibly pick your neighbors if you have somebody that's been looking. And again, with the low inventory too, there is a very limited amount of homes available. So it's worked out extremely well. We've gotten a lot of foot traffic, and it's a win-win because the neighbors now have a heads up on what's going on. They're able to, if they have friends or family that want to be in the area, they give them the information and then the seller's happy because they have a ton of people through. And then they can make a decision with multiple offers of who they want to work with.
Tom Whalen:<br />
Have you ever seen that come to fruition, Jay, where somebody said, I got a friend who might want to move in here, and then they will, a family or friend will buy that house?
Jay Day:<br />
Oh, absolutely.
Tom Whalen:<br />
Wow. That's a great idea.
Jay Day:<br />
Yeah, and I mean, it's not so crazy out of the box, but the thing is, in today's world, people have used technology and forget about that personal touch and our agents, it's funny because sometimes in some neighborhoods, people don't answer the doors or they don't answer the phone. And others, they're so surprised. They're like, I didn't know that realtors actually came out and talked to people that aren't trying to sell their home. At first they were,
Tom Whalen:<br />
I can understand. Yes.
Jay Day:<br />
And then they're like, wow, that's really cool. And again, it just shows our job is to do everything and use every facet that we possibly can to get our clients the best deal possible when selling their home. I mean, and Tom, on the buying side, I'll give you a different side of this coin. Our buyer agents, let's say that you have a buyer who wants to be, and I'll just make up an, let's say they want to be in Spring Ridge. Our buyer agents will then go out, we have door tags. They will go out, knock on the doors, talk to people on the opposite side and say, Hey, I have a buyer that's approved for this amount of money. They want to be in this neighborhood. Are you considering selling or have you heard of any of your neighbors? Anybody in here thinking they're going to sell because we could have the buyer for you already lined up, ready to roll pre-approved. They want to be in this neighborhood and your house checks all their boxes.
Tom Whalen:<br />
Wow. And so do you get some reaction from that?
Jay Day:<br />
Oh, we have.
Tom Whalen:<br />
No kidding.
Jay Day:<br />
We've been able to get properties for our clients that are off market. So you can't just sit back and let the market do what the market does. You have to go out there, go above and beyond, and make sure you're doing everything you possibly can for your client, whether it's our buyer clients or our seller clients. Again, we're not afraid to hit the road, put our feet on the road, walk the walk and knock on doors and meet with people face to face.
Tom Whalen:<br />
And make the market, make the market itself. That's incredible. Don't let it come to you. Go get it.
Jay Day:<br />
That's it, buddy. Go get it. You got to have that attitude, especially there are people that are like, I am not buying anywhere except this neighborhood. And what are you going to say? Sit back and, well, I'll let you know when something becomes available. Everybody could do that.
Tom Whalen:<br />
Sure. Absolutely.
Jay Day:<br />
And we talk about our experience working with us should be totally different than what you've had with anyone else, and you should feel ecstatic about what we've done to try to get things and get you into the position and the place that makes the most sense for you. So, alright, I'll get off my soapbox now.
Tom Whalen:<br />
No, man, that was awesome. That's amazing. Honestly, that's why we've done this now over 10 years, Jay. And I always say 866-702-9038 because I don't know all these things. I've been listening to you forever and ever and ever. And I know how complicated this is.
Jay Day:<br />
Well, I'll tell you, I actually had one property specifically that was not on the market. This is a little bit of a funny story. I had a buyer who fell in love with this house. They drove by it every day. And I was like, well, I'll just go ask 'em if they're interested in selling it. So this long driveway, I go up, I ring the doorbell, the guy comes out with a shotgun, and I'm like, I'm just a real estate agent. I was like, this is going to sound really weird. And I said, here's my card.
Tom Whalen:<br />
Most guys will go get the shotgun at that point, but go ahead.
Jay Day:<br />
Yeah. I said, I actually have a client that goes to work every day and drives by your home. And they're constantly talking about it. And I told them that if they really love the house, I didn't want them to have any regrets, so I would just stop by to see if you would consider selling. They had no interest in selling, but I ended up having a really good conversation and the guy was like, I haven't had anybody come to my door. He's like, you had to drive that driveway. And he's like, and I know if somebody's coming up that driveway, they're coming to my house and if I don't recognize that car, he was like, I apologize, I had the shotgun out. He goes, but I know you're not coming down this driveway to do anything except to be here.
Tom Whalen:<br />
He must've been flattered in a way though, that somebody loved that house so much.
Jay Day:<br />
Oh yeah. He was like, this was a custom build. It was an all brick, it was a beautiful home.
Tom Whalen:<br />
Sure, okay.
Jay Day:<br />
But again, you don't know if you don't ask, right?
Tom Whalen:<br />
Yes, absolutely. So got a home of the week.
Jay Day:<br />
I do, buddy. 25 Breeze Hill Lane in Martinsburg, West Virginia. This one's hitting the market for 250. It is a rancher style home. It's a perfect starter home. It's close to Route 81 has a detached garage. The main level of the home is three bedrooms, one and a half baths, a large family room. The living room on the main level also has a woodburning fireplace. There's an eat in kitchen, a deck off the back, and then a large fenced yard. There's also, the basement is partially finished, and when I say partially finished, I don't mean some of the rooms. I mean truly partially finished. There's a second kitchen, has a drywall in, does not have the ceiling in, has a bedroom down there and an additional full bathroom and a huge storage area. This would be a great starter home for someone or someone that wants to get some sweat equity. It does need a little bit of work. However, 250,000 Martinsburg detached home, almost a half acre lot, fenced, ready to roll and a detached garage as well. If you want to check out this photo, I mean this home, check out the photos on wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, click schedule a showing and we'll get you in to see it.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty. Thanks for listening to our podcast. Tell your friends all about it.
2024-02-23T08:20:18-07:002024-02-23T08:46:01-07:00Jay Daytag:dayhometeam.com,2012-09-20:19355House of the Week - 25 Breeze Hill Ln Martinsburg, WV 25405<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/25_Breeze_Hill_Ln._1.jpg" width="2165" height="1620" />
🏡✨ Dive into the charm of rancher-style living in Martinsburg! This home is a perfect canvas for comfort, convenience, and creativity, all wrapped up in an irresistibly affordable package. Whether you're stepping onto the property ladder or eyeing an investment with great potential, this spot near Route 81 is your gateway to easy living and excellent commuting.
**What's Inside?**<br />- 🚗 **Detached Garage:** Say goodbye to parking woes with a spacious driveway and a standalone garage.<br />- 🛌 **Cozy Quarters:** Home sweet home with 3 bedrooms and 1.5 baths on the main level, plus an extra-large family room where memories await.<br />- 🔥 **Warmth & Welcome:** The living room's wood-burning fireplace sets the stage for cozy evenings.<br />- 🍳 **Heart of the Home:** A roomy eat-in kitchen, ready for your culinary adventures.<br />- 🌳 **Outdoor Bliss:** A covered deck offers a serene view of the large fenced yard, perfect for play and relaxation.<br />- 🏠 **Basement Bonanza:** Discover potential galore in a partially finished basement with a second kitchen, making it ripe for an in-law suite transformation.
Nestled in a friendly Martinsburg community, this home is a tranquil retreat that keeps the city's conveniences within reach. Priced to please, it's an ideal pick for first-timers or anyone eager to infuse a space with their personal touch. Don't let this gem slip through your fingers - a world of possibilities awaits! 🌟🔑 #MartinsburgMagic #RancherRevival
<a href="https://www.dayhometeam.com/property-search/detail/42/WVBE2026502/25-breeze-hill-ln-martinsburg-wv-25405/">Click here for more photos!</a>2024-02-23T07:00:00-07:002024-02-22T11:08:54-07:00Jay Daytag:dayhometeam.com,2012-09-20:19271Podcast - 2/16/24🏠📉 What's Really Happening with Mortgage Rates? 📈🏠
Feeling confused about mortgage rates lately? You're not alone! Rates can seem like they're constantly changing, but here's the scoop:
1️⃣ **Volatility**: Mortgage rates are influenced by numerous factors, causing them to fluctuate daily. Economic conditions, Federal Reserve decisions, and global events all play a role.
2️⃣ **Zoom Out**: Don't get caught up in daily fluctuations. Instead, zoom out and look at the bigger picture. Overall, rates have trended down compared to last year, making it an opportune time to buy.
3️⃣ **Focus on Trends**: While rates may bounce around, experts predict a continued downward trend this year. So, don't let short-term blips distract you from the larger trend.
Thinking of buying a home? Ensure you're pre-approved to stand out in a competitive market. Pre-approval shows sellers you're serious and ready to move forward. Don't miss out on your dream home – get pre-approved today! 🌟🏡 #MortgageRates #RealEstate #HomeBuying
🏡 House of the Week 🏡<br />📍 2225 Village Square Rd, Frederick, MD 21701<br />💰 $450,000<br />🛏️ 3 bedrooms<br />🛁 3.5 baths<br />🚗 Detached 2-car garage<br />🏊‍♂️ Access to community pool, tennis courts, and clubhouse<br />🌳 Outdoor oasis perfect for gatherings<br />🍽️ Nearby town center with restaurants and shops
Don't miss out on this fantastic townhome in the Worman's Mill community! Schedule a viewing today. #HouseoftheWeek #FrederickMD #TownhomeLiving
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Hey, you did a couple of podcasts with Andy for a couple of weeks there.
Jay Day:<br />
I know, I know. It's what happens.
Tom Whalen:<br />
Andy's a good guy, man.
Jay Day:<br />
Yeah, and you need a breather every once in a while.
Tom Whalen:<br />
Does Andy come with any questions? Any smart questions, any insightful questions that make you break your brain?
Jay Day:<br />
He always has good questions, just like you do, but nothing to break the brain.
Tom Whalen:<br />
Yeah, okay. But we're just trying to get along here, man. And we're both homeowners or Andy's a future homeowner, and so we both have lots of questions. That's why people listen to this podcast. What about mortgage rates? Tell us all about it right now. Everybody's interested in that. And tell us all about what should a person do? I mean, should you have all your ducks in a row, your finances before they even call you?
Jay Day:<br />
Alright, those are two great questions, and a lot of people don't understand the importance of the pre-approval. And I'll get into details because that sort of ties in with the mortgage rates as well. So the most simple answer to everything is that the mortgage rates, they're volatile, period. They don't move in a straight line. There's so many different factors that come into play with them and they change. People don't realize the interest rate changes multiple times throughout the day.
Tom Whalen:<br />
I see this, I see this because doing this with you now you got me paying attention to these things.
Jay Day:<br />
I know. I'm sorry that I brought some boringness into,
Tom Whalen:<br />
It's not boring. I find it fascinating once I've learned a little bit about it.
Jay Day:<br />
Yeah, I mean, so the interesting thing is when you look at, and again, because this is a podcast and people can't see it, I want to show you this graph. This is a graph that just shows October, 2021, I mean October, 2023 up to February, 2024. Look at the volatility in that.
Tom Whalen:<br />
Wow! Now what does that mean to me? Because I see a big dip in that graph.
Jay Day:<br />
Yeah. So in October, we were in the upper sevens then, and I say upper sevens like seven, well, 7.5, 7.7. Then we hit a peak in between October and November that went just under 8%. And then we did a massive drop back in November, and then the rates went back up and then they dropped again in between December and January, and now they're going back up and then they dropped again in February, and then they did a quick spike back up. So I mean, the bottom line is the volatility is there. If you keep waiting and waiting one day, three hours can make a difference and what your rate is. The one thing I will say is, and what the graph shows is so far this year, we're still in much better shape than we were in October of last year. So as we know, rates can increase and decrease for the most part, the lowest we've gotten as I'm going to try and look in here, we hit numbers that were low sixes, upper fives with some points. Bottom line is the rates are going to change. They are going to be volatile. They're totally outside of our control. There's nothing you can do or I can do that's going to impact these interest rates. And now we've got reasonable rates. They're not bad, they're in the sixes and we know that it can hit close to eight. So my opinion is if you continue to wait, it may not get you the best results of what you want. And one of the other things that you ask the question about pre-approvals, we always have all of our clients talk to a lender beforehand because you don't want to walk into a house, you fall in love with it, then you talk to the lender. And then let's say, let's not say you don't get approved, but let's say I showed you a house. We're over in Worman's Mill. I show you a house, Tom, and you're like, man, I love this. This is perfect. This checks all the boxes. Then I have you talk to the lender and the lender tells you, oh, your payment is going to be $4,200 a month. You're approved, but you're like, there is no way I'm spending $4,200 a month to live here. Now everything I'm going to show you after that is not going to, because let's say your max comfort number is 3,500. So that's a decent difference between what you're approved for and what you're comfortable with. So now if I start showing you other homes that are that much less expensive, you're going to continue to compare them to what the one that was absolutely amazing
Tom Whalen:<br />
When you got your heart broke the first time around.
Jay Day:<br />
And the other part is with these interest rates changing and fluctuating so heavily, if you went from a six and a quarter today to 6.75 or seven tomorrow, and let's say that you were barely approved, the situation I just described was a little different. But let's say we were squeezing you by for that payment of 3,500 a month, and you were right on the cusp of not being able to go any higher on price, and the interest rates increase by half a percent, you may no longer qualify for that house. So getting your pre-approval and knowing where your numbers are is extremely important. And with our agents, we always make sure we inform our buyers, hey, the rates have changed. They went up quite a bit. Why don't we have our lender run the numbers on this house before we show it? Because these numbers are a little tight and let's make sure you're still comfortable. Let's make sure everything works. And we do the opposite. Let's say people were struggling and their budget was 3,500 a month, they didn't like anything, and we saw rates drop by three quarters of a percent. Well now's the time to say, hey, these rates have dropped. And guess what happens when the rates drop? Your approval amount increases. So it's at effect on both sides, and you may be able to get into a house that was out of your reach two weeks ago or even three days ago if the rates drop low enough. So it's all really, really crucial and really important to understand that the rates are, it's a roller coaster, Tom. There's no other way to put it. It's a roller coaster.
Tom Whalen:<br />
If you've been approved for a loan, let's say, okay, you're approved, and then I come to you with this, and then let's say the rates go way up. It's still that original. You've been approved for this loan. You don't have to worry about the rates increasing between the time that you were approved and then,
Jay Day:<br />
No, you do.
Tom Whalen:
Oh, you do? Then that will change. I mean, that can change from when you were approved.
Jay Day:<br />
Oh yeah. Remember when the rates were really low and then they went up to seven, seven and a half percent. A ton of people no longer were approved. Or let's say they were approved for a $400,000 house. Now their approval dropped to 325.
Tom Whalen:<br />
So that'll go away.
Jay Day:<br />
Yes.
Tom Whalen:<br />That will go away. Man, that's why you've got to call Jay if you're thinking about any of this, man.
Jay Day:<br />
It's a lot.
Tom Whalen:<br />
It's a lot.
Jay Day:<br />
Yes, it is a whole lot to handle. And a lot of people just don't understand. It's your lender and your realtor have to be working in unison, and they have to be on the same page to try to help you so you don't make a silly decision or get your hopes up on something, then realize it's something you're not comfortable with. Or the opposite, you miss out on a property because you think you aren't approved for it. But with the rate change, now you are. So it's an interesting dynamic. And when we see these massive spikes like I showed you, it's even more important because like I said, if you see that rates dropped by three quarters a percent or they went up or they went up by a percent over the course of one day, two days, three days, that's going to have a significant impact on what you can and can't do. If you're listening to this, if you have any questions, go to dayhometeam.com. You can fill out the form, we'll get in touch with you. Or you can call us at (866) 702-9038. Again, (866) 702-9038. We're more than happy to talk with you and explain how all of this stuff works and make sure you have yourself in a position where you know what's going on and you have someone in your corner on the financing side and on the real estate side that's going to get you to where you need to go.
Tom Whalen:<br />
And you have some lenders that you guys that work with regularly that you approve these people?
Jay Day:<br />
Yes, and we have worked with them personally or some of our teammates and family members. So all of the vendors that we work with, we have personally utilized in our house or our agents have used them in their home or their family's homes.
Tom Whalen:<br />
That's what we want to know. Got a home of the week.
Jay Day:<br />
I do buddy. This one, speaking of Worman's Mill brought it up earlier. I forgot all about that. 2225 Village Square Road in Frederick, Maryland. Townhome listed at 450, as I mentioned. It's in Worman's Mill. This is an interior townhome. It has a detached two car garage, three bedrooms, three and a half baths, open floor plan, custom built-ins, crown molding. All three levels are finished. So it's got a finished basement in the basement that includes a full bathroom and two additional rooms. One of those actually has an electric fireplace. The backyard of this place is pretty cool. It's a neat oasis when you go out, you have paver patio and then you have an outdoor kitchen, hard plumbed in for natural gas.
Tom Whalen:<br />
Those are so cool outdoor kitchens. That's awesome, man.
Jay Day:<br />
So it's a great entertainment option. The other thing is they actually had gas put in, so the garage is heated and they also added a window unit. So technically the garage you could be hanging out in as a hangout if you don't want to park your cars there. Yeah,
Tom Whalen:<br />
Yeah, man.
Jay Day:<br />
It's cooled and heated. And then also the biggest thing with Worman's Mill, the access to the community pool, the tennis courts, a clubhouse, and then you've got the town center that has a variety of restaurants and shops. I know that my wife and I go to both of the restaurants over there on a regular basis. We just go Gas House Pike, up Monocacy, turn into Worman's Mill. And from what I understand, I'm not a tequila drinker, but my wife says the margaritas over there are at Plaza Mexico are to die for.
Tom Whalen:<br />
Quality of life,
Jay Day:<br />
Yeah, buddy.
Tom Whalen:<br />
Where you live means everything.
Jay Day:<br />
Yep. So if you want to check out this house, go to WFRE.com. Look up Tom and Jay's Real Estate podcast. You'll see all the photos. If you like what you see, you can click the button to schedule a private showing. And like I said, reach out to us. We're happy to get you in. If you have any questions, we're here for you.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay Day.
Tom Whalen:<br />
of Jay Day and Day Home Team at LPT Realty. Thank you so much. Listening to our weekly real estate podcast. Tell your friends all about it.
2024-02-16T06:32:08-07:002024-02-16T07:07:03-07:00Jay Daytag:dayhometeam.com,2012-09-20:19257House of the Week - 2225 Village Square Rd Frederick, MD 21701<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/2225_Village_Square_Rd.jpg" width="2165" height="1620" />
🏡✨ Dive into luxury living in the heart of the Worman's Mill community! This exquisite townhome is the perfect blend of style and comfort, offering:
🚗 Detached 2-car garage<br />🛌 3 spacious bedrooms<br />🛁 3 full baths + a convenient half bath<br />🍴 Stunning open floor plan for seamless living, dining, and kitchen experiences, perfect for entertainers and homebodies alike
Every corner speaks of attention to detail with:<br />📚 Elegant built-ins<br />👑 Sophisticated crown molding
The lower level is a treasure trove of versatility:<br />🏠 Finished basement with a full bath<br />🔥 Cozy room featuring built-ins and an electric fireplace - your new favorite nook!
Outside, your personal oasis awaits:<br />🌳 Beautifully crafted outdoor kitchen and patio for those alfresco dining moments and gatherings
And there's more! Living in Worman's Mill means:<br />🏊‍♂️ Community pool<br />🎾 Tennis courts<br />🏠 Clubhouse access
Plus, the town center is just around the corner, bursting with restaurants and shops for every taste.
This isn't just a home; it's a lifestyle. Ready to elevate your living experience? Your dream home in Worman's Mill awaits! 🌟🏘️ #LuxuryLiving #WormansMillLifestyle
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2044514/2225-village-square-rd-frederick-md-21701/">Click here for more photos!</a>
2024-02-16T06:30:00-07:002024-02-16T06:34:59-07:00Jay Daytag:dayhometeam.com,2012-09-20:19201House of the Week - 14880 Old Frederick Rd Woodbine, MD 21797<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/14880_Old_Frederick_Rd_Woodbine.jpg" width="1336" height="1000" />
🏡✨ Discover your dream home in Western Howard County! This 4-bedroom beauty sits on a stunning 1.58-acre lot, surrounded by breathtaking farm views for that perfect mix of serenity and convenience. What makes this home special?
🌞 Bathed in natural light, creating a cozy and welcoming vibe. 🚗 A detached 2-car oversized garage for all your storage needs. 🌿 Screened porch for peaceful evenings or refreshing morning coffees. 🌸 Beautifully landscaped with a variety of trees, plants, and flowers. 🌳 Spacious yard perfect for gardening, outdoor fun, or soaking in the tranquility.🛣️ Excellent commuter location in a highly desired area.
Embrace this serene haven as your new home, where every day feels like a retreat into nature's arms. 🌼🏡
#SereneLiving #HowardCountyHome
<a href="https://www.dayhometeam.com/property-search/detail/42/MDHW2036320/14880-old-frederick-rd-woodbine-md-21797/">Click here for more photos!</a>
2024-02-09T07:00:00-07:002024-02-09T07:38:16-07:00Jay Daytag:dayhometeam.com,2012-09-20:19190Podcast 2/9/24🏠🌷 Don't Wait Until Spring to Sell Your House 🌷🏠
Thinking about making a move this year? Don't feel pressured to wait for spring. Here's why:
1️⃣ **Lower Mortgage Rates**: Mortgage rates are on the decline, making it an affordable time to move. Plus, more buyers are entering the market, boosting demand for your house.
2️⃣ **Beat the Competition**: While there are still more buyers than available homes, sellers are re-entering the market. List your house now to stand out and potentially receive multiple offers.
3️⃣ **Rising Home Prices**: Experts predict home prices will continue to rise. Selling now could help you buy your next home before prices climb even higher.
4️⃣ **Leverage Your Equity**: Homeowners have significant equity, which can cover a substantial part of your next home's down payment.
Ready to make a move? Let's start the process now and get ahead of the competition. Don't forget to check out our fantastic "House of the Week" in Woodbine, featuring a beautiful landscape and a great commuter location. 🚀🏡 #RealEstate #HomeSelling #SpringSelling
Andy Webb:<br />
I'm Andy Webb.
Jay Day:<br />
And I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's WFRE Jay Day Real Estate Podcast. Now Jay, we are still here in February. We're in the winter months, but does that necessarily mean that I should wait to sell my home until the spring? Should I sell it now versus the spring? Does that even matter?
Jay Day:<br />
Well, it's funny because a lot of people, when we talk with them, they're like, oh yeah, I know. It's interesting because they'll start it out with, first it was the holidays. I know the holidays aren't a good time to sell my home. And I'm like, that's not true. People that are serious are going to look, people have situations, they're relocating for work. There's all types of things that happen. And honestly, we have, yes, a lot of homes, more homes sell in the spring because more homes are listed during the spring. It's a correlation of if you only have 10 homes on the market, and again, this is a really low number, but if you have 10 homes on the market in the winter, you only have the potential of 10 home selling. If you have a hundred in the spring, of course you're going to have a higher number of home sell because you have more available. Now, we've always told our clients that there's no reason to have to wait for the spring, and that's not selfish reasons for us. It's not like, oh, we need to sell all the time. We will always have inventory to move and we will always be selling homes. But think about it from this perspective. When your home or when you're selling anything, let's just talk about a, let's say you have car. If you had a used car and during Covid when there was this lack of inventory of vehicles and you went to sell your used car today versus selling it a year ago, do you think you would've got more for it a year ago? Assume that the mileage was the same. You were getting more because there was less competition, there were less people selling, there was less available. So when you go on the market outside of the peak time, you have less competition, which means you could have more offers, you may have better terms because the person that has to relocate for work, the person who unfortunately is going through a divorce and had to sell the home and now has to move somewhere else, all of these different things, their time comes when it comes. They're not going to say, oh, I'm going to wait till the spring before I buy a house.
Andy Webb:<br />
Life happens when it happens.
Jay Day:<br />
And you've got to be there to even be a possibility. And like I said, it always baffles me when we hear other agents telling people, oh yeah, spring market or you don't want to sell right now. And I'm like, they just don't understand supply and demand. And like I said, just the simple thing of if you only have 10 homes to sell versus a hundred, of course you're going to always say, oh, there's more homes that sell in the spring, more that's there. Sure. And the most simple way I explained it, like I said, is with the car inventory thing. I mean, it was crazy how much dealerships were paying just to get used cars. It was insane. They were paying over Blue Book and it was just because there wasn't any available. Now when you go to car lots, they have a lot of new inventory, they have a lot of used inventory that it's flip flopped and it all takes into effect on that. And now we are in a situation, so we talked about getting ahead of the competition. It's the same thing. Let's say you're in a neighborhood and there's only one other home on the market or say there's none. There's a lot of neighborhoods where there's no competition. If somebody really wants to be in that location and there's no competition and they need to be there for, they're relocating, they need to be there for school or the divorce situation. Let's talk real life stuff. Okay, husband and wife getting a divorce, they live in Neighborhood X, their kid goes to school in Neighborhood X, they sold their single family, now they have to buy town homes. There's only one town home available, and they don't want to have their kid change the school and there's no rentals.
Andy Webb:<br />
What do you do?
Jay Day:<br />
Yeah, so they're looking for, you may have the one thing that they absolutely need if you go into the spring market and there's 10 to choose from, yours is going to have to look the best, smell the best, maybe even price the best. You're setting yourself up to possibly have a lower number, or they might pick something that's prettier than yours.
Andy Webb:<br />
They may make you jump through more hoops to get their vote.
Jay Day:<br />
So keep that in mind. And again, we definitely saw an uptick towards Q4 of last year and into this year with the mortgage rates again hitting. I mentioned this in the last podcast. We've been in the upper fives, lower sixes where we were pushing eight. So those rates have definitely gotten people off the fence. So if you're thinking about it, we're already getting close to spring. We really are. If you've been thinking about, you're like, oh, I want to go on the market in April, just give us a call. Go to our website, fill out a form. No, we are not high pressure salespeople. We talk to our people about, Hey, what are your plans? How do you see this? What is the perfect world? In the perfect situation, what would you like? You want to be at this place by this time? I'll give an example. I had somebody in Sharpsburg that we sold last year, and I talked to them a couple months before we needed to go on the market. And their goal was, they're like, we do not want to have another winter here. We don't want to have to move in the winter. We don't want another winter here. We just want to be gone. And it's funny because I actually just texted with them last week, checking in on them to see how they're enjoying life. And I said, you ended up missing the two snowstorms. I'm like, talk about perfect timing. They're enjoying lake life. They're enjoying retirement and not having to worry about having to shovel out that long driveway, having to do all these different things. And one of 'em was saying that she was enjoying her patio time. Well, her husband was enjoying the patio time with the dog. Again, just enjoying life, which is we don't work hard to not eventually just enjoy things. We work hard for a reason to be able to have the life that we want to have and to be able to provide the life for our families that we want to be able to provide.
Andy Webb:<br />
And when that time comes, you know when it's there, and it may not be spring, it may be winter time.
Jay Day:<br />
And again, no pressure. You can always visit our site dayhometeam.com, our phone number's on there, and we'll just talk with you. Even if you're thinking about doing something next year, it doesn't hurt to try to get the plan in action so that we can get you to where you need to be in the timeframe that works best for you and your situation. You ready for the house of the week?
Andy Webb:<br />
Lay it on me. I'm ready.
Jay Day:<br />
Alright. 14880 Old Frederick Road in Woodbine. This one is a steal on the market for 500,000. 4 bedrooms. One full, one half bath. This is situated on over one and a half acres. It's a flat lot. It's in Western Howard County. That's right. A detached home, one and a half acres for a half a million dollars. This is not going to last. It is surrounded by picturesque farms. There's a detached, oversized two car garage, a screen porch patio. If you're into landscaping, if you're into all of that, they have a ton of really cool trees, plants, flowers, and it's a great commuter location too. Woodbine, Howard County, 500,000 for a detached single family home with a detached garage. Go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. If you like what you see, you can click on the button to schedule showing and one of our agents will get you out there for a private tour.
Andy Webb:<br />
Tell all your friends about the Jay Day Real Estate Podcast and let them know more about what's going on in the real estate market. I'm Andy Webb.
Jay Day:<br />
And I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's Jay Day Real Estate podcast.
2024-02-09T07:00:00-07:002024-02-09T06:58:22-07:00Jay Daytag:dayhometeam.com,2012-09-20:19144Show - 2/5/24
Jay Day:<br />
Good morning, WFMD listeners. I'm Jay Day.
Christina Day:<br />
And Christina Day.
Jay Day:<br />
with Real Talk Real Estate. We're here and important times we're in the election year. We also had the Fed just had their meeting. You want to talk about what type of impact that could have? I mean, it's still sort of fresh, but go for it.
Christina Day:<br />
Yeah, so basically they were saying they were not going to make any change to the Federal Reserve interest rate, which is how the cost of borrowing money goes. So it's not every, we talk about this every time. It's not that if they change the rate, there's a direct correlation to the percentage rate that changes on your mortgage, but what it does affect is the cost of borrowing money between the institutions and then of course that gets passed on to the consumer. But with interest rates as it relates to mortgages, it's really impacted more by how the market responds and the market being the investors on Wall Street with the stocks and the bonds and where they're putting their money. And so that's what truly affects your interest rate on your mortgage. The Fed said that they believe that inflation has eased, but it's still up. So depending on where you're looking at that data from, if we're looking at just data, maybe there's facts there, but if you're the consumer who's living on the front end, we have seen costs go down a little bit and certain things, you go to the grocery store, maybe it's a little less painful, you go to the pump, it's a little less painful. But let's not forget, we are still up dramatically from where we were. When I go to the grocery store, I mean, you said to me the other day we had five bags of groceries in the car and he is like, good lord, what'd you pay for this?
Jay Day:<br />
Yeah, and I mean, rates aren't going to come down until as much as they say the inflation, all of these things. Realistically, they have to keep the rates up to try to make people spend less money.
Christina Day:<br />
Right.
Jay Day:<br />
Bottom line. That's the most basic simple way to look at it. And as long as things are still expensive and they're trying to keep people from spending a lot of money, they are not going to make this decrease. Now, last year they teased and said they were going to, I think everyone sort of expected this last one to sort of stay on par. What shocked me was the comments that were made there where they actually hinted that, well, one, they said they most likely won't be changing them in March either, and they could potentially increase. So that was pretty interesting because if they feel like they need to increase, then obviously there's not stating the words that they're concerned of inflation still, but that's basically what that means.
Christina Day:<br />
The sentiment.
Jay Day:<br />
Yes, yes.
Christina Day:<br />
And so they did say that their unemployment was still low, that there were job gains last year, but they've kind of moderated. And I think that there's this also a skewed sense of what those numbers look like because there was, I mean, the employment rate was also dramatically affected by the Covid policies. And so now we're coming back into a more normalized life where you actually have to go to work if you want to pay your bills. It's kind of a crazy thing, right? But when we look at the interest rates themselves, they are predicting that they could get down into the lower fives this year by the end of the year. Right now, maybe that's what, if that's a prediction, but that's
Jay Day:<br />
A election year.
Christina Day:<br />
Yes. But in looking at the research and in looking at the predictions from the mortgage watch and places like that housing wire, they are saying that they're thinking that the rates are going to come down to the low fives, which would of course for us in real estate really help move things. Now buyers, that sounds real appealing and it's really exciting to hear that you might be able to get a five-ish percent interest rate, but here's what's going to happen when that happens. Everybody's coming back out of the woodwork and they're all going to want to buy houses, and we're going to start to see some crazy activity. And in our little section of the show Tales from the Street, we're going to tell you about what we're seeing right now with the activity that's been driven by the interest rates coming down. Because early in January and coming out of December, we were up in the eight range, and then we saw it drop down to, currently at the beginning of the week, we were at about 6.125 on a conventional and 5.75 on a government loan. And we've been seeing this for about a month now.
