About Queen Annes County, MD

Perhaps, real estate brokers may want to take a look at auctions as a sideline service. I was reading how auctions are misunderstood and are beneficial in creating a competitive frenzy.

Now, I might not know what the heck I am talking about, but someone is making some money. My take is, if we are supposed to be offering solutions to our clients, why not open up the possibility of auctions? According to the National Association of Auctioneers-The auction is a power tool to open doors -you have something that your competitor doesn't have. Since we
are responsible for offering our sellers the best tools available...we should at least be telling them about all of the options. They deserve it. That means we could invite FSBO's, expired's, and
withdrawn's! Read more here: The Broker Auction Advantage or the Gavel is Powerful.

It seems we have come to a crossroad of two kinds of home sellers--- the ones that are facing the housing market straight up and pricing their homes to sell and the others who are simply ignoring the facts and digging in their heals.

Now, we can talk about this subject til the cows come home, but I'd rather cut to the chase and make things happen. The problem is everyone in the media is an expert in real estate and whatever position you take, it is human nature to tune into people who say what you want to hear.

Although, if you are like me, we need to become better informed on how to tell people that their house is not worth alot more than what the market is calling for.

We need to take a lesson from Walmart, "Low prices are one of the surest ways to beat the competition". Called ``drama pricing" or ``energy pricing," it is a drastic measure for difficult times. Although, your clients will be disappointed, we must share the information of other competitive listings and sold inventory that are seen by consumers as a perception of value. That is human nature.

The experts tell us to lay out the facts on how tough it would be to sell at the suggested owner's listing price. However, we must adhere to the rules and ethics as Realtors and understand the bottom line is the owner's decision.

All, we can and must do is educate them. And I must admit, I need to brush up on my skills.
The point is if you start too high, buyers forget about your property -- it doesn't matter how beautiful it is. As a home seller, you may prefer to wait out the market, if you don't really need or want to sell. Now, some agents won't agree with me, but I just think the more inventory we have of homes, the harder it is for everybody. Especially, the sellers who need to sell.

Today, we must focus on what is not selling and persuade our sellers to look at the prices of active listings that are indeed selling.

Montgomery County Post-Purchase Property Tax Disclosure Law

As a reminder starting April 1, 2008, all sellers (including the seller's real estate agent) in Montgomery County MUST disclose the post-purchase property taxes on any written or electronically transmitted material produced or distributed in connection with the advertisement for sale of a residential real property.

Online property tax calculator and other FAQs: http://www.gcaar-members.com/util/link.jsp?e=99vOkj_cNSw3mSXQqMBRF8qurVmsH5cKRCtE-KhqB7dJSRN5bTDP2Hu8FjiHh4DFm&s=0qGF9_tY.A&v=1VbF520xvUkh_lg..A (see the tabs on the top menu)

What constitutes an advertisement?
(a) Any "written or electronically transmitted material that a seller produces or distributes in connection with the advertisement for sale of a specific residential real property" as used in County Code §40-12C, includes:

• All printed sales material available on site or at an "open house"
• Any information about a specific property for sale which is available on the internet or in a web page, and
• Any written material specifying the amount of tax the seller currently pays or recently paid

(b) Any "written or electronically transmitted material that a seller produces or distributes in connection with the advertisement for sale of a specific residential real property" as used in County Code §40-12C, DOES NOT include, unless the material specifies the amount of tax the seller currently pays or recently paid:

• a newspaper or magazine classified "liner" advertisement or a "group display" advertisement in which the advertisement for a specific house is less than 16 square inches;
• one or more introductory screen listings for a specific property on the internet, which may contain the asking price, as long as the disclosure required by §40-12C appears on the internet listing in any later or linked screen which provides further financial details about the property;
• "for sale" signs posted at or near a property; or
• radio or television advertisements

What language is required to be included in advertisements?
"Estimated property tax and non-tax charges in the first full fiscal year of ownership is $X."

Where does this law apply?
The County law applies throughout Montgomery County. However, the law DOES NOT apply to the municipalities of Barnesville, Kensington, Poolesville or Rockville.

Will this information be included in MRIS listings?**
To assist its customers, MRIS has made three changes to all Montgomery County public records full displays and printouts:

• MRIS has added a new label for the Assessment section, which states: "Tax Fiscal Year 2008 Estimated property tax and other non-tax charges in the first full fiscal year of ownership"
• Total Taxes label has been replaced with "Total Est. Charges"
• Assessed Value label has been replaced with "Phase-in Value"

Total Estimated Charges includes all state, county, city (if applicable) taxes and other charges including Solid Waste, Water Quality Protection, Bay Restoration Fund, WSSC, and other Special Charges. MRIS has made every effort to ensure the total estimated charges in its public records matches the amounts shown in the county's calculator. To be certain that your Active status listings are compliant, agents who have Active residential listings in Montgomery County, MD should double-check the dollar amounts in each active listing to make sure it matches the amount shown in the county's online calculator.

The new tax amounts will autofill for all NEW listings as of April 1, however you must edit the existing tax values in your active Montgomery County Listings.

Important Disclosure Notice Montgomery County, MD - Disclosure - Property Tax Effective April 1, 2008

This new law requires sellers of homes to provide a potential home buyer with an estimate of what the actual property tax will be in the first full year after purchase of the home.

Real Property Estimated Tax and Other Non-tax Charges a new owner will pay in the first full fiscal year of ownership.

Use this link to access the tax information for your present home or a home that you wish to purchase: http://www.montgomerycountymd.gov/apps/ocp/tax/index.asp

If you have questions, please call the Montgomery County Consumer Protection Office at 240-777-3636.

Please contact Roy Kelley & Associates for all of your residential real estate needs. We represent buyers as their exclusive buyer agents. There is a very large number of lender owned homes in the current housing inventory.

During the next few months, buyers will have an unusually large selection of properties and the lenders will be highly motivated to accept reasonable offers for their REOs.

Your Real Estate Advisor,

Roy Kelley

Roy Kelley & Associates Associate Broker,

RE/MAX Realty Group 6 Montgomery Village Avenue, Suite 200 Gaithersburg, MD 20879 USA

Direct: 301-921-4569

Client Assistance: 301-670-8996

Email: roykelley@mris.com Fax: 301-921-4586 Main Office: 301-258-7757 x 569

Home Search Website For All Available Homes: http://www.roykelley.com/