NEW LISTING!

Great price! 2 side by side building lots in Mountain Lake Park. Public sewer and water available. Backs up to stream. Also available to purchase individually for $17,900 each, call for details. Partially cleared lots.

C Street Social Media

Railey Realty #1 in Garrett County, Deep Creek Lake 2011

Once again, Railey Realty is #1 in real estate sales in both Garrett County & at Deep Creek Lake. 2011 brought an increased number of residential transactions in both Garrett County (+7 over 2010) & Deep Creek Lake (+24 over 2010).

Railey Realty increased their already substantial market share in Garrett County residential sales to a whopping 47% of all county home sales – up 2% from 2010.

Our market share at Deep Creek Lake improved dramatically, as well – a dominant 63% of the Deep Creek Lake vacation home market, up from 59% in 2010.

The average sales price are down from 2010 and that is expected to remain in-line with national trends. There were fewer million dollar sales, as well, to bring down that average sales price in Garrett County ($340,484) and Deep Creek Lake ($472,163)

But, the transaction numbers are most exciting to me – more people are buying real estate in Garrett County & at Deep Creek Lake each year and we hope that the trend continues! Over time, economic factors will continue to adjust the average sales prices, but Garrett County & Deep Creek Lake are growing in popularity – and that will benefit ALL local businesses & full-time residents alike.

If you are in the market to buy or sell real estate, work with the #1 real estate sales company since 1995 – Railey Realty.

Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

877-563-5350 – toll free

For Sale in Oakland, near State Parks – 59 River Hill Rd – GA7531161

59 RIVER HILL RD
OAKLAND, MD 21550

Spacious 4BR/4BA brick tudor on 4+ acres near town & state parks. Quality craftsmanship and attention-to-detail make this a home you won’t want to miss. 2 master suites, 2 living rooms, sun room, huge eat-in kitchen w/ island, h/w & marble floors, 2 car garage, partially finished basement w/ native stone fireplace, sep. laundry room & much more! Over $30k in recent upgrades; new roof 2010.

Contact Jay Ferguson @ 301-501-0420 or DeepCreekLaker@Gmail.com for more information or to setup a private showing for this property.

Listing # GA7531161
$359,900

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

>The real reason we buy real estate

>Mood of the Market

By Tara-Nicholle Nelson

Inman News™

Share ThisThis column, many books, and some professors’ entire lifetimes are devoted to the study of behavioral economics — that place in our economy and our bank accounts and our minds where human psychology and financial decision-making intersect.

And it’s complicated. The human psyche possesses a vast potential for rational calculation and logical thought. But it also possesses a vast potential for making business and financial decisions from a place of over-emotionality; illogical, flawed reasoning; and a wide variety of miscalculations, both overly pessimistic and overly optimistic.

Many of the decisions that wound individual homeowners and the collective of American homeowners in the boiling, roiling hot water of the real estate recession — which scalded every other sector of virtually every national economy on the globe, to some degree — were deeply flawed when viewed in that 20/20 vision that comes with hindsight.

So it doesn’t surprise that in the last few years, the work of deconstructing, understanding, analyzing and predicting the psychology-driven behavior of real estate consumers has become a cottage industry.

Read more here.

If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

877-563-5350 Questions about ANY listed property? I can help! Call me!
Visit the ‘I Love Deep Creek & Garrett County group’ on Facebook! News, events, photos, real estate, community, info, more! 1,750+ members & growing!

New low price, adjacent to Broadford Park

1104 ALEXANDER LN
OAKLAND, MD 21550
GA7297438

Tastefully updated colonial on quiet cul-de-sac, backs to Broadford Lake park. Move-in ready! Fresh paint inside/out, re-carpeted, new kitchen in Oct 08: cherry cabinets & granite tops. Dining, family room, library, 1/2 bath & deck access on 1st floor. A tranquil 2nd floor master suite w/ 2 walk-in closets, en-suite bath & deck with views. Lower level boasts new media room! Perfect entertaining!

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350 Deep Creek Lake Info, Business Directories, Classified Ads, Events & more! Advertise on http://www.deepcreekalive.com/!

March Real Estate Update – Deep Creek Lake & Garrett County. MD

The warm weather of March helped to improve the residential real estate market at Garrett County and Deep Creek Lake! There were a total of 16 sales (versus 14 for the same period last year). The stronger spring I spoke of last month has started to take shape. There are 44 contracts compared to last months 33.

7 of the 16 sales were considered Deep Creek Lake area properties, the rest appear to be primary residential.

The average list vs. ORIGINAL sales price was 69.5%, down 10% from last month. The biggest part of this number is the high listing numbers that sellers start with. I blogged about this last month, and it’s a national trend that is very real – EVERYTHING has adjusted in price. It’s a tough pill to swallow, but homes are not worth what they were 2-3 years ago. That’s a HUGE reason why some properties won’t sell – they are overpriced.

The ADJUSTED list vs sale price is 90% – up from last month. Once the market reacts and adjusts to prices & competition, the Realtors who assist in pricing property can adjust the asking price of properties for sellers who are willing & able to react. This number is a very telling stat – it shows that we are starting to narrow in on the price points for the local real estate market.