Jay Day:<br />
Yeah, it's teetering back and forth. The government one is just a little below six, and then it goes just a little above six. It's been sort of balancing back and forth in there.
Christina Day:<br />
Well, yeah. I mean, they said that this is actually the lowest it's been since May of 23, and we peaked around 8% in October. So we're seeing this rush of people, and we actually have seen that in our listings and our buyers competing.
Jay Day:<br />
They're starting to acknowledge that this may be as good as it gets or the new normal. They're learning that two and a half, three, three and a half is not normal, and if they're going to wait, they could be waiting. I think it's one of the ads we have where there's a skeleton sitting there just waiting for things to change. And if things do drop that dramatically, you could always do a refinance assuming that you still, the values don't drop and there's still no indication of values dropping on what homes are worth.
Christina Day:<br />
No, there's definitely not. And that's part of the challenge is there's all these mixed messages out there in the media. You hear, oh, there's going to be a foreclosure crisis. Yes, foreclosures are up compared to what they were during Covid.
Jay Day:<br />
They stopped them.
Christina Day:<br />
Because they put a moratorium on 'em. Right. So they said you cannot foreclose. So of course the foreclosure numbers went down because they weren't allowing them.
Jay Day:<br />
Yeah. It's like you see headlines foreclosures up 200%. Well, if there was zero, it's not really hard to get those numbers because it's always a story that the media wants to paint. So you look at it and they can either give, they don't say, oh, there was 5 foreclosures in this month and now this year there was 15. They have to use the percentages to make it seem scarier than what it really is.
Christina Day:<br />
Oh, yeah, absolutely. And we do foreclosure work as well. There's none really out there that's not a source of option for people to purchase, and it's not been on our end. We see very few coming out and around, and it really is stuff that has been in the pipeline for years.
Jay Day:<br />
And even there was one that was coming up in the area and that we were possibly going to be working with and the bank, with all the changes that have happened with the foreclosure process, they are still trying to work with buyers to reinstate and to try to fix it.
Christina Day:<br />
You mean with owners?
Jay Day:<br />
With owners? Yeah, I'm sorry. Yeah, it's definitely they're not pressing as hard as they have in the past because I think the regulations and all of the different hoops that you have to jump through being a bank to do a foreclosure, they just want to make sure the person truly can't afford it, or if the house is vacant, it's a different story.
Christina Day:<br />
If you've left.
Jay Day:<br />
If somebody's living in a house and they want to try to make it work, it's a long process.
Christina Day:<br />
And I think that there's a lot of programs out there now that do accommodate people, and they're reworking of things financially to make it work that currently though, the numbers are actually, there's still only 60% of the foreclosures we had pre covid that's low because even pre covid, we had very few foreclosures. Nothing like back in what, 2012 to 2014 ish.
Jay Day:<br />
Right after, during the bust when we were doing, I don't know, I felt like we did a hundred. It was probably not that many in a year, but we did.
Christina Day:<br />
I would say it was at least there was times where I was carrying 50 a year, so that was a lot.
Jay Day:<br />
It was a big part of the business.
Christina Day:<br />
And that was just us, and we were just a small little cog in the wheel.
Jay Day:<br />
And just one bank.
Christina Day:<br />
Yeah, so don't worry. Don't foresee this foreclosure thing being a big deal. But that is something that the media does bring out and talk about, and that goes into the mixed messages and the confusion for buyers and sellers as to what's going to happen. So talking about activity and the things that we're actually seeing happening, we've had multiple listings in this last month that have had multiple offers, lots of showings, very busy open houses. We're seeing offers come back that are competing, that are going above asking, that are going back to having appraisal guarantees that are going back to waiving inspections. And we're seeing that more and more. And we're not only seeing it on our listings, but we're seeing it when our buyers are writing on other properties. And when we find out we didn't get it for whatever reason, these are the contributing factors.
Jay Day:<br />
The appraisal gaps were almost non-existent except in small pockets. And I would say it was if we had four offers on a house, maybe one of them didn't ask for inspections, where now it's sort of flip flopped. We're not getting all of them with no inspections, but the people that are putting the inspections in are typically the ones not getting the houses in a multiple offer situation. Enough people that are foregoing their inspections, which again, we can never recommend because you never know. But at the same time, if you really want the house, there are risk factors you have to weigh and see what makes the most sense for you.
Christina Day:<br />
And we're seeing, I actually had on one where they do what's called a pre-inspection. So they bring an inspector in for basically like a showing, and the inspector does a quick inspection, not a full inspection, but they do a quick inspection of some of the major aspects and components, and then they can give them a good idea as to if this is going to be a red flag house or not. And that way they can write with a little more confidence. And the inspectors that we've seen doing that, they charge a lesser amount because it's a lesser intense inspection as far as time and thoroughness goes. But I,
Jay Day:<br />
They're hitting the big components, HVAC, electrical, roof.
Christina Day:<br />
As an agent working with a buyer, I cannot in good faith tell a buyer waive inspections. This is one of the biggest purchases of your life. This is a huge financial investment, and at the very least, I would recommend that you try to do at least the mini pre-inspection if the seller is agreeable to it, because you need to go in with your eyes wide open. There's been a lot of people who bought a lot of things with doing no inspections, and then they got a lot of big surprises.
Jay Day:<br />
Well, yeah. I mean, even
Christina Day:<br />
Shortly after buying,
Jay Day:<br />
Yeah, even earlier this year when we had almost every offer having inspections, we had lots of people canceling and us reselling homes because it's a combination of things, and I've said this before, I don't think that everyone, owning a home is not for everybody. If you're on an extremely tight budget, and if your water heater goes, if your heat goes out, if you are a paycheck to paycheck, it is going to be extremely hard to be a homeowner because life happens, stuff happens. I mean, even if it's covered by insurance, you still have deductibles. You still have,
Christina Day:<br />
Oh, we had that leak in our house. What was that? Around Thanksgiving, there was a pinhole or a small hole in a pipe that had been there for a while, probably over a year. And it wasn't until there was a small backup in the plumbing that caused it to reveal itself. And we had a massive leak, and we take great care of our house. We're very thorough with maintenance, something completely out of the blue beyond our control. We had a massive eight foot by five foot section of drywall out molding out. ServPro had to come in and dry out the house. And so that just to go through insurance was going to cost us over a thousand dollars for a deductible.
Jay Day:<br />
And then they wouldn't have covered the plumbing side of it because
Christina Day:<br />
It was an issue with the plumbing.
Jay Day:<br />
And we had our roof leak. We had to fight with the insurance company on that, and that was an active leak. And we had a tarp on our roof for it felt like months before
Christina Day:<br />
It was months. We went through that with the insurance company for months.
Jay Day:<br />
But if it wasn't through insurance, the roof cost was like 30 grand. Yeah, I mean, that's not a small thing. And the same thing with, I'm still always shocked when I see offers come over when people have well in septic and they don't do septic inspections because it is so costly to replace septic, a septic system. And there's so many parts where things can go wrong, whether it's drain fields, whether it's the small things, the tank, the baffles. There's so many different pieces to it. And then sometimes you have to have it re-perc'd. I mean,
Christina Day:<br />
Yeah, if you have a failure, you are having it. If the drain fields have failed, you definitely are re-perc'ing. And that can be problematic in the area too. So guys, the point is, if you're buying just because the interest rates are at six-ish and you hear they might go down to five-ish, if it were me and I were you, I would get out there and I would get looking. And there are things to see. I actually have a client who's relocating from out of the area. When we were together, 13 homes, we looked at within about a hundred thousand dollars window of pricing, which sounds big, but it's really not.
Jay Day:<br />
And that was just in one day.
Christina Day:<br />
That was in one day. And now a week later, we're looking at 12 of them.
Jay Day:<br />
And 12 new ones.
Christina Day:<br />
12 different ones, yes. Not revisits. So there are things out there to see, and if you really want to talk about inventory, like Frederick County's inventory, which is what we always focus on, we are low for inventory still overall, but the inventory is ticking up. Guess how many coming soons, we had coming into February and out of January? Just take a guess.
Jay Day:<br />
I have no idea. 20.
Christina Day:<br />
41 coming soons.
Jay Day:<br />
Wow, wow.
Christina Day:<br />
And the median price on that was 550. Actives, when we came out of January, I pulled the numbers fresh as we entered into February. We had 136 actives with a median price of 509,000, median days on market 28. Now, those days on market are a lot higher than what we saw a year and a half, two years ago. So for you buyers, there's a good sign there. There's inventory coming, there's a little bit of inventory there, but the inventory is definitely coming and the days on market is still kind of hanging out there. Now, what I did notice when I was evaluating the numbers, the days on market for those that are active was 28, or the median price was 509. Those that were under contract were 13 days on the market, and the median price was 475.
Jay Day:<br />
So they're selling in two weeks or so, which is still not bad because before you were spending 20 minutes in a house spending half a million dollars. Now, and I don't know if you've noticed it on yours, I've noticed on some of my listings that were seen people come back for second showings.
Christina Day:<br />
Yes, sometimes third and fourth.
Jay Day:<br />
And that's not a bad thing. I mean, that's really when you look at how much money people are spending, whether you're spending 200,000, 500,000, 800,000, it's all relative. And most of the people that are buying, it's a percentage of what their income is. So it's all the same. It impacts all of the people in the same way, no matter what the sales price is. It's basically the biggest purchase, like you said. So to not feel rushed. Now, again, there are some that we've had quite a few that sell in the first weekend.
Christina Day:<br />
Yeah, we've been seeing a lot more of that again, which is great for our sellers. A message to you sellers is you definitely want to think about getting your house on the market before there is a large influx of spring listings. And when we talk about what is spring, right? So if you go into home goods or where was I yesterday? I was in Michael's craft store. Spring has sprung. There's peonies everywhere. But the reality is spring market starts pretty early around here, and that's where I think you're seeing this 41 coming soon in Frederick County alone.
Jay Day:<br />
Normally though, I would say we expect it, we start seeing it in March. So the fact that we're seeing coming soon, you can only be in coming soon for 21 days. So those are going to be hitting in February. And there were a lot of people that took their homes off the market around the holidays where we encouraged our people go on the market, we're going to get 'em sold because if people really need to buy, those are our more motivated buyers. Maybe I could find something. And I mean, I know you had one that just closed this past week, and I think those people went through that house multiple times.
Christina Day:<br />
They did.
Jay Day:<br />
Like I said, the interesting part is now is not the time to be dealing with people on the novice side. You want to deal with people that can help you educate you, inform you, and say, I know I've heard people saying, oh, well, the market slowed down, so maybe I can get it for under asking. And we're like, the house has been on the market for two days. So part of the thing is doing the educational piece of, okay, here's your price point. Here's the area you're looking in. These are the neighborhoods. Here's what the data is over the last 45 days, here's what it was. If you would've done something 90 days ago and 90 days ago, you may have been able to negotiate a little more. So it's your agent's job to be able to give you that education. And I don't mean it in a negative way when I say you don't want to deal with a novice, but if they haven't had as many transactions, if they haven't had as many negotiations, they are just not going to know what's really going on.
Christina Day:<br />
And the same thing when you're representing a seller, if not even more, right? Because sellers are really hoping we have a crystal ball and that we can predict the future. And I tell my sellers, now, I know what I know today. I can't tell you what's going to happen next week. I can tell you what I think might happen next week, but there are any number of things that could negatively impact that or positively impact that. So we're really monitoring our sellers who are in the prepping their home stage or in coming soon. We're really monitoring the activity in the area, rechecking, what's our competition, rechecking, what is our price point? And trying to get them the best idea of what to expect going forward.
Jay Day:<br />
Especially when we've got sellers that are doing updates to the home. We tell them when we meet with them. So as of right now, here's what we think the price would be of what it would sell for. And then we go back and we re-look at that. We re-pull comps before it hits coming soon, and then we re-look at comps again before it goes live. That's part of the job because we don't want any money being left on the table. But we also don't want to overshoot and be in a situation where the home sits on the market for too long, especially if every client has a different focus. Some of them just want things to happen very quickly. Others are like, and again, we give them multiple strategies we had, whether it's a price knit right at where we think it would be or just a tad under to try and drive in multiple offers or those that have a little more time. We give them the pros and the cons of testing the market. It's been, and again, it's changed. Testing the market a year ago was a no brainer. Testing the market a couple months ago, you were really pushing your luck.
Christina Day:<br />
And it comes down, I just had this conversation with somebody. Patience or price, right? Yeah. Those are your choices. Patience or price, and sometimes the patience pays off. I mean, you've had clients, I've had clients where patience paid off and it got them where they needed to be, but you can't get mad about the timing when you're going the patience route, right? Yeah. Because when you go the patience route, you're hoping for that one right person who's going to come along and see the value in what you have when that person shows up is completely out of our hands. All we can keep doing is marketing, marketing, marketing, so that when that person does show up, they know that you exist. The other factor there is with the patience plan, you're waiting for that one right person, but you're also waiting for your inventory levels and your competition to shift, and that you have that opportune window where there isn't somebody else out there who's better than you or capturing your person's attention. And there becomes a point where you go, okay, there's been X amount of showings, there's been this feedback. This is where I need to evaluate my positioning, and I either need to be okay with writing it out, or I need to bring my price down so that I attract a wider variety of people.
Jay Day:<br />
I always use it as the funnel. If you work at the wider part of the funnel, you're going to have more options. If you're tightening the funnel, you obviously have less, and it may take a little bit longer. And you're right, we've had some clients that have waited it out and it's taken three months, four months, and we got the number that they wanted because there was no rush factor. And the interesting part is sometimes you just have a unique property. Sometimes you have something that's only going to appeal to a small percentage of people. And in those cases, as long as your agent is being upfront and honest with you and saying, hey, here's the deal. This is unique. Here's what our competition is. And it might not be like a apples to apples competition, but let's say you have a townhouse that's like a big townhouse. It's 2,600 square feet and you're competing with new town homes, and those new town homes are only 1800. And then with the basement, it brings it up a little bit. You have to tell 'em, hey, even though you're not this type, and that's a little different, that is going to be your competition. Because people are going to look and say, wow, I can have brand new, yeah, it's a little smaller, but everything is brand new. And part of that is we're in this unique market where people that are not in our area always say to us, why are you licensed in all these different states? And it's because our buyers are okay with being a 30 mile radius from work. And that can take them into not just multiple counties, but multiple states. So you can't just say, hey, not everybody is going to say, I need to be in the school district.
Christina Day:<br />
Well, and I think with the limited inventory that we've been experiencing, that people are much more geared towards shopping in their price point, not shopping for a particular type of house. So unless you have, the one I just had closed that you were talking about was a farmette, they have very specific needs. They want a barn, they want a pasture that's a very specific buyer,
Jay Day:<br />
And that's a very narrow part of the funnel.
Christina Day:<br />
That is a very narrow part of the funnel. And aside from that though, if you look at, okay, let's say we're talking about somebody coming into the area. They've got a budget that's 400 ish. We're going to look down to 350, maybe. We look a little above and we're going to look at singles. We're going to look at towns. We're going to look at a multitude of things because we don't have the luxury of having 20 single families around 400, and we're going to look in a 30, 40 mile radius because we don't have the luxury of looking in one isolated area. That's just what the market's dictated.
Jay Day:<br />
Yeah. The only time we have that, and that's when we have a conversation when someone is, I don't want my kids to change school districts. I want them to stay in the school. And that's when we say, hey, come in the office. Let me show you what has sold in this school district, and maybe you can buy, or we might tell you it's just not possible. So either you're going to be comfortable changing school districts or you're going to have to rent.
Christina Day:<br />
Good luck finding those.
Jay Day:<br />
Yeah, I was saying the rental side not been easy either. I mean, what all this means is the real estate market is a very interesting place to navigate. You definitely want to have a professional in your corner. Not to toot our own horns, but we've been doing this. You've been involved in real estate from the mortgage and real estate side for what, 30,
Christina Day:<br />
Almost 30 years?
Jay Day:<br />
Almost 30 years.
Christina Day:<br />
1996.
Jay Day:<br />
Yeah, that's before me. I've been in it 20 years. We've seen lots of ups and downs. We've seen lots of different markets. The neat thing is, again, with the amount of business we do, we're not the high pressure person. We're not the, you walk on the car lot and we're trying to close you or we come into your living room like the carpet salespeople and say, if you sign today,
Christina Day:<br />
If you sign today,
Jay Day:<br />
This is the price I'll give you. If anything, we're like, typically we're like, all right, now we're going to leave. This is a lot of information we gave you. We want you guys to talk it over, make sure you're comfortable, and then we can reconvene if it makes the most sense, and come up with a game plan that makes sense for your situation. So if you have any questions at all, don't hesitate to reach out to us. You can visit our website dayhometeam.com. D-A-Y-H-O-M-E-T-E-A-M. That's dayhometeam.com. You can call us, 866-702-9038. Again, 866-702-9038. I'm Jay Day.
Christina Day:<br />
and Christina Day.
Jay Day:<br />
with Real Talk Real Estate. Thanks for tuning in and we'll be back with you in March.
2024-02-05T08:00:00-07:002024-02-14T08:00:56-07:00Jay Daytag:dayhometeam.com,2012-09-20:19118Podcast 2/2/24🏦 Fed Chief Addresses Inflation and Mortgage Rates 📉
The Federal Reserve's recent decision to maintain interest rates has been a hot topic. While there's no talk of rate cuts just yet, Fed Chair Jerome Powell emphasized that inflation remains "still too high." A March rate cut isn't likely but not entirely ruled out.
What does this mean for mortgage rates? 🤔
Mortgage rates have been on a rollercoaster, influenced by various factors. Here are two key players:
1️⃣ **Inflation and the Federal Reserve**: The Fed indirectly influences mortgage rates through the Federal Funds Rate. High inflation and expectations of rate hikes can push mortgage rates up, but experts predict easing rates in 2024 due to improved inflation.
2️⃣ **The 10-Year Treasury Yield**: Mortgage rates are also tied to the 10-Year Treasury Yield. When it goes up, mortgage rates usually follow. Currently, the spread between them is not consistent, leaving room for potential rate decreases.
What's next for mortgage rates? Stay informed and have a professional team by your side. 🏡💼
Don't forget to check out our fantastic "House of the Week" in Germantown, a spacious 6-bedroom home with a large lot and versatile garage space. 🏠🚗 #MortgageRates #FedPolicy #RealEstateTrends
Andy Webb:<br />
Hey, I'm Andy Webb.
Jay Day:<br />
I'm Jay Day.
Andy Webb:<br />of the Day Home Team at LPT Realty, and this week's WFRE Jay Day Real Estate Podcast is coming on the heels of the Fed announcement about interest rates. And I was curious, Jay, with the announcement that the Fed made, how if any way, is that going to affect mortgage rates?
Jay Day:<br />
So the key is, and we'll get into some of the details for those that don't know what we're talking about, the Fed had their meeting this past week. They decided to hold the rates not do any increases or decreases. Last year they were hinting around doing some decreases. However, it's a really interesting dynamic because a lot of people don't understand inflation is still there. They're saying that inflation is getting better. However, if they lower their rates, what'll happen is more people will buy. And when more people buy, that causes the inflation numbers to increase. So they're staying steady. The thing that caught my attention was during that meeting, they also mentioned that they probably wouldn't be doing a rate cut in March either, and there's a possibility that they may need to do an increase.
Andy Webb:<br />
Oh, nobody likes to hear that.
Jay Day:<br />
Yeah. Now let's talk though about the question you asked. What really impacts mortgage rates? And I think I've talked about this on the podcast before, but again, every time this comes up and we start getting a bunch of people that ask us questions, I think it makes sense to sort of explain it. So the Federal Reserve technically doesn't directly determine anything with mortgage rates. So if they increase the rates, decrease the rates, that's not a one-to-one correlation as it pertains to mortgage rates. Now it does impact things such as your car payment, interest rates, your credit card rates, all of those types of things. But when it comes to housing, it doesn't have it that way. What happens is the Federal Reserve, they show what's going on and then how the markets react to everything is what sort of impacts things with what's going on on the mortgage rates. And basically it influences it. It doesn't have a direct correlation, a one-to-one. Now, one of the things that does happen is the 10 year treasury yield that does have an impact on things and frequently used government bond benchmark is used as well to sort of peg interest rates. And that's based on a 10 year treasury bond. I mean, the bottom line is when the Fed makes these changes, it's not a one-to-one ratio. And it's interesting, people will hear, okay, well the Fed is holding steady at 5.5 that is not the rate that you're getting that is again, associated with other things. But one of the interesting parts that I looked at was, and a lot of people don't know this, we're at the high point as far as the Federal Reserve, when I went back and looked from December of 2015, the highest we've ever been has been and since July. So in July they held 5.25, the increase from before then September, 2023, they stayed steady November 1st, December and now January. But historically, we're higher than we've ever been. And the reason for that, again, is to try to curb spending. Because if people have low interest rates on their credit cards, it's much easier to spend money. And that's why things, it's supply and demand, Andy, it's basic. If people have tons of money, they're going to continue to pour it into the economy and that causes things to become a little more scarce. So then the prices increase. And that's where we are. I mean we're in as much as, not to get into politics, but we are in a spot where you can't deny inflation. I mean, all of us, you go to the store, you go to the gas, and yes, things have gotten a little bit better. But if you go back to, even if you go a couple years back, gas was in the twos for premium. We're not there. When you go to the grocery store and you walk out with five bags and it's $300, then it used to be 125. You're like, what in the world did I buy? How much is milk? How much are eggs? We're all feeling that pinch. And I think it would be false for us to say that, oh no, everything's great. Prices are coming down and you see it. So I mean, what's the biggest part that you've seen personally with? Is it your utilities, your groceries?
Andy Webb:<br />
Your Oh, rent has gone up. I will say that first and foremost, the rent has raised also the groceries is the other factor. Just because like you say, and there are other reasons that those things go up. There is the inflationary part as far as national debt and interest rates and all that. But also there's the corporate side of it. Different things have happened and we've heard about different corporate things. There's lots of factors is my point. And we're not in a point where we can really feel comfortable. Like you say, we're still uneasy.
Jay Day:<br />
And we talk about fuel and you look at all the turmoil that's over in the Middle East, it's definitely not a calm time, is what I would say.
Andy Webb:<br />
No and when people are shaky, they may not want to make any moves. Right.
Jay Day:<br />
And I mean, we're looking too, we're in an election year and election years are always sort of wonky with what happens too, right?
Andy Webb:<br />
You're waiting to see how it turns out.
Jay Day:<br />
People on all sides. And I always say whether you're red or blue or in between election years are always very interesting times to see what happens. Typically, whoever's in the power makes changes to make things try to look a little better, to stay in power. That's just how it is.
Andy Webb:<br />
And if the other side wins, then there could be a huge swing, a huge shift. So you're waiting to see how far that pendulum swings.
Jay Day:<br />
Yeah, and like I said, it makes for interesting times. But so the bottom line is things have been holding, steady rates have gotten a little better as far as mortgages, we hit at over 8%. Now we're hovering for government loans, upper fives, low sixes. So that is in some cases, almost two percentage points lower than where we were, which is really good. And I think that the public is starting to realize where we were during covid with the two and a half, three, three and a half. That just was not realistic. A lot of people refer to that as the unicorn years because you don't see a unicorn.
Andy Webb:<br />
Exactly. Exactly.
Jay Day:<br />
And it makes sense. I mean, we were spoiled. We had a great opportunity, we had great rates, but being in the sixes is not a bad number. Eight is a little bit rough.
Andy Webb:<br />
To say the least.
Jay Day:<br />
And the challenge is still, and you mentioned it, where people sort of get paralyzed of, there's a little bit of uneasiness. So we still have a low inventory of homes to purchase and also rentals. So we're not seeing, it's really interesting. The rental prices are going up there, just like sales prices are, right.
Andy Webb:<br />
Blows my mind.
Jay Day:<br />
Yeah, it's not, and being close to DC in this metro area, it has gotten extremely expensive. It, we've got friends that live out or down south or in the middle of the country and it's, they think their stuff is really expensive and we're like, oh no. To be in Linganore, if you want a newer townhouse, you're going to pay $500,000 or more for a townhouse. It blows my mind. I look at it and I'm like, wow, it was only six, seven years ago and we got a detached home for that price. It's sort of crazy.
Andy Webb:<br />
Sure.
Jay Day:<br />
So, well, are you ready for the house of the wee?
Andy Webb:<br />
I would love to hear about it.
Jay Day:<br />
Alright. 17601 Roger Drive in Germantown, just hit the market. It's on there for 650. The neat thing is on this one, I'll give you some details of the house, but I wanted to point out, if you are looking, we are having open houses this weekend, Saturday the 3rd. On Saturday, the open house is 12 to 2 on Sunday, February 4th, the open house is 1 to 3. This home has 6 bedrooms, 3 and a half baths. It's 0.806 acres, so over three quarters of an acre. That's not easy to find In Montgomery County. It is a four level split level home, so not a split foyer. There's actually four levels. Three of those levels are fully finished. One, which is the lowest level is all for storage and utility. It has been freshly painted. There's some new carpet. Some of the rooms have new LVP flooring. It's close to local parks, nature trails, the community pool, the soccer plex, close to restaurants, shopping. There's tons of garage space. There's an attached two car garage and a detached six car garage. So for the car enthusiast, it's a great spot. Also could be a great spot for someone who maybe owns a landscaping business and needs a place to store some of their equipment. The home also has a second kitchen in the basement, so it could be a total In-Law Suite. Great opportunity. If you go to wfre.com, look up Tom and Jay's real Estate podcast. You'll see photos. If you like what you see, you can click on the button and schedule a showing right there from the website. And thanks for tuning in.
Andy Webb:<br />
Absolutely. I'm Andy Webb.
Jay Day:<br />
I'm Jay Day.
Andy Webb:<br />
of the Day Home Team at LPT Realty with this week's WFRE Jay Day Real Estate Podcast.
2024-02-02T08:00:00-07:002024-02-02T09:12:21-07:00Jay Daytag:dayhometeam.com,2012-09-20:19108House of the Week - 17601 Roger Dr. Germantown, MD 20874<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/17601_Roger_Dr..jpg" width="2165" height="1620" />
🌟🏡 **House of the Week!** 17601 Roger Dr, Germantown, MD 🏡✨
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2024-02-02T07:00:00-07:002024-02-01T10:49:18-07:00Jay Daytag:dayhometeam.com,2012-09-20:19023House of the Week - 606 Lincoln St Rockville, MD 20850<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/606_Lincoln_St..jpg" width="2165" height="1620" />
🏡🌟 Welcome to 606 Lincoln St in Rockville, MD 20850! A charming single-family home in a prime Rockville location!
Here's what you'll find:<br />🛏️ Three cozy bedrooms<br />🛁 One full bathroom<br />🍽️ Spacious dining room addition - the heart of this home<br />🌳 Covered rear porch for serene relaxation or fun get-togethers in the backyard<br />🚗 Convenient off-street parking
This home offers comfort and practicality, just a stone's throw from Rockville metro and City Center! An amazing opportunity for anyone wanting to experience the best of Rockville living. 🌆🚉 #RockvilleCharm #PerfectLocation 🌿🏡✨
<a href="https://www.dayhometeam.com/property-search/detail/42/MDMC2117080/606-lincoln-st-rockville-md-20850/">Click here for more photos!</a>
2024-01-26T07:00:00-07:002024-01-24T08:42:24-07:00Jay Daytag:dayhometeam.com,2012-09-20:19010Podcast 1/26/24
📉 Good news for sellers: Mortgage rates are on the decline! 🏡✨
If you've been waiting to sell your home due to concerns about high mortgage rates, now might be the perfect time to make your move. Rates have been steadily decreasing, making home ownership more affordable and attracting more buyers to the market. 📈🔑
Here are two key reasons why this trend benefits sellers:
1️⃣ You're not as locked into your current mortgage rate as before. With rates dropping, the difference between your current rate and a new one isn't as substantial, making moving more affordable.
2️⃣ Lower rates mean more buyers entering the market, increasing demand for your home. 🏠🌟
Don't miss out on the latest insights in our podcast, and make sure to check out our fantastic "House of the Week" in Rockville! This charming single-family rancher is conveniently located near the Rockville metro and City Center. 🚆🏡
Ready to seize the opportunity? Let's connect! 🤝 #RealEstateTrends #MortgageRates #SellersMarket
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay I've heard things in the national news, the words mortgage rates, up, down, what's going on?
Jay Day:<br />
Up, down, all around. A little bit of this, a little bit of that.
Tom Whalen:<br />
I don't know. I do these podcasts with you and then I hear the national news and I think, man, these people don't know what they're talking about. Jay knows what's going on.
Jay Day:<br />
Well, that's very kind of you, but I don't know if I want all that pressure. So the rates have come down from the highest point they were at. And so overall what we're seeing is that mortgage rates have descended since last October when they hit about 8%. So we have been seeing them drop down. Now, they dropped lower a couple of weeks ago than they're back up, but they're still not up to where they were pushing close to 8%. And I was looking at some statistics on this and some data, and Dean Baker, a senior economist at the Center of Economic Research says that it appears that mortgage rates are now falling again. They almost certainly not fall back to the pandemic levels, although we may soon see rates under 6%, and we actually have seen rates under 6% for government loans, and that would be low by pre Great Recession standards. Also, we're finding that with the rates dropping, sellers are starting to realize it's a lot different. Maybe they refinanced and had 4% and they weren't making any moves and selling because the rates were close to 8%. Now with them getting down to the low sixes, upper fives, they're starting to realize, okay, well maybe I can make a move. It's not as bad as it was. It's better than it was just a few months ago. And so Lance Lambert, who is a founder of ResiClub, said, we might be at a peak lock-in effect, some move up lifestyle sellers might be coming to terms with the fact that 3 and 4% mortgage rates aren't returning anytime soon, meaning that sellers have realized, okay, we're never going to get back to that level if I need to move. And we're not at the highest, pushing 8%, so now might be a good time if we're in that upper fives, we can pull a trigger and who knows if they're going to go down, but we definitely know that they can go up and they can go up quickly. Some of the other interesting studies that I looked at were according to Bright MLS, that here are the top reasons why buyers have been waiting. And number one, 72% was due to high mortgage rates. 34% was due to inventory, lack of inventory, and 17.4 were because of the affordability home prices. So the lower rates are allowing them to be able to make that purchase now, and the home sale prices are not as concerning because people are realizing the prices aren't coming down. Actually, another thing that I just looked at was a home price forecast, home index that shows that home price forecasts are due to climb over the next five years. They're saying estimated for what they're looking at is in 2024, they're expecting home values to increase by 2.35%. 2025, 2.7. 2026, 3.67. 2027, 4.06. 2028, 4.15. So if that is correct, waiting for prices to come down is just not going to happen, and I don't see it happening either. There's still a crazy demand. The rates are getting a little more affordable. So if you've been sitting on the fence about selling your home, now's not a bad time to do that. And the same thing on the buy side. Again, on the buyer side, if you're looking at estimates that values are going to go up at least close to 3% every year and then hitting over 4% increase, it's just going to cost you more and more money the longer you wait. So if you have any questions about that, you can feel free to reach out to us. Again, these are all predictions. This is all based on what the economists say in the real world. What we're seeing is homes are still moving fairly quickly. There's still a lack of inventory and what sort of peaked that was, those rates hitting in the upper fives, low sixes is what I would say. So you ready for the home of the week?
Tom Whalen:<br />
What do we got?
