Baltimore Real Estate Podcast with Lee Tessier

Our Baltimore market is slightly ahead of the seasonal schedule. What’s the latest news from our Baltimore real estate market? In short, it’s super busy and the prices are pushing upward, which is great for sellers and a bit frustrating for buyers.  In Baltimore and Harford counties, homes have appreciated just under 12% since January and February of last year. In Baltimore County, unit sales have increased about 10.5% in that time, while Harford County sales have increased about 5%. Demand is high, and the way homeowners are using their homes has obviously changed since the beginning of last year, with so many people working from home or their children having to school from home. “For anyone who needs to sell first in order to buy a new home, get your current home ready to sell now.” We’re also seeing a lot more listing appointments from people prepping for the spring market, so we’re slightly ahead of the normal seasonal schedule. In certain neighborhoods, where there were previously no homes on the market, we’re now seeing three or four pop up. The spring market is coming, and so is inventory (although not a ton). One particularly important question I got asked recently is, “What are we going to see with all the foreclosures?” These foreclosures probably won’t happen until the third or fourth quarter of 2021, so you don’t have to worry about a dropoff in pricing. We will see the number of offers that are significantly over list price decrease a bit, though; more and more buyers will only pay for what they really need going into the second half of 2021.  If you want to move and are hoping to take advantage of this appreciation, know that you’ll have to pay a higher price for your next home. Also, for anyone who needs to sell first in order to buy a new home, get your current home ready to sell now. The majority of sellers aren’t accepting contingent offers because they’ll likely have other non-contingent offers to choose from. Moving forward, we’ll probably see appreciation rates dip into the 3% to 5% range, but people will still pay more for homes due to supply and demand pushing prices upward.  If you have questions about our Baltimore market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to hear from you. 

Here’s a recap of our 2020 market and what I expect in 2021. 2020 was certainly an interesting year for all of us. I hope you and your families are staying healthy out there. Back in March and April, we were panicked with the thoughts of what would happen in the real estate market. Then, in June, everything busted loose and we saw sale prices jump way up. We had been seeing a 1% to 2% appreciation in years past, but last year’s average price in June was up 10% from where it was in 2019. In certain months, we saw increases in sales as high as 30% in places like Bel Air. Even though inventory has declined, sales are up and demand is strong. Here in January, we’re at about 30% to 33% of where we used to be in 2019 in terms of inventory. This is great news for sellers, but not so much for buyers. “Sales are up and demand is strong.” Still, it’s a great time to sell, even if buying conditions aren’t ideal; there are ways you can be strategic about this process and make a seamless move into your new home.  This year I expect us to see a healthy 3% to 5% appreciation. We have such a lack of inventory that people are bidding well over list price on some homes. On the negative end, we’re seeing appraisal issues pop up as a result of these high prices. As we transition from 2020 to 2021, we’ll continue to see higher sale prices, low inventory, and more sales as long as interest rates and inventory remain low. If you are thinking about selling, know that the more you prepare for the market, the more your home will sell for. This includes decluttering, neutralizing, cleaning, etc. The more stuff you can get out of the house, the more spacious the home looks. If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Happy holidays to you! The holiday season has officially arrived. We hope you enjoy this wonderful time of year and make some fantastic memories. We wanted to take a moment to thank you for your continued support. We love helping people make their real estate dreams come true, so thank you for working with us and supporting our business. This may be a busy time of year, but we are always here to help you and answer any questions you may have. Give us a call or reply to this email and we’d love to help out. In case we don’t hear from you until 2021, have a happy new year!

If you’re looking for a change, know that we’re expanding. This is the time of year when everyone is starting to write down what their goals are for the next business year.  One of our goals is to expand a little bit further. I obtained my real estate license in the state of Florida and we affiliated with eXp in the Marco Island/Naples area. If you live in that area and you’re looking to join a real estate team that provides accountability, support, and training, I’ll be glad to help you there. “We’re looking for people who really want to put in the work to help their clients—customer satisfaction is key.” We’re also continuing to expand in Harford, Baltimore, Cecil, and Anne Arundel counties, as well as a few more locales. At the end of this year, we will have sold just over 500 homes and done around $145 million in production. So consider: Where do you want to go in your business? Are you in the right spot? Do you need a change? We’re looking for people who really want to put in the work to help their clients—customer satisfaction is key. If you provide excellent service to the client, you’ll make more money, enjoy your life more, and grow closer to the people you work with. Too many people fail to consider their futures years down the road, but our team specifically maps out where we want to be in, say, five years, and what kind of lives we want to lead. It can be hard to do this for some since life often throws us curveballs. However, there’s always a chance to correct your course if you don’t feel like you’re on track to reach your goals. If you’re interested in working with us in the Baltimore metro area or looking to move to the Marco Island/Naples area in Florida, give me a call at (410) 638-9555. I’d be glad to speak with you.

