Monica McNamara

The turmoil that has gripped our great nation's financial markets in recent weeks emphasizes the most pressing issue for Americans today - the health of our economy. While there is no single solution, the housing market will - without question - be a critical factor in our economic recovery.

The media has been bombarding us with such doom and gloom forecasts, it is sometimes difficult to see the forest through the trees. I believe that now is one of the smartest times to buy real estate that I have seen in my over 20 years in the business.

As an industry, I think it is no longer an option for us to stand idly by and allow the media and others to create "the story".

I have attached an article from a Coldwell Banker Special Report

To Buy Or To Rent? "Should I buy or rent?" Recent graduates, young couples, relocating professionals and others have all asked themselves this question at one point or another. The decision to rent an apartment, condo or house as opposed to buying is complex and is based on a number of factors.

To help you address these issues with members of the media and renters in your local area, this special report includes background information, key talking points to study and share and helpful Questions & Answers. As always, these points should be combined with concise, data-driven insights from your local market.

Key Background:

Here are several relevant URLs to consult as resources on this topic:
• coldwellbanker.com - Information from Coldwell Banker on resources for prospective home or apartment-buyers
• Tips for those that are ready to buy - This article from coldwellbanker.com offers helpful tips customers should consider if they're thinking they are ready for homeownership
• For a calculated decision - This handy rent-versus-buy calculator from coldwellbanker.com can help break down basic money questions
• Suggestions from the National Association of Realtors - NAR's Web site has good suggestions on buying versus renting as well as numerous other resources
• Information from the U.S. Department of Housing and Urban Development - The HUD Web site offers many insights about home owning and financing
• To obtain your credit information - Point consumers to this site to receive credit reports and credit scores to help them understand their creditworthiness

The Decision Process
Everyone is looking for a place to call home. But whether that home ends up being under your own roof or a landlord's is a pivotal question - and one with slightly different answers for everyone, based on a number of factors.

The decision to rent or own involves both "soft" lifestyle and "hard" financial issues:
• "Soft" lifestyle issues - Such as a renter's ability to call a maintenance person or landlord rather than having to tackle a repair, versus a homeowner's freedom to paint the walls any color they wish
• "Hard" financial issues - Such as balancing the "burdens" of greater financial responsibility (mortgage, home improvements and repairs, taxes, etc.) against the "bonuses" of homeownership (equity, appreciation, etc.)

The "hard" financial issues are usually top-of-mind for consumers and reporters when the buy-versus-rent question is raised. The money hurdles that must be cleared to become a homeowner are the most obvious part of the equation - particularly in an economic climate where underwriting criteria for mortgages have become more stringent.

For many, a home purchase represents the single largest financial transaction they will undertake in their lives. So it is imperative that consumers take personal responsibility for themselves and their financial futures. Encouraging consumers to ask even the most basic question - i.e., "Can I afford to buy a home right now?" - is the first step in exploring the buy-versus-rent equation. And in fact, this may be the most single important step in the entire process.

When consumers do not adequately research and understand all the fiscal obligations that are involved, their homeownership may be negatively impacted. Real estate professionals can and should play a critical role in reminding customers of the essential financial questions, helping them to align home purchase expectations with their personal economics. Ultimately, this will help them determine whether now is the time to stop renting or not.

Yet there are more elements to the buy-versus-rent equation than money alone. This is where those "softer" lifestyle questions come into play.

Most Americans understand that a home is a powerful long-term investment - so the earlier one makes the right investment in a home of their own, the more potential financial rewards they will reap down the line. But not every moment in life equates to the ideal time to buy.

What about the professional ready to relocate for the right job offer? Or what about the couple thinking about moving in together, but unsure whether their relationship will go the distance? The unique characteristics of each person's individual lifestyle and lifestage are a critical piece of the puzzle - and real estate professionals have a major role to play in helping them assemble the "big picture."

Misconceptions On Buying Versus Renting

Misconception No. 1 - The tax benefits derived from purchasing a home takes forever to offset all the other costs involved.
The Reality - Most people know that tax write-offs of mortgage interest are among the biggest financial benefits of home ownership. But some people question whether this benefit is really great enough to offset the "big picture" cost of ownership - including the hefty down payment and closing costs needed to get a former renter across the threshold to homeownership.

Homes typically appreciate in value over time - at the same time the homeowner builds his or her equity in the property through monthly mortgage payments. Though tax offsets begin right away (really starting to "pay off" in that first tax filing season after a home's purchase), the bigger picture benefits tend to come with time.

That's why potential homebuyers should carefully evaluate how long they expect to stay in the home that they are considering purchasing. If they anticipate staying in their first home only one to two years - especially in today's market - they're not as likely to get a good return on their initial investment. If, on the other hand, they are planning on staying several years in the same property, the scales of benefit start to shift - and the value of all that they gain financially from homeownership is likely to outweigh those initial costs to get in the door.