Jay Day:<br />
Alright. This is one pushing out towards our Montgomery County people. 606 Lincoln Street in Rockville, Maryland, listed for 365. Also on this one, we are going to have an open house this Saturday, 1/27, so the 27th from 1:00 to 3:00 PM. This is a single family home. It's a rancher, no basement. That's the price is 365. It's close to the Rockville Metro and City Center. Three bedrooms, one full bath, formal dining room. There's a covered rear porch, off street parking, storage shed, partially fenced. This is one that if you're looking for a smaller home, great, or if you're looking as an investor and looking to maybe renovate, possibly see if you can increase the size of the house and make a good return. This one could be good for you. If you want to see what the home looks like, go to wfre.com. Look up Tom and Jay's Real Estate Podcast. If you like what you see, click on the button and we can get your private tour and get you into the home. ASAP.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Thank you for listening and tell your friends all about it.
2024-01-26T07:00:00-07:002024-01-26T08:28:23-07:00Jay Daytag:dayhometeam.com,2012-09-20:18952Podcast - 1/19/24🏡 Just applied for a mortgage? Avoid these common mistakes! 🚫💰
Buying a home is an exciting journey, but before you close the deal, there are crucial steps to follow. In our latest podcast, we share valuable insights to help you navigate this critical phase of your home buying process. From managing your finances to discussing changes with your lender, we've got you covered! 🎙️🏠
And don't forget to check out our amazing "House of the Week"! This open-concept beauty in Monrovia is a must-see with cathedral ceilings, a gourmet kitchen, and a stunning rear deck. 🌟🏡
Tune in now for expert advice and the latest real estate scoop! 📈👍 #HomeBuyingTips #MortgageJourney #RealEstateInvestment
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Jay, I have a layman's person, a layperson's question to ask you.
Jay Day:<br />
There's no layperson question. Tom, you're a pro now. You've been doing this almost as long as I have.
Tom Whalen:<br />
When it comes to this, when part of it, alright, I need, I'm going to buy a house, but before I can even come to you, I need to make sure that I have my ducks in order. I need to have a mortgage, a lender going to back me up with what I'm doing. What's the first thing I do to go, when I go to see a lender or a mortgage person?
Jay Day:<br />
Well, if you have someone, that's great. If not, we have a lender that we recommend who does an amazing job. If he says he can get the job done, he always does. The challenge is there's a lot of people that think that lenders, it doesn't matter who you use and it does. I mean, deals fall apart all the time from lenders not being able to get the job done properly. But from a buyer perspective, we also see at times the lenders don't educate and the agents don't educate their buyers on the most common mistakes that happen after people apply for a mortgage. So let's say you talk to your lender, you got your approval, and then these are the things, the most common things that happen after you have an approval that ends up turning into your loan, getting denied.
Tom Whalen:<br />
Oh man.
Jay Day:<br />
First thing, don't deposit large sums of cash. If you suddenly start depositing large sums of cash, the lender is going to require sourcing that income. Sourcing the income means where did that cash come from? And if you just had money in your safe, if you had money under your mattress, whatever, that is not going to be able to be sourced.
Tom Whalen:<br />
They don't count that.
Jay Day:<br />
No, no. So if you're, I'm going to behave myself.
Tom Whalen:<br />
Okay, man. Look, you mentioned something earlier. You said after your loan is approved, then these things happen for it to be denied. If it's been approved, how can it be denied down the road?
Jay Day:<br />
Yeah, so I mean, well, because people do things that it has to be traceable where it comes from. Now if let's say your family member gives you money, that's easily traceable. If it comes from their bank account, they can show where it was withdrawn. They pulled, let's say you suddenly put 15, you made a $10,000 deposit. And you don't normally have those size deposits, but you say, oh, it came from my aunt. As long as your aunt can show that that money was in her account, she took the money out and gave you the cash, that's no problem. But you are going to have to document it. Problem number two we run into is people making large purchases. They're like, okay, well great. I'm getting this house. I'm going to go to Lowe's and order all new appliances. I'm going to schedule to have carpeting done. And just as you're ready to check out the Lowe's people say, hey, if you get our credit card, we can offer you one year 0% interest. Oh, great. Well there you go. That screwed up everything.
Tom Whalen:<br />
Why did that screw up everything, Jay?
Jay Day:<br />
Well, everything is tied to your debt to income ratio and it was based off of what credit you had used, what credit you had available. All of that will impact your credit score and also your debt to income ratio. So you can't add anything new to that. And sometimes it sort of surprised me. Sometimes people are like, they get so excited, okay, I've got this new house coming. I'm moving, I'm going to change cars. It's like, whoa, hold on. Don't do anything until afterwards. Another thing that we've run into is people will co-sign. So let's say you've got a kid, you've got a family member and they're like, their car breaks down, they need a new car and they can't get it without a co-signer. And they come to you and say, Hey Tom. Let's say that your son comes to you and says, Hey dad, I need to get to work. My job now, I can't get to it easily and my car's just not functioning. I need you to co-sign for me. Don't worry, just co-sign. I'm going to pay for everything. But they just need your signature.
Tom Whalen:<br />
I understand. I've heard that before, but I understand what's going on.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
What does that have to do with me trying to be approved for a loan?
Jay Day:<br />
Technically, once you co-sign, you are taking co-responsibility for that. So if the person you co-sign with doesn't pay, you're responsible for paying. So the way that it looks is that debt is your debt regardless.
Tom Whalen:<br />
And this has come up.
Jay Day:<br />
Oh yeah. Wow. And it comes up mostly the example I gave where it's a family member and their car breaks down, something happens, they need somebody to co-sign. And us being the good family members is like, oh yeah, yeah, no problem. I got you covered. Don't even think about it. Like, well, it's not my debt. I don't have to pay it. And they just don't think that the co-signing thing puts them on the hook where it really does. So super common happens quite often. Another one that happens is people will switch bank accounts don't switch your bank accounts.
Tom Whalen:<br />
You mean during this process?
Jay Day:<br />
Yes.
Tom Whalen:<br />
Because why?
Jay Day:<br />
Because you need to show, they're going to require bank statements. And again, you can still get your approval if you change bank accounts, but it makes it much more complicated.
Tom Whalen:<br />
It makes it harder. Okay.
Jay Day:<br />
Yeah, because they have to trace, was it, did everything come out and go into this one? What if your new bank doesn't issue statements before closing and you need to have recent statements, but you have a lapse in statements because of your timing. It's just these are things that happen. Another one that we talked about sort of tied in is the applying for new credit. And where that happens is people will go get appliances, furniture, and they have all the best intentions that they're not going to use. They have the money to deal with it or whatever, and then they get hit with that. Oh, well you can save 10% or there's 0% interest. Buy your furniture. Do any of that stuff after you close. Doing that before or during is not a good move.
Tom Whalen:<br />
I would've never thought that any of this would be a problem.
Jay Day:<br />
Yeah. Another common thing is don't close any of your credit card accounts in the process because, so how this impacts things. Let's say that you had four credit cards and you owed nothing on two of them. And people were like, well, I just don't even need to have this credit. It's not necessary. That impacts your credit score because your credit score is driven based on how much available credit you have versus how much usage there is. So let's say you had, I'll make this very simple. Let's say you had a card that you were using and you had a $5,000 limit. You were using 2,500, and then you had two cards with zero, and then you had another card. You had $5,000 limit and you only use the a hundred bucks on it. If you eliminate those two cards and you do the math, your percentage goes up, which means your credit score is going to go down. Where if the two cards you had that didn't have any balance on them were five grand, that's 5,000. The second one's 10,000, the third one was 3,000. And so you're having all of this, you've got 5, 10, $15,000 that's open and you close 10 of it. All of a sudden, your percentage of available credit versus your usage changes dramatically. Does that make sense?
Tom Whalen:<br />
Yeah, it does make sense. And it's giving me (inaudible) here a little bit. It really is bothering me.
Jay Day:<br />
Yeah, and discuss any change.
Tom Whalen:<br />
The thing is, you would think closing out credit cards is a frugal the right thing to do.
Jay Day:<br />
And like I said, that's why I'm like, these are the most common mistakes that we run into. Or people will do things and they don't tell their lender what they're doing before they do them. Ask, say, hey, I'm thinking about doing this. Hey, my kid needs me to be able to co-sign on a car. What is that going to do? I have this situation, that situation. And not everybody is going to be denied because it all depends on how tight your numbers are. But this can throw a monkey wrench into things and it can impact all types of things during the process. So it is extremely important to stay in communication with your agent, your lender, and make sure they know what you're thinking about doing before you do it. Not after, because you can't undo certain things. And the same thing, sometimes people will be like, oh, going to go, I'm not going to buy a car. I'm just going to get a lease. Well, guess what? It's still a monthly payment. I mean, they all tie in to having extra debt, which can impact your debt to income. It can impact how much you can afford because it's not like they look at it and say, you can use a hundred percent of your income on this. There's a percentage because they know you have a certain percentage for gas, for living expenses, for groceries. You put all those pieces together and if anytime you throw that ratio off, you can impact your ability to what you can purchase and possibly not even have an approval. So if you have any questions on this, you can always reach out to us. We can connect you with Joel, our lender, or we can talk to you ourselves and give you a little bit of an idea. But those are the big dues, the big avoiders of things that we see commonly happen that can blow a deal up in the middle. You ready for the home of the week?
Tom Whalen:<br />
Give it to me.
Jay Day:<br />
Alright. 4024 Lynn Burke Road in Monrovia, Maryland. This one just hit the market being offered at 685. Important thing with this one, before I get into the house details, we are having an open house this Saturday the 20th and Sunday the 21st from 1:00 PM to 3:00 PM. So if you like what you're hearing, stop by. This is a great home, three bedroom, open concept living area. There's cathedral ceilings, gleaming Argentinian oak flooring. There's a stone surround gas fireplace, a rear deck, a gourmet kitchen, oversized island, breakfast bar, granite counters, stainless steel appliances, gas cooktop, mud room, roman shower, a laundry room with built-in cabinetry. Two of the bathrooms have been remodeled in 2008. There's a finished lower level. In the lower level. There's a family room that has a wood-burning fireplace, the rear lawn backs to mature trees. There's a fenced in portion, which is great for your pets and oversized two car garage, large storage shed. And obviously with being in Monrovia, it's close proximity to highway, shopping and dining. If you go to wfre.com, look up Tom and Jay's real estate podcast. You'll be able to see photos. If you like what you see, you can stop into the open house or you can click right there online and schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />of Jay Day and the Day Home Team at LPT Realty Weekly Real Estate Podcast. Thank you for listening and tell your friends all about it.
2024-01-19T09:00:00-07:002024-01-22T07:28:43-07:00Jay Daytag:dayhometeam.com,2012-09-20:18953House of the Week - 4024 Lynn Burke Rd Monrovia, MD 21770<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/4024_Lynn_Burke_Rd.jpg" width="2165" height="1620" />
🏡💕 Get ready to fall head over heels for this entertainer's dream home, nestled in a serene, tree-lined corner lot!
What's inside?<br />🌳 A stunning split-level with amazing curb appeal<br />🛋️ Expansive open concept living area with cathedral ceilings and Argentinian Oak floors<br />🔥 Cozy stone surround gas fireplace<br />🍳 Gourmet kitchen featuring:<br /> - Oversized island/breakfast bar <br /> - Beautiful granite counters & ample cabinets<br /> - Stainless steel appliances including a gas cooktop<br />🌞 Bright with skylights and a large picture window
More to adore:<br />🧼 Mudroom, full bath with roman shower & laundry with built-in cabinetry<br />🛏️ Three bedrooms on the upper floor<br />🛁 Remodeled primary & full hall baths (2008)<br />🖥️ Finished lower level with family room, wood-burning fireplace & home office<br />🌲 Sprawling rear lawn with gazebo & fenced area for pets<br />🎶 Built-in indoor/outdoor Bose sound system
Extra perks:<br />🚗 Insulated loft in the oversized 2-car garage + large storage shed<br />🛁 Hot tub & top-notch Napoleon gas grill included<br />🏠 New roof & windows<br />🔥 Dual heaters & water heaters for energy efficiency
Close to highways, shops & dining! This home truly ticks all the boxes. Don't miss out – schedule your visit today! #DreamHome #EntertainersParadise 🌟🏡🎉
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2043486/4024-lynn-burke-rd-monrovia-md-21770/">Click here for more photos!</a>
2024-01-19T07:00:00-07:002024-01-18T10:17:29-07:00Jay Daytag:dayhometeam.com,2012-09-20:18881House of the Week - 81 Trevanion Rd Taneytown, MD 21787<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/81_Trevanion_Rd..jpg" width="2165" height="1620" />
🏡✨ Welcome to your new slice of charm at 81 Trevanion Rd, Taneytown, MD 21787!
This delightful 3-bedroom colonial is a treasure:<br />🛌 Three cozy bedrooms<br />🏠 Full finished basement for extra space<br />🚗 Oversized 2-car garage + plenty of driveway parking<br />🛠️ Large shed for all your tools and toys<br />🌳 A beautiful deck to relax on<br />🐟 Your very own koi pond for serene moments
Inside perks:<br />🍳 Updated kitchen with soft-close drawers & doors<br />🛁 Soaking tub in the primary bedroom for ultimate relaxation<br />🌞 Cedar-lined window box creating a quaint nook<br />🛋️ Spacious living room and so much more
Enjoy the view of farmland 🌾 while being just a stone's throw away from shopping 🛍️ and dining 🍴 options! Your dream home awaits. Schedule a visit today! #TaneytownTreasure #ColonialCharm 🌲🏠💫
<a href="https://www.dayhometeam.com/property-search/detail/42/MDCR2017972/81-trevanion-rd-taneytown-md-21787/">Click here for more photos!</a>
2024-01-12T08:00:00-07:002024-01-12T09:40:21-07:00Jay Daytag:dayhometeam.com,2012-09-20:18875Podcast - 01/12/24🏡 Facing disappointment because your house didn't sell? It happens, but there's a path forward! 🤔
In our latest podcast, we dive deep into what to consider if your house didn't sell. 🎙️ From access limitations to curb appeal and pricing strategies, we've got you covered with valuable insights to get your home back on the market successfully. 🏠🌟
And of course, don't forget to check out our fantastic "House of the Week"! This colonial beauty in Taneytown is a must-see, with 3 bedrooms, a finished basement, and stunning farm views. 🌄🏡
Tune in now for expert advice and the latest real estate scoop! 📈👍 #RealEstateTips #HouseHunting #HomeSelling
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. What are we going with today, Jay?
Jay Day:<br />
Today? I thought it was pretty important to talk about. We talked about how a lot of people sort of gave up, took their homes off the market. A lot of our clients didn't. We got homes sold over the holidays. So this podcast is for those who had their house on the market and didn't sell, and things that they really need to consider.
Tom Whalen:<br />
Frustrated with another agent. Is that what we're talking about?
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay. I understand.
Jay Day:<br />
Or I would say frustrated that their home didn't sell. Period.
Tom Whalen:<br />
Okay, their home didn't sell.
Jay Day:<br />
So they let their listing expire or they canceled it, the home didn't sell. Of course, you're going to feel frustrated, you're going to be disappointed, possibly angry, all these different emotions that are there. So sometimes it's tied to, as you mentioned, it could be the agent. It could be the lack of marketing, it could be the lack of conversation. One of the things that when I talk to people that have their house expire is what was their showing activity like? Did they have a lot of requests for showings? Did they make it available? And for people that are like, well, I had a bunch of requests, but it was never convenient. Well, that's a,
Tom Whalen:<br />
Yeah, I understand.
Jay Day:<br />
And I get it. We still are in a world where a fair amount of people are working from home and they're like, well, I need to have 24 hour notice, or I can't do this. I can't do that. Again, once you make your home unavailable, it becomes a challenge to sell it. If we can't get, the more eyes we have on the home, the more feet through the door, the more opportunity to get it sold. So one is you need to be as flexible as possible and allow your house to be shown. Don't make it difficult. You want to make it easy. When you make it difficult, that will delay things and create problems.
Tom Whalen:<br />
As a lay person, it seems difficult to have your house be shown. I don't know how I could handle somebody coming through there with me living there.
Jay Day:<br />
Yeah, I mean, it's definitely not easy. What we do is we tell people, we give 'em a little pointer of, for the bathroom, you have to go out and get a couple little bins, and every morning you put your stuff in there, your toothbrush, the stuff you leave out on the counter.
Tom Whalen:<br />
It has to look like maybe a hotel when you leave.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay. I understand.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Not the way I'm leaving it. Definitely not.
Jay Day:<br />
Yeah. And we tell people, same thing. If you're working from home and you had stuff going on, just have a laundry basket, a little laundry basket. You get a notification, someone wants to show it in 20 minutes, toss all the crap in the laundry basket, put it in your car, and head out and bring your laundry basket back in and put your stuff back to where it was.
Tom Whalen:<br />
That's the way to do it, Jay. My first thing was, oh, stick it all in a closet, but ain't going to work, is it?
Jay Day:<br />
No. You just, like I said, have a box, a laundry bin, something.
Tom Whalen:<br />
People want to see the closet space. That's important.
Jay Day:<br />
Oh yeah. The other thing is, did your house stand out? Was there anything that was done that stood out in a negative way? I had one recently where they had a very bold color and their house was on the market for a period of time. And I was like, as soon as you walked in the house, the first room had this really bold color. And I said, this is definitely leaving a lasting impression on people. And at one point that color was very popular. Now it is not. And people, I don't know how to say this in a nice way, people, people tend to want to do less. So I would say, and again, this is probably not the nicest thing to say, but
Tom Whalen:<br />
That's okay.
Jay Day:<br />
Overall, the world has become a lazier place. Would you agree with that? Absolutely. So if someone thinks that they're going to have to paint versus someone that doesn't have to paint, you're going to have better odds dealing with something for people that don't have to do any of the work. So there's some of these things that pop up and like, well, I would highly recommend painting this because this is going to appeal to 20% of the population and we're leaving out 80. I don't want to leave out 80. I want to appeal to as close to a hundred percent as possible, if that makes sense.
Tom Whalen:<br />
Understand.
Jay Day:<br />
And the same thing I tell people. I'm like, walk into your house, pull into your driveway and forget that it's yours. Take the personal side out of it. And what do you see? What catches your eye, is there, oh yeah, I knew about this. The downspouts been messed up and I needed to reconnect it. There's been this door that was broke, so I took the door off the hinges. Whatever it is, those things are things that can be a problem. And you have to look at it from, it's the same thing if you go to look at a car. When you go to look at a car, a car is much smaller than your house. What do you do? You walk around the outside, you look for any dent, you look for any dings. You go inside the car, you look, does it smell good? Does it have crumbs on places? What does it look like? And you have to look at your house the same way because everybody looks at their car. As most people, if you go to get rid of your car, what do you do? You take it to get detailed washed. You do all these different things. You want to get as much as possible, but you don't want, it always blows my mind because a lot of people just don't want to do that with their house. And I'm like, so your car, you're going to sell for $30,000. Your house, you're going to sell for 500,000. You're willing to do this for the car, but you're not willing to do it for the bigger property. Yes, it may cost a little more money, but think about it like you think about when you're selling your car. That's the most simple way I can try to explain it to people. Look at it from that perspective. Now, the other part is your pricing. Did you price your home at a number that you just picked because you thought that's what you wanted? That's what you needed? If they would pay that, I would move. Wasn't based on any real data, if anything, and I won't get into political stuff, but it's always funny to sort of throw some things in there. The big thing now is what is science? What is scientific? What is not? What is real? What is not real? What is real news? What is fake news? So did you price your house because you wanted to? Or is there true data that you can look at and see that the homes around your homes like yours sold for this amount of money? Or when you look at that, did they sell for 400,000 and you're trying to get 475? It's time to get real and look at real numbers and not live in a fantasy land of where we have been during the covid times. And again, that's my pretty direct way of saying, now is not the time to play around and throw spaghetti at the wall and see if it sticks. You know what I mean?
Tom Whalen:<br />
Well, somebody would put their house on market Jay and say, hey, if somebody pays that, I'll move.
Jay Day:<br />
Yeah, it's,
Tom Whalen:<br />
They're doing that.
Jay Day:<br />
Oh my God, Tom, over the years, there's times too that I go in and I meet with people. I'm like, how did you come up with a price? And they're like, oh, I told the agent I wanted to sell it for X. And I was like, okay. So did the agent give you any comparables, anything that can justify X? No. They just told me, they asked what I wanted to sell it for, and that's what they wrote on the paperwork. And I'm like, okay, that's not how this works. I would love to sell it for as much as possible, because again, I like to remind people that we get paid a percentage and that percentages of the sale price, the higher the sale price, the more money we make, the higher the sale price, the more money our client, the seller makes. So we all want to sell it for as much as possible, but we have to be realistic in what that number is. So those are some of my pointers. Again, if you gave up, don't be afraid. The market is not trash. The market is not crap. The interest rates aren't the reason why your house didn't sell. If you want a fresh look at it, a different approach, you can go to our website dayhometeam.com. You can get an estimate of what your house is worth there, and then we can schedule a consultation. Or you can even just do the request to get an idea of what it's worth without meeting with us. Or you can call us at (866) 702-9038, press the prompt for seller. It'll connect you with one of our listing specialists, and we'll be happy to chat with you about why we think it didn't sell, what we could do differently, and how we could get you to where you want to be, assuming it is that you really do want to sell and to make your move.
Tom Whalen:<br />
Sounds good.
Jay Day:<br />
Alright, you ready for the house of the week? Let's go. So we're going to go up to Carroll County, 81 Trevanion Road in Taneytown, Maryland. This one's listed for 385,000. It is a detached colonial with three bedrooms, two full baths, also has a finished basement. The kitchen is updated. There's granite countertops. There is a large yard, a large deck. There is an oversized two car garage, a master suite with a soaking jetted tub. And the neat thing, no HOA. And you have beautiful farm views. And from what we're told, spectacular sunsets. You can see from this property all for under 400,000, not too far away. Right out 194, 81 Trevanion Road is our house of the week.
Tom Whalen:<br />
I'm Tom.
Tom Whalen:<br />
I'm Jay.
Jay Day:<br />
of Jay and the day home team at LPT Realty Weekly Real Estate Podcast. Jay, you're the best. Thank you for listening and tell your friends all about it.
2024-01-12T08:00:00-07:002024-01-12T09:27:31-07:00Jay Daytag:dayhometeam.com,2012-09-20:18801Show - 01/08/24
Jay Day:<br />
Good morning, WFMD listeners. I'm Jay Day.
Christina Day:<br />
And Christina Day.
Jay Day:<br />
With Real Talk Real Estate. We appreciate you tuning in since we're only in here once a month. Just to give you a little bit of an update on what's happening. So one of the big things that I think you wanted to chat about is anyone who has been listening or hears any of our radio advertisements, or if you happen to be on our website, we now are Jay Day and the Day Home Team at LPT Realty.
Christina Day:<br />
Yes.
Jay Day:<br />
So same great people, same team, same location, just a different association with the brokerage.
Christina Day:<br />
Yes, and I think that it's really important for us to talk about it because this is a really big deal for us. I mean, we were at the same brokerage for what, seven, eight years. And I would say consistently, I have always said your brokerage brand doesn't matter. And I think you would agree prior to this move, we both would've consistently pounded to the drum that the brokerage brand didn't matter because 99% of the time the brokerage isn't bringing anything to your party. If you have a standalone team that kind of functions and operates under its own brand and has all of its own systems and all of its own marketing, most brokerages aren't providing any of those types of services as far as marketing goes for an agent who has experience and an agent who has brand.
Jay Day:<br />
Yeah, I was going to say the ones that do provide something, it's still so much less than what we've been doing. So it didn't really make any sense to pay extra money for things that we already have in place and most of the time have a better system in place for.
Christina Day:<br />
Right exceed. So people have asked me, a lot of our clients who were with us during this transition have asked, why did we make this change? Because we are so standalone and have such an established brand. And there was a couple of reasons, and I think it's important to share with those who are listening be buyers, sellers or agents who are in the market as to why we made this choice. And it's because they are bringing things to the party for our clients and for our marketing. And it's not impacting our bottom line in a negative way to add these enhancements. We have these super cool listing power packs now that our broker brand is providing, and that is a nice enhancement to all of the other things that we were doing.
Jay Day:<br />
And it's not going to cost our clients any more money either.
Christina Day:<br />
Exactly.
Jay Day:<br />
So we're able to add some extra pieces that we had not been doing, and it's a benefit. It gets more exposure, it offers different pieces of marketing that we were not doing at a high level. And listen, at the end of the day, we're able to provide this and still have the same costs associated with everything with our clients. So it's a win across the board.
Christina Day:<br />
Absolutely. And it also gives our team agents an opportunity to bring something to your kitchen table that other agents aren't going to have. So that's a win for our team. It's a win for our clients. And so we're super excited. The other really cool thing was we have friends who are top teams and brokerages around the country. And how this all kind of came to be was we saw a good friend of ours, Jeff Cook down in the Carolinas, had made this move and Jeff had his own independent brokerage and he has over a hundred agents with his brokerage and runs a very successful business. He's one of the people who I look up to in the real estate industry. He's creative, he's innovative, he knows how to run a business, he knows how to sell real estate and he knows how to service his team and take good care of his people. So when I saw Jeff made this change, my eyes kind of twinkled and I thought, oh, there must be something here. I'm going to talk to Jeff and see what's going on. And then we saw other friends of ours also doing it who had one, had a RE/MAX franchise, one was at EXP and very successful at some of these other franchises. So we had an independent and some other franchise folks. And I said, well, if they're looking at doing this, what do you do? You follow successful people because they usually have a good successful plan and if they see something magical and special here, it probably is. So we talked to them and we said, okay, this sounds like a win for us, for our clients and for our agents. And they said, we aren't open in Maryland and West Virginia yet.
Jay Day:<br />
And we just opened in Virginia and we are just opening in Pennsylvania. And we're like, well, let's do it.
Christina Day:<br />
So
Jay Day:<br />
Let's break the mold, let's get it open and let's do what we need to do.
Christina Day:<br />
So the exciting thing is, is we are sponsoring the hub here in Maryland that'll service Maryland, West Virginia, southern Pennsylvania, Northern Virginia. If you're in our area and you service those areas, our hub office is a place where you can work from, come in, meet with clients, that sort of thing if you're an agent. So that's super exciting too, to actually be a part of something that's a little bit outside of the box of what we've always done just with our team. And we have such a beautiful office space over there near the airport that it's pretty exciting to see it turn into something a little bigger.
Jay Day:<br />
And a lot of people were like, well, what is this company? Who are they? What's on? And it's funny because we've been through that before when we went into certain areas, who's real estate teams? Who's this, who's that? Who's whatever the other brokerage is. And we're like, well, we're launching in the area, but however they are, we, they're the fastest growing real estate company. They're based out of Florida and now they're in 20 states soon to be more. And it is just very exciting. And I was super pumped because I normally having my own space, my own office, and I was like, no, no, no. I think we need to open this up. And then working with the corporate office down in Florida, getting all of the stuff done in our office of mixing the day home team, but also having stuff that's LPT specific as well was I enjoyed it, getting it all set up. I know you were questioning all the crazy things I was doing.
Christina Day:<br />
Yeah, you got a little excited about the redecorating.
Jay Day:<br />
Yeah, and I think it turned out well, a couple other things we'll probably end up doing over the next couple of months, and the challenge for people is with the market, the way that it changed from an agent perspective, what are you getting for what you're paying for? And there's a time and a place for a lot of these brokerages will have set fees per month. And I know when I talked to different places in the past it was, oh, if you have administrators, you have to pay for this. If you have this, it's the cost for this. Nothing is very simple. And when you do all the math, it gets so convoluted, you're like, this just isn't even worth it. This isn't really what it was supposed to be. So what LPT decided they were going to do was they were going to make something that was beneficial for the client, but also the agent had choices. Here, you can do this or you can do this. And it's simple math. It's nothing overly complicated. And I think it's going to be a big win as it's grown in other states once people get an idea of what this is all about. So if you happen to be an agent listening to this and you have any questions, you can reach out to us directly. You can go to our website. On the bottom of the website, we have a careers thing. The careers thing is not just about joining the team, it's actually just if you were an independent agent and also wanted to just figure out some answers of what LPT is all about, you could do that. Any conversation you have with us is 100% confidential. We'll not share that with anybody. Anyone that knows me knows you can tell me stuff and I'm like a vault. No one will ever find out about it.
Christina Day:<br />
You're like a priest and a confessional.
Jay Day:<br />
Yes. There we go. That's a good way to do it. Bringing back my old,
Christina Day:<br />
Your roots.
Jay Day:<br />
My private Catholic school roots. I love it. So anything else you want to add to that?
Christina Day:<br />
No, no. I really wanted people to understand why we made the change. I think sometimes when you make change, it can either be exciting or it can be scary for the people that we serve. And so I just want people to really understand this is truly an enhancement to what we were doing and we're so excited about being able to bring more to getting your house sold or more to helping you find the right house. And it's just going to be a really exciting year in 2024. So that being said, let's talk about what 2023 did.
Jay Day:<br />
Yeah, why don't you get into the stats. I'll let you have the fun part of that since you spent all of the time trying to pull all the data.
Christina Day:<br />
So it was really interesting looking at the statistical data for Frederick County. And like I said, we serve as such a big area. We do Frederick County, we dip into the surrounding counties, even go down into PG County. We do southern Pennsylvania, northern West Virginia, Northern Virginia. So there's a broad area we cover, but since we're based out of Frederick, I like to focus those numbers right there. The other thing that I like to focus on is resale, not including new construction because new construction is a variable with listings that it becomes a skewed statistic. You can't really tell exactly how many homes they're truly building and selling. They don't always put in the right data. And they have,
Jay Day:<br />
Yeah, sometimes they'll put 'em in just as they sold, it took zero days. Other times they'll have a listing that's been in there for a year that wasn't a real house, and they just make that, they'll change the address and put that as one that's sold. So it just doesn't give you real,
Christina Day:<br />
It messes up the data. So looking at resale, because most of our clients are going to be selling a home that they have lived in or had it as an investment or something to that effect. So looking at the resale numbers, in Frederick County, there was 2,954 resale properties that sold under the residential category. And that was across 2023. And that actually was like 250 ish a month on average. So if we think in terms of the amount of homes that sold, that seems like a lot. But when you're talking about the entire county and you're talking about all price points, that's your lowest end condominium. That's your highest end single family, which by the way, the highest sales price in 2023 was 1.8 million in Frederick County, and it was a nice looking property. So I thought that was an interesting number and it didn't look like anything that would've been for land development or subdivision, things like that. It was just a nice property.
Jay Day:<br />
It was funny, I actually got an email this past week from the Frederick News Post asking if they could advertise the highest sale price, which was one I had over in Lake Linganore. And I'm like, absolutely, definitely put it in there. It was the highest sales price for the week, just under a million dollars.
Christina Day:<br />
And that was a beautiful home. And actually interestingly enough, it is "new" construction, but it's one of our custom home builders who does not necessarily big community production. They do do a couple houses a year, individual properties, and they do beautiful work. You have a couple of those types of clients who are custom home builders. So if you are thinking you'd like a custom home, we have connections with builders who do beautiful work. And we truly, I don't even know how to say this, we truly only work with custom builders who we would trust to build a home for us. We've had other builders ask us to do their marketing for them or to partner with them on listings. And if it's not somebody that we would trust to build a house with our money and live in, it's not somebody that we would recommend to our clients.
Jay Day:<br />
And I mean, both of the ones we deal with are family companies as well, and they just do a great job. Both of them have done work for us at our house, haven't built anything, but they've done a lot of modifications for us and personal work.
Christina Day:<br />
Yes, shout out to New London and Beachy companies for all the beautiful, wonderful things they've done in our home. So the average price, this was interesting. We talk about average versus median. I always like to go with median because median removes the high end, it removes the low end, and it really truly gives you the context of what's happening out there as a whole. The median end of the day price was 435. Now comparing that to their prior list price of 465, homes sold about 93% of their list to sale price across the board in the county. Now, interesting thing with that. So that doesn't necessarily mean that values dropped because everybody was under this. Our value's going to go down. And I don't know that I would say values have gone down, but I will say they have kind of stabilized. And what we've seen is sellers who push the market on price usually end up sitting on the market longer.