Here’s a quick update on what’s happening in our market area. Inventory is still very tight in our marketplace. Last year, we had about 2,200 units available—that’s down by 60% in Baltimore and Harford counties. Interest rates are currently at all-time lows. That’s great for buyers who, after spending much more time at home than ever before due to COVID, are finding that they need more space. Upgrading to a larger home is more affordable with these low rates. “Contingent offers will be tough to get accepted.” However, in this market, buying a home is more challenging than selling one, so be sure to reach out to an experienced agent to help you navigate the market. Also determine how much equity you have in your current home, which could be taken out to use for your next home purchase. Bear in mind that contingent offers will be tough to get accepted. If you need help to come up with a strategy for finding a new home, reach out to us. We’d be happy to help you get to the finish line.

Our summer market has been busy; here’s what’s been happening. It’s hard to believe it’s already August because the summer real estate market has been very busy, so today I’m providing our latest market update. We hope you’re all continuing to stay safe and keep your respectful distance from others at this time.  Interest rates are at an all-time low, and we have about half the amount of inventory as usual, which causes other issues. For most homes, we’re receiving anywhere from two to 10 offers, so we’re spending more time helping our sellers make the best decisions and working through any inspections or other contingencies. If you want to know how we can best serve your needs in this busy and changing market, give us a call.  This historically low inventory is making things interesting for buyers. Many who have been in the market for a little while have learned how to craft their offers to get them accepted, or are otherwise realizing they need to take their real estate agent’s advice on how to do so. We’re also seeing some sellers try to push the market and not be able to sell their house as a consequence; usually, if they push too hard at first, they will have to endure a price reduction or two before selling. Also, we’ve been seeing more appraisal difficulties pop up.  “If you want to know how we can best serve your needs, give us a call.” For expert assistance working through these complications, or if you want to know what needs to be done to your property to get it on the market, feel free to give us a call or send an email. If you’re a buyer who’s wondering what your strategy should be, contact us as well. We would be glad to speak with you. Have a great rest of the summer!

Sellers in our market have one simple question: What’s next? Here’s how to find the right path forward in this uncertain time. It’s only natural that I’m fielding more questions about the general state of the market with each passing day. So much has happened in such a short time, and guidelines for lending are changing almost daily. Interest rates have at least steadied and now hover around the lower 3% range.  Many potential sellers are wondering, “Is it time for me to sell or not?” We’re here to help you with whatever you need, but whether or not you should sell depends on your situation and comfort level. We’ve advised some of our older clients who are most at risk in this pandemic to stay off of the market and focus on keeping themselves safe—if there’s even the tiniest chance of exposure to COVID-19, it’s too great of a risk for them to take.  On the other hand, we have clients in the military who are in the middle of relocating to our area; they need our help to buy a new home because they’re having to rent back the one they’ve already sold.  “Inventory is low, so that means seller competition will be low too.” Everything is in flux right now, and one person’s situation looks vastly different than the next. If you’re just looking for accurate, up-to-date information on what’s going on in the market, please contact your agent or call us here at the office. We’d be happy to arrange a one-on-one Zoom call and explain what we’re seeing in your area and what you can expect as a seller or a buyer.  Overall, there’s a shortage of inventory, and multiple-offer scenarios are still common. In some of the low inventory areas across our market, our agents are seeing some properties sell within a matter of hours. Others are selling in just a few days, while homes in higher price points are lingering around much longer.  Reach out to us if you’d like to learn more about what’s happening at a specific price point. For those committed to going on the market, now is a great time to do so; inventory is low, so that means seller competition will be low too. We’re doing everything we can to keep people safe, and that includes using virtual presentations on all of our listings and offering 3D Matterport technology so buyers can be certain of their interest in a home before an in-person viewing is scheduled.  Stay healthy and safe, and remember to call us with any questions. We look forward to hearing from you! 