Misconception No. 2 - Renting a a home isn't all that different from owning.
The Reality - More so than apartment dwellers, the lives of people who rent a house can often mirror those of actual owners. You'll see many home renters making routine repairs, gardening, shoveling the driveway when it snows or cleaning the gutters after the leaves fall.

But there is one fundamental difference. Unlike equity built with each monthly mortgage payment, the rent that person is paying is producing zero future financial benefit. In fact, a renter essentially paid the landlord's mortgage and likely additional utility costs.

Since most homes increase in value over the long term, a home not only provides a place to live but will ultimately provide return on a consumer's original investment. Additionally, when it comes time to apply for other forms of credit, responsible homeowners are more desirable borrowers.

Paying a mortgage on time each month shows lenders that a consumer is secure, stable and effectively manages finances. And those home renters who take it upon themselves to help make property updates and repairs? They're building equity - just not their own.

Misconception No. 3 - It's better to rent and wait for the market to bottom out.
The Reality - Despite recent challenges in the U.S. housing market, buying

By the time most folks recognize the true bottom, prices are already on their way up. Buying a home should always be approached as a good long-term investment, providing equity accumulation, cost appreciation and tax benefits over time.

Homeownership is a lifestyle decision, a highly personal decision. Yet today's current market, while different from market-to-market, is generally typified by falling or stable home prices, still-low interest rates, and a large number of homes on the market.

Historically, low or falling interest rates allow more to enter homeownership which in turn helps trigger rising housing prices - resulting in the start of a "sellers market." As the number of consumers are "priced out", home inventory begins to increase and the cycle goes towards a balanced or even a "buyers" market. Prices will generally stabilize allowing economic conditions for those "priced out" to improve and the cycle begins again.

The reason why many point out that now is a smart time to buy is because of the historically low interest rates we are seeing coupled with the buyer's market which exists in most communities. Speaking with a knowledgeable real estate professional can help one navigate the nuances of a specific market, including how interest rates are impacting home prices and financing options in that region.

The most important thing to remember is that housing is not a quick-in, quick-out investment. When purchased with the longer term in mind - with proper guidance from a real estate professional and other savvy financial or legal professionals - housing is one of the historically safest investments consumers can make.

Misconception No. 4 - It's cheaper to rent.
The Reality - This may or may not be so. Because of the current state of the housing market, many are foregoing homeownership and turning to rentals. This influx of renters may be having an impact on the supply and demand of rentals and driving rents higher.

Most real estate sales associates will have a strong understanding of the rental market in the community and can refer potential buyers to a reputable mortgage lender. It is imperative to ask questions and understand the financial implications and costs of a mortgage.

Misconception No. 5 - By buying a home, I'll become a victim of the foreclosure mess.
The Reality - While foreclosures have presented very serious concerns for

In the midst of all the negative news headlines, it's easy to forget that mortgage money is still available for qualified borrowers. To help prevent foreclosures in the future, lenders have returned to upholding higher standards. These may require you to demonstrate strong basic borrowing "fundamentals" such as proof of income, solid credit, ability to make a down payment, etc.

Finally, as you begin your home search, it's critical to be well-educated in terms of the various mortgage options available. Be realistic about what you can afford, and remember, if something sounds too good to be true, it probably is. Conservative planning for today (and tomorrow) is the first step toward securing a mortgage that best fits your budget.

Core Talking Points:

Consumers and members of the media are interested in hearing both sides of the buying-versus-renting story, supported by anecdotes on the relevant trends occurring in your specific market. Preparing insights with strong local context and data points will allow you to be able to provide a clear and compelling (and quotable) point of view.

Here are several overarching talking points regarding buy-versus-rent that can be tailored to reflect your area:
• Don't hesitate - start saving now. When a home purchase seems like a long way off, most individuals take a short-term view. They forget that time is on their side, and a little money stashed away each month can grow quickly. So take advantage of the years before you buy - especially if your rent is fairly low (or non-existent, as for young people living at home). Put away as much as you can each month. You'll be surprised how quickly you can accumulate the funds needed to put a down payment on a house. And don't forget FHA loans and the new $7500 tax credit can favor first time homebuyers.
• Talk to a real estate agent, even if you're not planning to buy for a few years. Many future homeowners think they must be ready to buy before approaching a real estate professional. However they can learn a lot about how to plan for a home purchase down the line by asking questions way ahead of time.
• Take time to learn about home repairs. The more you know, the less you'll spend later on. Pay attention to your parents, the plumber or your landlord when things go askew. Consider signing up for free seminars offered by local home improvement chain stores. If you're living at home, offer to help with the repairs.
• Learn how to access - and closely review - your credit score. A sound financial track record and solid credit score can help lock in a loan and lower interest rates. Checking your records with a fine-tooth comb in advance will also ensure that you catch any errors ahead of time, as well as help you better understand how lenders may perceive you. Use coldwellbanker.com for a free credit score report.