Jay Day:<br />
And have to do, and they sell for less.
Christina Day:<br />
And they sell for less. They have to do a price reduction, or they end up having somebody come in with a lower offer and they end up taking the lower offer because they've been on the market long enough that they have seen that price isn't actually going to work. And we've talked about this many times on our show, if you listen to our show regularly, that we talk about pricing properly, pricing where you're going to generate the right amount of traffic, the right amount of interest, and you're going to have strong offers that are going to be at list or better. Your best chance of that in the market that we've been in is pricing right. If you price higher, yes, and you say, I want room to negotiate, guess what? You're going to manifest that you will definitely be negotiating.
Jay Day:<br />
Yeah, it's interesting because people weren't saying that for a while and then they started again and oh, I need to have room, or why won't people just submit an offer? And we were in a market where offers weren't happening, then all of a sudden they were happening, but they were happening at crazy percentages that didn't make any sense. And there's a lot of investors that were throwing things up against the wall too. Hey, we'll pay 80% of a value if your person really wants to sell it.
Christina Day:<br />
Yeah,
Jay Day:<br />
For those listening, we do a guaranteed sale, which is very much similar to a wholesale versus retail situation. We'll buy something wholesale all day long just like the investors will, but that's not going to get you the most amount of money. It could definitely do it much faster and easier. And if you just want quick and easy and don't care about your net, we can take care of that as well.
Christina Day:<br />
So the average days on market, well, lemme go back. Median days on market average was 20, median was seven. So we did see an uptick in the average days on market, and we saw that largely on the higher priced homes this year. And I think that was absolutely impacted by the cost of borrowing money on those larger priced homes. We saw the days on market extend out on that. We saw those more moderately priced and more universally appealing and attainable prices still moving if they were priced and they showed they were moving at a quicker pace.
Jay Day:<br />
Yeah, that's the big thing I would say in 2023 was if the house needed work, it was not flying off the shelf. It did the years prior. That was one of the bigger things of getting back into people having to deal with either pricing it, making price adjustments that were correct or dealing with carpet, paint, cosmetics that they may not have had to worry about in the market before.
Christina Day:<br />
So let's look at December and what we're working with currently, right? Because December is also such a weird time. You have all the various holidays happening. You have people going into, I'm shopping for presents and wrapping presents and going to Christmas parties and traveling to see family, and it's just an outside of the box kind of situation. However, in December, there were actually 182 closed resales in the county.
Jay Day:<br />
That all has to do, in my opinion, with the interest rate change. I mean, you and Brian were negotiating one on Christmas Eve.
Christina Day:<br />
Yes, we were.
Jay Day:<br />
The contract got accepted and ratified on Christmas Day. So for those people that would say, oh, homes don't sell over the holidays, I can tell you I was shocked. We've had a handful of 'em the week of Christmas go under contract with buyers, with our sellers, and that's right when we were making our move and I was like, oh, we'll pick this time because it'll be a little slower,
Christina Day:<br />
Slow time.
Jay Day:<br />
And sure enough, it did not disappoint with it not being slow. And a good December though means a great January. Yeah, it does. And start to Q1.
Christina Day:<br />
Yeah.
Jay Day:<br />
So as the rates are in these better ranges, I think we will continue to see a little bit of an uptick in sales as long as we can have the inventory to sell.
Christina Day:<br />
Yeah, absolutely. So speaking of inventory to sell right now we have 154 ish active resales across all price points.
Jay Day:<br />
Wow, that's,
Christina Day:<br />
In the county. We had 18 in coming soon that I saw. Now I actually feel like this is somewhat promising because I know that this time of year is generally when things start to ramp up. We're coming out of people having their homes off the market. A lot of sellers have elected to take their home off the market for the winter, go back on in the spring. I am seeing this as potentially a good sign that we're going to have a really robust, and let's caveat that compared to the last year of inventory, we'll see more sellers if these interest rates stay at an improved level or continue to improve. We might see those sellers who were really nervous about letting go of their good interest rate making some moves because they realize this is probably our window of opportunity. And I actually have had a lot of that conversation where sellers are saying, okay, I see that this year being an election year, the interest rates are probably going to be better than they might be in the future, and I probably should take advantage of this opportunity because I don't know what's going to happen going into 2025.
Jay Day:<br />
Because at one point everyone was so used to the numbers having a three for interest rate, and then when they hit eight and a little above eight, all of a sudden people were like, wow. And they saw values weren't dropping. They're like, okay, this isn't good. So seeing things with some of the government loans being in the upper fives and others being in the low sixes, I think that's sort of become a, hey, this is not that, and maybe we can get a little better. But what we had before was what some people call unicorn years, fantasy land, whatever you want to call it. It was definitely not the norm. And people should not expect that to be how things are going to continue. The rates in the fives and sixes is about average and not a bad place to be.
Christina Day:<br />
No, not a bit. Now if we look at that 154 active and then we look at what's currently sitting under contract, it's 145 currently under contract. So we're just a smidge over a month's worth of inventory, right now. But let's also weigh that in with, we know that the last couple weeks of activity is not as busy as it might normally be. And we know if we look at last year with an average of 250 ish in that ballpark on average per month, that puts us back to a half a month or so, three quarters of a month of inventory. Now what that means when we talk about a month's worth of inventory, if nothing new went on the market, you would be done selling everything that's out there within that period of time. A healthy market is really more like a three to six month window of inventory available to choose from. And for the last couple of years we've been operating around a month or less. We're still seeing that limited restricted inventory for sellers. That's obviously a good thing. I always encourage my sellers, let's get on the market sooner than later because even though the skies are gray and the trees are bare and the grass is brown, the reality is you are going to have more competition when the flowers bloom.
Jay Day:<br />
And when you have less inventory available, you have less competition. You may be able to get away with not being perfect, but just being good enough.
Christina Day:<br />
Yes, yes. And so when we're talking about getting away with, and those of you who did not get your house sold last year, and we know there's a lot of people out there who expired, withdrew, canceled, took their houses off the market, we saw a lot of frustrated sellers. 90% of the time it was because your house might've not been priced right. And the second piece of that is sometimes it doesn't show as it should for the price range that you're in. So when you're looking at going back on the market, if you truly are committed to selling, our conversations really need to be based on statistical data, comparing what's out there to what you have and giving you really good true expectations. Not I hope, I wish expectations, but look, based on what is sold around us, this is what I think your house might actually sell for. If we get lucky and somebody absolutely falls in love with it, or you happen to have a really strong demand because let's say interest rates dip that week and you get four offers and they're competing, that would be amazing and that would be wonderful. If that's the case, great. But the realistic expectation is it takes X amount of days on market to get things sold in this area. It takes X amount of square foot at this amount of a price, this amount of bedroom, this amount of bathroom, this amount of improvement. And how do we fall in line with that?
Jay Day:<br />
Yeah, we see there's a lot of new construction around some of the areas that we're selling homes in and explaining to people that is going to impact their value. Now, I said, so the difference is if the majority of people have the time and the patience to wait, and they will pick new construction because it's brand new, no one's ever lived in it, everything is from scratch. But we can find that person that got their job relocation that needs to move, that cannot wait. And sometimes we're able to sell very close to what a new construction price is because we have the perfect scenario. Now, in those situations, we explained to our sellers that this could take a little longer because instead of appealing to the masses of the funnel, we're going down to the tighter part of the funnel. So where we could have 50 potential people, now we only have four, and it's a matter of being patient, or you make the adjustment enough that somebody says, wow, that's a big enough difference in my mortgage payment, that I'm cool with buying a house that's been lived in for three years as opposed to one that no one has lived in. And that's really what it boils down to, what they're going to pay for their mortgage payment. Is it a big enough adjustment if it's 20 bucks? Most people are like, and they don't have any rush. They're like, why would I buy something used if I can get it new for $20 more a month or a hundred dollars more a month, whatever that number is.
Christina Day:<br />
And outside of your pricing strategy, who you hire matters. And we talk about this every month and we talk about it on the podcast, but your agent needs to be knowledgeable. They need to understand the market that they're selling your home in. They need to know the nuances, the features, the benefits, the pitfalls, the things that are going to be construed as a negative. They need to know how to best portray your home and to get it sold. And they also need to have a broad enough marketing capacity. Marketing in this age with the internet and things like that. It's all white noise. We had an interesting conversation, you and I, about the various marketing and social channels. Everybody has a YouTube channel, everybody has a Facebook page, everybody has an Instagram. But it's not that we have it, it's how many people truly follow it. How are you pushing that content? How many people are going to see your listing if it's posted on their social media? So a social presence, online marketing presence, print marketing, going back to the grassroots of print and things of that nature. And then good old fashioned legwork is your agent, like our agents on our team, we're going to go out on knock on doors, not afraid to knock on a door and see if somebody wants to sell their house. Because I have a buyer who's looking in a specific neighborhood
Jay Day:<br />
Like, hey, we need to be in a townhouse with a garage in Spring Ridge. And guess what? Our agent is out knocking on doors, leaving door hangers saying, hey, we have a buyer who's rocking and ready to roll and wants to be here, and you have what they want. Are you interested? Or any of your neighbors, anybody looking to sell?
Christina Day:<br />
And the same thing with the marketing aspect of the listing, right? Getting out there with the open houses and knocking on doors, letting your neighbors know we're having an open, who do you know wants to live here? So that good old fashioned legwork still goes a long way. I think it's gotten lost in the abyss of the internet, but we're out there doing it and you should really be asking those questions. So I think we are up. I think it's time.
Jay Day:<br />
I know time has flown by. If you had any questions on anything you heard, you can visit our website dayhometeam.com. Again, dayhometeam.com. You can reach out to us directly at 866-702-9038, 866-702-9038. I'm Jay Day.
Christina Day:<br />
Christina Day.
2024-01-08T08:06:22-07:002024-01-10T07:49:10-07:00Jay Daytag:dayhometeam.com,2012-09-20:18781Podcast - 01/05/24<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" width="18" height="18" /> Ready to dive into the local real estate scene? Our latest podcast episode is packed with insights! <img data-emoji="📈" class="an1" alt="📈" aria-label="📈" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c8/32.png" loading="lazy" width="19" height="19" /><img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="21" height="21" /><br /><br />Join us as we break down the 2023 real estate statistics for Frederick County and take a close look at December's numbers. Whether you're a buyer or seller, these stats are crucial to understand. <img data-emoji="📊" class="an1" alt="📊" aria-label="📊" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4ca/32.png" loading="lazy" width="19" height="19" /><img data-emoji="💼" class="an1" alt="💼" aria-label="💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4bc/32.png" loading="lazy" width="17" height="17" /><br /><br />And of course, don't forget to check out our fabulous "House of the Week" <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="20" height="20" /> - a nearly new rancher in Lake Linganore's The Hamptons village! With 4 bedrooms and 3 full bathrooms, an open concept design, and a stunning deck, it's a dream home come true. <img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" width="21" height="21" /><img data-emoji="✨" class="an1" alt="✨" aria-label="✨" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/2728/32.png" loading="lazy" width="18" height="18" style="font-size: 12px;" />
Tune in today for all the details! #RealEstateStats #LocalMarket #DreamHome
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. What are we working today, buddy? Brand new year, brand new turn of the screw.
Jay Day:<br />
Oh yeah. So I figured we would sort of chat about what has happened and what the stats are looking like for how things ended last year.
Tom Whalen:<br />
I love the stats.
Jay Day:<br />
It's good to get a little bit of an idea. So today we're just going to focus on Frederick County though, I want to keep this not overly long and we can just sort of give a quick overview. So in all of Frederick County in 2023, taking out new construction, dealing with resale only town homes, detached homes and condos, we had 2,954 properties close. And when we look at that and we're looking at different parts, we look and see that the median price of what actually sold ended up being 435. The average price in Frederick County for properties that sold in 2023 was 480,147. Another interesting part was when we look at the median for the entire year, the median days on market was only seven, the average was 20.
Tom Whalen:<br />
The difference between median and average.
Jay Day:<br />
So the median average includes everything. Median takes out the highest and the lowest.
Tom Whalen:<br />
Ah, I see.
Jay Day:<br />
Yes. It tries to eliminate the outliers.
Tom Whalen:<br />
I'm a truly a lay person on this one. That's why you call the pros.
Jay Day:<br />
Well, I'll tell you, I remember that's probably one of the only things that we learned in math that actually does get utilized.
Tom Whalen:<br />
That stuck with you, that you're using today.
Jay Day:<br />
Well, think about it. Algebra. Half that crap, I'm like,
Tom Whalen:<br />
They killed us with that stuff.
Jay Day:<br />
And I'm like, when are we ever going to need this.
Tom Whalen:<br />
I don't know what that was all about.
Jay Day:<br />
Yeah, but the median that actually
Tom Whalen:<br />
You caught that one man. Okay, but because that's a little confusing.
Jay Day:<br />
Oh, it is. It is. And I mean,
Tom Whalen:<br />
It's not that far apart.
Jay Day:<br />
Right? But it's funny, you look and you're like, well, how could a median be 435 and an average be over 480?
Tom Whalen:<br />
You explained it.
Jay Day:<br />
Yep. Take out those outliers and that's where you are. So that gives you a little bit of an idea of what happened. Now, the original list price, the median was 435. The sold was 435, the average was 478, and then the close was 480. Now, they did have it where people tried to bump prices, and those did come down a little bit, but again, it was not really that it came down. And values have not dropped. It was people that were pressing the envelope and trying to sell. They were overshooting the market. And if you were overshooting the market, your home was selling for below asking price. Now, December was quite interesting. Let's touch on this one pretty quickly. When we look at December, there were 182 properties that closed in the month of December. The median days on market in December was 12. The median sold price was 470. So 35,000 over the average or the median for the year. And it was interesting because in December, we saw an uptick compared year over year of what sold. And I think some of that is to attribute to the interest rates being a little bit lower. I think I mentioned it on our last podcast, or maybe I didn't. We were actually, when we made our big move from real estate teams to LPT, we picked that week like, okay, it's the week of Christmas, things should be a little slower. It won't be too crazy. We were selling stuff like hotcakes, including getting contracts completely accepted and ratified on Christmas Day.
Tom Whalen:<br />
Look, I follow you guys on social media. It's amazing. You guys are cranking and grinding every day.
Jay Day:<br />
Yeah. So we tell people, is there really a bad time to sell? Not really. Is there a time where it could take a little longer? Yeah. So if you're listening to this and you're thinking, does it make sense for me to sell? Should I wait? Should I, whatever questions you have, just reach out to us at (866) 702-9038. Again, (866) 702-9038. When you call in, you'll hear the message. If you're a buyer, press this number. If you're a seller, press this. So whatever is pertaining to what you want to, the reason we have that on there is, so we have agents that specialize on the buying side. We have agents that specialize on the listing side, and we just want to make sure we route you to the right crew to take good care of you and to answer all your questions. So are you ready for the house of the week?
Tom Whalen:<br />
What do we got?
Jay Day:<br />
10882 Hook Court in New Market. This one is listed for 750. It is almost like new. It's in the Hamptons Village of Lake Linganore. It is a rancher. There's a total of four bedrooms, two full baths, over 2,600 square feet of finished space above and below grade. Open concept kitchen, living, dining area. There's an oversized island, fireplace, stainless steel appliances, quartz countertops, LVP flooring, an instant hot feature in the kitchen, a jetted soaking tub, finished walkout basement with a large rec room, a bedroom, and a full bath and storage area. It backs to trees. So in Linganore, one of the things, a lot of them, you're backing into other homes. This one backs to trees. If you go and look at the photos on WFRE.com and our podcast and House of the Week, you'll see it is nothing but trees behind it. And that is protected. They're not building back there, which is really nice. And then in addition, the house has a large deck with a covered rear porch for outdoor entertaining. The yard is already fenced. There's built-in storage under the deck. There's the two car garage. And if you happen to be looking for a property and you were going to do a VA loan, meaning you were a veteran, the seller has an Assumable VA loan at 4.75%. So instead of paying in the upper fives or low sixes, if you have VA eligibility, reach out because you could lock this bad boy in at 4.75, which is unheard of in the current interest rates in the market we're in. So go to WFRE.com. Look up Tom and Jay's real estate podcast. There are plenty of photos. If you like what you see, click schedule is showing and we'll get you a private tour of this wonderful home.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team at LPT Realty. Thank you for listening to our Real Estate podcast, and please tell everybody all about it.
2024-01-05T07:00:00-07:002024-01-05T08:46:07-07:00Jay Daytag:dayhometeam.com,2012-09-20:18813House of the Week - 10882 Hook Ct, New Market, MD 21774<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/10882_Hook_Ct.jpg" width="2165" height="1620" />
🌟🏡 Welcome to 10882 Hook Ct in New Market! Don't miss this gem in Lake Linganore's The Hamptons village, almost like new!
Why you'll love it:<br />🛏️ 4 bedrooms & 🛁 3 full baths<br />🏠 Over 2600 sq ft of beautifully finished space<br />🍳 Open concept kitchen with stainless steel appliances & quartz counters<br />🕺 Luxury vinyl plank flooring<br />🎱 Spacious walkout basement with a rec room, bedroom, and bath<br />🌲 Backs to undisturbed nature for that cozy in-the-woods feel
Outdoor bliss:<br />🌳 Large deck with a covered porch for entertaining<br />🏡 Spacious fenced backyard with room to play<br />🚲 Extra custom-built storage under the deck
Plus:<br />🚗 Two-car garage<br />🔧 $50k+ in thoughtful upgrades since 2022<br />💼 **Assumable VA loan at 4.75%**
This is not just a house; it's a lifestyle upgrade! Book your tour today and make it yours! 🗝️🏠 #LakeLinganoreLiving #NewMarketHome 🌲🏡✨
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2043048/10882-hook-ct-new-market-md-21774/">Click for more photos!</a>2024-01-05T06:30:00-07:002024-01-08T11:32:57-07:00Jay Daytag:dayhometeam.com,2012-09-20:18736House Of The Week - 2257 E Mayberry Rd Westminster, MD 21158<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/2257_E_Mayberry_Rd_3.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🏡🌿 Introducing your dream farmette at 2257 E Mayberry Rd, Westminster! Dive into rural charm with this spacious 4-bedroom, 2 full and 2 half bath home spread across nearly 5.5 acres.
What's special?<br />🐴 Perfect for animal lovers: Barn, fenced pastures, run-in, and Nelson automatic waterers<br />🏊‍♂️ A stunning in-ground pool with a large patio – ideal for hosting<br />🌞 Relax in the sunroom with views over the fields<br />🔥 Cozy up with a wood stove in the family room & a pellet stove in the basement<br />🚗 Freshly painted house & garage
Home Features:<br />🎨 Brand new carpet, ceramic tile in the kitchen, and newly refinished hardwood floors<br />🍳 Modern kitchen with granite countertops and newer appliances<br />🌤️ Bright, airy sunroom and a spacious living area<br />🛋️ Finished basement with a walkout to the pool
Set on a private lot, this home is still conveniently close to commuter routes and dining options.
Ready for the country life with all the comforts? Schedule your private tour today! 🚜🏠 #RuralRetreat #WestminsterWonder
<a href="https://www.dayhometeam.com/property-search/detail/42/MDCR2017944/2257-e-mayberry-rd-westminster-md-21158/">Click for more photos</a>2023-12-29T06:00:00-07:002023-12-29T15:21:06-07:00Jay Daytag:dayhometeam.com,2012-09-20:18735Podcast - 12/29/23🎙️ Curious about the latest in real estate? Join us in our newest podcast episode as we dive into some exciting topics! 🏡💰
Here's a sneak peek of what we discuss:<br />- Current interest rates and how they compare to just a few months ago 📈💲<br />- Our big move to LPT Realty and what it means for our clients 🏢🤝<br />- Benefits for both sellers and buyers 🏠🤩
Don't miss out on these valuable insights! Tune in today.
Plus, explore our amazing "House of the Week" 🏡 - a 5.45-acre property in Westminster with a fenced pasture, barn, and more. It's freshly painted and boasts brand new carpet and ceramic tile. Perfect for entertaining with an in-ground pool! 🌳🐴 #RealEstate #InterestRates #NewBeginnings
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team at LPT Realty with our weekly real estate podcast. Coming up on the end of the year, the beginning of another calendar year. What's up Jay?
Jay Day:<br />
I know. So the biggest news I guess we would talk about would be, and I want to make sure everybody understands, is our big change, as you said with the start of this podcast at LPT Realty.
Tom Whalen:<br />
A huge change.
Jay Day:<br />
Oh yeah. I'm sure it's going to be a struggle, and I don't mean this in a rude way, but it'll probably be a struggle for you of how many years of saying.
Tom Whalen:<br />
Look, I'm already on it, man. I mean, we've been through this change before. We have done this change before. I'm already all over it, man.
Jay Day:<br />
Yeah. So for those of you listening, we did not move our office location. We are still over at Aviation Way. We just changed the brokerage that we are affiliated with and it's exciting news. This company is based out of Florida. As of January 1st, we'll actually be in 20 states. Our team was fortunate enough to be the team to launch the brokerage in Maryland and West Virginia. They did have some agents in Virginia already, and they opened maybe about a week before we made the announcement about going into Pennsylvania. But it's very exciting news. It took us, so Christina and I spent a lot of time evaluating options that were out there, and this one was a win for our agents and a win for our clients. So for our clients, we're actually getting additional marketing pieces that we had not done in the past, if you can believe that with all the marketing things we did, and we just like the direction the company is going. We've got some really good friends that also made a big jump. One of our friends in Florida had a RE/MAX franchise and gave that up to make the move. One of her other friends in Charleston, South Carolina, he actually had his own brokerage and shut his own brokerage down to become part of LPT. So a lot of good stuff. One of the other interesting things on the agent front is it offers great opportunities for agents.
Tom Whalen:<br />
What do you mean by we're in 20 states?
Jay Day:<br />
So not me personally or our team, but LPT. Because a lot of people, it's interesting, they're like, I haven't heard of LPT. Of course you haven't. If you're only here because we're the ones that started it in Maryland and West Virginia. However, as of January 1, LPT Realty will be active and have agents in 20 states, and they're actually the fastest growing real estate company in the United States ever with how quickly they're growing with agent count.
Tom Whalen:<br />
So it just gives you guys flexibility and options if somebody wants to move to any of these 20 states.
Jay Day:<br />
Yeah and the funny thing is we've got a lot of friends that are in the process of making some of these changes and on our announcement we had last week, we also put out there that it gives people an opportunity if they're looking to join the team, if they're not looking to join the team. We actually are able to offer opportunities for agents to just be solo agents as well. Not be part of Jay Day and the Day Home Team, but to be part of LPT Realty here in Maryland, West Virginia, Pennsylvania, and Virginia. So like I said, that's pretty exciting news. Christina and I were very pumped. We actually had a lot of work done at the office where lots of new signage, lots of new things happening.
Tom Whalen:<br />
I want the first new hoodie.
Jay Day:<br />
You want the first new hoodie?
Tom Whalen:<br />
LPT Realty baby. Yeah, my Jay Day hoodie. Yes.
Jay Day:<br />
Alright, we'll get you hooked up then.
Tom Whalen:<br />
Oh yeah, it means all new gear.
Jay Day:<br />
Yeah. So other thing I wanted to talk about and sort of two part approach is it's busy and people were saying, oh, it may not be a good time to sell, the holidays. Tom, I will tell you, we had multiple, so Brian on the team was writing offers on Christmas Eve. Cheryl on the team got a listing under contract that wasn't even, it was temporarily off for the holidays and someone that saw it wrote on it got that under contract. Christina and Brian got another one under contract, actually had the last signatures done on Christmas Day. So during the holidays, still getting it done.
Tom Whalen:<br />
Yeah, well that's been the history ever since I've known you bud.
Jay Day:<br />
Yeah. So for those that are out there and think houses don't sell on the holidays, or maybe you think agents don't work, I can't vouch for everybody, but I can tell you our team, it was out there hustling for our clients and getting things done. Christmas Eve, Christmas Day. The reality is when people want to do something, we've got to be there to help them. Now part of what I think had an impact on that is the rates have been much better than they were earlier in the year. And this was give you a little bit of an idea right after Christmas, we were looking at a 30 year conventional loan with no points was down to 6.375. If people wanted to pay a point, they could be 5.99. And then if people were doing FHA or VA, there's 6.125 with no points or 5.75 with half a point. So we haven't seen interest rates that had a five in them in a long time.
Tom Whalen:<br />
I didn't know if that was going to happen. I didn't think that was going to happen that soon, bud.
Jay Day:<br />
Yeah, I figured as we got closer to the election it would probably happen, but I didn't expect it to happen this quarter. But it's definitely made people realize, hey, we might want to jump on here. We don't know how long we're going to have the rates at this, and it's so much better than when we had rates hitting 8%. That's a big, big difference. So again, the good news for those that are listening, nothing changes with us. Just the brokerage, we're able to offer more services to our clients. We're still here in Frederick. We're still serving all four areas. It's just we're excited to help expand the LPT Realty name into our region. So you ready for a house of the week?
Tom Whalen:<br />
Let's do it.
Jay Day:<br />
So this could be a house of the week, a farmette of the week, whatever we want to call it. 2257 East Mayberry Road in Westminster. Be an offer for 650,000. This property includes 5.45 acres. There's fenced pasture for your horses or animals. There's a barn. They have Nelson automatic waterers. For the house perspective, it's four bedrooms, two full bathrooms, two half bathrooms. The home was recently painted. Brand new carpet throughout. New ceramic tile in the kitchen. They had the hardwood floors sanded and refinished after they moved out. There's a huge family room with the fireplace. It has a wood stove insert. Granite countertops, newer kitchen appliances. There's a pellet stove in the basement, dual zone HVAC system, bright and airy sunroom. The basement is finished and it walks out to an in-ground pool. You can talk, I mean this time of year we're not using the inground pool, but it is such a pleasure of be able to walk outside and relax. And then the property just offers plenty of room for entertaining. So if you've wanted to have a little bit of a farmette, or the folks that had it before they raised their own steer, they didn't want to have to go to the grocery store to buy their meat. So great opportunity. Check out wfre.com. Look up Tom and Jay's Real Estate podcast and if you like what you see, click on the button, you can schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of LPT Realty, celebrating the new year. Happy New Year, from everybody at WFRE and Jay Day and the Day Home Team.
Jay Day:<br />
Happy New Year everybody.
2023-12-29T06:00:00-07:002024-01-02T09:41:07-07:00Jay Daytag:dayhometeam.com,2012-09-20:18694Podcast 12/22/23<img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" width="20" height="20" /> Wondering how the Federal Reserve's recent decisions impact the real estate market? Tune in to our latest podcast as we break down the Fed's interest rate policies and their implications for 2024 and beyond. <img data-emoji="📉" class="an1" alt="📉" aria-label="📉" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c9/32.png" loading="lazy" width="19" height="19" style="font-size: 12px;" /><img data-emoji="💰" class="an1" alt="💰" aria-label="💰" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4b0/32.png" loading="lazy" width="17" height="17" style="font-size: 12px;" />
Here's a sneak peek of what we discuss:<br />- The Fed's decision to hold interest rates steady <img data-emoji="🔒" class="an1" alt="🔒" aria-label="🔒" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f512/32.png" loading="lazy" width="19" height="19" /><br />- Anticipated rate cuts in 2024 and beyond <img data-emoji="📈" class="an1" alt="📈" aria-label="📈" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c8/32.png" loading="lazy" width="22" height="22" style="font-size: 12px;" /><img data-emoji="🔪" class="an1" alt="🔪" aria-label="🔪" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f52a/32.png" loading="lazy" width="21" height="21" style="font-size: 12px;" />
- Market reactions and what it means for you <img data-emoji="📊" class="an1" alt="📊" aria-label="📊" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4ca/32.png" loading="lazy" width="20" height="20" style="font-size: 12px;" /><img data-emoji="💼" class="an1" alt="💼" aria-label="💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4bc/32.png" loading="lazy" width="19" height="19" style="font-size: 12px;" />
Don't miss our insights on this important topic! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" width="20" height="20" /><br /><br />And of course, check out our "House of the Week" <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" width="24" height="24" /> - a split foyer home in Mount Airy, MD, priced at just $415,000. Explore this handy-man special on a gorgeous corner lot with three bedrooms and more! <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" style="font-size: 12px;" width="25" height="25" /><img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" width="22" height="22" style="font-size: 12px;" /> #RealEstateNews #InterestRates
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast coming up around the end of a year, a calendar year. I'm stunned, Jay.
Jay Day:<br />
I know, it's hard to believe that we're going into 2024. Christina and I talk about all the time. It's just like this year has definitely flown by faster than
Tom Whalen:<br />
I know in December. We had Thanksgiving. Boom. Here we are.
Jay Day:<br />
Yeah, sort of crazy. Well, let's talk a little bit about what happened a week ago. So over a week ago, the Federal Reserve, they met on Wednesday the 13th of December, and they decided that they were going to hold interest rates steady, not do any adjustments with cuts or increases. That type of situation is sort of what everybody was expecting. However, they did mention that they were penciling in a possibility of three rate cuts in 2024.
Tom Whalen:<br />
I'm going to tell you something because of you, I was aware of this, Jay. I've listened to the news and heard all this. I heard all that and it was happening. I'm thinking about you.
Jay Day:<br />
Yeah, I mean, and the markets we're anticipating that they were going to stay put, which is good. And I think that's why we've seen the rates come down a little bit and sort of be hovering in the sixes now. So it'll be really interesting. I mean, there's still a lot of uncertainty. We don't know what's going to happen, but I felt that was important news to put out there. And again, when the Fed makes this change, it's not a direct correlation to mortgages. It's how the market responds. And the market response is what impacts interest rates for mortgages when the Fed makes their adjustments, that is to the short term. We're talking about credit cards, things like that. That's where the interest rates get impacted from that, not mortgages, but again, it has a trickle down effect. So if you hear that, the one thing is people will hear, oh, the Feds cut things by half a percent or a quarter percent. It's not a one-to-one ratio of that happening to mortgage rates. But hearing that they might have some rate cuts in 2024. That's good. But what did I tell you? Expect that because we're going to an election year.
Tom Whalen:<br />
You said that.
Jay Day:<br />
That's how the games are played, man.
Tom Whalen:<br />
Okay.
Jay Day:<br />
So one of the things that I wanted to talk about is, and we're seeing this, I think I mentioned it before, we've gotten quite a few calls from people again, where they were listed, their homes didn't sell, they didn't know what to do. They thought maybe the market was bad. And I mean, there's a mixed bag of things. Some of them, the marketing is not in place. Some of them, it's not a proper expectation.
Tom Whalen:<br />
Hey, most of 'em, it's the agent, man, let's get right to it.
Jay Day:<br />
Well, sometimes it's also so it can boil down to the agent and whether it's their marketing or conversation or setting the right expectations. The biggest thing that we've seen is that if you're trying to push the envelope and test the market, the market is not accepting.
Tom Whalen:<br />
Somebody who has a dream number in the back of their head.
Jay Day:<br />
Yes.
Tom Whalen:<br />
Okay.
Jay Day:<br />
Yep. Someone who's like, wow, I'd love to be able to get 500,000 for this, when really the comps don't support anything over 460. Those are really, really, and I'll be candid, we got lucky during Covid at times where sometimes houses sold for numbers that didn't even make any sense to anybody.
Tom Whalen:<br />
They did.
Jay Day:<br />
It was just somebody wanted to be there.
Tom Whalen:<br />
Sure they did.