Even though the stock market has dropped, real estate is still a stable investment. Lately, everyone has been talking about the coronavirus and the stock market dropping. Many are considering pulling out of the stock market in case it drops any farther, which leaves them looking for ideas about where to invest their money.  If you’re in this position, remember people always need somewhere to live, so you should consider investing in real estate. The market is very busy at the moment, and rental properties are super strong. Give us a call and we’d be happy to answer your questions, discuss the latest updates in the market, what your return on investment would look like, and where to find the best rental properties. I own around 20 properties myself, and I’d be glad to share my wisdom with you.

We’re hosting a downsizing seminar and you’re invited! We’re hosting a downsizing seminar for sellers. If you’re considering moving to a smaller space, be it another home, a retirement community, or even an out-of-state property, we have the information you’ll need. The seminar will be at Maryland Golf and Country Club at 1335 East Macphail Road, Bel Air, MD 21015 on March 25th from 5 to 8 p.m. We will provide dinner and drinks.  “There is no obligation—you do not have to do any business with us.” A financial adviser will be there to help answer any questions you may have, including about estate planning. An attorney will be present to answer any legal questions. We will also have agents, an accountant, a lender, a moving company and a stager there to help you with anything you need in this process. There is no obligation—you do not have to do any business with us, we simply want to help you.  We have limited space, so this seminar is reserved for the first 30 couples that sign up. Call or email us to register. If you reserve a place, please show up, as there are many who would want your seats. If you need to cancel, please let us know immediately.  If you have questions about this event or real estate in general, feel free to contact us. We would love to help you.

The Lee Tessier is hiring in 2020, and we can take your career to the next level. Are you looking to join a winning team? The Lee Tessier Team is hiring, and we plan on having an amazing 2020 and beyond. We closed on 476 homes in 2019, and we have the support, resources, training, and accountability you need to make a positive change. The average agent sells fewer than five homes a year, but our agents average around 30. We’re looking to expand, and we want you to join us. If you’re interested in this opportunity, don’t hesitate to call or email me. I’d love to speak with you.  

Friends,  Merry Christmas! We hope you and your family have a wonderful holiday.  We just wanted to take a moment to thank you for your continued support throughout the years. We wouldn’t be where we are today without your help!  It truly brings us joy to help you make your real estate dreams a reality. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you in any way we can.  In the meantime, have a very merry Christmas!  Wishing you all the best,  Lee Tessier

Our client appreciation event is just around the corner, and we’ve got all the details for you today. It’s that time of year again—time for you to mark your calendar for our upcoming client appreciation event. This year, this event will take place at Humagalas (16 Bel Air S Parkway, Bel Air) on Tuesday, November 26 from 4 p.m. to 7:30 p.m., and you won’t want to miss it. There will be plenty of food (including pumpkin pie), an open bar, and, of course, chances to mix and mingle with your friends at Tessier Real Estate. If you plan on coming, make sure to RSVP by sending an email to georgie@leetessier.com by NOON on Tuesday November 19th. And if you have any other questions or would like more information, don’t hesitate to reach out. We hope to see you there!

Fall is just around the corner, and it’s time to take the plunge if you want to make a move in 2019. Fall is fast approaching, which means now is the time to get on top of your real estate goals if you still plan to buy or sell in 2019. If you’ve got plans to list, take photos of your home now before the grass is brown or snow hits the ground. And if you’re considering buying, get in touch with a lender so you can figure out what kind of home you qualify for. Whatever your goals, contact us as soon as possible. The fall market may be set to slow down, but it’s still important to be proactive. Our team would love to help you make the most of it. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon. 

Managing your wealth through real estate can be simple, and today we’ll explain how. When it comes to managing your wealth, one of the best avenues to take is by paying down your mortgage early. There are a number of ways you can do this. The first is by contacting your mortgage company to set up bi-weekly payments, which will allow you to pay down your mortgage seven years sooner than you would otherwise. Another method is by reaching out to a real estate professional, like us at the Lee Tessier Team, to discuss possible adjustments to your principal payments. Even though this would increase your payments up front, it would ultimately allow you to save thousands of dollars less over the term of your loan.  If you’d like to discuss other ways to build and manage your personal wealth through real estate, feel free to give us a call or send us an email. And, as always, if you have any other questions or would like more information, please reach out. We look forward to hearing from you soon. 