Questions & Answers

Q. Are there any tips to offer someone that is navigating the buy-versus-rent process?
A. Here are a few key factors to consider:
Work to clean up your credit:
Though basic advice, the best thing

Seek the help of a professional:
Even though the Internet offers both buyers and renters unprecedented levels of personal access to home listings, most consumers are better off reaching out to a real estate professional when they get serious about the buy-versus-rent decision. An experienced real estate sales associate can help them understand the nuances of their local market - including specific neighborhoods that have been great for first time homebuyers, or apartment buildings with flexible rent-to-buy options.

A savvy professional can also list out all the costs associated with owning a home that didn't come into play when a renter was responsible to no one but a landlord. In most instances a buyer does not pay his/her sales associate a commission; that payment comes from the seller.

Aim for a home that you can afford:
When considering possibly buying

Q. Any advice to offer consumers on renting versus buying in the current housing market?
A. If you do not have to sell a house to buy a house, this is a particularly

Q. How long should a prospective buyer plan to stay in a home they plan to purchase?
A. A potential home buyer will want to stay in a home long enough to at

Q. How can the consumer evaluate the cost differential between renting and buying?
A. When renting, it's easy to calculate whether a new apartment will fit in one's

Q. How much does a prospective home buyer need to save up for the down payment?
A. Putting down 20 percent of the price of the house has long been the

Q. How do you know if you are ready for responsibilities of home ownership?
A. Some people cannot wait to paint their white picket fence and plant

From "Friend-Vestors" to Traditional Homebuyers:
Advice for College Graduates Looking to Buy Instead of Rent

Here are seven quick tips for consumers or media interesting in the "Friend-vestor" trend:
• Don't finalize any plans until you consult a lawyer, especially regarding titles
• Go over all the details of co-ownership with your tax preparer
• Before you buy a home together, decide how long you want to live there
• Make sure you're financially stable enough to take over payments on your own, if needed
• Ensure that you know your prospective co-owner very well - including how she or he has handled money issues in the past
• Before you begin looking for a home, outline the plan for renovations, upgrades and repairs (i.e., which ones will you do yourselves, versus which ones will require professionals)
• If possible, don't make any purchases for the home except for the house itself - as more jointly-owned property can be hard to divide down the line.

Just a few miles outside of Ocean City, Maryland, there is a little known gem just waiting to be discovered.

Historic Berlin, Maryland began as a tiny little village in the 1790's. It was incorporated after the Civil War in 1868. Early on, the towns popularity grew and became a popular spot for tourists who enjoyed hunting and fishing on the Eastern Shore, or were on their way to the then, small coastal town of Ocean City.

At the corner of Philadelphia Post Road and Sinepuxent Road, now South Main Street and Tripoli Street, colonial travelers stopped at the Burleigh Inn. Here at the present day town center, memories linger of the tavern that probably gave its name to the village. "Berlin" is said to have come from a contraction of the words "Burleigh" and "Inn".

When you visit today, you will feel like you traveled back into the past with a stroll down Main Street. The path you walk is the same as that taken by the Assateague and Pocomoke Indians well before the colonial period.

Berlin, Maryland is a wonderful example of what can be done when dedicated citizens work together for the success of their community. The renovation of the town center and the historic preservation of the commercial and residential districts, are a result of the cooperative efforts of local citizens, businesses and the Town government.

Berlin has starred in two major motion pictures. In 1998 Berlin was the location for the filming of "Runaway Bride" with Richard Gere and Julia Roberts. Main Street became a "hot" set as filming was done using many of the downtown shops. Then in 2001 Berlin became "Treegap" the fictional setting for "Tuck Everlasting" starring Sissy Spacek, Ben Kingsley and William Hurt. Downtown Berlin was transported back to the turn of the century, complete with dirt roads, horse carriages and period costumes.

47 individual structures in Berlin are noted in the National Registry of Historic Places and represent nearly two centuries of architectural heritage. These structures are well preserved or renovated and date from three distinct periods: Federal, Victorian and 20^th Century. The town center features mostly brick structures with compatible rooflines, proportionate window and door openings, uniform setbacks from the street, and bulkheads beneath the lower windows.

Magnolias, sycamores, tulip poplars, bald cypress and ginkgo trees add to the beauty of the town.

All those who visit Berlin are captivated by the beautiful tree-lined streets, Victorian town center, museum and historic homes. You don't want to miss seeing Berlin.