Jay Day:<br />
They were willing to pay. And for that reason alone, people ended up paying more for something than what it may have been worth. But I always look at it too, of the house is only worth what someone's willing to pay. So even if the bank says, and we saw this during Covid, when an appraiser comes in, that's what the bank basically says the value is. So during Covid, we had a lot of people paying more than the appraisal. So that really is, it goes back to that a house is only worth what someone's willing to pay. So we could have a house get appraised today for 500,000, but if it needs too much work, someone might only be willing to pay 480. So is it worth 500 or is it worth 480? Well, technically it's worth, it doesn't matter if on paper it shows it's worth 500 if no one's willing to give 500 for it.
Tom Whalen:<br />
I understand that makes sense to you, to a lay person. Absolutely.
Jay Day:<br />
Yeah. So I will say the market is not bad. The market is not scary. This is not a bad time to sell. This is not a bad time to buy. The best time to buy and sell is when it makes the most sense for you or your family. Period. We've had so many people getting misinformation from agents of, oh, you don't want to put your market on the home now it's too slow. Don't do this, don't do that. We're selling stuff. We're still going up to Christmas and we're still getting homes under contract. It's not like everything stops.
Tom Whalen:<br />
No, everything has not stopped. Absolutely.
Jay Day:<br />
Now, last two weekends ago, we went to do some Christmas shopping, and I can definitely say that these stores are much busier than I like.
Tom Whalen:<br />
Two. Oh mess, nuts. It's crazy.
Jay Day:<br />
It's absolutely ridiculous.
Tom Whalen:<br />
It's nuts. Yes, it is not my favorite thing, but I don't have anything against it.
Jay Day:<br />
Yeah, not mine either.
Tom Whalen:<br />
Not me. I'll do it if I have to.
Jay Day:<br />
Christina has a rule. She tends to not like to do any Christmas shopping until after Thanksgiving. She started to change a little over the years because she realizes it's so much more peaceful to do things before we get past Thanksgiving. But she's always been, we need to be thankful. We need to celebrate one holiday at a time. We shouldn't be jumping ahead of things. But when we went to the mall, it was funny. She wanted to go to Bath and Body Works.
Tom Whalen:<br />
They all do.
Jay Day:<br />
And there was a line to even get into the store,
Tom Whalen:<br />
Jay, be careful of that line. Don't cut in that line. Those people are serious at Bath and Body Works. They want those candles and they want them bad.
Jay Day:<br />
Oh, man. Well, so she was like, forget this. I'm going to go home and just order it online and have it shipped to me. And I said, see, this is what happens when we wait.
Tom Whalen:<br />
I guess. Yes, I guess I do. I've always liked shopping. I've always liked shopping with women. I like holding purses and just watching the whole thing.
Jay Day:<br />
Right. Do you find that chair to sit in the corner? and
Tom Whalen:<br />
Yeah, I do. And it's amazing that they'll touch every garment in a place. I cannot believe what I'm seeing because I cannot take shopping and clothes. I can't deal with that.
Jay Day:<br />
Shoes is what I struggle with when they go to do shoe shopping. That's a rough one. I mean, what I've learned, I'm like, okay, well you can go look at the shoes. I'll either stay home or I'll go to a different store and we'll meet up.
Tom Whalen:<br />
If you're a good purse holder and you don't gripe, then you get brownie points, man.
Jay Day:<br />
Oh, you do.
Tom Whalen:<br />
That definitely works. Yeah.
Jay Day:<br />
You do. But it's tough not to gripe. You're like, how many pairs of shoes? And they all look sort of the same and
Tom Whalen:<br />
They all look the same. Yeah. No, I don't understand it. But they're worth it. They're worth it.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
That's worth it.
Jay Day:<br />
Oh, absolutely. So you ready for the house of the week?
Tom Whalen:<br />
Let's give it to us, man. Alright.
Jay Day:<br />
4298 Molesworth Terrace. This is in Mount Airy, listed for 415,000. It's a split foyer on a corner lot. It's in an established neighborhood, but no HOA. It's a bit of a handyman special. Needs some sweat equity, three bedrooms, two and a half bathrooms. Over 1700 square feet of living space. There's a master bedroom with a private bathroom. The lower level was remodeled. There's a fireplace with a wood stove insert. A one car attached garage, large deck just under three quarters of an acre. Again, for that price, 415, it does need some work. But trying to get into Mount Airy in that price for a single family home with a garage, on almost three quarters of an acre, and in a neighborhood with no HOA. Hard to find.
Tom Whalen:<br />
Jump on it, babe.
Jay Day:<br />
Yeah. So go check out wfre.com. Look up Tom and Jay's Real Estate podcast. If you like what you see, click on the button and we will get you in for private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Team's Weekly Real Estate podcast. Thank you for listening and tell your friends, tell everybody all about it.
2023-12-22T06:45:00-07:002023-12-27T16:36:25-07:00Jay Daytag:dayhometeam.com,2012-09-20:18594House Of The Week - Block 3 Lot 2 Candy Ln Falling Waters, WV 25419<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/Block_3_Lot_2_Candy_Ln_1.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🌞🏖️ Dreaming of a vacation getaway? Look no further than Candy Lane in River Bend Seasonal Campground! Open from April 1st to November 1st, this is your chance to own a relaxing retreat.
<br />And the perks?<br />🏊‍♂️ Dive into 3 sparkling pools<br />🏀 Shoot hoops at the basketball court<br />🎾 Serve it up on the tennis court<br />👶 Fun-filled tot lots<br />⛳ Mini-golf adventures<br />🚤 Over 10 miles of deep water on the Potomac for swimming, fishing, and boating!
Don't miss out – make this vacation spot yours today! 🌟🌊 #RiverBendRetreat #VacationDreams 🏕️💫
<a href="https://www.dayhometeam.com/property-search/detail/42/WVBE2024296/block-3-lot-2-candy-ln-falling-waters-wv-25419/">Click for more photos</a>2023-12-15T06:20:39-07:002023-12-15T06:23:40-07:00Jay Daytag:dayhometeam.com,2012-09-20:18593Podcast 12/15/23🏡 Confused about the housing market? You're not alone! Join us on our latest podcast as we tackle the top 3 questions on everyone's minds:
1. What's happening with mortgage rates? 📉📈<br />2. Where are home prices headed? 🏠💰<br />3. Is a recession around the corner? 📉📈
Get expert insights and data-backed answers to these pressing questions. Don't miss out on the latest trends and news in the real estate market! 🎙️📊
<br />And of course, check out our "House of the Week" 🏡 featuring an incredible opportunity in Falling Waters, WV. Own your vacation spot in the River Bend seasonal campground community with pools, courts, tot lots, and access to the Potomac River! Listed at just $30k. 🌅🛶 #HousingMarket #RealEstateTrends
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day the Day Home Team of Real Estate Teams with our weekly real estate podcast. So Jay. This time of the year, we're coming up to the end of the year. The holidays. Phones are ringing. What are people asking? What's the question they have when they call the day home team?
Jay Day:<br />
I'll tell you, there's a whole lot of questions going around. What's happening in the housing market. I bring it up on the podcast. There's a lot of confusion. People hear things with their friends. They hear things with their friends that are not realtors. They're friends that are realtors. They're actual agents. They read stuff on social media, they hear the news. The top three questions that we've been hearing from people have been, number one, what's going to happen with mortgage rates? That's the big thing because people were waiting, well, one, people were waiting for sales prices to drop when rates went up, and that didn't happen. So now people are like, okay, well what's going to happen with these rates this year. It's been very volatile. We've had lots of changes as we get into the end of the year. It has been nice that we've eased in and have upper sixes, so there's been a little bit of easing on that, and there's no crystal ball. We don't know what's going to truly happen. And if we go back a year ago, and I mean we could actually go and pull some of these podcasts where I talked about what experts were predicting, and I didn't think that they were going to be accurate and they were totally wrong. So when we tell people mortgage rates, they're going to be what they're going to be. There's no controlling them. There's nothing you can do that's going to make a difference. Ultimately, if homes continue to appreciate like they have, and let's say for example, you would've bought five months ago and the rate was 8%, the values are still there and the values have went up. So you could have always refinanced and gotten a lower rate in the sixes. So if rates do go down, there's nothing that's preventing you from being able to do a refinance a year from now, a year and a half from now. The only time that would be a problem would be if home values crashed, and there's no prediction of that either. So I would just say interest rates. There's an expectation that they may get a little lower, but if you listen to our podcast last week, I talked about how much the average and median sales prices are going up, so you're not gaining anything in that. You might as well lock into the house prices the way they are today, the interest rate the way it is today, and then if the rates drop, you can always do a refinance. To me, that's sort of the smarter play. Now, question two I sort of brought up already, what's going to go on with home prices? Are they going to go down? Are they going to go up? And I will say we have consistently seen that the home prices are going up and they have went up this year despite interest rate changes. And so I pulled some stats off of the home price expectation survey from Pulsenomics, and here's what their expectation is in 2024, they're thinking that home prices will appreciate 2.17%, 2025, they're going to increase 3.24%. 2026, 3.79. 2027, 4.18. And they estimated Q3 of 2023 that they would've increased by 3.32%. So if that holds true, realistically waiting is probably not the smartest move. You're going to end up having to pay more for your house.
Tom Whalen:<br />
Well, as a lay person, those first two questions you talked about, the second one, I can honestly say that, yeah, home prices have appreciated. They have gone up as far as that first question. You don't have a crystal ball. You can get an educated guess and explanation from Jay as I get weekly, and I'm glad I have this guy for a friend, and I would call him if I had any questions about this.
Jay Day:<br />
Yeah, and I'll tell you, I mean, I really thought that the interest rates were going to increase and I thought they were going to, but then I don't know how it slipped my mind probably because I don't pay attention to the news anymore because it's all doom and gloom. You and I used to listen to it, and then you always told me your goal is you listen to the, you get what you need for the show. But outside of that, the doom and gloom is not something,
Tom Whalen:<br />
It's hard. It's hard to stay away from it.
Jay Day:<br />
So I've sort of tuned that out and I forgot that we're going into an election year and realistically I'm not going to get political because no matter whether you have blue or red in power, they all make changes the year of the election to try to stay in power. So it would only make sense that if the people that are there now want to stay, they're going to get these rates down so that everyone looks like the economy, they're doing a good job, and people do have short memories. They tend to not remember longer periods of time.
Tom Whalen:<br />
Oh, yeah. No, I'm with you, man. I know, especially when it comes to money.
Jay Day:<br />
And like I said, blue or red politics is politics, and they all say things to try to stay in power or to get in power. So with that coming into play, I would not be surprised if we don't hit the low sixes, maybe even into the upper fives as we get closer to the election time. But we'll go back and listen to this when we have to mark this on the calendar to try and go back and see if the prediction was right as we're getting into Q3 of next year. So the third one, and I'm hearing this a little bit less, but it still does come up, is a recession around the corner. And if anything, I mean, I think we've sort of shown that we have been, we've in a very difficult financial time where things have not gotten cheaper, interest rates have gotten more expensive. Gas is more. I still get shocked at the grocery store.
Tom Whalen:<br />
The grocery store gets me because that's something I deal with once or twice a week, and that gets me, yeah.
Jay Day:<br />
Yeah, the grocery store run turned into what a Costco would be, and you would leave Costco, you go to checkout, your bill would be $180, and you're like, I don't get that much. Now, I feel that when I'm at the grocery store. Instead, I'm like, hold on, there's only I can carry these bags in one trip and it costs me this amount of money. This is ridiculous.
Tom Whalen:<br />
Jay, the three questions that you're saying people are asking you, those are the three big ones we all want to know the answers to.
Jay Day:<br />
Oh yeah. And I mean, the experts and the Wall Street Journal has done some polls recently and what they're saying in their polls, the Wall Street Journal survey of economists are saying that, so in October of 2022, 63% of people thought we were going to go into a recession. 37% said no. October of this year, it dropped, only 48% of the people thought we were going to go into a recession. 52% said no. But it's still, it shows that we have no clue, and the definitions of things continue to change.
Tom Whalen:<br />
Yeah, absolutely.
Jay Day:<br />
So it depends on what you consider. I know they changed the definition of inflation. There's no question we have been dealing with that. I think they finally accepted that it would feel like we had a little bit of a recession, but it might not be called that. But we don't know what the future holds. The one thing I can say is sometimes, and the joke is, and you hear it follow the money, as we've talked about on other podcasts, a lot of these big companies, BlackRock, Vanguard, all of these companies have been putting a lot of money into residential real estate. If they are hedging their bets on residential real estate, the one thing I can say is typically they're not dumb. They know where they're going to get their biggest return if they're doing it, I'm following that money and going to hedge my bet that real estate itself is not going to be in a situation where values are going to drop like a rock. I don't see that happening. So those are the big three questions. I wish I could give you exact answers on all of them, but my crystal ball, as you said is broke. It's in the shop.
Tom Whalen:<br />
We have a new year coming, so we'll see how it all works out. Those are all awesome questions. And you don't mind answering these questions with somebody who has a real estate transaction in the back of their mind.
Jay Day:<br />
Not at all. And we give them the good, bad and the ugly and what we think and what the history shows and what predictions are. But as we get into that, our house of the week is a little, this is a little unique. I've got one in this property is in Falling Waters, West Virginia. It's in the Riverbend Seasonal campground.
Tom Whalen:<br />
Okay.
Jay Day:<br />
Alright. It's an opportunity to have a vacation spot. For those of you that don't know about Riverbend, the community is open April 1st through November 1st. This lot specifically on Candy Lane is close to the Potomac River. You could walk there super, super quickly. The Riverbend community has annual dues of $1,775. That gives you access to three pools, basketball courts, tennis courts, tot lots, putt putts, and there's over 10 miles of deep water access on the Potomac River for swimming, fishing, boating. We have this property on for $30,000. Again, it's a small parcel. There is a trailer on there now that does have a bathroom. It has one full bathroom and that one needs a little bit of work. Or you can take it down and put your own up. I went out there recently when I got this listing and people have built some really big things out there. I'm like, wow, this is sort of interesting. So if you wanted to be able to have access to the water at an affordable price, and maybe you have your own camper, or maybe you just want to do a little bit of fix up, $30,000, great price, great location, good amenities, you could be on the river enjoy in that time. And then when November 1st comes, it's too cold to be hanging out on the river anyway, in my opinion.
Tom Whalen:<br />
Hey, that sounds like a lot of fun, man. That sounds like a cool property.
Jay Day:<br />
So if you want to see more about it, go to wfre.com. Look up Tom and Jay's real Estate podcast. I've got some photos on there. I can I answer any questions you may have. We have photos of some of the amenities. The downside is my photos of the amenities I took after November 1st. So there was good and bad with that. The bad is that everything was closed and the leaves have fallen. The good is I didn't have anybody in any of my pictures.
Tom Whalen:<br />
So privacy out there.
Jay Day:<br />
Yeah. Yeah. So it was good to be able to at least show it without having to worry about getting waivers signed that we were going to have people's kids in the pool and photos and stuff. So check it out again. Happy holidays to everybody. I guess we still have a couple, well, we have one more before Christmas, but I'll say Merry Christmas early anyway.
Tom Whalen:<br />
I love saying Merry Christmas.
Jay Day:<br />
Yeah.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Merry Christmas to all. Thank you for listening to our weekly Real estate podcast. Tell your friends all about it.
2023-12-15T06:18:39-07:002023-12-26T06:56:15-07:00Jay Daytag:dayhometeam.com,2012-09-20:18532Podcast - 12/8/23🏡 Curious about real estate trends in Frederick County, MD, and Washington County, MD? 📈 Join us on our latest podcast as we dive deep into the numbers from January through November 2023. We'll compare this data to the same period in 2022, covering homes sold, home values, days on market, and average sale vs. listing prices. 📊📅
Knowledge is power in the real estate market! Don't miss this episode for valuable insights. 🎙️
And of course, check out our stunning "House of the Week" 🏡 featuring a spacious Cape Cod on a 3.5-acre property along the Patapsco River in Sykesville, MD. Listed at $725,000, it offers 4 bedrooms, 2 bathrooms, a stone fireplace, and even an attached in-law suite. Plus, enjoy 300 yards of water frontage and modern updates! 🌊🌳 #RealEstateTrends #HouseOfTheWeek
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Coming up on the holidays, of dead a winter solstice coming up. What's going on?
Jay Day:<br />
Alright, so we're in December. Let's talk about the stats. And I was trying to find a way to, sometimes I think the statistics I show don't really give the overall picture. So I tried a different avenue of pulling some data to share on this podcast. And on this one we're just going to be focused on Frederick County, Maryland and Washington County, Maryland. But this is really good information. So what I wanted to give a perspective of, because again, on the news where you're reading things, I mean, I'm hearing more and more people saying they're calling like, now it doesn't sound like this is a good time to sell. I know it's probably not a good time to sell. And I'm like, I don't know where they're getting this from. So let me give you real stats. So I went back and I looked January through November of 2022. So all of last year, let's see how many homes sold in Frederick County. It was 4,597. The median price was 456, the average price was 489. When I pulled 2023, January through November of 2023, the amount of homes that sold 3,442, that is a decrease of 25 plus percent. So 25% less homes sold in the same period of time. From 2022 to 2023, the median price went to 454. So again, the median was just a little bit lower. The average price was 498. So the average price went up almost $10,000 year over year. The interesting part of that is, as we've talked about, inventory is still extremely low and that is the cause of the lower amount of homes that have sold. It's not that the real estate market is bad, it's not that the real estate market is slow, it's that there's less homes on the market. And because of that, you're seeing headlines of real estate sales are down. Well, real estate sales are down because the inventory's down. But the more interesting part of this is when we talk about days on market and when we get into days on market, this is really, like I said, this is real good data in my opinion. So last year, 2022 in Frederick County, of those 4,597 homes that sold 4,063 of them, that's 88% sold in 30 days or less. And those homes that were priced that way in that 30 day timeframe sold for 102.23% of the original asking price, meaning they sold for over asking. The amount of homes that took a month, 31 to 60 days to sell were 6.8%. And those sold for 95% of asking price. 61 to 90 days, 2.3%. Those were also at 95% of asking price. Once you got to 91 days to 120, it was under 1% of homes and those sold at 92% of asking price, and then it just continues to change. So when we compare that to this year, we're looking at a total of, again, 88% of the homes last year sold within 30 days. This year, 83%. Last year, they sold for 102% of asking. This year, 101% of asking. So still those homes that are selling in the first 30 days are typically selling over asking price because they're pricing them properly to be able to make them move quickly.
Tom Whalen:<br />
Pricing them properly. That's the key.
Jay Day:<br />
It is. And then we look, so 31 to 60 days, 8.9%. So there's more homes that have sold compared to last year, and those sold for 96.4%. Where we start to see the fall off is once you get to 61 days, we're starting to see the price. The average price for sold price to list price was 94%, 94%, 93%. 91%. So those that are not adjusting and are over asking for what the market is calling for are actually, I mean, when I look at the ones, like I said, 181 days and over, those sold for 91% of original asking price, meaning they were overpriced or they had to make adjustments by 9% of what they originally thought they were going to get for their house. Now, I pulled just November of this year just to give an idea of what we have volume wise. We have 262 homes sold in 2023, Now get this, the median price is 457. So when we go back to all of last year, the median price was 456. So prices have went up, the average price is 500,000. In 2022, it was 489. So does that sound like the real estate market and values are struggling? No.
Tom Whalen:<br />
It's just a matter. It's just a matter of product, inventory and availability.
Jay Day:<br />
Yeah. Now the other interesting part is we're at 83% for the homes that sold in the first 30 days and it jumped all the way to 2%. I mean 10% for the homes that are taken that are taking up to 60 days to sell. So 93% of the homes are selling within the first 60 days. Now an interesting fact, again, those in the first 30 days, they're selling for just a little bit over asking 100.46, the ones that are within 60 days, 96.36. So basically, I mean the gist of this, when I look at it, it shows me one values have not went down. Values are still, the average sold prices are still higher, and they're continuing to tick up because like I said, when we look at January through November of this year, the average price was 498. When we look at just November, it jumped from the average for the year 498 to 500,000.
Tom Whalen:<br />
This is Frederick County?
Jay Day:<br />
This is Frederick County only. When we go to Washington County, and I won't give all of the details because it's a ton, but if you are listening to this and you want the info, I have it. I can shoot it over to you. I'd be more than happy to share it with you. Just shoot me an email jay@dayhometeam.com. Say I want those stats. When we look at 2022, January through November, we did the exact same time period in Washington County, 1,912 units sold. When we look at this year, January to November, 1,544, they're down over 20%. Alright, median price was 280, median price this year, 305.
Tom Whalen:<br />
Wow! Washington County.
Jay Day:<br />
Yeah. Average price 304 last year. Average price, now 323.
Tom Whalen:<br />
Alright. That's it, man.
Jay Day:<br />
So Washington County is seeing some serious appreciation from last year to this year. And again, this is why we say everything is very specific to an area because their prices have outpaced, and the equity has grown more in Washington County than it has percentage-wise in Frederick County.
Tom Whalen:<br />
I don't think people are aware of this.
Jay Day:<br />
No, no. And that's the whole part and get this. So again, we talked about that, and when I just look at November of 2023, the median price is 307. So the average so far, the median for the year so far is 305. The year before it was 280. Now we're 307. So where are we trending? The prices are still going up. When we look at the average price in November, 331,000, the average for the year, 323, the average last year, 304. That is a huge increase in what the homes are selling for. So getting that perspective of, okay, I'm not jumping into the market because I'm going to be able to steal this house because the homes are not cheaper. The homes that are moving are priced and the average prices are going up listening to this, what I would say is we've had a little bit of a break recently. The interest rates have had a six in front of them. I would be jumping on the bandwagon and making a move because the holidays tend to be a little slower. There's a little less buyer activity, and if these rates end up getting into the low sixes or fives, we're going to end up in another situation where people are going to have to pay over appraisal. There's going to be tons of bidding wars. There's going to be waiving all inspections. Now is the sweet spot. It is.
Tom Whalen:<br />
I believe you, man.
Jay Day:<br />
And I said it during covid that you're, you're going to kick yourself in the butt for waiting. So again, when you look again, just look at 2022 by sitting there and waiting, you now are on average, if you were looking in Washington County, it is costing you over $20,000 more for the price of the house, and the interest rates are higher. So sitting and being on the sideline doesn't always make the most sense.
Tom Whalen:<br />
I understand. I understand. It takes guts and it takes the pro in your corner.
Jay Day:<br />
Oh yeah.
Tom Whalen:<br />
All this information, all you got to do is call.
Jay Day:<br />
Yeah. So you ready for the house of the week?
Tom Whalen:<br />
Give it to us.
Jay Day:<br />
Well, so this is funny because I don't know if you knew this. I know, Mount Airy is a sort of an oddity that it hits multiple counties. Sykesville actually hits part of Howard County.
Tom Whalen:<br />
Oh, I didn't realize that.
Jay Day:<br />
And this listing we have is on the Howard County side of Sykesville. It's 440 Gaither Road, three and a half acres listed for seven and a quarter. Again, it's on the Howard County side. It's a Cape Cod with over 3,000 finished square feet of living space above grade. Four bedrooms, two full bathrooms. There's an attached in-law suite with a separate kitchen. So two kitchens, a separate laundry, its own entrance, it's own screen and porch. There's a stone fireplace. There's a great room with cathedral ceilings. There's a loft bedroom overlooking the main level. It could be a bedroom, it could be an office. There's a large bonus room that could be converted into another full bathroom. The basement is unfinished. It's actually situated on the Patapsco River. So it's a riverfront property, which is nice. And the roof on the house was just installed in 2022. AC units and furnaces were replaced in 2022. There's a small barn and stable with two stalls. There's a fence pasture. It's minutes from Route 70 and 29, if you're looking to be close to things. And Howard County, this is a great spot to be, seven and a quarter, over three acres. It has outbuildings. It's 3,000 square feet. It has an in-law suite. It's got a little bit of everything. If you want to check it out, go to wfre.com. Look up Tom and Jay's real Estate podcast. You can see the house of the week. If you like what you see, click on the button and we can get you a private tour today.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team, Real Estate Teams with our weekly real estate podcast. Thank you for listening. Merry Christmas. Tell your friends all about it.
2023-12-08T14:23:05-07:002023-12-11T10:03:32-07:00Jay Daytag:dayhometeam.com,2012-09-20:18531House Of The Week - 440 Gaither Rd Sykesville, MD 21784<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/440_Gaither_RD_1.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🏡 Embrace the charm of riverfront living in Sykesville! This sprawling 3.5-acre Cape Cod beauty awaits you.
What's inside?<br />🛏️ Four cozy bedrooms & two baths<br />👩‍🍳 A complete in-law suite with its own kitchen, laundry, entrance & screened porch<br />🔥 Stone fireplace & cathedral ceilings in a sunlit great room<br />🌟 Spacious primary bedroom, a loft bedroom with a view, and a large bonus room – perfect for an extra bath
Plus:<br />🛠️ A spacious unfinished basement, ripe for your personal touch<br />🚣 Over 300 yards of Patapsco River frontage for peaceful moments
Peace of mind included:<br />🏠 Brand new roof (2022)<br />❄️ Two new air conditioning units & furnaces (2022)
For the animal lovers:<br />🐴 Small barn/stable with two stalls & fenced pasture
Conveniently located just minutes from Route 70 and 29. This unique home ticks all the boxes! Don’t miss out – book your private tour today! 🗓️🌿 #<br />#RiverfrontLiving #SykesvilleSanctuary 🏡💧
<a href="https://www.dayhometeam.com/property-search/detail/42/MDHW2034970/440-gaither-rd-sykesville-md-21784/">Click for more photos</a>2023-12-08T14:21:00-07:002023-12-08T14:25:07-07:00Jay Daytag:dayhometeam.com,2012-09-20:18422Show - December 2, 2023<img data-emoji="🌟" class="an1" alt="🌟" aria-label="🌟" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f31f/32.png" loading="lazy" /> **Coming Up on Real Talk Real Estate with Jay & Christina Day!** <img data-emoji="🌟" class="an1" alt="🌟" aria-label="🌟" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f31f/32.png" loading="lazy" /><br /><br /><img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" /> **December Edition: Navigating the Holiday Real Estate Market** <img data-emoji="🎄" class="an1" alt="🎄" aria-label="🎄" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f384/32.png" loading="lazy" /><br /><br /><img data-emoji="✨" class="an1" alt="✨" aria-label="✨" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/2728/32.png" loading="lazy" /> As the festive season rolls in, so do the big questions in real estate! Join us, Jay Day and Christina Day, as we dive into some hot topics on our December show:<br /><br /><img data-emoji="1️⃣" class="an1" alt="1️⃣" aria-label="1️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0031_fe0f_20e3/32.png" loading="lazy" /> **Holiday Home Decor: To Decorate or Not?**<br /> - Does decking the halls affect your home's market appeal? Let's discuss!<br /><br /><img data-emoji="2️⃣" class="an1" alt="2️⃣" aria-label="2️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0032_fe0f_20e3/32.png" loading="lazy" /> **Listing During the Holidays: To List or to Wait?**<br /> - Is now the right time to put your house on the market? We're breaking it down.<br /><br /><img data-emoji="3️⃣" class="an1" alt="3️⃣" aria-label="3️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0033_fe0f_20e3/32.png" loading="lazy" /> **Choosing the Right Agent: Not Just Anyone Can Ace This Market**<br /> - Discover what it takes to find an agent who can navigate diverse demographics and locations.<br /><br /><img data-emoji="4️⃣" class="an1" alt="4️⃣" aria-label="4️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0034_fe0f_20e3/32.png" loading="lazy" /> **Key Questions to Ask Your Real Estate Agent**<br /> - Before you hire, know what to ask. We're arming you with essential questions.<br /><br /><img data-emoji="🔥" class="an1" alt="🔥" aria-label="🔥" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f525/32.png" loading="lazy" /> Whether you're selling, buying, or just love real estate talk, this is an episode you can't afford to miss!<br /><br /><img data-emoji="📆" class="an1" alt="📆" aria-label="📆" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c6/32.png" loading="lazy" /> Tune in to "Real Talk Real Estate" and let's make this holiday season the most profitable yet!<br /><br />#RealTalkRealEstate #JayAndChristinaDay #RealEstateTips #HolidayHomes
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Jay Day:<br />
Good mornin, WFMD listeners. I'm Jay Day.
Christina Day:<br />
And Christina Day.
Jay Day:<br />
With Real Talk Real Estate. We missed you guys last month, but we are back celebrating after Thanksgiving. We're already in December. It's a little crazy to think how quickly time has passed, but let's talk about what's going on outside of holiday chaos and getting everything ready to roll for the holidays.
Christina Day:<br />
I know, it's amazing. It's Christmas already. It feels like it should be still middle of the year. So one of the questions we get a lot, and I think now is a really good time to kind of talk about that, is to decorate or not to decorate. If you are going to be selling your house and to list it or to wait.
Jay Day:<br />
Well to decorate or not decorate, that is the Shakespearean question.
Christina Day:<br />
So my thoughts, and you might have differing thoughts, but my thoughts are if you already have had your photos done, great, go ahead and decorate. It's not going to hurt because the people who are going to be coming through, usually our homes feel warm and cozy and have a nice vibe about them when we have our decorations up. So it could be a good thing and create a nice vibe. I know years ago when you sold my house, that was in Worman's Mill, we had decorations up when we got a contract.
Jay Day:<br />
Yeah, no, I actually agree with you on that. I have a couple of clients right now that were a little bummed. They're like, I would've liked to have a contract by now. I want to decorate. I'm like, we already have all the photography done. I was like, go and be you enjoy your decorations. And I'm like, it's not going to cause any problems that I expect.
Christina Day:<br />
Now the question to list or wait, and you and I also might differ on opinion with this though. My thought is if you weren't already on the market before Thanksgiving, it probably makes sense to wait until January because you don't want to get kind of lost in the holiday shuffle. And this is also area dependent. So some areas Christmas is a less impactful event in other areas it's very relevant and a large part of your population might be doing traveling, shopping, partying, and I know universally every year the industry itself slows down a good bit. So I think that you could be losing audience and accruing days on market unnecessarily.
Jay Day:<br />
Yeah, I think it all depends, like you said, location and timing for people. I actually had, one of my clients was considering pausing their listing for a period of time and I told them once we get into December if they wanted to do that, I totally understood that they could potentially lose somebody. But I understand because the amount of people looking does drop dramatically, especially for the area they were in. And like you said, there are other areas where maybe people don't celebrate as many people celebrate Christmas, so they're out and about looking and doing things.
Christina Day:<br />
Still doing things. And I do believe that the people who are serious about buying, they're not going to be as distracted or derailed by the fact that it's Christmas. I think you lose kind of that middle of the road group that could move if the right thing came along or opt not to, they're not going to be as highly focused. But if you had your house on the market prior to Thanksgiving, I am a firm believer that we do not take it off, that we leave it on and that we ride out that time where we do see a lot of people take their homes off the market. So whereas your client might be taking their house off the market because they just don't want to deal with selling while celebrating. For me and my clients, I'm saying, let's stay the course and see if we can capture that lesser inventory. And we are seeing a little bit of an inventory drop from last month to this month anyway because of that. Because people go, oh, I'll just wait.
Jay Day:<br />
Yeah, we saw again, all price and area dependent, but we also saw a little bit of a boost. We had some homes that had been sitting on the market for a period of time that went under contract right before Thanksgiving.
Christina Day:<br />
Now I have theories on that. I do think that the interest rate drop that we saw mid-November really spurred some of that activity. And when we talk about rates today, I think that that's a good tie in timing wise. We saw those rates drop and we saw the activity increase on homes that had been sitting, the lack of inventory, we do have inventory down compared to where we were a month ago. So if that's the case, then the lesser inventory, the lesser rate and the statistical number that they use for how many people come and go in the marketplace based on interest rate is 1% interest rate, 5 million buyers coming and going. So if you see an increase, you lose 5 million buyers. If you have a decrease, you gain 5 million buyers.