It’s that time of year again—our annual Tessier Team Foundation charity golf event is coming up on September 13 at Mountain Branch Golf Club. As you know, our foundation’s mission is to enrich and empower our local youth, and this tournament is a great way to give back to the community and have some fun doing so. Registration is at 10:30 a.m., and we’ll have a shotgun start at 12:00 p.m. Lunch and dinner will also be provided.  “Our annual Tessier Team Foundation charity golf event is coming up and we’d love to see you there.” If you’re interested in playing, Call Kim Georg at (410) 790-0714 to register and find out more information. You can also visit https://www.leetessier.com/golf-tournament. 100% of what we raise goes to the kids, so we hope we’ll see you there.  If you have any questions in the meantime, don’t hesitate to reach out to me. I’d be happy to help you.  

I’d like to officially invite all of our friends and clients to join us Tuesday, November 20th at Liberatore’s in Bel Air from 4 p.m. to 7 p.m. for our Thanksgiving party! We’ll also have food and an open bar, just like last year. “I look forward to seeing you Tuesday the 20th!” To RSVP for your pie, email Rose@LeeTessier.com and let us know if you’d like apple or pumpkin pie.We can’t tell you enough how much we appreciate your business and the referrals you send us. I look forward to seeing you Tuesday the 20th!

With Hurricane Florence causing destruction along the Carolina Coast, I want to take a moment to bring you a couple of important messages. First: Stay safe out there. I wish you and your loved ones well in this difficult time. Next, I wanted to also let you know that, because of the storm, we will be rescheduling our golf tournament. We will be postponing the event (originally scheduled for September 14) until Friday, October 12. Other than that, all of the details of the event will be the same. We’ll be hosting a lunch before the tournament starts, as well as a prime rib dinner with all the fixings after the day is done, so make sure to come hungry. With that in mind, we do ask that everyone arrives between 11:00 a.m. and 11:30 a.m. “We sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more.” This event is going to be a great time, so we sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more. Best of all, 100% of the proceeds from this event will go toward providing enrichment opportunities and college scholarships for kids between sixth through 12th grade. We look forward to seeing you on the course, but until then, feel free to give us a call or send us an email if you have any questions or would like more information. See you at the tournament! If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to seeing you soon.

It’s time once again for our annual golf tournament, and, as always, you’re invited! This year, the tournament will take place at noon on Friday, September 14 at Mountain Branch Golf Course. We’ll be hosting a lunch before the tournament starts, as well as a prime rib dinner with all the fixings after the day is done, so make sure to come hungry. This event is going to be a great time, so we sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more. “We sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more.” And when you buy your tickets before August 30, the cost for a foursome ticket will be reduced to $600—a savings of $60 from our usual price. Space is limited, so make sure to reserve your place as soon as possible. Best of all, 100% of the proceeds from this event will go toward providing enrichment opportunities and college scholarships for kids between sixth through 12th grade. We look forward to seeing you on the course, but until then, feel free to give us a call or send us an email if you have any questions or would like more information. See you at the tournament!

