Tim McIntyre

Blog Title – just copy and paste

What Does $150 a Month Buy? I had an interesting conversation today with our in-house Senior Mortgage Advisor, Mike Fagan. Although no one can predict when or exactly how much, Mike believes it seems likely that interest rates will be on the rise over the next several months and/or years. The Federal Reserve has the difficult job of trying to keep interest rates low enough to stimulate borrowing, but high enough to ward off inflation.

The potential for interest rates to increase should be of particular interest to Home Buyers, and to Home Owners with adjustable rate mortgages. As interest increases, so does the mortgage payment. Here's an example:

To purchase this home at 509 Newburg Avenue, at today's mortgage rate of 4.625%, with an FHA loan and 3.5% down payment, the total PITI payment would be $1840. If interest rates go up just 1% over the next year, the payment for the same loan at 5.625% jumps to $1997. A difference of $157.

What is the cost of waiting a year to purchase your home - what does $150 a month buy? Well right now, about 50 gallons of gas. Or 38 gallons of milk. Maybe it pays your family's phone, internet and TV bill for the month. Perhaps it's what you spend eating out in a month. It could be your monthly utility bill, or a good portion of it.

Whatever you would spend it on, $150 a month is not a sum of money anyone should ignore. If you're thinking of buying a home, give me a call to find how the rising interest rates are likely to affect your home purchase.

If you'd like more information on what the financial markets are doing, Mike Fagan sends out a weekly Mortgage Market Update. His informative newsletter begins with a Week in Review and gives a quick Forecast for the upcoming Week, and other useful financial tips. This week's newsletter had the IRS standard mileage deduction rates for 2011. If you're looking for detailed information on what's happening in the economy, in a language you can understand, give Mike a call to receive his mmgWeekly.

Shred Event

Date: Saturday, February 5th, 2011, from 9:00 am to 1:00 pm

Coldwell Banker Residential Brokerage, 10050 Baltimore National Pike,

in the Enchanted Forest Shopping Center, Ellicott City, MD

It's the start of a new year. Time to toss your old documents and get ready for tax season. Anything relating to your taxes or to financial records that is dated before your 2005 tax return can be shredded, according to this NY Times article.

Here's what to expect:

• A 31 foot long mobile shredding vehicle, from Mobile Data Shredding with a very fast processing speed & a materials capacity of 10,000 lbs.
• Paper clips, staples, hanging file folders, non-plastic binders & files, alligator clips are acceptable
• Visual, proof positive confirmation via on-board cameras and video monitor displaying the entire input, destruction and output process.

Important information to note:

• Unable to shred plastic or cardboard materials
• Computer hard drives, CD's, Diskettes & X-Rays can be accepted but are unable to be shredded on site.

Bring your items to be shredded, as well as this article, and watch the rapid destruction of your unwanted paper materials

This is a FREE service provided by Coldwell Banker Residential Brokerage

See you there!

(psst - I've hijacked Tim's blog today. Shhh ... don't tell him - let's just see if he notices) -Shari, Tim's Assistant :)

When Customer Service is Better than Expected. Back in December my husband and I visited Grilled Cheese & Co. in Catonsville. A relatively new restaurant, it has become one of our lunchtime favorites and we try to get there as often as we can. My personal favorite is the Fresca, but my husband loves the Crabby Melt.

On this most recent visit, we had a bit of confusion with our order. Not quite satisfied with our waitress' answer, my husband asked if the Owner had a minute to speak with us. Matt, one of the Owners stopped by our table, and quickly and congenially resolved our issue. He offered several times to get us a little something extra to make up for the confusion. Excellent customer service, right? We declined several times, we didn't really want to make an issue, we just had a question about our order.

That's when Mike went a step above and beyond excellent customer service. He looked to the decision maker in our family, our 5 year old, and asked her if she would like a grilled cheese sandwich for dinner. Her eyes lit up and she said, "YES!". Later that night, I was very happy to have one less dinner to cook, my 5 year old relished what she considered her very own personally crafted sandwich, and I was left feeling more than a little impressed with The Grilled Cheese Co. For the first time in what felt like too long, I felt as though a company I liked actually valued my business. When was the last time you felt that way?

This focus on customer service is one of the reasons I enjoy working for Tim (and no, he's not paying me to write this). In the two years that I've worked for Tim, I've seen how much he values his clients' business. And I've seen the other side - agents that don't put the same effort into taking care of and advocating for their clients' most important needs.

The whole experience got me thinking about what I've come to expect from service providers. I've made a decision - in 2011 I resolve to give my business (whenever possible) to companies that truly value my patronage. Whether in person, or online, or through a service company, or as a Realtor, if a business goes above and beyond the expected...well, they can expect me to come back.

Top Seller Tuesday - Absorption Rates for Ellicott City

Current Absorption Rate for 21042 Zip Code - Ellicott City, Maryland:

All Homes: 37 weeks of inventory
Homes between $0 - $300,000: 50 weeks of inventory
Homes between $300,000 - $600,000: 36 weeks of inventory

Current Absorption Rate for 21043 Zip Code - Ellicott City, Maryland:

All Homes: 33 weeks of inventory
Homes between $0 - $300,000: 39 weeks of inventory
Homes between $300,000 - $600,000: 32 weeks of inventory

These numbers show some improvement when compared to the numbers I posted in October 2010, particularly for the 21043 zip code. However, 33 weeks of inventory is still a significant number. Absorption rates don't tell the whole story - if you are thinking of selling your home, and want to understand more about what's happening in the Ellicott City Real Estate market, please don't hesitate to call me.

Read this post to find out more about Absorption Rates and what they mean. If you'd like more information about absorption rates for your area, how much your home is worth, or how long it will take to sell your home, please feel free to contact me.