Jay Day:<br />
Well, and I definitely agree with that. I think the rates hitting just below seven really stirred some activity because people know the rates do fluctuate dramatically and they have not had a six in front of them for a while. And people that were really ready to roll, if they found something that worked, they were ready to pull the trigger because you don't know if they're going to go back up close to 8% again and how quickly that could happen because it did happen much quicker than all of the economists were predicting.
Christina Day:<br />
And the other interesting thing about the interest rates, so I checked in with our lender shortly after Thanksgiving, and he has rates that are something with a six in front of it. And that's pretty amazing considering a month ago we were something within eight in front of it and you felt lucky to have something with a seven in front of it. So that's a significant 1% or so drop. That's definitely good cause for some additional activity, which I think is great. So holidays are addressed. It's to list or not to list really? I think it depends on your area and I think it depends on your need. right?
Jay Day:<br />
Well, let's go into, as the market has been changing, we are starting to see more people calling us because their home did not sell with another agent, whether it was pricing, marketing, conversation, setting the right expectation for the longest during the covid time, a lot of homes would sell regardless. You didn't have to see as much of the negotiation skills that are required. A lot of people were pulling back on their budgets for marketing. They didn't need to do things, which we did not pull back on that. And there were no inspections. There were very, very few contingencies. And we're seeing pretty much almost everything is having inspections and the navigating through that process. And the negotiation process is starting to show the people that may not have the experience in the transactions of how to handle those situations.
Christina Day:<br />
Oh yeah, absolutely.
Jay Day:<br />
So what are you looking for when you're trying to find the right agent?
Christina Day:<br />
So hiring the right agent is key. And how do you know who the right agent is? So there's a couple of things you need to think about for an agent to be able to get the job done properly. And one was what you just mentioned, which is the ability to negotiate and the ability to handle things as they come up. So as a consumer, you don't realize all of the milestones and all of the things that can create a problem and cost you your sale and cost you significant money. So you don't know what to ask. So this is going to be your template. The other thing that agents need to be able to do is to advertise your property. And I actually was on an appointment the other day and the guy says, so what are you going to do to advertise my property? Besides put it in the MLS, like every single agent will. And that's a great question because advertising is truly key to be able to get the appropriate reach for your property. How many people are going to see it? And we've talked about this many times before. There's the reach that everybody has just via being on the MLS. We all have that. So then it's the white noise, everybody's there. So how do you distinguish yourself and get more visibility? So a couple of the things that are truly important, and I actually have an appointment this week where the folks were listed with somebody else. I looked at the photos and I was actually really sad for them that the agent that they had did not have them stage that house. They're trying to get top dollar and they did not stage the house.
Jay Day:<br />
Well, I think maybe it was on the podcast. I talked about it. I've had people that said the agent didn't get the house sold, and they asked what their plan was, what's their marketing plan? And they've said they don't have one. And we have a ridiculous marketing plan because our job, and even during covid, we told people, our job is to get you the maximum amount of exposure. Yes, probably anybody can put your home on the market and get it sold, but are they going to get you the most possible? You're not leaving anything on the table. And the best terms overall.
Christina Day:<br />
True, true.
Jay Day:<br />
So the marketing reach does make a huge difference. And anyone's listening to this, you've heard and you see in the news that the real estate sales are down and they are because there's just a lack of inventory. So if there's not as many homes being sold, the agents may not have as big of a marketing budget and they're not going to skimp on making the money they need to pay their mortgages. So they're going to start pulling and skimping in other areas.
Christina Day:<br />
If they ever even had a budget allotted. I mean, we know a lot of people who they don't pay to market. Their marketing consists of it's going in the MLS, you're getting a sign in the yard. And like we said, that could have worked for the last couple of years in the frenzy of things. I mean, we actually pulled back on one item and that was print marketing. And part of the reason we did was you couldn't get the brochures printed fast enough to get 'em to the house because the house would've had multiple offers by the time the brochure showed up.
Jay Day:<br />
It was a combination of that. And then also we didn't want to get ourselves in trouble by allowing people to touch things. Some people were extremely paranoid.
Christina Day:<br />
But even once the covid ended, it was,
Jay Day:<br />
A timing thing too.
Christina Day:<br />
You couldn't get 'em there quick enough. And actually we're making a return to brochures in January. We will have our brochures back in the signs and at the house. We're working on our timing for delivery of those because now that the market has slowed down, it's not as common that the house is going to sell. It still does, but it's not as common that the house is going to sell that quick. So it's better to have the tools there and not need them than to have needed them and not have them. So having a marketing budget is key. Having a reach, having a reputation, having the ability, I mean, I have agents reach out to me all the time, do you have anything coming up or, hey, I have this coming up, it's incoming soon. Go take a look at it. Would love to work with you again.
Jay Day:<br />
Alright, so what else are you talking about with the advertisements? Things that make the most sense to do right now?
Christina Day:<br />
So I think that some of the things with advertising that people don't think to do is professional photos. I'm seeing a lot of skimping back on professional photos.
Jay Day:<br />
Yeah, I've noticed that too.
Christina Day:<br />
They just don't look nice.
Jay Day:<br />
Even though the phones have great cameras. It's not the same.
Christina Day:
It's not the same.
Jay Day:<br />
As the fusion, the HD. I mean, there's all types of things.
Christina Day:<br />
And the appropriate angle and the appropriate flash. And there's just so many things that go into photography. Agents stay in your lane. You are not a photographer and you are not a stager. So that's another thing. We're not seeing staging being done, which is generally an investment on the agent's part to help make the home show its best. And then there's also what type of paid internet advertising are you doing to reach people who are searching for things? What type of Google presence do they have? What type of Facebook presence do they have? So where people are looking, most people go to social media for the bulk of their news and information. So if they're looking on social media, do you have a presence there or are you showing it to the 500 friends you have? 250 of which are real estate agents, right? So if you have somebody who only has a few hundred friends or whatever they might be, is that truly a buying audience or do you have somebody who has a reach? Like our team page, the Jay Day and the Day Home Team page has 5,000 people. Our affiliation with the WFRE radio station posts our listings on a page that has 32,000 followers. So there's 37,000 potentially interested people having a podcast where people tune in and then the homes are featured. And there's advertising that goes along with that. There's a lot of things that agents who operate at a high level can do and put money into than agents who don't can.
Jay Day:<br />
Yeah, they don't. Or their agents just getting started that don't have the funds to do that. So I was going to say, if you're listening to this and you're like, okay, of course you guys are going to say all this stuff because you do all these things. Let's say I wanted to interview and talk to multiple agents. What are the questions that you would recommend any seller anywhere, even if they're in areas listening to this because their streaming and we don't service that area, what question should they be asking the agents that they're meeting with.
Christina Day:<br />
With? So I think right now, more than ever, how much experience do you have and experience is a combination of years in the business and units. How many homes have you sold?
Jay Day:<br />
Okay. I was going to say you might want to explain units. Okay. Yeah.
Christina Day:<br />
So, if you were looking at years, one of the things that years tells us is how many markets have you successfully sold through and thrived in? So anybody who has started in the last three years knows one type of market, and that's a seller's market. If you had,
Jay Day:<br />
And that's beyond a seller's market.
Christina Day:<br />
It was outside of the box of reality. The other thing is, I want to know if I'm interviewing somebody, how many buyers have you represented and how many sellers have you represented? Because they are very different transactions depending on what side of the table you're on. You were talking about inspections. Do you know how to negotiate an inspection? Do you know what is appropriate to ask for and what is not? Do you know what should be a deal killer and what shouldn't. And do you look at it? If I'm a seller, through the eyes of a seller, and if I'm a buyer, do you know how to advocate for me as a buyer?
Jay Day:<br />
Yeah. And I mean even with the industry growing the way that it did, I was seeing, and now that we're back into inspections, it's really, really interesting because we will talk about Maryland specifically. So Maryland changed their addendum for inspections, and it was very detailed now where you have a one sheet and you either initial mechanical, radon, lead, wood destroy an insect, chimney, all these different things. So recently I had one where they elected, I think radon, wood destroy an insect and the structural mechanical. Then we get the inspection report back. And two interesting things on this, and this isn't the first time I've seen this, it's condo ownership. Yes, it's a townhouse, but it's condo ownership. So the inspection included all of these things for the outside of the building. And it was interesting, even before that one, we had another person who was interested that wanted to write, but they wanted to make sure they asked if the shutters could be changed, if this could be done, if the exterior could be painted. And we're like, you can't even do that yourself, period. It's a condo. You don't even have the rights to do that. So anyway, I get this inspection report and it's got a ton of things all with the outside. So I called the agent what we're supposed to do call instead of emailing and said, hey, just want to remind you, this is condo ownership. Even if my person wanted to do all of these things that your guy listed, we can't agree to it because she has no rights to touch any of these pieces, period. And she was like, oh, well just put that in your response. Well, one, that deal could have blown up because they had, I mean to me, we get into the whole ethical thing too, of understanding what your job is and what you can do and can't do. The other part was they added in, one of the things was to have the seller pay to have a chimney inspection done. And I was like, well, that was waived. And no, well, I didn't say it. Sorry. My seller was like, well, we had another one that had that and this one didn't. And I picked the one that had three inspections instead of five.
Christina Day:<br />
And now you're not changing it. Thank you, sir.
Jay Day:<br />
Yeah. So it's just really interesting because when you see the people that have maybe not done as much, it becomes really, really obvious when you're in the middle of the transaction.
Christina Day:<br />
Oh yeah. We're seeing crazy stuff come up.
Jay Day:<br />
And trying to keep your sellers and buyers from freaking out or overreacting to things is an important part. I mean, like I said, it's been very, very interesting. I had another one where we had an inspector go in. The inspector went in and decided they were going to add a radon test without having it on the inspection addendum. And the funny part was, I didn't even know that it was happening. I didn't even know that it happened. I got a text from agent on the weekend saying, oh, the inspector needs to go pick up his radon canister. And I said, excuse me. Well, actually first I pulled up the contract because trying to remember everything about every property.
Christina Day:<br />
Double check, just double check, make sure.
Jay Day:<br />
And I'm like, there's none on here. And I said, well, I'll have to check with the seller because, and that was another one. We had multiple offers. They picked the one that had less inspections. And I was like, well, technically I said, my sellers might. I said, I don't know what they're going to say. They may just throw it away. I'm like, that was never a part of the deal. So again, just knowing how to handle a transaction.
Christina Day:<br />
And let's talk about the liability on that. So people will send things over and they'll say, it's for informational purposes only. There's no such thing as informational purposes only. That is not a checkbox. Right? And the form, the way it's written now you have the right to negotiate. You have the right to terminate both. So let's say they go, oh, well, they just wanted to know for their own information, and let's say the radon came back high and then they just terminate because though there was nothing else wrong with the house that would've caused them to terminate, the radon caused them to want to terminate and they terminate. That was not an agreed to inspection. If they wanted to do a radon, they should have asked for it. The seller could have accepted and said, sure, totally fine with that. And under those circumstances, no problem. But the liability that it creates for the seller, and then they feel like they have to be nice, or am I being too hard by saying no, that's up to them. But the reality is you've created yet another reason that somebody could opt to walk away.
Jay Day:<br />
And to me, that was the same thing with the inspection requests where they had all this exterior stuff on the condo because your check boxes are, you either agree to modify some, you agree to do everything that's on the list, or you agree to do nothing. Or actually, I guess it's a four. You could also do a credit and based on your response, unless you check that you agree to do everything, it's
Christina Day:<br />
A counter.
Jay Day:<br />
It is a counter, and the buyer has the right to cancel. That's right. So when they put stuff in, that's not even things that you can do. I mean, I was like, wow, this is not, it hit me that the Maryland realtors, when they just made that change, that could blow up really, really easily, and that's why I wanted to have a conversation with the agent so they knew we weren't pushing back. We just can't do it. If she wanted, there was an issue with a hole in one of the gutters or something, I'm like, she cannot fix that. That's not possible.
Christina Day:<br />
That's for the condo association.
Jay Day:<br />
And the condo association, from what my client told me, it can take them, they have 60 days to respond to even say if they're going to do anything. Say you live there and you saw that there was an issue by law, their rules say they have 60 days to get back to you, and if you're closing in a week and a half from this or two weeks after the inspection, that definitely does not give you time to get things even handled.
Christina Day:<br />
True. Then there's other things that come up, appraisal issues, title issues, what will cause the lender to have an issue, structuring a contract of sale when there's two separate parcels, but they're selling it as one. So there's a lot of things that through experience, you will know, and that's experienced through years and various market conditions. It's experienced through having encountered these things and learned along the way. So I kind of equate it to when you're hiring a surgeon and we're by no means surgeons, surgeons are way brighter, but what I'm saying is,
Jay Day:<br />
They're brighter about surgery.
Christina Day:<br />
Yes. When you hire a surgeon, you do not want the guy who just got out of medical school and this is his first time. You probably don't want the guy who it's his 20th time. You want the guy who's done this hundreds or even thousands of times.
Jay Day:<br />
But you don't want the guy who's as close to retirement with the shaky hands, either.
Christina Day:<br />
No, but it's okay to be new. So I'm not saying it's not okay to be new, but when you are new, in my opinion, the ethical and responsible thing to do as a new agent is to have a mentor and to have somebody who is going to partner with you on those sales, who has the experience and the know-how so that the consumer is not knowingly getting an inexperienced person. You have to recognize, I don't know what I don't know because I'm new here, and maybe I've been in the business three years and I've worked with a lot of buyers, and I go, okay, now I want to list houses. Okay, great. Who's helping you through that?
Jay Day:<br />
It's like what they do with plumbers and electricians. I think the term is journeyman or there's a,
Christina Day:<br />
Yes, and they have a,
Jay Day:<br />
There's an apprenticeship period that you have to work under someone who,h
Christina Day:<br />
We don't have that in real estate folks. No, we should. And so for our team, we do for our team, everybody goes through that pairing process so that they learn and they grow, and they are hearing what the team is experiencing and getting those lessons along the way. That's one of the benefits being on a team, but there's that apprenticeship period and that recognition that we are all always growing and learning. Even some of our agents who have been with us seven years, we still collaborate and help each other through, well, what do you think of this and how should I respond to that? And what do you think the best thing to show them would be? That's the benefit of the togetherness of a team.
Jay Day:<br />
Yeah. I mean, even I've been doing this almost 20 years, and almost every single listing that I take on personally, I'll have either you or Amy without giving you my opinions. I'll say, Hey, look at the comps on this and tell me where you're landing just to make sure that I'm not missing something, because two sets of eyes is better than one.
Christina Day:<br />
And three is great, right? Yeah. And when you're doing this, guys, the fact is you want to use data-driven advice. You don't want speculation and theory. I can sit back and talk about what I think, but if I look at the data and I see the actual numbers and what's happening in the market, and I'm truly a student of the market, we spend a lot of time evaluating numbers and activity and what is truly happening out there. That is what's going to give you the best insight as to how to go forward with pricing, how to go forward with when to list, what the expectation should be, as opposed to just walking in and going, oh my God, the house is gorgeous. It's going to be great. We're going to sell it. No problem.
Jay Day:<br />
Yeah. So I guess the gist of this show, we had a whole lot more to cover, however, we went down a path that I think is extremely important. For you listeners, if you have any questions at all, please feel free to reach out to our team. You can visit our website at dayhometeam.com. Again, dayhometeam.com. You can call us directly at (866) 702-9038. Again, (866) 702-9038. We're here. We're experienced. We'll be more than happy to chat with you about what your options are and to walk you through this journey. Again, thanks for tuning in. I'm Jay Day.
Christina Day:<br />
and Christina Day.
Jay Day:<br />
with Real Talk Real Estate. Have a wonderful Christmas.
Christina Day:<br />
Yeah, Merry Christmas.
2023-12-04T09:00:00-07:002023-12-05T09:09:14-07:00Jay Daytag:dayhometeam.com,2012-09-20:18445Podcast - 12/1/23🏡 Ready to make the big decision of whether to rent or buy a home? 🤔 Here's a game-changer: The average homeowner’s net worth is almost 40X greater than a renter’s! 📈💰 The Federal Reserve Board's Survey of Consumer Finances reveals this significant gap, and it's all thanks to soaring home equity. Home prices have been on a historic climb, and buying a home remains a smart way to grow your net worth over time. 💪🏠✨
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Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team, Real Estate Teams with our weekly real estate podcast coming into the Christmas month into the last month of 2024. Jay, are you ready for Christmas?
Jay Day:<br />
No.
Tom Whalen:<br />
No, neither am I. I'm never ready for Christmas, but it's always fun. Doesn't matter what happens, really.
Jay Day:<br />
Yeah, yeah. I always, you can never be totally prepared.
Tom Whalen:<br />
No, absolutely.
Jay Day:<br />
It's gotten easier as the kids have become adults and it's definitely gotten easier than it used to be.
Tom Whalen:<br />
It is easier and especially because if you don't have all those expectations, that's what lets a lot of people down. Let's let Christmas come and go another day of the week. That way you don't get disappointed. What we got going?
Jay Day:<br />
Let's talk about, and I know this is something we chat about here and there when you're trying to decide whether you want to be a homeowner, if you want to buy a home today or if you want to rent, one of the key data points that's out there that could help you feel more comfortable with becoming a homeowner is every three years there's a survey that the Federal Reserve does and it's a survey of consumer finances, the SCF, and that report shows the difference in net worth comparing homeowners and renters. So that's one of these reports that can sort of be eyeopening. The report that just came out recently, the average homeowner's net worth is almost 40 times greater than a renter's. This most recent report that came out, the net worth for the average homeowner was $396,200. The renter's net worth was $10,400. So you're definitely not getting an increase in net worth by remaining a renter. The previous version of the report that was done, the net worth of the average homeowner was about 255,000 and the average renter was about 6,300. So that is a massive gap that widened if you think about it and look at those numbers. So the 2019 through 2022 growth in the median net worth is the largest three year increase in the history of them tracking this.
Tom Whalen:<br />
I didn't know they tracked this Jay.
Jay Day:<br />
Yeah, well, and I'll be honest with you, Tom. I didn't either.
Tom Whalen:<br />
Aren't they more, they're not talking about people, professionals who live in major cities.
Jay Day:<br />
No, this is just in general here.
Tom Whalen:<br />
Just in general because some of the most wealthiest people in the world are renters paying ungodly rent beyond anything we could ever imagine.
Jay Day:<br />
And this takes into account all the states. And it was interesting because I didn't know that they track stuff like this either,
Tom Whalen:<br />
Neither did I.
Jay Day:<br />
But when we're doing these podcasts, I always try to find relevant information and it can get boring when I get into stats and stuff like that. So I think sometimes it's good to think about things in a different light as well because a lot of people look and say, man, I'd love to be able to have that type of life, man, I'd love to be able to have this situation. And most of the people have through Wall Street and through real estate is where a lot of wealth has been built. If you look back or you look at the people nowadays that have a ton of money, a lot of it is through real estate, and I've talked about it on these before, those that were dealing with the Wall Street stuff and stocks. They have been, if you've ever heard of BlackRock, Vanguard, these companies own a ton of residential real estate now, a ton of it, and they didn't before, but they've jumped in over the last couple of years and you don't need to be a rocket scientist to figure out, hold on. These people were not seeing the gains that they wanted in the real estate market. So they're investing money in other areas and that other area has been residential real estate and there's a reason for it shocking that the numbers jumped that quickly just as they were also increasing and taking on more residential real estate. That's just something to keep in mind.
Tom Whalen:<br />
The question we're talking about Jay is one of the biggest questions that a lot of people have on their mind. It's a matter of fact the biggest question of their life right now.
Jay Day:<br />
And I get it. I mean, so I'm the opposite of, people are like, oh, everybody should own a home and don't take this in the wrong way. I really don't think everybody should own a home because there is a lot of financial responsibility with that. If you're living paycheck to paycheck or you don't have reserve funds, owning a home could be extremely dangerous for you because let's say your roof starts leaking and it's going to cost $30,000 to replace your roof. And what if you don't have that $30,000. Now water's going to be getting into your house, you're going to end up having potential mold, or let's say your HVAC breaks down and your heat is no longer working and you need to replace that and that's $8,500 to replace that unit and you don't have $8,500. You can't live in a house where there's no heat, and then eventually your pipes are going to burst and then you're going to have all types of issues.
Tom Whalen:<br />
It's because of these issues. Jay, I have read during the morning show that Gen Z says I'll always rent because I never want to be responsible for any of this.
Jay Day:<br />
When you look at things in general, the world has changed so much, Tom, from when we were younger and even more so rapidly in the last few years. But think about it, the world is becoming a subscription-based world. Remember, if you really, so you had your computer and if you wanted to be able to type Word documents or type documents, you would go to the store, you would buy a disc or a CD, and you would have Microsoft Office and you had it in your hand. Now what people are doing is they're paying a subscription service.
Tom Whalen:<br />
You got to sign up, man. You got to sign up. Absolutely.
Jay Day:<br />
It's a subscription service. And the reason they're doing so well, and it's going so successfully is because they sell it on the idea that you're not locked in, you can cancel at any time. It's a subscription service. Why do you want to have to own anything? Because the bad part when we used to buy it in the store is they would do upgrades, and when the service got updated, you had to go and pay and get the upgraded version. Now with the subscription, it just automatically updates for you and it's part of the whole process.
Tom Whalen:<br />
That's a good analogy. That truly is, yes.
Jay Day:<br />
And really that's what we are seeing, that the world is going in a direction of a subscription based, subscription based everything in all sides of it. And renting is a subscription based living situation. Period. You're alright, I'm agreeing to pay this. And yeah, you may have some terms, but typically you can cancel or if you can find somebody to replace you, they'll let you out. There's all types of interesting things to this, so if you're like to actually have something that you own, that you possess, I mean even now I'm going to sidetrack. Think about it. You're here at the radio station. Everybody used to buy CDs and tapes. Everything now is pretty much streaming.
Tom Whalen:<br />
Streaming, kind of free almost for anybody. Pretty much.
Jay Day:<br />
Books
Tom Whalen:<br />
Yes.
Jay Day:<br />
People used to go by now, and I'm guilty of this too. I download stuff on Audible all the time. That's how I get my material because it's easier and I click a button, I can listen when I'm driving. And in today's world, traffic's gotten even crazier. So it's a good way to pass the time in the car.
Tom Whalen:<br />
And you can cancel it any time.
Jay Day:<br />
Yeah, yeah.
Tom Whalen:<br />
There you go. You're not locked in.
Jay Day:<br />
Yeah, like I said, very, very different world man, but just think about it that way. If you have questions or want to sort of discuss the difference between the pros and the cons of buying and versus renting, we're here to help. But let's talk about the house of the week.
Tom Whalen:<br />
Give us a home of the week, bud.
Jay Day:<br />
This is one of the great neighborhoods here in Frederick County is Windsor Knolls. This home is 3048 Chickweed Place in Ijamsville, listed at 850. Again, it's in Windsor Knolls. It's situated in a cul-de-sac, four bedrooms, three and a half baths, a finished walkout basement. There's a three season sunroom with views of the woods, paver patio. If you're into the landscaping side, which I know you are, they have a grand crepe myrtle, tons of flowers. It's a nice ideal, very pretty setting. The home is a perfect layout for entertaining. The laundry is on the main level. There's nine foot ceilings. There's loft storage in the garage. There's a large master bath with custom tile work, paved walking paths in the community, large common areas in the community. There's a community pool, and this home is actually situated extremely close where you can walk to the community pool. Again, Windsor Knolls, great neighborhood. If you want to check out this home, go to wfre.com. Look up Tom and Jay's real estate podcast. If you like what you see, click the button or give us a ring and we will get you a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-12-01T06:00:00-07:002023-12-01T07:28:40-07:00Jay Daytag:dayhometeam.com,2012-09-20:18444House Of The Week - 3048 Chickweed Place Ijamsville, MD 21754<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/how.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🌿🏡 Embrace tranquility in the sought-after Windsor Knolls Community! Nestled on a peaceful cul-de-sac, this beautifully maintained home awaits.
What's special about it?<br />🎋 Solid bamboo hardwoods on main & in bedrooms<br />🛏️ Four spacious bedrooms including a large primary suite with walk-in closet & ensuite bath<br />🛁 Three and a half bathrooms<br />🏠 Partially finished basement for extra cozy space<br />☕ A dreamy three-season room off the kitchen – perfect for morning coffees!
Outside enjoy:<br />🌳 A serene setting with a wooded backdrop & community walking/jogging path right behind your home<br />🏊 Just steps from the community pool<br />👶 A short stroll to the tot lot and large common area
And more:<br />📚 Close to schools<br />🛣️ Easy access to major commuter routes
This gem combines comfort with convenience in Windsor Knolls. Don’t miss out – schedule your private tour now! 🗓️🏡 #WindsorKnollsLiving #YourDreamHome 🌟🌲
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2042204/3048-chickweed-place-ijamsville-md-21754/">Click for more photos</a>2023-12-01T06:00:00-07:002023-12-01T03:13:32-07:00Jay Daytag:dayhometeam.com,2012-09-20:18377Podcast - 11/24/23🎙️ Tune in to our latest podcast! We're diving deep into the importance of having a signed representation agreement with a licensed real estate agent. 🏡 Discover the ins and outs of fiduciary duties and what they truly mean for you. Get ready to make informed real estate decisions! 🤝
But wait, there's more! Don't miss our fantastic "House of the Week" 🏠 featuring a newer-built modern farmhouse in Charles Town, WV. This gem is located in the gated Beallair Community and boasts three bedrooms, each with its own full bathroom, luxury vinyl plank flooring, a stunning kitchen with beamed ceilings, top-of-the-line appliances, and so much more. It's a must-see! 😍
Join us for valuable insights and exciting real estate opportunities! 🌟 #RealEstateAdvice #HouseOfTheWeek #ModernFarmhouse
Tom Whalen:<br />
All right. I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast telling you everything, updating you on the industries. We getting ready to wrap up 2024. What are we going with? Oh, I'm sorry. As we're getting ready to wrap up 2023, I'm jumping the gun.
Jay Day:<br />
I was like, man, Tom, are we,
Tom Whalen:<br />
The holidays are all coming down on us too fast. I'm not quite sure which one we're celebrating.
Jay Day:<br />
Yeah, so I wanted to talk about something that came up recently and tie it into something else. It's a legitimate thing that people don't understand. So I have a client looking at properties and he originally went to his bank to try to get his mortgage, got everything approved, and I said to him, I'm like, okay, great. Are you happy with everything? Let me get a breakdown so I can see what the fees are and make sure it's accurate. Make sure we're in good shape. So I email the lender at the bank. They refuse to send me a fee sheet showing the breakdown of what the costs are.
Tom Whalen:<br />
Is that standard procedure something that you've asked for before?
Jay Day:<br />
Yes. I've never had somebody say no. And what I had to explain it, it goes into, and again, this is me representing a buyer. So this is not me representing a seller. I'm helping a buyer now. And it goes into the reason and what agency is, and the confusion that goes into the public. So you would think you're going to the bank. The bank is going to take good care of you and make sure you're, especially if you're banking with them, right, you think that they're on your side. What people don't realize is if you actually have a agent who you have signed an agreement with and they are representing you, whether it's on the buying side or the selling side, they are a fiduciary. They have fiduciary duties. That's the same as if anyone here has a financial planner, someone that's handling their finances. They are a fiduciary. What does a fiduciary mean? For people that don't know, basically they have to act in the best interest of the party that they owe those fiduciary duties to, meaning you can't put your own personal finances ahead of somebody else's. So that loan officer has no fiduciary duties to that person. Their loan officer works for the bank, and the bank is who their loyalty. And they can't lie. They can't be deceitful, but they do not have to work in your best interest. So I got into this conversation with the client and he said that the person got extremely, he said, just send it to him. And I said, here's the deal. I need to make sure everything is right. What happens if your estimate, and it's not just about interest rates, but what if your estimate has wrong figures for the taxes? What if it has the wrong figures for HOA fees, has wrong tax information, it has wrong insurance numbers. If that happens, you're trusting that that number is accurate because you're making a decision on what your mortgage payment is. Why a lender would not want to share that with your agent makes no sense to me. So I wanted to make it clear to people, and this is the difference. So if you call in and you just go look at a house with an agent and you have no relationship with them, they have no fiduciary duties to, they have to be honest. There's all of these things they have to be, but the fiduciary duties are when you're taking care of your client. And that is one of the biggest things in real estate and why people should have their own agents. Because when they enter that relationship, then you have fiduciary duties and responsibilities. I'm not going to promise that every agent understands that or does that. I can guarantee you that's how our team operates and it's one of the most important pieces in my opinion, because you don't want someone who, we'll talk about new construction. You walk in and the person in the model home, they're super nice, they're super friendly, they're doing all these things, but their duty and loyalty is to their employer and that is the builder, not you. So again, not walking into something with representation can create all types of issues. That's why if you're in a divorce situation, you don't have most people anyway. Attorneys will be like, I can't represent both sides. I'm not doing that because I have to be responsible and I have fiduciary duties to my clients. You can't have fiduciary duties to both sides. So again, I just thought it was really important because I've been doing this almost 20 years, 19 years in this business and I've never had a lender say, no, I'm not going to send you that.
Tom Whalen:<br />
Do you think that's a one-off or do you think that's going to be a pattern?
Jay Day:<br />
I don't know. And to me, the big thing is maybe there's a fear that I'm going to have them shop it or do something else. I don't know. But my job is to make sure everything that my client does is in their best interest and their best financial interest. So part of that job is to make sure that the lender is not doing something or causing or adding extra fees that are not necessary as well. And we have lenders we work with, but it doesn't mean, so let's say that somebody was dealing with this loan officer at a bank and then they talk to the loan officer we recommend. My job is to tell the client, go whoever can get you to the table and can give you the best situation for yourself financially. I don't care if you use the person that I recommend or somebody else. We have to use the people that are going to take care of you and get us to where we need to be. And for someone to be shortsighted and not realize that as agents we should be doing this, we should be going above and beyond for our clients because it's part of our fiduciary duties. And that's why I take this side. So very, very adamant and strong opinions about everybody having representation so that they have somebody working in their best interest.
Tom Whalen:<br />
If you're buying a home, you want that guy in your corner. If you're selling a home, you want this guy in your corner, all the ins and outs, everything in the industry they have seen before. You're talking over my head with a lot of this stuff, Jay. That's why I would call you to buy or to be responsible for my fiduciary duties, buying or selling. I want you handling all of that.
Jay Day:<br />
Well, and in your situation, when we worked with you, I did work closely with the lender to make sure,
Tom Whalen:<br />
I know you did.
Jay Day:<br />
Everything was taken care of.
Tom Whalen:<br />
You always do. And to everybody I know you've worked with, you've come through for them, you've never let any of them down.
Jay Day:<br />
Yeah, I take our responsibilities and our job seriously. This is a career for us and we do get a lot of business from past clients, repeat clients, and it's because they always realize we are putting their interests ahead of everybody else's. And that's what we're paid to do. So you ready for the house of the week?
Tom Whalen:<br />
Always.
Jay Day:<br />
Alright. 59 Dunbarton Street in Charlestown, West Virginia. This beauty is listed for $775,000. It's a newer built home without the weight. It's a modern farmhouse. It's in the gated Bel Air community. It has three bedrooms and each have their own full bathroom. There's luxury vinyl plank flooring throughout the home. Beam ceilings in the kitchen, top of the line stainless steel appliances, high end white gloss cabinet finish, quartz waterfall, kitchen island. Do you know what I mean by waterfall? It's the ones where actually the counter even drops down,
Tom Whalen:<br />
I've seen this before.