If you are getting ready to sell your home, there are a few critical mistakes you must be careful to avoid during your preparations. First of all, make sure any renovation projects you take on will pay off in the end. If the cost outweighs the benefit, it likely is not worth it. It is also important to make sure the projects will not end up actually harming your home. Home renovations can backfire if not done properly. For example, I recently encountered a homeowner who tried to install a concrete patio outside of their property without any help from a professional and, as a result, the patio was slanted. This led to water runoff draining toward the home and rotting out the band board, as well as some of the plywood behind the siding. “Simple upgrades like a fresh coat of paint are often the best way to add value.” The lesson to be learned from this is that you should always make sure you are capable of handling a project before trying to tackle it alone. Otherwise, it never hurts to have a professional take care of things for you. My team and I are well-connected with local professionals, and would love to provide you with a list of our preferred contractors. So feel free to reach out. To get the highest return on your investment when preparing to sell, it is best to avoid huge projects like kitchen remodels, unless the room is extremely dated. Otherwise, simple upgrades like a fresh coat of paint are often the best way to add value. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today I want to speak with you about for sale by owner (FSBO) homes. Currently, we have multiple buyers who are looking at homes from people who want to sell their property on their own. You should know that if you are working with another agent that brings you a buyer, they are only representing the buyer, not you as a seller. So, you have no coverage and the majority of the time you are still going to end up paying for that agent. Oftentimes, it does not make sense to not have anyone negotiating for you. If you have any questions, get some advice. You need to know what your home is worth, what paperwork you need, and what you need to worry about. “You have to be careful, as there are many pitfalls in the market.” For example, many sellers forget to include a disclosure disclaimer. While others who are moving out of state need to know about the withholding tax. You have to be careful, as there are many pitfalls in the market. Going the FSBO route can save you money in certain instances. However, it could also cost you more in the long run. We have seen inspection issues, appraisal issues, and withholding tax issues. Withholding tax issues have been caused by clients who were unaware of them. Then, once they were no longer Maryland residents, they had to deal with last-minute withholding tax. If those sellers worked with real estate professional from the start, they could have known what to do differently. Just like you need a great doctor or attorney, you need to seek great counsel for legal and real estate advice. If you have anything that I can help you with, please feel free to contact me. I would be happy to assist in any way that I can.

Though it hasn’t been in the news as much lately, I’m sure you’ve heard by now that interest rates are on the rise. A couple years ago, experts were predicting that we’d reach about 5%—and we are getting darn close to it, depending on what bank or mortgage company you’re going through. Some conventional rates are very close to 5%. Some jumbo loans I’ve seen recently were even a little above 5%. Meanwhile, FHA and VA loans are hovering around 4.5%. “Be sure that you’re speaking with your lender so that you know exactly what your payments are going to be so you’re prepared for any differences by increased interest rates.” Whatever the loan you have, the increase in rates will probably affect you in some way or another. If you were pre-approved three or four months ago, check with your lenders again and ask for a good faith estimate, just that you’re aware of how much it will affect your monthly payments. By summertime, it’s projected that rates will be closer to the fives, if not a little above. Even in light of this, the market is fairly busy, overall. The luxury market (or the price ranges around or above $1 million) is a bit slower; I recently saw a high-end $12 million property suppressed down to around $9 million. But the rest of the market is very active, and many homes are seeing multiple offers in light of the inventory shortage. Ultimately, just be sure that you’re speaking with your lenders so that you know exactly what your payments are going to be so you’re prepared for any differences that are caused by increased interest rates. If you have any questions about this, please feel free to reach out to me. I’d be able to answer your questions or set you up with a good lender.

It’s time for an update on our current real estate market.  Things are getting a little intense out there. We’ve seen issues arise for a few of our buyers including unexpected damages. Unforeseen expenses can ruin deals, so if you’re entering our market any time in the near future, be cautious.   Also, it’s important to realize that some properties in our market are selling quickly and some aren’t. If you’ve been trying to sell for the past couple of years but haven’t been successful yet, give my team a call. We would be happy to help.  “If you’re entering our market any time in the near future, be cautious.” Something else to be aware of is that in most areas of our market, we’re seeing a shortage of inventory. This is good news for sellers. Even though the market has improved, it’s still a bad idea to overprice your home. If you have any other questions, would like more information, or want to know how we can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon. 

Now that we’re an independent brokerage with a new name, we’re looking to add some more great agents to our team. Interested? As of this day forth, we are the Lee Tessier Team of Tessier Real Estate. Now that we’re officially an independent brokerage, we’re also looking for additional agents to join our team. Specifically, we’re looking for individuals who have a desire to win and know how to take care of our clients’ needs and our team’s needs. We can provide training, accountability, and mentorship. “We’d love to sit down with you and go through everything we can offer you.” If you’d be interested in this position, you have high integrity, you’re a fast learner, and like to take care of clients, please reach out to us. We’d love to sit down with you and go through everything we can offer you. We’re excited to move forward as the Lee Tessier Team of Tessier Real Estate, and we look forward to hearing from you.

