Howard County Raises Transfer Tax

 

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The new legislation is about half of the original amount proposed.

If you are buying or selling a home in Howard County, it’s going to cost you more.  The Howard County Council passed County Resolution 84, a bill that changes the property tax transfer cost from 1 percent to 1.25 percent. Another bill, CR85 which would have raised recordation taxes did not pass.

Property transfer taxes are paid when property is sold to another party and in certain circumstances when a homeowner refinances their home.  The Howard County Association of Realtors estimates it will raise the cost of an average real estate transaction by $1000. The new tax rate will apply to transaction that occur as of Jul. 1, 2020.

 

 

December 2019 Housing Statistics for Maryland

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Inventory is down but the average sales price is up.

December was a busy month in Maryland for home sales. The number of units sold rose by 12.6 percent compared to the same time last year. The average price was also higher.

“The average sales price increased from $331,681 to $349,629 and the median price increased from $287,000 to $300,000,” said Maryland REALTORS® President John A. Harrison. “Months of inventory dropped to a low of 2.2 months, compared to 3.7 last year. December was an unusually busy month for settlements, defying the typical fall and early winter slowdown.”

Brisk sales were pushed by a dip in interest rates, but just like many areas of the U.S., buyers faced a shortage of inventory available for purchase. In Maryland, inventory in Maryland was 16, 239 versus 25,511 in December of 2018.

According to data released by the National Association of Realtors, the U.S. is short 3.8 million homes. Even though 5.9 million single-family homes were built between 2012 and 2019, it isn’t enough to offset the 9.8 million new households formed.

“Simply put, new home starts are not keeping pace with demand. Homebuilders have a mountain of opportunity, but a big hill to climb,” said Javier Vivas, director of economic research, realtor.com®. “The current inventory crisis and the need for 3.8 million new homes means a nearly insatiable appetite from potential buyers, especially in the lower end of the market.”

 

Neighborhood Spotlight: Maple Lawn

Maple Lawn is a master-planned community in Fulton about seven miles from Columbia Maryland. The community features a mix of single-family homes, condos and townhomes and has a pedestrian-friendly atmosphere.

Maple Lawn has more than 1,300 homes, four parks, a community center with a pool, gym, basketball and tennis courts. The live-work atmosphere boasts walking distance to stores, restaurants including Harris Teeter, Steelfire Grill, Hudson’s Coastal, Looney’s Maple Lawn, McDonald’s, Chipotle and more.

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Located halfway between Baltimore and D.C., Maple Lawn has become a popular destination for commuters to both markets. Homes range in size from 1600 to 8000 square feet and start in the high 300s. Currently, there are no new construction homes being built in Maple Lawn proper. Maple Lawn South has new construction opportunities and new lots will be added to Maple Lawn in the future. To get a list of current and future listings for sale in Maple Lawn you can text me at (702) 340-8000 or click here.

Century 21 New Millennium to hold Open House weekend Apr.6

Come view some of the greatest homes in the region this weekend!

Century 21 New Millennium is holding an all company Open House weekend on Apr.6 and 7, 2019. Help us kick off the spring market in Maryland and beyond while shopping for a new home. Visit this special link to view all the homes participating in this great event.

Can’t make it this weekend? Give me a call or text at (702) 340-8000 to arrange your private viewing!

Happy House Hunting,

Christa Emmer

Columbia office holding Homebuyer Seminar on Apr. 11

 

Interested in buying home but have questions? We would like to help! Come by our office for light bites and wine on Thursday, Apr.11, 2019 and learn all about buying a house in Maryland! We will have experts on hand to tell you all about:

    • How home ownership may be cheaper than your monthly rent-stop making your landlord rich!
    • Tax benefits of home ownership
    • Credit issues and getting financially “ready” to buy
    • Rent to Own programs
    • Property search and negotiating your offer
    • Successfully getting to the closing table and moving in

You’ll have the opportunity to ask questions in a casual, fun setting. Confidentially find out what your purchasing power is and get advice on what you can do to improve your credit score.

All are welcome. Wine and Light refreshments will be served. Raffles and giveaways that all attendees can participate in.

To RSVP, visit Eventbrite or contact me.