Jay Day:<br />
To the floor. Very, very nice looking. A gas cooktop, builtin wall oven and microwave. Two gas fireplaces, smart home devices. It has a large covered and screen trek deck. Beautiful sliding barn door in the office, hardwood stairs. Built-in sound system. All rooms wired for ceiling fans. Rough in car charging outlet if you happen to have an ev. There's also a two car attached garage. Whole house water softener and reverse osmosis drinking system. And one of the neat things about this community, it's maintenance-free outdoor living. The actual community handles lawn cutting in the front, the back. All lawn maintenance, including pruning, dealing with the flower beds, weeding, and there is a future plan of a clubhouse and an in-ground community pool going in. It's as close to Harper's Ferry restaurants, commuter routes. This one is a gorgeous, gorgeous home in a great neighborhood. It's gated neighborhood. You can actually go on wfre.com. Look up Tom and Jay's real estate podcast. We have video of this as well. If you like what you see, reach out to us and we'll get you a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams. We do it every week. Weekly Real Estate podcast. Thank you so much for listening to your friends, all about it.
2023-11-24T06:00:00-07:002023-11-24T11:54:56-07:00Jay Daytag:dayhometeam.com,2012-09-20:18376House Of The Week - 59 Dunbarton Street Charles Town, WV 25414<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/59_Dunbarton_St.jpg" width="1443" height="1080" class="img_box_left" style="float: left;" />
🌟🏡 Jump at this chance to settle into a newly built modern farmhouse – no waiting, just in time for the holidays! Nestled in the stunning, gated Beallair Community in Charles Town, WV, this home is a masterpiece.
What's inside?<br />🛏️ Three bedrooms, each with a private full bath<br />🌿 Luxury vinyl plank flooring throughout<br />🍳 Beamed ceilings & top-notch stainless steel appliances in the kitchen<br />🎨 High-end white gloss cabinets & quartz waterfall island<br />🔥 Two cozy gas fireplaces<br />📺 Smart home features with HDMI ports<br />🌤️ A large, screened Trex deck for relaxing outdoor moments<br />🚪 Chic sliding barn door into the office<br />🎶 Built-in sound system
And more upgrades!<br />🌬️ Rooms ready for ceiling fans<br />🚗 Rough-in car charging outlet in the 2-car garage<br />💧 Whole house water softener & reverse osmosis drinking system
Maintenance-free living 🌳:<br />✨ The Beallair Community handles all lawn care, pruning, and weeding!
Coming soon to the community 🏗️:<br />🏊 A clubhouse & community pool
Location perks 📍:<br />Close to Harper Ferry, eateries, shops, and major roads.
Don’t wait! Grab this rare opportunity to own a slice of elegance in Beallair. Schedule your private tour now! 🗓️🏡 #ModernFarmhouse #BeallairBeauty 🌟🏠✨
<a href="https://www.dayhometeam.com/property-search/detail/42/WVJF2009728/59-dunbarton-street-charles-town-wv-25414/">Click for more photos</a>2023-11-24T06:00:00-07:002023-11-23T17:17:45-07:00Jay Daytag:dayhometeam.com,2012-09-20:18326Podcast - 11/17/23🎙️ Ready for a new podcast episode? We're discussing some compelling Reasons To Sell Your House Before the New Year! 🏡
As the year winds down, you might be wondering if it's the right time to sell. Should you wait until January or make your move now? Tune in to hear great reasons to consider selling before the new year rolls in. 🗓️
And of course, don't miss our fabulous "House of the Week" 🏠 featuring a stunning log home in Smithsburg, MD! This traditional log cabin offers over 3000 sq ft of living space, a master suite on the main level, a two-story stone fireplace, and so much more. It's a must-see! 😍
Tune in for valuable insights and exciting real estate opportunities! 🌟 #RealEstateWisdom #HouseOfTheWeek #NewYearMove
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day the Day Home Team of Real Estate Teams with our weekly real estate podcast telling you up to date what's going on in the industry on this Friday morning. What are we up to, Jay?
Jay Day:<br />
Well, I'm really trying to squeak this one in, but it was an article that I saw that I thought was important to talk about, and it was reasons why people may want to sell their home before the new year. So a lot of people get into holiday mode. They're thinking, oh, I'll just wait until January or I'll wait until the spring. And one of the biggest advantages of doing it before then is you're getting one step ahead of other sellers that are going to wait. So again, when the inventory is lower, your chances of selling for more money and without having to do as many things increases dramatically. So a lot of people tend to wait and say, I'm going to go, I've got Thanksgiving, I've got Christmas or Hanukkah, I've got New Year's. I'm just going to wait and deal with this later. And we've actually found quite a few people recently have decided, again, let's just jump ahead of this. Let's get our house on the market when there's less competition. And one of the other things that, and I've said this for years, is the buyers that are looking around the holiday season are extremely serious because they're taking time out of other things that they will be doing to find a place to live. And when people ask us, when's the best time to sell? I'm like, well, there's always people that need to move. So there's not a time where it's like, oh, there's never a house that sells in this month. It just doesn't happen. So when you're talking about that, that is one of the big advantages of making the decision to do something before the holidays. And like I said, we've got lots of people doing it. I tell people, if we get it in before the holidays, we'll get the photos done. So you can still do all your decorating. We're not going to limit you from doing your decorating while the house is on the market. We don't operate that way. People understand around the holidays you're going to see stuff like that.
Tom Whalen:<br />
And then some people might want to call a real estate agent right around all the busy holidays and they get an answering machine, or they get us, call us back next week. Or they'll say, look, why don't you call us? Wait until the snow's gone and call us in the spring.
Jay Day:<br />
Yeah, we've written offers on Christmas Eve, new Year's Eve, it's part of our job. And when we have clients that are looking, our job is to best represent them and do what we need to do to get them to where they want to be.
Tom Whalen:<br />
Loved ones pass away every day. People get fired from jobs, people get hired from jobs every day. None of that waits for the seasons.
Jay Day:<br />
No, it does not. So don't think because we're getting into the holiday season that you need to wait. If you have any questions, you can reach directly out to us. We'll give you the good, the bad, the ugly, and then we can explain all that so that you can make an informed decision of what timing is best for you. So you ready for the house of the week?
Tom Whalen:<br />
Yes sir. What have we got?
Jay Day:<br />
Man, this is a cool one. 13970 Brown Road in Smithsburg, Maryland. 685,000. This is a log home with a traditional log cabin look. If you watch Yellowstone, this sort of reminds you of that. It's got the wraparound porch.
Tom Whalen:<br />
It's got the ranch house look.
Jay Day:<br />
Yeah. Yeah. Over 3000 square feet of living space. The master suite is on the main level. The hardwood flooring inside is hickory. The basement is fully finished. It's on over three acres. Inside, there's really unique and custom handrails. Super, super cool looking. There's an upper level loft that's open. You can see down to the family room below. Three full bedrooms, three and a half bathrooms. There's a fireplace in the family room. That's a two story. Again, it just gives that great feel. I mentioned the wraparound porch. In addition to that, they just had a brand new roof installed in October of this year. They also just redid, put a new blacktop driveway in. The logs, because when you have a log home, you do have work you have to do to maintain the logs. They were professionally restored this October as well. In addition to the house, if you are a person who likes working in workshops, you like working on cars, there is a massive, when I say massive, it is humongous. It's a three level four car garage with a 10,000 pound lift in there already. And in addition, if you drive around the back of the garage, there's an additional garage bay underneath, which could make it a five car garage. And on the second story, there's a workshop with 200 amp electric service. There's a deck. You need to check this one out. We've got photos, we've got video. Go to wfre.com, look up Tom and Jay's real estate podcast. If you like what you see, click on the button or give us a call and we will get you in for a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
of Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Thank you so much for listening and tell your friends all about it.
2023-11-17T12:19:04-07:002023-11-20T08:43:40-07:00Jay Daytag:dayhometeam.com,2012-09-20:18325House Of The Week - 13970 Brown Rd Smithsburg, MD 21783<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/13970_Brown_Rd.jpg" width="1443" height="1080" class="img_box_left" style="float: left;" />
🌲🏡 Welcome to your enchanting log home dream at 13970 Brown Road! This traditional log haven offers:
🌟 Over 3000 sq ft of rustic charm<br />🛌 Main level living with hickory hardwoods<br />🎉 Fully finished basement on a sprawling three-acre woodland<br />🌳 Unique hand railings & an open upper-level loft<br />🛏️ Three bedrooms & 3.5 bathrooms<br />🔥 Majestic two-story stone fireplace<br />🎶 Iconic wrap-around porch straight out of a country song
Recent upgrades for your comfort:<br />🏠 Brand new roof (Oct 2023)<br />🚗 Fresh blacktop driveway<br />🪵 Logs professionally restored (Oct 2023)
And there's more!<br />🚘 Massive three-level, four-car garage with a 10,000lb lift, extra bay underneath<br />🔨 Second-story workshop equipped with 200amp electric service
This is more than a home; it's a retreat. 🍃 See it to believe it! Book your private tour today before it's too late! #LogCabinLuxury #DreamHomeInTheWoods 🏡🌲✨
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2040564/13970-brown-rd-smithsburg-md-21783/">Click for more photos</a>2023-11-17T12:15:45-07:002023-11-17T12:20:50-07:00Jay Daytag:dayhometeam.com,2012-09-20:18234Podcast - 11/10/23🎙️ Join us for an exciting podcast episode! 🏘️ We kick things off with our annual "Stuff a Truck" event 🚚 where we collect food for those in need right here in Frederick County. It's all about giving back to our wonderful community! ❤️
Then, Jay and Tom dive into the latest real estate updates 📈 and explore why now is a great time to buy a home in this market. 🏡 You won't want to miss their valuable insights!
And of course, don't forget our amazing "House of the Week" 🏠 featuring 2606B Egret Way in the Market Square community in Frederick. This condo offers over 2700 sq ft of living space, a gourmet kitchen 🍳, a spacious master suite, and community amenities like a pool! 🏊‍♂️
Tune in for a dose of community spirit, real estate wisdom, and your dream home! 🤩 #CommunityLove #RealEstateInsights #HouseOfTheWeek #FrederickMD
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams, weekly real estate podcast. Jay, it's that time of the year where you guys, the day home team, give back to the public. Here we are coming up on Thanksgiving and once again, we're going to be doing stuff-a-truck at all the Weis markets, non impressionable food items from Frederick County Food Bank.
Jay Day:<br />
Yes, super excited about it. We've been part of this for many, many years now, and you're listening to this podcast, hopefully you're listening to it the day it's running on the 10th and we have three coming up before the next podcast. We've got some on what Saturday, Sunday,
Tom Whalen:<br />
I think I see Spring Ridge on Saturday, Prospect Boulevard. I know I'm going to be in Thurmont, Sunday morning. The Weis market in Thurmont, Sunday morning. Then we work our way all the way up to when we take all that food to the food bank. And this is for kids in the area to have, well, to have Thanksgiving and Christmas.
Jay Day:<br />
Oh yeah. It's one of the best charity things that we end up doing, going to the food bank, seeing how much we end up getting over to them and actually working with them to see what they're trying to do.
Tom Whalen:<br />
Sure.
Jay Day:<br />
So if you're listening to this, you can go to wfre.com, you'll see where all the dates and times are. You can also, if you follow us, Jay Day and the Day Home Team on Facebook, we post events about it. If you come out, you can make food donations. You can shop and buy the stuff right there. Or we take monetary donations too. And what happens with that is we'll just end up going into that store at that location, purchase things with the money that you have supplied. And when you come out to see us, we have giveaways and goodies that we give you. We appreciate all that you do. It's also not unusual that we have, I always love the Thomas Johnson Drive one too, because a lot of those professional centers, the doctor's offices, they end up collecting in advance and bringing us stuff out.
Tom Whalen:<br />
Absolutely.
Jay Day:<br />
And unfortunately as we get older, you and I have definitely seen some doctors and have some people over there.
Tom Whalen:<br />
We know. Yeah. We're familiar with all those buildings over there on Thomas Johnson Drive.
Jay Day:<br />
Yeah. And they come in pretty strong. Typically though,
Tom Whalen:<br />
And my hometown of Thurmont, they always step up as well. I mean, it's a great time of year because it's just people helping out other people. So you can't help but feel good.
Jay Day:<br />
Exactly. Exactly. So like I said, check it out. We'd love to have you stop by and like I said, we'll take care of you, give you a couple little things for your time and for making the donations.
Tom Whalen:<br />
Also, all these Weis markets, if we're not there, they're taking your donations while we're not there. You can donate all week. Some of 'em got a little $10 bag set aside. We'll get those donations. We don't have to be there for you to help out.
Jay Day:<br />
And it's always interesting because people are like, oh, I missed it. And I'm like, no, no, no, you can go there. Because typically what we do, the team at WFRE and those who sponsor this event, it will say, okay, I'll hit these three stores and grab anything on my way. We sort of break out, I always end up going back to Spring Ridge because that one's super close to me and we're like, we'll figure out, I'll go to Mount Airy. I'm like, if there's anything there, nothing gets left behind.
Tom Whalen:<br />
Yes. Yeah, don't worry about that.
Jay Day:<br />
Yeah, we make sure we take care of that because again, this is taking care of our local people here, right in Frederick County.
Tom Whalen:<br />
Our neighbors.
Jay Day:<br />
So let's talk about the last podcast. We talked about what's going on with stats. We've talked about interest rates going up. We've talked about low inventory numbers. So the question really is, and we get this a lot from people, is why should I own a home? What makes sense about that? Especially right now, because people are like, their mortgage rates are high, the prices are high. So one of the key pieces that we explain to people is that home values appreciate over time. So now over the last three years, it's been sort of crazy with the rate it's been hitting at, but this last year we've been appreciating at more of a normal pace. And again, we talk about getting back into normal, but history overall does show in the long run that home values rise. When you look at the data from the Federal Reserve over the last 60 years, basically it has, home prices have risen consistently with one exception. That one exception was the housing crash of 2018. I mean 2008, sorry about that. But overall, home values have been consistently on the rise outside of that one blip on the radar. So increasing home values, what does that mean? As you're paying your mortgage down, you are increasing your net worth, you are building equity, which is all a good thing. The next thing is when you're looking at buying a home as opposed to renting, you are locking in your monthly housing cost. You have control over what your payment is. Where the best example I like to give right now, especially here in Frederick, is the city of Frederick came up with some rules. I dunno, maybe it's been a year, I don't do rental, so I don't know all the dates, but I know that there was homes in Frederick City and they made some requirements that all the homes have certain upgrades and improvements done to them. And when they did that, that got everything put on the individual owners to do these renovations. The individual owner does the renovations. Do you think that that individual owner, it's not going to trickle down to the renter? No, of course it does. So if they had to spend $50,000 in renovations, they can not charge that tenant the same amount of money because they have to recoup that money that they were forced to spend. So again, if you want to have control over what your monthly payment is, that is one way to do it. And just like we talked about house values going up over the course of since the sixties, we have the same thing on the rental side. It's spent a steady increase over the last six decades of what you're paying. Christina was telling me, we have a client right now that was just renting a three bedroom apartment, not a house, not a townhouse, not a condo, in an apartment building here in Frederick County, three bedrooms, two baths, and their rent was over $3,500 a month.
Tom Whalen:<br />
Wow. Man, that's incredible. I understand.
Jay Day:<br />
Yeah, that's crazy.
Tom Whalen:<br />
That seems crazy. It's sort of out of my purview. I can't even wrap my head around that.
Jay Day:<br />
So I mean, as they say, homeownership is a way to build wealth. It always has been. It typically always will be. And again, you get a little bit of control over your future. And the same thing. You want to paint a room, you want to do something to the house. And sometimes landlords do allow that, but you have to ask permission. When you own your home, you can change the paint colors. You don't need to get approval. You can change this. You can do all types of things because it's yours. You don't have, I mean technically it's the banks because they have the mortgage, but you don't need to call your bank and say, hey, Mr. Mortgage Company or Mrs. Mortgage Company, is it okay if I paint this or this deck is getting sort of old, I'd like to have a maintenance free or a low maintenance composite deck instead of the wood. Your landlord controls everything when you're a renter. Everything. So those are just some of the advantages if you want to get into some more of the details, we do offer free consultations. We sit down, we go over everything with our potential buyers. We explain the pros and the cons. And honestly, Tom, there are times where there's some people that we say it may not make sense to do this. And in those situations, for example, if you own, or it may make more sense for them to own a condo, because in a condo, you don't have to worry about your windows, you don't have to worry about the roof. All that's covered by the condo..
Tom Whalen:<br />
You don't have worry about the yard. You don't have to worry about plowing and mowing. Yeah, its snow and mowing.
Jay Day:<br />
Yeah. Now, if you're someone that lives paycheck to paycheck and you couldn't handle a roof leak or something like that, then a condo ownership may make sense. And if condo ownership doesn't make sense, then it may make sense to stay asa renter. But everybody's situation is individual. And that's why we like to talk to people on an individual level of let's talk about what your plans are, why you think this makes sense. And we'll give you the good, the bad, the ugly, and then you can make an informed decision about what makes the most sense for you.
Tom Whalen:<br />
Well said. That's why you call the pros.
Jay Day:<br />
Alright, you ready for the house of the week?
Tom Whalen:<br />
Give it to us.
Jay Day:<br />
Well, first I've got to say I'm a little biased because this location, market Square is a great spot as far as proximity to things. 2606 Egret Way in Frederick. This is listed for 390 and just what we were talking about. So this is a townhouse, that's a condo ownership. So meaning if you buy this and something goes wrong with the roof, you don't have to pay to repair the roof that's covered in your condo fees. You don't have to worry about the grass, you don't have to worry about the windows. So the other neat thing about this, when people think of condos, they think maybe they're not too big. This one has two floors and it's 2,719 finished square feet. It is massive. So if you need space, this is definitely much larger. I mean, this is larger than some regular three story town homes. It has a one car attached garage and then a parking pad that can fit two more cars. So you could fit three cars, three bedrooms, two full baths, one half bath, open floor plan, gourmet kitchen, massive master suite. There's a kitchen island with a breakfast bar. There's a community pool. And one of the neat things, if you know where onelife fitness is out off of 26th, this is the neighborhood that's right there. So you've got onelife fitness, you've got tons of dining, lots of different shopping. You can walk to Wegmans, you can go over to Coalfire, you can go all types of places that are over there, Madrones.
Tom Whalen:<br />
That's a great location if you're living right there. That's really central man.
Jay Day:<br />
And I asked the current owner what made him buy there, and his answer was he had two answers. One, because he was looking at regular town homes versus condo, and he said, this condo was bigger than all the town homes. The town homes were 1900 square feet. He is like, this was a no-brainer. He said, I ended up picking this location because I could walk to everything. He goes, I walked to the gym, I walked to the pool, I walked to Buffalo Wild Wings to watch football games, and if I have some drinks, it's not a big deal for me to walk home.
Tom Whalen:<br />
I understand.
Jay Day:<br />
I mean, he laid out all of that and he goes, and honestly, he goes, I'll even, if I don't have a huge grocery run, I'll walk over to Wegman's to get my groceries and walk back home. So location wise, it's great. If you want see photos, go to wfre.com. Look up Tom and Jay's Real Estate podcast. If you like what you see, click schedule showing and we will get you a private tour into that home.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Weekly Real Estate podcast. Thanks for listening and tell your friends all about it and come see us at Stuff-a-Truck.
2023-11-10T06:00:00-07:002023-11-17T12:20:38-07:00Jay Daytag:dayhometeam.com,2012-09-20:18233House Of The Week - 2606B Egret Way Frederick, MD 21701<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/2606B_Egret_Way.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🌟🏠 Step up to stylish living in the sought-after Market Square Community with this two-level condo!
Featuring:<br />🛌 A grand master suite with elegant tray ceilings & a luxurious ensuite bath including a soaking tub 🛁<br />🛏️ Two more bedrooms & another full bath for family or guests<br />🧺 Convenient upper-level laundry<br />🍽️ Open-concept living with a formal dining room, comfy family room with a cozy gas fireplace 🔥, and a chef's dream kitchen complete with stainless steel appliances, sleek granite countertops, a double wall oven, and a spacious island + seating area 🍳<br />🍂 A lovely balcony to savor the autumn breeze
Plus:<br />🚗 A one-car attached garage & a two-car parking pad<br />🏊‍♂️ Dive into community amenities like walking paths, playgrounds, a pool, and more!
Nearby shopping 🛍️, dining 🍴, and easy commutes 🛣️. Don't miss out on this complete package! DM to book your private showing now 📅✨ #MarketSquareLiving #CondoGoals
<a href="https://www.dayhometeam.com/property-search/detail/42/MDFR2041740/2606b-egret-way-frederick-md-21701/">Click for more photos</a>2023-11-10T06:00:00-07:002023-11-09T17:34:49-07:00Jay Daytag:dayhometeam.com,2012-09-20:18192Don’t Believe Everything You Read About Home PricesDon’t Believe Everything You Read About Home Prices
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Dont-Believe-Everything-You-Read-About-Home-Prices.png" width="600" /><br /><br />
According to the latest data from <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/national-housing-survey/national-housing-survey-archive" rel="noopener noreferrer" target="_blank">Fannie Mae</a>, 23% of Americans still think <a href="https://www.simplifyingthemarket.com/en/2023/09/26/the-return-of-normal-seasonality-for-home-price-appreciation/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">home prices</a> will go down over the next twelve months. But why do roughly 1 in 4 people feel that way?
It has a lot to do with all the negative talk about home prices over the past year. Since late 2022, the media has created a lot of fear about a <a href="https://www.simplifyingthemarket.com/en/2023/09/27/why-todays-housing-inventory-shows-a-crash-isnt-on-the-horizon/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">price crash</a> and those concerns are still lingering. You may be hearing people in your own life saying they’re worried about home prices or see on social media that some influencers are saying prices are going to come tumbling down.
If you’re someone who still thinks prices are going to fall, ask yourself this: Which is a more reliable place to get your information – clickbait headlines and social media or a trusted expert on the housing market?
The answer is simple. Listen to the professionals who specialize in residential real estate.
Here’s the latest data you can actually trust. Housing market experts acknowledge that nationally, prices did dip down slightly late last year, but that was short-lived. <a href="https://www.fanniemae.com/research-and-insights/surveys-indices/fannie-mae-home-price-index" rel="noopener noreferrer" target="_blank">Data</a> shows prices have <a href="https://www.simplifyingthemarket.com/en/2023/10/03/home-prices-are-not-falling/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">already rebounded</a> this year after that slight decline in 2022 (see graph below):
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-Percent-Change-in-Home-Prices.png" /></a>
But it’s not just Fannie Mae that’s reporting this bounce back. Experts from across the industry are showing it in their data too. And that’s why so many forecasts now project <a href="https://www.simplifyingthemarket.com/en/2023/09/12/what-experts-project-for-home-prices-over-the-next-5-years/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">home prices</a> will net <a href="https://www.simplifyingthemarket.com/en/2023/09/08/home-price-forecasts-revised-for-2023-infographic/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">positive</a> this year – not negative. The graph below helps prove this point with the latest forecasts from each organization:
<a href="https://www.simplifyingthemarket.com/en/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank"><img src="https://files.keepingcurrentmatters.com/content/images/20231030/20231102-2023-Year-End-Home-Price-Forecasts.png" /></a>
What’s worth noting is that, just a few short weeks ago, the Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/forecast" rel="noopener noreferrer" target="_blank">forecast</a> was for 3.9% appreciation in 2023. In the forecast that just came out, that projection was updated from 3.9% to 6.7% for the year. This increase goes to show just how confident experts are that home prices will net positive this year.
So, if you believe home prices are falling, it may be time to get your insights from the experts instead – and they’re saying prices aren’t falling, they’re climbing.
Bottom Line
There’s been a lot of misleading information about home prices over the past year. And that’s still having an impact on how people are feeling about the housing market today. But it’s best not to believe everything you hear or read.
If you want information you can trust, turn to the real estate experts. Their data shows home prices are on the way back up and will net positive for the year. If you have questions about what’s happening in our local area, let’s connect. 2023-11-07T05:38:04-07:002024-03-13T07:22:24-07:00Jay Daytag:dayhometeam.com,2012-09-20:18147House Of The Week - 2029 Sams Creek Rd Westminster, MD 21157<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/2029_Sams_Creek_2.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🌟🏡 Discover this all brick rancher nestled on 1.46 acres 🌲 in Westminster!
This gem offers:
🛏️ Three spacious bedrooms<br />🛁 Two full bathrooms<br />🍽️ Formal dining & living rooms<br />🔥 Cozy family room with a fireplace<br />☀️ Bright all-weather Florida room – perfect for morning coffees ☕ and enjoying views of your lush lawn and mature trees 🌳
Plus:<br />🎱 Partially finished lower level with a recreational space<br />🛠️ Ample unfinished area – ideal for storage or your creative touch<br />🚗 Attached 2-car garage & a long driveway for extra parking
Relish in the peace of Sams Creek Road 🛤️, with stunning farmland views, yet stay close to restaurants, shops, and easy commuting.
Don't wait – seize this slice of tranquility on Sams Creek Road today! 🌄 Schedule your tour 📅🚗 #WestminsterWonder #BrickBeauty
<a href="https://www.dayhometeam.com/property-search/detail/42/MDCR2017104/2029-sams-creek-rd-westminster-md-21157/">Click for more photos</a>
2023-11-03T05:00:00-07:002023-11-03T02:15:43-07:00Jay Daytag:dayhometeam.com,2012-09-20:18146Podcast - 11/3/23📊 Curious about the latest real estate stats? 🏡 Join our podcast as we dive deep into Maryland, Pennsylvania, and West Virginia. 🎙️ We break down county-specific data on homes sold, listings, contracts, and more! Gain valuable insights into your local market.
Don't miss our captivating "House of the Week" 🏠 featuring a charming brick rancher in Westminster, MD. This home offers main-level living, 3 bedrooms, 2 bathrooms, a family room with a fireplace, and an all-weather Florida room for your morning coffee. ☕🌳
Tune in and stay informed! 📈🏘️ #RealEstateStats #LocalMarket #HouseOfTheWeek #WestminsterMD
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Coming in now to the holiday season, the last couple of months of the year, Jay, where do we stand in the real estate industry?
Jay Day:<br />
Well, first I need to address that too. Isn't it crazy that we're in November?
Tom Whalen:
I know, man. It's unbelievable.
Jay Day:<br />
I was just talking to Christina about that and I'm like,
Tom Whalen:<br />
Three weeks today from Black Friday we're less than three weeks away from Thanksgiving.
Jay Day:<br />
It's absolutely ridiculous.
Tom Whalen:<br />
You going to be cooking that Turkey at home this year?
Jay Day:<br />
So the goal, the funny thing was I was supposed to do a test run on my Traeger and that's when I realized my time is running out because I don't want to do the test run on Thanksgiving and not do it right.
Tom Whalen:<br />
A test run on what? You're going to be cooking that burger or something?
Jay Day:<br />
Yeah, turkey on the traeger outside.
Tom Whalen:<br />
Oh, on the traeger. You going to smoke that? Then just do two, then you smoke a turkey, cook one in the oven. Then we'll see how that works out.
Jay Day:<br />
Yeah, we'll have to see. Well, and then I have to start off today wishing my better half a Happy Birthday.
Tom Whalen:<br />
Is that today?
Jay Day:<br />
It is today, yes.
Tom Whalen:<br />
Wow. Happy Birthday, Christina. And I can back Jay up on the better half part of that.
Jay Day:<br />
Yeah,
Tom Whalen:<br />
Absolutely.
Jay Day:<br />
So let's talk some stats because it's been a while since we got into any, we didn't really get into details in October. So what I'm looking at the stats now, I'm comparing early September, to be more specific, September 7th to November 1st are when these data points came from. So Frederick County, we are still at a under one month supply of inventory. Homes that are on the market, 201. And when we looked back in September, it was only 155. So that did increase, homes under contract 229 homes. It was 275. So we had a much bigger issue with inventory back in September, but now we still have under a month's supply of inventory. It's just not, we're getting close. When you really look at it, we're 28 homes away from having a month's supply of inventory. So we're getting closer to having that month's supply. For homes that sold, we went from 269 to 204. And again, the one thing I want to point out is the homes that go under contract and sold, as we get into this time of year, things do tend to slow down because of the holidays, so that shouldn't be too shocking. But I wanted to get into, so the homes over the last 30 days, so October, that sold, again, that was 204, of those still 113 sold for above asking price. And when we look at that, it's almost 56% of the homes sold for over asking price in Frederick County. Now, homes that sold below asking price, 52. That equals 25.49%, so almost 26%. And homes that were listed and sold at the price they were listed at was 39, and that ends up coming in at 19%.
Tom Whalen:<br />
But some of these homes sold under list price. They could have been overpriced to start with.
Jay Day:<br />
Correct.
Tom Whalen:<br />
I'm just learning from doing all the podcasts with you on the pricing of these homes is fascinating.
Jay Day:<br />
And then buyers that got closing help paid for by the seller is up to 40 of those homes. So we're at almost 20% of all the homes that sold in October. The sellers did give some closing help to the buyer. Now we'll go over to Carroll County. Carroll County, we have a situation where 121 homes that are active, 142 that are under contract. So again, under a month's supply of inventory, we had 111 homes sell. And with those, the median days on market was 9. The active listings, the median days on market is 27. So the one thing we are seeing across the board is the homes are taking a little bit longer to sell because again, when we had that 2% bump in interest rate so far this year, again, we went from 6 to 8%, pretty much certain people no longer qualify. So those people fell out of the buyer demographic and buyer pool for a period of time. So we are going to have less people that are capable of closing. Now out in Carroll County, homes that sold with seller help 26% of the homes. So that's a pretty significant number. You had a 26% chance that you'd have to give buyer closing help to get to the closing table. Now, Washington County, we have the opposite, 187 homes on the market, only 158 under contract. So we have now hit over a month supply of inventory. Again, nothing to panic about. It's still considered a seller's market when you have up to three months supply of inventory.
Tom Whalen:<br />
Really been a long time since we've heard those words talking about any of these counties.
Jay Day:<br />
Yeah, yeah, it is. And when we look at those that actually ended up having to give closing help for closing in Washington County, 31.4%. So that's the biggest number for the areas in Maryland that hit our listenership here. Now we'll go to West Virginia, active 70. Before we only had 61, contract 62. Last time we had 69. So again, we're in a situation here where we actually just barely have more homes, more than a month's supply of inventory. So Jefferson County,
Tom Whalen:<br />
That's Jefferson County, West Virginia,
Jay Day:<br />
And just under 25% of the homes that sold there, the sellers gave buyer closing help. Now we go to Berkeley County, active 203 homes. This is a big change. So we have 203. The last time we pulled these numbers, it was only 142. That's a pretty big difference.
Tom Whalen:<br />
That's a big number of homes going on the market.
Jay Day:<br />
Yeah, yeah. Now contract, we had 200, now we're at 157. So we are over a month supply of inventory in Berkeley County as well. And get this, the ones that sold, that need to give seller help, 43%.
Tom Whalen:<br />
Wow, that's quite a bit. That's a big number. Yeah.
Jay Day:<br />
Yeah, almost half of the sellers ended up having to do that. So we'll end with some of the data from Pennsylvania, and again, I have a whole lot more information. If you guys want more detailed data, you can just reach out to me. I just want to give sort of a broad overview. Adams County, when we look at Adams County, we have 106 homes on the market. We were at 97, so that's a slight increase. Now get this, last time we did the report, only 98 homes were under contract, now 120. So there's an uptick in contract activity in Adams County. So they are under a month's supply of inventory and only 15.6. So almost 16% of the homes out there, the sellers had to give closing help to a buyer. So Adams County has the lowest number of seller help that was provided. Out of all the areas we're going to be chatting about Maryland, Pennsylvania, and West Virginia.