What should you expect to see on the market as we transition into spring? I have information and advice that you might find useful. Today, I’d like to talk about what we can expect in terms of the market now that we’re leaving winter behind and transitioning into spring. Spring is when the real estate market really starts to get busy. Sellers are occupied with preparing their homes for the market by painting, cleaning things out, emptying closets, making whatever repairs they need to, and freshening up the curb appeal. Buyers, on the other hand, are waiting for homes to start popping up on the MLS. However, there is a general shortage of inventory; pockets here and there have either almost none at all or plenty to offer. If you’re unsure where your location is in terms of inventory, give us a call and we can help you figure out what’s happening in your segment of the market. “Things are starting to heat up this time of year.” For the last five and a half years, we’ve been doing “coming soon” listings. These allow you to prepare your home to list but also get some marketing done before you actually go live. We can give you more information on how you can use this to your advantage. For buyers looking for the coming soon inventory, be sure to ask our agents. We can now search for those listings in our MLS. Things are starting to heat up this time of year. You should expect to see multiple offers more and more, especially in the busy segments of the market. If you have any questions about this or would like more information on prepping your house for sale or what your home’s value is, please reach out to us. We’ll be glad to assist you.

When it comes to the matter of job changes, it is best to avoid alterations in your employment status until after a home purchase is complete. Here’s my advice on this kind of situation. Today I’d like to go over what you need to know about undergoing job changes while trying to obtain a mortgage. First, what happens if you transfer from a being a W2 employee to being self-employed or to a 1099 status? Especially when you take on a 1099 status, most lenders are going to want to see two years of your commission before they give you a loan. I was recently having dinner with someone whose employer informed them that they would be changing positions from a W2 to a 1099 employee. On top of that, this person was in the middle of the home buying process. This presents a major issue. My advice to this person was to wait until the home purchase was completed to change their job status. When it comes to other kinds of job changes, like moving within a company to another W2 position, the situation is less critical. Nevertheless, it’s still important to speak to your lender about any such developments. “Anything that could threaten or change your ability is something your lender needs to know about.” Keeping your lender in the loop on changes in your life is very important to the success of your home purchase. Anything that could threaten or change your ability is something your lender needs to know about. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

There are a few tips and tricks you need to remember if you want to keep your vacant property well-maintained this winter. If you’re worried about your vacant property this winter, here are a few things you can do to put your mind at ease. First, keep the heat on and make sure it’s at a minimum of 55 to 60 degrees. If you use oil or propane, make sure you have enough to get through the wintertime. We had some issues with people late last year who discovered at the last minute that their property had no oil and were stuck trying to get some on New Year’s Eve. You can use kerosene or diesel fuel to work through and clean your system, and it will run off of those things as well. If your property is going to be vacant for a while, you may want to turn the water off. There are many home inspectors who will do that for you, so if you need a good contact for that, don’t hesitate to reach out to us. “If your property is going to be vacant for a while, you may want to turn the water off.” If you’re worried about break-ins or having your copper pipes or HVAC system stolen and you want to periodically check on the property, you should consider installing a wireless alarm system. You could also ask a neighbor to check on the property once in a while and give them a spare key. Our office also offers a service for our clients where we check in on their properties once a week for them. If you have any more questions about maintaining your vacant property during the winter or you have any other real estate needs, feel free to call or email us. We’d be glad to help you.

Should you list your home during the holiday season? The answer isn’t as simple as “yes” or “no.” Over the years, many clients have asked us whether it’s a good idea to sell during the holiday season. Well, it depends on your personal circumstances. “Whether or not you should list during the holidays depends on your circumstances.” If there is nothing pushing you to sell, we generally suggest pulling your listing off the market by the middle of November. Then, you can relist it in a couple of months. During that time off the market, you can even do some pre-marketing to help boost your listing’s success before it even hits the market. This isn’t to say that selling over the holidays is impossible. There are plenty of homes selling at this time of year. If you need to get your property sold as soon as possible, you can absolutely list during the holidays. In fact, decreased inventory during the holiday season can benefit your listing due to lowered competition. If you are planning to list, though, I recommend having the photos for your listing taken in the spring or summer. That way, holiday decorations don’t date your photos and make it seem stale if your property takes a little while to move off of the market. Exterior photos of your home should be taken while landscaping is still lush and green. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Lee Tessier Team has been nominated once more for Harford’s Best Realtor of the Year award, and we can’t thank you enough. We hope that this year you’ll continue to support us by lending your vote. As you may know, the Lee Tessier Team has been nominated for Harford’s Best Realtor of the Year for the past couple of years now. This year, we are continuing that tradition and have been nominated once more. First of all, we want to thank all of our friends as well as our current and past clients for your continuing support. We appreciate everything you’ve done to help us reach the honor of this nomination. Today, we’ve got a favor to ask. If you could take a couple minutes of your time to give us your vote, we would massively appreciate it. We’ve been the No. 1 team in the county since 2011, and we hope to continue this trend. “We’re proud to be top agents for you.” We’re proud to be top agents for you and this opportunity would give us the chance to reach our community even further. As always, if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