The current number of active/for sale residential listings is 605 as of today. This is up from last month (575) and will continue to grow as the spring and summer continue. Slowly but surely, our absorption rates are normalizing.

Here are the statistical breakdowns:

Average Sale Price: $404,031 (last month)$309,200

Average Days on Market: 220/275 (last month 164/296) (days on market with current broker/total days on market)


If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Investors Are Buying Houses Again

March 23, 2010 by cloeffler

Good news for the second-home market.

More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.
The share of home sales involving all-cash transactions was 26% in January, up from 18% a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions. Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.

Other NAR data also show a pickup in investment activity.

Home purchases made by buyers identified as investors climbed to 17% in January, up from 15% in December and 12% in November.

“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”

Many investors say they’re financing their purchases with cash on hand, rather than borrowing.

Evan Spinrod of San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5% annual return on his investment. Some of his homes are worth about $165,000. “I’m still looking,” Spinrod says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”

Leonard Baron, a real estate professor at San Diego State University, has bought three homes with cash in the

San Diego area in the past eight months, ranging in price from $100,000 to $130,000. He rents the properties.

Baron says now is an ideal time to make such purchases. “It’s because prices have dropped so much and rents really haven’t,” he says. “The deals were unbelievable.”

Some Realtors also say they’re seeing increased investor activity.

“Flippers, rehabbers, investors … are, in fact, buying,” says Lisa Johnson, with Coldwell Banker Residential Brokerage in Haverhill, Mass. “I’m getting builders who have stopped building and are instead buying up condos and single-family homes to fix them up and sell them. It’s a neat change I haven’t seen in four years.”

All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to

go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.

“You have to have cash to be able to close quickly and have negotiating power. Cash is king,” says Tanya Marchiol, president of Phoenix-based Team Investments, which buys about 70 properties a month with cash it raises from investors. “We do want to flip it or generate cash flow (through renting it out). Now is the time to buy for cash flow. We know the market is going to rebound.”

Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value.

That’s the philosophy of Jim McClelland of Tinley Park, 111.

He is buying about 120 to 150 entrylevel homes in the Chicago area this year and owns a total of about 300 properties.

He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.

That’s because so many prime-rate borrowers who bought more expensive homes have gone into foreclosure.

He puts about $60,000 into upgrading a property, then rents it out.

“Do I think this year will be a better time to invest than in 2009? Yes,” McClelland says. “There have always been foreclosures. The difference now is you get a better home for the same kind of money. You’re sitting on better inventory. People get into real estate for financial independence. It’s not a quick fix. It appreciates. It doesn’t happen overnight.”

By Stephanie Armour USA TODAY

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

GC Homeowners' Tax Credit Program Is Now "Enhanced"

GC Homeowners’ Tax Credit Program Is Now “Enhanced”

Mar. 18, 2010

The Board of Garrett County Commissioners has approved an enhancement to the current County Supplemental Homeowners’ Tax Credit Program. The current program benefits those taxpayers who are age 65 or older and have lived in Garrett County for 10 years or longer.
The applicable county credit is calculated at 25 percent of the State Homeowners’ Tax Credit. The enhancement to the current County Supplemental Homeowners’ Tax Credit Program will benefit those taxpayers who are age 65 or older, have lived in Garrett County for 10 years or longer, and who have combined gross household income of $25,000 or less.

To apply for the county program, taxpayers are required to file a Homeowners’ Property Tax Credit Application (Form HTC-60) with the state of Maryland. Applications for 2010 are available and can be obtained by accessing the state Department of Assessments and Taxation web site at dat.state.md.us, at the state Department of Assessments and Taxation office located in the Garrett County courthouse, or by calling the local state Department of Assessments and Taxation office at 301-334-1950 and requesting that an application be sent by U.S. mail.

The application filing deadline for 2010 is Sept. 1. Garrett County administrator Monty Pagenhart or the Garrett County Department of Financial Services staff is available to answer questions regarding the County Supplemental Homeowners’ Tax Credit Program by calling 301-334-8970.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Jay Ferguson has joined Railey Realty at Deep Creek Lake

It’s official: I have teamed up with Deep Creek Lake & Garrett County, Maryland’s #1 Real Estate brokerage, Railey Realty. I’m really looking forward to the opportunity to grow my real estate business and to continue to provide excellent service and sales to all of my friends, family and clients! A special thanks to all of my friends and colleagues that I have worked with through years while at L&F – it was a very special 9 years of my life 🙂

If you are in the market to buy or sell real estate in Garrett County or at Deep Creek Lake, I would LOVE to be your agent!!!

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

Buyer Client Info – Federal Housing Tax Credit

Here is some clear, concise info regarding the Federal Housing Tax credit. Keep in mind, you are on the clock: Contract by April 30, 2010, close by June 30, 2010:

http://www.federalhousingtaxcredit.com/key_info.php

Key Information

Following are key points that prospective home buyers should be aware of when considering a home purchase under the tax credit program.
•A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
•The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
•Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
•Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.
•Home purchases in 2010 may be claimed on an amended 2009 income tax return.
•Persons who are claimed as dependents by a taxpayer or who are under age 18 do not qualify for a tax credit.
•Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit. The IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.
•Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. They may, however, qualify for the repeat home buyer tax credit.
•Neither the first-time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350