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The average price for homes in Maryland is going up, according to the Maryland Association of Realtors. About an 11% hike across the board for Maryland homes has hit, which real estate agents see as an encouraging step in the right direction. The average price now rings in at $298,000, which marks the highest level it’s been in almost two years.
Regardless of the optimism, the sales numbers haven’t quite delivered. In fact, sales this past April were down 2 percent from April 2011. The Maryland movers are optimistic that numbers might pick up shortly, especially since the percent of sales pending is up. Pending transactions rose 6 percent in April across the entire state. Prices are also up in Washington, D.C., 8 percent year over year.
As realtors are anxious to make sales, they sometimes put caution to the wind and disregard known safety procedures. For example, showing a home to an interested vendor can be a dangerous scenario if the interested buyer is a mentally ill individual. Because of the various dangers of the job, a Maryland realtor has organized a class with local law enforcement to remind realtors that safety is more important than the sale.
The Maryland movers think this is a great initiative. Risks shouldn’t be taken at the tunnel vision of those simply looking for a commission. One of the key tips? Always be aware of your surroundings. It’s a useful tip for all residents, not just those in the real estate industry. You can also utilize visual deterrents from criminal activity such as Beware of Dog signs and video surveillance. These cues can save your life!
Due to legislature that was passed this week, Maryland single-filing residents earning $100,000+ will now pay higher taxes as well as joint filers earning $150,000+. For Maryland, that’s over 300,000 people who will be hit with higher taxes. Maryland boasts the highest income per capita, so the change will affect a great deal of the local population. This also puts state taxes at among the highest in the nation, at 8.95 percent.
The tax increase comes with another economic change endorsed by Governor Martin O’Malley, who stressed the need for more educational funding. The taxes will shift across the board to supplement teacher pensions. The Maryland movers loathe the idea of raising taxes, but in the interest of funding education we can’t think of a more worthy cause.
The adventure of buying a home is an expensive one, one that has additional costs and fees often unadvertised by real estate agents and brochures for new homes. But here in Maryland, a program seeks to help veterans and other heroes—such as teachers, firefighters, law enforcement and other industries who receive less than bountiful paychecks be able to cover the closing costs, real estate commissions, appraisals, and other fees tied to homeownership.
The program, Homes for Heroes, was started in Minnesota and now helps local heroes in 42 states across the country. It’s been a successful and respected venture since its fruition in 2009. The Maryland movers are glad to assist with any moving needs of local heroes and others seeking to relocate in the Maryland, D.C, and Virginia areas.
The debate continues on whether or not Alexandria should become a casino destination in Maryland. While some support the financial influx it could cause, some are also wary of the crime that is affiliated with gambling.
There is also concern for the struggling Alexandria as a location for a casino— as a place that is riddled with financial burden, it may not be the best idea to place a casino in the middle of a space were citizens are likely to gamble away their belongings and deteriorate the local economy.
The Maryland movers will keep you in the loop as progress comes to light on this issue.
A neighborhood in Baltimore has become quite the spectacle of street art. Artists from all over the world are flying in to take part in the street art project known as Open Walls Baltimore. The goal is to bring visitors and crime-free agendas to the poverty stricken areas of Baltimore and to encourage creative development through an independent art project.
Artists were chosen from all over the world have been asked to bring their talents to the city by Station North Artist known only as Gaia. A celebration will take place for the artists on May 25, 2012.
As the Maryland real estate market struggles to get back to a healthy balance, there are a few signs that everything is headed on the right track—and the construction industry is a significant part of the local economy recovery. Here at the Maryland movers, we know the value of builders and also understand the need for steady growth and stability of the Maryland market.
Currently, there are over 23,000 Maryland residents employed by the construction industry. There is a steady flow of real estate building, even if the residential sector is slow, there is still the need for publicly funded projects.
Some areas of the Washington, D.C. metro area are showing definite signs of improvement in terms of the real estate industry. Foreclosures are maintaining less of a percent of homes sold, as are short sales. Prices are even gaining in some neighborhoods, and some properties are catching the eyes of multiple buyers. The D.C. area is comprised of Virginia, Maryland and the District of Columbia.
In terms of within the area, Virginia is having a better time with the market then neighboring Maryland, according to a recent report by the Washington Post. Northern Virginia home prices have risen to a median price of $335,000, while median priced homes in Maryland run around $230,000. The Maryland movers are less than thrilled to recognize that home prices are continuing to drop in the state. The D.C. neighborhoods lead the area at a median of $398,500.
For the average income Maryland resident, the price of a 2-bedroom apartment in the area simply isn’t realistic with the minimum wage. The average rent + utilities cost in Maryland’s metro area is about $1291 per month. The region is actually the 5th most expensive in the nation for modest 2 bedroom apartments, behind Hawaii, D.C, California, and New Jersey. Realistically, the average renter in Maryland must earn about $51k annually ($24/hour) to afford modest housing.
The predicament lies in the fact that minimum wage is $7.25 per hour, so minimum wage workers would be required to work 3.4 full-time jobs to be able to obtain the funds needed. The Maryland movers hope that steps toward affordable housing becomes a prevalent part of Maryland life.
Effective as of a new bill passed in the Maryland House & Senate, newly constructed single family homes are required to have sprinkler systems. The bill, which was supported by Senator Jim Mathias of Lower Shore, is aimed to weaken fire and safety provisions of state building codes. Both single-family and two-family properties are required to have them in new construction.
The bill was readily backed, stating that sprinkler systems could save lives. The opposition stated that requiring the added fees of sprinklers to the cost of a new home is unfair to new homeowners.The Maryland movers understand the financial concerns but we feel the safety should weigh more in terms of importance.