There are a significant number of short sales still happening in our market, so here’s a brief overview of how short sales work. With the recent change we’ve seen in our market, homes values have increased, and as a result, we’ve also seen fewer short sales happening. There are still a significant number of people who are underwater at this time, though, so I want to answer a few questions you may have about short sales. First, what does the bank do with all of the seller’s information? They gather that information to make sure that when they’re combing through your bank statements, income, and finances, everything is accurate. For the private investors that put up the money for these short sales—say they put up $500,000, the home sells for $400,000, and they net $360,000 or $365,000 to satisfy that mortgage—where are they going to get back that $140,000 or $135,000 difference? Many times, they get these funds back through mortgage insurance, but they have to see how those clauses were written originally. That’s why there is a lot of behind-the-scenes investigation during a short sale. Usually there are several investors, so it could be somebody that’s servicing the loan for—say— Wells Fargo. There might also be several different companies that are serviced by them. They’re gathering that information and taking it back to the investors and combing through what insurance premiums they have to offset those losses. “There is a lot of behind-the-scenes investigation during a short sale.” After that, it’s a question of what those investors are willing to take. Sometimes they ask the seller to pay a portion of that loss. One of the other major factors to consider is tax deficiencies—maybe you lost $50,000 and now you have to claim that as income. Sometimes it’s not just agents giving you that information, which is why it might be helpful to talk to a real estate attorney or an accountant who’s familiar with short sales. There are several people involved in the process who can help you. If you have any more questions about short sales or need a referral for a good accountant or real estate attorney, don’t hesitate to give us a call. We’d be glad to help you.

It may seem like a good idea to renovate certain aspects of your home before you sell, but there’s no guarantee that you’ll get a full return. Today I want to talk to you about which improvements you can make that will maximize your home’s value. A lot of people think that if they put in a new kitchen for $25,000, they’ll get a full $25,000 in return. That’s not always the case. I spoke with an appraiser at a meet-and-greet this morning about whether or not a good guideline existed to gauge home value. He said that when they looked at comparable sales, he looked at other homes in the area both with and without recent renovations (like new kitchens), and compare the prices. So in a lot of cases, you shouldn’t expect to see a dollar-for-dollar return on something like a new $25,000 kitchen, especially if it’s a custom kitchen in a higher-end home—you may only see a 50% to 60% return on that. Be careful when you’re doing these upgrades to sell your home. Contact a professional to come out, look at your home, and do a comparable sale analysis. Have homes in the area had similar updates? If so, were they full remodels or just partial ones, where you only replaced certain features like vanities or light fixtures? When we meet with our stager to come through the property, they’ll make recommendations such as changing the marble countertops to quartz, switching your faucets or light fixtures. Don’t be a Harry Homeowner and try to make these changes yourself without professional help unless you’re experienced— lousy renovations can seriously damage the value of your home. “Lousy renovations can seriously damage the value of your home.” Make sure you know what you’re spending, and whether or not that will help you sell the home, and get a return on your investment. For example, some people want to get a new roof installed when the roof is 15 years old, and there are still five years of life left in it—here, you shouldn’t expect to get the $8,000 to $10,000 that you spent on it as a return. It’s not worth investing the money in. If there was water damage or missing shingles, that would be a different story. Spend your money in the right places; that’s where contacting a professional will come in handy. Making improvements on a home that you’re going to live in for awhile is fine, and you can spend a little more on those changes, but it’s a good idea to stay away from trendy renovations. Trends come and go, and there’s no guarantee you will be doing your home a favor. There will be a different analysis for some who bought their home 10 years ago versus someone who bought 20 years ago, just based on what they may have to do to get the home ready to sell as far as upgrades go. So just know where you’re at, and again, contact a professional to help. If you want an accurate assessment of your house, give us a call. We’d be glad to walk through the home, give you suggestions, show how you compare to other homes, and give you a good value.