Berlin is especially festive as the entire town joins in to celebrate "Berlin's Victorian Christmas". The entire town is beautifully decorated, and features a gigantic Christmas tree in front of the Atlantic Hotel. Everyone enjoys horse and carriage rides, visits with Santa, and of course, the Berlin Christmas parade. This year the parade will be on December 4^th, beginning at 7:00pm

Stay around a couple more days and join in all the fun at the Ocean City, Maryland Christmas parade on Saturday December 6^th at 11:00am.

It's hard to believe on a sunny Sunday afternoon in November that there were so many people on the boardwalk.  Ocean City, MD has such a noderate climate.  Many visitors and locals alike took advantage of this warm Fall day today to spend time on the boardwalk.  I should know, I was there too!

Ocean City, Maryland -- there's always something to do ... It's not just for Summer anymore.

Check out the events happening in November and while you're in town, stop by and see how you can get your very own "castle in the sand"!

November 8-9 / Fallfest of Fine Arts
Convention Center, 40th St. & Bay
Juried show features fine art painters, sculptors & mixed media high crafts. Admission. Sat., 10 a.m.-5 p.m.; Sun., 10 a.m.-4 p.m., Donald A. Hastings, 410-524-9177. duckmandon@comcast.net

November 8-9 / Christmas Craft Expo
Convention Center, 40th St. & Bay
Themed Christmas craft show features juried artists & fine crafters. Admission includes Fallfest of Fine Art. Sat., 10 a.m.-5 p.m.; Sun., 10 a.m.- 4 p.m. Donald A. Hastings, 410-524-9177. duckmandon@comcast.net.

November 16 / Turkey Trot
Eagle's Landing Golf Course
One of the last chances for a great golf tournament before cold weather. Four-player scramble for adults, includes a turkey feast after play. Sunday. For information, Eagles Landing, 410-213-7277. www.eagleslandinggolf.com.

November 20-January 1, 2009 / Winterfest of Lights
Townwide, Inlet lot & Northside Park, 127th St.
Take a drive through the Tunnel of Lights at Ocean City's Inlet to enjoy the nautical displays of holiday lights. Ocean City is your favorite holiday place for taking in all the sights. Dazzling lights on cold winter nights put everyone in a holiday mood. Ocean City's award-winning light displays begin with the tunnel of lights at the Inlet where you find the beach filled with lights boasting a nautical theme. Travel the avenues of Ocean City to see the old-fashioned lighted wreaths, then it's on to Northside Park to see hundreds of animated lighted displays. Relax in the heated tent to sip hot chocolate or browse Yukon Cornelius' gift shop for a special gift & have a photo taken with Santa. Then board the Winterfest Express to tour the lights, including the themed exhibits of the Twelve Days of Christmas & your favorite fairy tales. Small fee to ride tram. Sun.-Thurs., 5:30-9:30 p.m.; Fri.-Sat., 5:30-10:30 p.m. 800-OC-OCEAN. (800-626-2326) 410-250-0125.

November 20-December 29 / Carousel Winter Wonderland
Carousel Resort Hotel, 118th St.
Dazzling holiday decorations, indoor ice skating rink open to the public. Admission to the ice skating rink includes skates. Mon.- Fri., 4-9 p.m.; Sat. & Sun., 10 a.m.-10 p.m. 800-641-0011. www.carouselhotel.com.

November 28-30 / Holiday Shopper's Fair
Convention Center, 40th St. & Bay
Unique holiday shopping experience. Quality crafts, photography, florals, soaps, jewelry, Nascar items, toys & more. Children's activities & a non-shoppers lounge. Admission. Fri. & Sat., 10 a.m.-5 p.m.; Sun., 10 a.m.-4 p.m. Janice Cropper, 410-723-8605. 800-OC-OCEAN. (800-626-2326). Download the Holiday Shopper's Fair Fact Sheet and Application.

November 28 / Fall Arts Night
Downtown Berlin
Unique evening of art as shops & galleries offer free admission, showcasing local artists work. Friday, 6- 9 p.m. 410-641-4775. www.berlinmdcc.org.

I'll be the first to admit, I am not a golfer. I have gone out to play (ha ha) a very limited number of times.

However, having said that, my husband, Kevin McNamara, is an avid golfer. He complains about his lack of golf skills quite frequently, but I understand that type of behavior is par for the course (pardon the pun), for the average golfer.

Our family are members of, and very much love our golf club. Ocean City Golf & Yacht Club has been Ocean City Maryland's leading golf course since 1959.



Ocean City has two eighteen hole courses, the Newport Bay course, which has breathtaking water views, and the Seaside Course.

Ocean City Golf & Yacht is located 6 miles South of Ocean City, MD, very close to the coastal beachfront area of Assateague Island.

It's very affordably priced and is open to the public. Since Ocean City's weather is so moderate, the courses are generally open year round.

We hope if you are a golf enthusiast that the next time you come to the beach, you will play a round at Ocean City Golf & Yacht Club.

P.S. Kevin is always looking for excuses to go play golf!