Tom Whalen:<br />
And Jay in the day home team licensed in all these states. We should point out, if you're wondering why we're talking about wild, wonderful, Pennsylvania, Virginia, Maryland, and DC.
Jay Day:<br />
Yes. And Franklin County, we always like to talk about, because a lot of people just go right over the line in Washington County, 177 active homes, 128 under contract. So when we look at that, we actually have more than a month's supply of inventory and they're coming in at about 21% of the homes. The seller gave closing help to the buyer. So the one thing I can say in general, of all these areas, we are still seeing an appreciation in values. We're just seeing the appreciation at a lower percentage. We're still in a situation where the market, we overall, we still have very low supply compared to what's considered normal. It's just, I think everybody forgot what normal was because we haven't
Tom Whalen:<br />
We have forgotten what normal was. And I don't know if we're ever going to see that again in any capacity for anything in our lives.
Jay Day:<br />
Yeah, I don't either. Well, one of the funny things is on our podcast, I said we'd probably hit 8% this year when the experts said we wouldn't. And guess what we did?
Tom Whalen:<br />
We did. Yeah, we did. Man.
Jay Day:<br />
I'm hoping because the year's not over yet. I'm really hoping we don't get over eight, but who knows? The crystal ball is broke. I guesstimated on the last one and I ended up being right.
Tom Whalen:<br />
And you shot high. You probably shot high thinking hell will never go far. That won't go that high. Yes.
Jay Day:<br />
Yeah. I thought, I'm like, well, the way things were moving, I was like, they're going to have to do that with inflation. Everything else, it's just a harsh reality of the market that we're in. So let's talk about the house of the week and then we can wrap this up.
Tom Whalen:<br />
What do you got?
Jay Day:<br />
2029 Sams Creek Road in Westminster, Maryland. This home is listed in the mid upper fives. It is an all brick rancher situated on 1.46 acres. Obviously main level living, laundry, everything is on the main level. Bedrooms, bathrooms, kitchen, three spacious bedrooms, two full bathrooms, a formal dining room, a formal living room, a large family room with a fireplace. There's an all-weather, Florida room off of the family room. The lower level is partially finished with a rec room, and then there's a massive amount of space under there that's unfinished that you can add more rooms you can use for storage. In addition, there is an attached two car garage, and the first thing I noticed when we went to list this home, we're driving down, we pull up, it has a nice entrance and the lawn is absolutely meticulous. It actually made me think of you. I know how particular you are about the lawn.
Tom Whalen:<br />
I love landscaping. Sure. Yeah, absolutely.
Jay Day:<br />
It's absolutely stunning. The home inside is a little, it's got great bones. If somebody wants to modernize it, they can. But one and a half acres, all bricks solid construction. If you want to take a look at it, go to wfre.com. Look up Tom and Jay's real estate podcast. You'll see photos. You'll even see drone and aerial photography on this one. If you like what you see, we can schedule a private tour.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. We'll be back next Friday. Thank you so much for listening. Tell your friends all about it.
2023-11-03T05:00:00-07:002023-11-03T07:53:02-07:00Jay Daytag:dayhometeam.com,2012-09-20:18050Podcast - October 27, 2023Listen to our latest podcast for the full scoop on finding your ideal listing agent! <img data-emoji="🎙️" class="an1" alt="🎙️" aria-label="🎙️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f399_fe0f/32.png" loading="lazy" />
Looking to sell your home? <img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /> Make sure you've got the right listing agent with these essential skills:<br /><br /><img data-emoji="1️⃣" class="an1" alt="1️⃣" aria-label="1️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0031_fe0f_20e3/32.png" loading="lazy" /> Pricing Expertise: Don't fall for the highest price—choose an agent who backs their recommendation with data. <img data-emoji="💰" class="an1" alt="💰" aria-label="💰" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4b0/32.png" loading="lazy" /><img data-emoji="📈" class="an1" alt="📈" aria-label="📈" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c8/32.png" loading="lazy" /><br /><br /><img data-emoji="2️⃣" class="an1" alt="2️⃣" aria-label="2️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0032_fe0f_20e3/32.png" loading="lazy" /> Negotiation Skills: Selling can be emotional; trust a calm and experienced negotiator. <img data-emoji="🤝" class="an1" alt="🤝" aria-label="🤝" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f91d/32.png" loading="lazy" /><img data-emoji="😌" class="an1" alt="😌" aria-label="😌" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f60c/32.png" loading="lazy" /><br /><br /><img data-emoji="3️⃣" class="an1" alt="3️⃣" aria-label="3️⃣" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/0033_fe0f_20e3/32.png" loading="lazy" /> Problem Solving: Your agent should prioritize your success, addressing issues and finding solutions. <img data-emoji="🛠️" class="an1" alt="🛠️" aria-label="🛠️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6e0_fe0f/32.png" loading="lazy" /><img data-emoji="🤔" class="an1" alt="🤔" aria-label="🤔" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f914/32.png" loading="lazy" /><br /><br /><img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" /> House of the Week: Explore this charming 3-bedroom rancher in Sharpsburg, MD, nestled on three lush acres. <img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" /><img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /> Featuring a spacious detached garage/shop, it's perfect for homesteading or enjoying peaceful country living. Schedule your private tour today! <img data-emoji="🚗" class="an1" alt="🚗" aria-label="🚗" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f697/32.png" loading="lazy" /><img data-emoji="🗝️" class="an1" alt="🗝️" aria-label="🗝️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f5dd_fe0f/32.png" loading="lazy" /> #HouseOfTheWeek #CountryLiving #SharpsburgMD
Tom Whalen:
I'm Tom.
Jay Day:
I'm Jay Day.
Tom Whalen:
Jay Day and the Day Home Team of Real Estate Teams with our weekly real estate podcast. Jay, what's going on now?
Jay Day:
So as we're seeing the market change a little bit way back, well, not way back, but a couple months ago, I hate to say it this way, but it seemed like almost anybody could sell anything. So the skillset was sort of lacking of what was required. And now we are starting to get the phone calls from people who had their home listed, it didn't sell, or they are listed, they're unhappy with the agent. I had one the other day shocked me. They had fired their agent and they asked the agent what their marketing plan was, and the agent flat out said, I don't have one.
Tom Whalen:
He just thought, oh, there was a time when those things were just rolling out. Nobody really had to have any skill.
Jay Day:
And I was like, wow, I'm surprised. I said, he shouldn't have lied and made something up, but you would've assumed somebody would've made something up. So when we ended up meeting with them and showed them, because we send a book out in advance, an ebook, and then we give them our book and it actually shows our entire marketing plan, our strategy. It's a 25 page booklet that shows everything that we do. He was like, this is so different. And the funny thing was when he called, he's like, I should have called you. I listened to the radio station and I just didn't think you went this far out. And I'm like, oh, no, no, no, we do. Martinsburg is not too far out.
Tom Whalen:
Martinsburg's not. Well, that's right in our wheelhouse here.
Jay Day:
Yeah. Yeah. So good people. And so the thing is, when you're thinking about selling your house, and there's another person that I met with too that hired somebody else, and they did it based on them charging less money and they thought they were going to save. And what ended up happening was it was a nightmare. They ended up having to fire the agent. They said that, what is the word I'm looking for? The gimmicky thing that they used to get them to make the phone call.
Tom Whalen:
Yeah, the scam. Yeah, the angle.
Jay Day:
Yeah. It was not true. And actually this person actually filed a complaint with the real estate commission about this agent doing some false advertising.
Tom Whalen:
Well, as people, we should always act like this is the first time, the first time, nobody knows who I am. Nobody knows who you are. I've worked with Jay now for over 10 years, and the stories about other agents not getting it done, Jay and his team coming on board. And the difference, I'm sorry that we should emphasize that.
Jay Day:
Yeah, it is.
Tom Whalen:
I hear those stories all the time.
Jay Day:
And we had a lot for a period of time where we weren't getting those calls because pretty much everything was selling. But like I said, I'm starting to see more and more creep in where one, it's not selling or they feel like they were bamboozled because they were given a little bait and switch, of, hey, we'll do this for this. And then when it comes down to it, that's not really what it boils down to. And I explain all of this stuff to people. I'm like, here's the deal. As we get into it, real estate commissions are a hundred percent negotiable. There's nothing set in stone. And we have, there's two agents typically involved in a transaction. You don't have to pay the other agent a set amount of money. However, what we do is we go in, we look, we see what has been successful, what hasn't been successful, and we try to mirror that. So data doesn't lie. If you look straight at the numbers, take the emotions out, take the guesswork out, and just lay it all out on the table. And that's what I do. I'll say, alright, here are the 10 homes that sold. Let's look at what sold. Let's look at the interior. What did it look like? Let's look at what the cooperation, the commission they were paying a buyer agent. What does that look like? What does this look like? And then we go through and I say, okay, now you've been able to analyze all of this. What are your thoughts? What do you think would happen if we did this? Or how do you want to approach this? And I tell them, I have multiple opinions on how it can be done, but let's look at the data and see what you're thinking. And then I'll tell you my opinion based on the data. And most of the time we're on the same page. And the discounting stuff is not always the best thing for you. Because again, if people can't even respect their own profession to discount, do you think they're going to be a good negotiator to try and get you the best deal for your house? It's not going to happen. They can't even negotiate for their own. So do you think they really care about your money? Not really.
Tom Whalen:
Good point Jay. That's why.
Jay Day:
Not really. So now the bigger thing is, so what skills are you looking for when you're hiring somebody to sell your house? One is you need to deal with somebody who is skilled at problem solving. There's lots of nuances that come up in a real estate transaction. So I understand sometimes people want to help a family member, somebody at church, they just got licensed. Not knowing how to navigate through a real estate transaction and how to handle it can be very overwhelming. I mean, we had somebody recently that they wrote on one of our listings in Frederick County and the buyer, it was our listing. I was working for the seller. The buyer wanted to cancel, however they waived their ability to cancel with how the agent wrote the offer. And we pushed back. The seller didn't want to let them out. He wanted to do the repair that was needed. After lots of back and forth with the agent, I told my client, I'm like, okay, well here's the attorney we recommend you chat with. Then all of a sudden their person talked to an attorney and they had no way to cancel. They could have been forced to close the house. Long story short, everything got fixed, the buyer did buy. But we could have lost that buyer if I would've just said, you know what? They want to cancel. There's no reason to try to fight this. But having the experience and knowing and then saying, Hey, I'm not an attorney from what I see, I don't see a way out of this. Why don't you talk to the attorney we deal with? They'll give you legal advice. And once they did that, they lawyered up the buyer and the agent realized that they were going to proceed to closing, and they were going to get the repairs that were needed were going to be done. And the county had to sign off on everything. So having somebody that knows how to negotiate and navigate through things is extremely important. One of the other things too, a great negotiator, not just problem solving, but being able to negotiate and negotiation is not about, I hear people, oh, we'll just meet in the middle. Negotiations are not all about that. It's about finding a solution that both sides feel like it's a win. And a win doesn't mean you meet in the middle. A win doesn't mean that push back so hard that you get the buyer upset and they walk away. These are all skills that you need to have. And to me, one of the biggest ones is you need to have an agent that has a marketing plan. What is their strategy? I don't care if you say you've been in the business 10 years, if you've only sold 15 homes in 10 years, you don't have the experience. You may not have the budget to do the marketing, but get them to show you up front. We actually have in our listening paperwork, check boxes that show every single thing that we are going to do with marketing of a home. So there's never any confusion. We're like, okay, so we're going to have real video, not stitched video by stitched video is when people just put pictures together, put background music behind it, and they call it a video tour, but it's not really video.
Tom Whalen:
That's called a stitch video. Yeah, I didn't know that.
Jay Day:
So we lay all this out and we tell our clients, here's what we think you need. Here's what we think we are going to need to get this home sold. And then we do a comparison too. If we think something's not necessary, we'll tell them, Hey, we could give you, the commission could be a little bit less because we don't think we need to do these things. If you want, we can, but you're going to pay a little more. But our job is to do the best deal, the best we can, keeping as much money as your pocket as we can, but also not cutting certain marketing and exposure things that are going to limit your ability to get your home sold quickly for the amount of money that you want.
Tom Whalen:
Makes sense.
Jay Day:
Does that make sense? So I mean, if you're out there, you're listening to this and you feel like this is totally different, talk from what you've heard before or you were thinking about doing discounting, going with a discount agency or talking to someone who had some type of a gimmicky thing going on, reach out to us if it sounds too good to be true. It is. I mean, there's no, that's just how it works. And the funny thing is I tell everybody, I'm like, we do have a guaranteed sale program. We don't advertise it anymore because we don't need to. But if we feel that someone when we're meet with them, if we feel that that program could help them, then sure, we will do it. But the guaranteed sale is going to net you less money. We're taking on the risk. So I tell people, here's the situation. If you want, we can do this. I have no problem. I'll purchase your home for X amount of dollars and realize I'm going to end up doing some renovations, and then I'm going to sell it and I'm going to make a profit. And you're choosing not to make that profit yourself. Again, nothing hidden. No hidden agenda. And right now, again, we don't even advertise it, but remember that you've been doing our stuff for 10 years.
Tom Whalen:
Guaranteed. Yeah, guaranteed was the number one bullet point, but then
Jay Day:
The market changed. Yeah.
Tom Whalen:
Yeah. Things change. Yeah.
Jay Day:
Yeah. So like I said, if you guys have any questions about the whole selling process, and I don't mean wholesaling, sorry, the selling process or the buying process, you can reach out to us our websites dayhometeam.com. You can reach us at 866-702-9038. Just listen to the prompts. We have it go to different people on the team. If you're a seller versus a buyer, we feel that those are two different skill sets and not everybody is able to handle all sides of a transaction. So you'll select the right one, and there's no obligation, there's no cost to talk to us. We're here to try and give you information to help you make an informed decision, which makes the most sense for you and or your family.
Tom Whalen:
Got a home of the week.
Jay Day:
I do. 18617 Burnside Bridge Road in Sharpsburg, Maryland. This one is listed in the low fours. It is a brick rancher, has three acres, three bedrooms, two full bathrooms, a finished basement, concrete porch, a large 30x40 detached garage/shop. That garage shop actually also has running water and electric in it, which is great. The previous owners utilized it for processing their hunting, their deer meat and things like that. So it's all set up. You've got the stuff in there that you can connect. It's main level living. Again, because it's a rancher, solid wood doors throughout the home and three acres in Sharpsburg, they actually utilized a bunch of their land. When I went out there, they were telling me how many, they stopped doing this, but they were cultivating blueberry bushes. They had all types of different vegetation, of vegetables, fruits that they were growing, and it was perfect for it. They said they would give it out to the neighbors because they would have so much, they'd end up giving some to the community for those that needed it. So great property, main level living, pretty decent flat yard. And if you go to wfre.com, you can look up Tom and Jay's real estate podcast. You'll see photos of the home and the land. And if you like what you see, let us know. We can get you in for private tour.
Tom Whalen:
I'm Tom.
Jay Day:
I'm Jay.
2023-10-27T05:30:00-07:002023-10-27T06:30:33-07:00Jay Daytag:dayhometeam.com,2012-09-20:18046House Of The Week - 18617 Burnside Bridge Rd Sharpsburg, MD 21782<img src="https://assets.site-static.com/userfiles/1203/image/18617_Burnside_Bridge_Rd.jpg" width="2165" height="1620" />
<img data-emoji="🏡" class="an1" alt="🏡" aria-label="🏡" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e1/32.png" loading="lazy" /><img data-emoji="✨" class="an1" alt="✨" aria-label="✨" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/2728/32.png" loading="lazy" /> Dive into serene country living in Sharpsburg! Presenting a pristine brick rancher <img data-emoji="🏠" class="an1" alt="🏠" aria-label="🏠" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3e0/32.png" loading="lazy" /> set on 3 lush acres <img data-emoji="🌳" class="an1" alt="🌳" aria-label="🌳" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f333/32.png" loading="lazy" /><img data-emoji="🌿" class="an1" alt="🌿" aria-label="🌿" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f33f/32.png" loading="lazy" />.
<br />Key features:<br /><img data-emoji="🛏️" class="an1" alt="🛏️" aria-label="🛏️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6cf_fe0f/32.png" loading="lazy" /> Three cozy bedrooms<br /><img data-emoji="🛁" class="an1" alt="🛁" aria-label="🛁" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6c1/32.png" loading="lazy" /> Two full baths<br /><img data-emoji="🛋️" class="an1" alt="🛋️" aria-label="🛋️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6cb_fe0f/32.png" loading="lazy" /> Finished basement for extra space<br /><img data-emoji="🌞" class="an1" alt="🌞" aria-label="🌞" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f31e/32.png" loading="lazy" /> Sun-kissed stamped concrete porch<br /><img data-emoji="🚗" class="an1" alt="🚗" aria-label="🚗" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f697/32.png" loading="lazy" /><img data-emoji="💼" class="an1" alt="💼" aria-label="💼" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4bc/32.png" loading="lazy" /> Massive 30x40 detached garage/shop equipped with water & electricity.<br /><br />Appreciate:<br /><img data-emoji="🚪" class="an1" alt="🚪" aria-label="🚪" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6aa/32.png" loading="lazy" /> Classic wood doors inside & tranquil vibes outside. <img data-emoji="🌺" class="an1" alt="🌺" aria-label="🌺" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f33a/32.png" loading="lazy" /><img data-emoji="🐦" class="an1" alt="🐦" aria-label="🐦" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f426/32.png" loading="lazy" /> Perfect for gardening, observing wildlife or a peaceful evening.<br /><br />Near:<br /><img data-emoji="🏫" class="an1" alt="🏫" aria-label="🏫" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3eb/32.png" loading="lazy" /> Schools, historic battlefields <img data-emoji="🏞️" class="an1" alt="🏞️" aria-label="🏞️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f3de_fe0f/32.png" loading="lazy" /> & convenient routes <img data-emoji="🛣️" class="an1" alt="🛣️" aria-label="🛣️" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f6e3_fe0f/32.png" loading="lazy" />.<br /><br />Don't miss this blend of charm & convenience! Book a visit now! <img data-emoji="📅" class="an1" alt="📅" aria-label="📅" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4c5/32.png" loading="lazy" /><img data-emoji="📞" class="an1" alt="📞" aria-label="📞" src="https://fonts.gstatic.com/s/e/notoemoji/15.0/1f4de/32.png" loading="lazy" /> #CountryBlissInSharpsburg
<a href="https://www.dayhometeam.com/property-search/detail/42/MDWA2018230/18617-burnside-bridge-rd-sharpsburg-md-21782/">Click for more photos!</a>
2023-10-27T05:00:00-07:002023-10-27T06:20:26-07:00Jay Daytag:dayhometeam.com,2012-09-20:17985House Of The Week - 1255 Brown Rd Martinsburg, WV 25404<img src="https://assets.site-static.com/userfiles/1203/image/house_of_the_week/how-10-20-23.jpg" width="2165" height="1620" class="img_box_left" style="float: left;" />
🌟🏡 Step into your new home in Martinsburg, WV!
Here's the magic within: ✨<br />🛏️ Three cozy bedrooms waiting to hug your dreams<br />🛁 Two and a half baths<br />🍷 A spacious living area that's ready for stories, laughter, and wine<br />👑 A master suite with private full bathroom<br />🛠️ An unfinished basement (with a roughed-in bath!) offering a canvas for your imagination - gym, game room, or home cinema?
Nestled in Martinsburg's heart, this home delivers both community vibes 🤝 and personal peace 🧘. Schools 🏫, shopping 🛍️, and local wonders are just a hop, skip, and a jump away!
<a href="https://www.dayhometeam.com/property-search/detail/42/WVBE2023376/1255-brown-rd-martinsburg-wv-25404/">Click for more photos</a>2023-10-20T04:32:12-07:002023-10-20T04:35:32-07:00Jay Daytag:dayhometeam.com,2012-09-20:17984Podcast - 10/20/23🎙️ Tune in to our latest podcast episode! 🏡
Are Higher Mortgage Rates Here To Stay? 📈 Don't stress about trying to control the uncontrollable. Mortgage rates can be unpredictable, even for the experts.
Plus, we're diving into The Latest Expert Forecasts for Home Prices in 2023 📊. If you've been concerned about home prices dropping, tune in for the details. 📈 If you have questions about our local real estate market, we're here with the answers. Let's chat! 🏠💬
Stay informed and ahead of the game – listen now! 🎧
And don't miss our House of the Week in Martinsburg! 🏡 Features include:<br />- 3 bedrooms 🛏️<br />- 2 full bathrooms 🛁<br />- 1 half bathroom 🚽<br />- Unfinished basement 🏢<br />- Rear deck 🌳<br />- 2-story family room for spacious living 🏠<br />- Conveniently located with easy access to schools, shopping, and commuter routes 🚗
Join us for an Open House this Saturday, 10/21/23, from 11 AM to 1 PM. See you there! 🏠🚪 #RealEstatePodcast #MortgageRates #HomePrices #MarketForecast #TrustedProfessionals #OpenHouse
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Of Jay Day and the Day Home Team of Real Estate Teams with a weekly real estate podcast. Jay, it just seems like yesterday you and I were saying, hey man, preseason football, we're going to cheer for the Ravens, we're going to cheer for the Commanders. And I think we're five, six weeks in now.
Jay Day:<br />
Yeah, well, and the last couple podcasts we had Christina fill in for me.
Tom Whalen:<br />
Oh that's right. Yeah, we did. So we didn't talk football. That's why it seems like yesterday.
Jay Day:<br />
Yeah, yeah, because the last time we saw each other, I think we did end up talking about it and then we just had so much going on. I told Christina I needed her to come in and mix things up a little bit.
Tom Whalen:<br />
Oh, it's always nicer. Smells better when Christina's in here.
Jay Day:<br />
It should. It should. And then you have to behave yourself when she's in here.
Tom Whalen:<br />
I am. Honestly, when Christina or Diana are around, honestly, that's a governor on my behavior, man.
Jay Day:<br />
Yeah. When it's the two of us, you just never know.
Tom Whalen:<br />
You never know. You never know. Thank goodness we can edit things.
Jay Day:<br />
Yeah. So let's talk about mortgage rates.
Tom Whalen:<br />
Alright, that's a big subject right now.
Jay Day:<br />
Yeah. So are the higher mortgage rates here to stay is one of the questions that we get asked quite a bit. And realistically, we've almost reached the highest that we've been in 30 years. So when you go back, we were 8.64, we've been just under 8%. So getting very close. I know when we had our, I don't remember which podcast it was, but everybody was predicting that rates were going to go down. We weren't going to hit as high as we hit yet again, I think I said we were going to hit 8% probably by Q one, and we almost hit it before we even got into the end of this year. So it's really interesting because there's a lot of volatility, there's a lot of stuff going on. Now the prediction is, and again, if we look at the experts, the experts say that they're going to go down, however, there's no sign that would indicate that that would be something that's going to happen. The positive in this whole thing is we still have low inventory. We're not in a situation where we have crazy amounts of inventory and things are sitting forever. However, a lot of buyers are too concerned and they're not making the jump as quickly as they did in the past. So what that means is even though we have lower inventory, you may not be competing with as many people as you were before, and you may be able to get some closing help from the seller, or you may not have to pay over asking, which technically gets you into a position where you could be getting a better deal on the house because values have still continued to climb. What ends up making it worse is when you have values climbing, and let's say you're writing on a house and there's six other people writing on it, then you're going to be paying even more. So the reality is, when rates start to drop down again. And we don't know when that's going to happen. We're going to see more buyers come back into the market and we're going to be in that situation where you're going to be competing with 6, 10, 12 people and you're going to end up paying more for that house because the sales price is going to end up escalating up even higher. You may end up in a situation where you're waiving inspections again. So from a buyer perspective, yes, the interest rates are higher now, however, you will not be in the same position where you're battling it out with as many people and you may not need to give up as much of your inspections. And again, you may be able to get the home a little below asking price or, I mean, even getting it at asking price is not a bad thing compared to what we've been seeing with everybody having to do escalations. And remember, if you're buying as long as you can afford the mortgage payment, you can look at it and say, well, when rates come down, I can always refinance, which could be a win. You say, okay, I'm going to do this now I'm locking in at 7.8 and rates go down to 6.5. You refinance, you've got the house, you didn't have to compete with a bunch of people. So there is a win and there is a rainbow at the end of that story, that there are options that are still happening. So let's talk about, the last thing I want to talk about that sort of ties into this, is the latest expert forecast for home prices because that comes into play. If home prices were going to drop, people might say, hey, well I'm going to wait. Well, when we look at it, year end home prices, AEI is expecting a 6% increase. Zillow 5.5. Fannie Mae 3.9. HPES 3.3. MBA 1.5%, and NAR, the National Association of Realtors is thinking there's going to be a downturn of 0.4. So realistically, all of the experts are saying that they think that the home prices are going to continue to rise.
Tom Whalen:<br />
But the National Association of Realtors, they disagree.
Jay Day:<br />
They disagree. And I have to be very careful what I say here because I'm a member of the National Association of Realtors.
Tom Whalen:<br />
Sure, I understand.
Jay Day:<br />
But anyone that does any research on them right now, they have a lot of stuff going on. I'll say that.
Tom Whalen:<br />
I understand there's issues everywhere.
Jay Day:<br />
They have management changes, there's lawsuits happening. So there's a lot of stuff going on with the National Association of Realtors.
Tom Whalen:<br />
Okay, I won't ask any more questions.
Jay Day:<br />
Yeah, so I wouldn't put all my weight on that. And again, when you look at it and you've got the majority, seeing it the other way, and then it's rare that I agree with these forecasts, but I'm seeing exactly what the others are saying. The home values are not dropping, it's just that you're not having a 15% change in value. It's just a smaller chunk that's happening. We are not seeing a drop in prices. Now, one of the things that we are seeing is, and I've been talking about this on the podcast, buyers are looking for homes to be move-in ready because their cash is tight. They don't want to have to paint, they don't want to have to deal with flooring. If you put a home on the market and it's in good condition, looks modern, doesn't need updates, those are still moving very, very quickly. It's the ones that may have some wallpaper or the carpet needs to be replaced and the seller doesn't want to do anything about it. Those are taking a little bit longer to sell because again, the buyer really has to look at it. They're looking and saying, I'm paying 8% interest on this roughly, I'm going to have to put $10,000 worth of flooring in. I'm going to have to spend $8,000 on painting and where's that money coming from? Because they had to use so much money to put down payment. And then also their mortgage payments a lot larger than what they were expecting.
Tom Whalen:<br />
That's why you call the pros because for every fact that you hear there's gray areas and these guys can negotiate you through the mess.
Jay Day:<br />
Absolutely. You ready for the house of the week?
Tom Whalen:<br />
I see you getting ready for it. What do you got?
Jay Day:<br />
Alright. This one actually just hit the market yesterday. It's 1255 Brown Road in Martinsburg, West Virginia, listed for 400,000. This home is a three bedroom and there could be a fourth bedroom. Instead of the fourth bedroom, right now they have an open loft on the upper level but you could always just close that in with some walls. It wouldn't be too crazy to do. Or again, a lot of people like having that open area where they can have a play area upstairs for the kids or they can have their home office there and not feel like it's closed in. They have two full bathrooms, one half bathroom, a unfinished basement so you can finish it how you like. Rear deck, formal living and dining rooms. The family room is a two story, newer kitchen appliances, I mentioned the loft. On the upper level, there's a master suite with a large master bath. Easy access to schools, shopping, commuter routes. And actually tomorrow, Saturday, Brian on our team, Brian Mo will be doing an open house there from 11:00 AM to 1:00 PM So if you want to check it out, 1255 Brown Road, Martinsburg. Open House tomorrow, 11 to 1, that's Saturday. Or you can go to wfre.com. Look up Tom and Jay's real estate podcast and you can see all about this home. We've got photos, we've got video. If you like it, jump out there to the open house or reach out to us and we'll get you a private showing.
Tom Whalen:<br />
I'm Tom.
Jay Day:<br />
I'm Jay.
Tom Whalen:<br />
Jay Day and the Day Home Team of Real Estate Teams with a weekly real estate podcast. Once again, thank you for listening and tell your friends all about it.
2023-10-20T04:21:07-07:002023-10-25T10:57:42-07:00Jay Daytag:dayhometeam.com,2012-09-20:17966What Are the Real Reasons You Want To Move Right Now?What Are the Real Reasons You Want To Move Right Now?
<br /><img src="https://files.keepingcurrentmatters.com/content/images/20231017/20231018-What-are-the-real-reasons-you-want-to-move-right-now.png" width="600" /><br /><br />
If you're considering <a href="https://www.simplifyingthemarket.com/en/2023/09/15/plenty-of-buyers-are-still-active-today-infographic/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">selling your house</a> right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about <a href="https://www.simplifyingthemarket.com/en/2023/08/14/where-are-people-moving-today-and-why/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">making a move</a> in the first place.
It’s true <a href="https://www.simplifyingthemarket.com/en/2023/10/16/are-higher-mortgage-rates-here-to-stay/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">mortgage rates</a> are higher right now, and that has an impact on affordability. As a result, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home.
But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com <a href="https://www.realtor.com/advice/sell/should-i-sell-my-house-now-reasons-to-list-times-to-wait/" rel="noopener noreferrer" target="_blank">says</a>:
“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”
Here are a few of the most common reasons people choose to sell today. You may find any one of these resonates with you and may be reason enough to move, even today.
Relocation
Some of the things that can motivate a move to a new area include <a href="https://www.simplifyingthemarket.com/en/2023/09/22/how-remote-work-helps-with-your-house-hunt-infographic/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">changing jobs</a>, a desire to be closer to friends and <a href="https://www.simplifyingthemarket.com/en/2023/10/10/are-grandparents-moving-to-be-closer-to-their-grandkids/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">loved ones</a>, wanting to live in your ideal location, or just looking for a change in scenery.
For example, if you just landed your <a href="https://www.simplifyingthemarket.com/en/2023/09/20/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">dream job</a> in another state, you may be thinking about selling your current home and moving for work.
Upgrading
Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.
For example, if you’re living in a condo and your household is growing, it may be time to find a home that better fits those needs.
Downsizing
Homeowners may also decide to sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently <a href="https://www.simplifyingthemarket.com/en/2023/09/11/planning-to-retire-your-equity-can-help-you-make-a-move/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">retired</a> or are ready for a change.
For example, you’ve just kicked off your retirement and you want to move somewhere warmer with less house to maintain. A different home may be better suited for your new lifestyle.
Change in Relationship Status
Divorce, separation, or marriage are other common reasons individuals sell.
For example, if you’ve recently separated, it may be difficult to still live under one roof. Selling and getting a place of your own may be a better option.
Health Concerns
If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their house to find one that works better for them.
For example, you may be looking to sell your house and use the proceeds to help pay for a unit in an assisted-living facility.
With higher mortgage rates and <a href="https://www.simplifyingthemarket.com/en/2023/10/11/the-latest-expert-forecasts-for-home-prices-in-2023/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">rising prices</a>, there are some <a href="https://www.simplifyingthemarket.com/en/2023/09/19/your-home-equity-can-offset-affordability-challenges/?a=965044-a0b6298afcb4378f241c20f807bcfc87" rel="noopener noreferrer" target="_blank">affordability challenges</a> right now – but your needs and your lifestyle matter too. As a recent article from Bankrate <a href="https://www.bankrate.com/real-estate/should-i-sell-my-house-now-or-wait/#sell-now" rel="noopener noreferrer" target="_blank">says</a>:
“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”
2023-10-18T13:43:24-07:002023-10-18T13:48:22-07:00Jay Day