How can you make sure that you hire the right real estate agent to guide you through our changing market? I’ll give you a few tips today. How can you make sure you hire the right real estate agent? 82% of homebuyers hire the first agent they talk to. Whether an agent was recommended or referred to you, you need to look at their online reviews to get a real idea of what it would be like to work with them. We have just over 200 reviews online. Just like when you buy merchandise, you need to check the reviews. We are selling a service, so you need to look at reviews and ask yourself, “What am I getting for my money?” Now, on the buyer side, you’re not paying the commission straight out; that’s usually paid by the seller. Still, it’s important that you hire a knowledgeable agent who will help you navigate the process. “82% of buyers hire the first agent they talk to, but are they getting the best value?” We have a team of real estate professionals so when you work with us, you will always have support. If you call the office and you can’t get in touch with your real estate agent, one of our licensed real estate assistants or other agents will help you with whatever you need. It’s also important that you work with an agent who will get you good comps before you make an offer. We are seeing a lot more “For Sale By Owner” properties as the market changes. You need to know about comparable properties in the neighborhood so that you don’t pay more than you should for the home. When that happens, the home usually fails to appraise. If the seller doesn’t agree to change the purchase price, it could cost you a lot of time and money. From the home inspection to giving notice on a rental to setting up moving companies, there are a lot of costs that come with moving. Since there is so much that happens during a real estate transaction, it’s very important that you have professional assistance from a great real estate agent. If you have any questions or are interested in buying or selling a home, just give us a call or send us an email. My team and I would be happy to help you!

Whether you’re buying or selling a home, you’ve probably come across Zillow and their Zestimate tool. Allow me to explain why you should tread lightly with the Zestimate and your home’s value. We have a lot of clients who get worked up over Zillow and their Zestimates. However, these Zestimates—Zillow’s home value estimation tool—are wildly inaccurate sometimes. In fact, the Zillow CEO actually sold his house in 2016 for 40% less than what his site’s Zestimate said it was worth. Zillow hasn’t walked through your property and they don’t know about any upgrades you’ve done, and they can’t factor in location. Your home’s upgrades compared to features of other homes that have recently sold are crucial in determining its value. Zillow aggregates and average of area home values rather than doing a fine-tuned valuation of your property. “Many sellers price their home inaccurately because of a Zestimate.” This is especially true with the market moving at as fast of a pace as it is right now. Many sellers think they can do it all on their own, but we see them end up pricing their home inaccurately thanks to a Zestimate. Similarly, when buying a home, you want a real estate agent to help you compare properties to determine values of the homes you’re looking at since Zestimates can be so far off. Zillow is the top website for real estate searches right now, but you need to work with an agent to see how homes you’re interested in compare. If you have any questions about Zillow when buying or selling a home or you’d like to know what your home is really worth, give us a call or send us an email. We’d be glad to help.

Our Baltimore market is hot right now, but that doesn’t mean buyers and sellers don’t need to be mindful of a couple things before making a move. Spring has brought us some nice weather, but what’s happening in our market right now? Things are very busy and very hot. One thing I’ve been noticing lately, though, is home sellers thinking they don’t need to stage, declutter, and depersonalize their home before listing it. If you’re a seller, you still need to prep your house for the market. If you need painting or carpeting done, make sure you do it ahead of time. You can also make use of “Coming Soon” signs so that people know you’re getting ready to put your home on the market while you’re prepping it. Like I said, our market is very busy, and I don’t want you to enter into it with false expectations. “Finding the best financing is just as important as finding the right house.” I’ve talked to our own stager about this problem and she said in today’s market, some people are skipping the staging process in the beginning because they assume their home doesn’t need it. Sure enough, these same people are calling her a month later after they see their neighbor’s house sell and their own stay on the market. On the buyer side, we’re seeing multiple offers on a lot of properties, so the first-time homebuyer market is very active. The move-up market above the $500,000 range is slightly slower, though. Interest rates are still very low and could possibly dip again, but we’ll see what happens over the summertime because last year they decreased during the summer months. If you have any more questions about our market or are looking to buy or sell a home, please give our office a call. We look forward to helping you.