Tag: charm city appraiser

Housing Trends in Baltimore

We have all watched the programs on HGTV to see the transformation of an old space revamped, renovated or remodeled into a new modern space that reflects the current housing trends that yield the highest payoff or return. Awe struck by the change that the properties undergo in a seemingly short time span (in TV world) is inspiring and makes us come back for more. Trends vary depending on the location of the home and the demographics of the area: the choices made after determination of demand in the market would allow the potential to maximize the return on investment and/or appraised value. For instance, Baltimore City and Baltimore County buyers share some popular housing trends but there are trends that are specific to the opposing areas. The two following trends will be highlighted to reflect the differences in the trends and demographics.

Housing Trends in Baltimore

The Rooftop Deck

Where most homes downtown have very small to no backyards, the rooftop deck is a great solution for enjoying the outdoors. Outdoor spaces are essential to most buyers regardless of age. Baltimore City does rank fourth in the nation among cities that are attracting young adults. The combination of a growing job market and relatively low prices compared to other major cities is leading many young professionals to purchase their first homes in Baltimore. One of the leading amenities requested in a Baltimore City townhome/rowhome is a rooftop deck. A popular tradition with Baltimoreans is watching the fireworks over the Inner Harbor from a rooftop deck on July 4th. The rooftop deck can offer water views of the harbor and spectacular panoramic views of the city skyline. The Millennials are flooding Baltimore City for opportunity and their young legs are conducive to flights of stairs leading to the roof. On the flip side Baby Boomers, another demographic with huge purchasing power, are shying away from flights of stairs due to bad knees, bad hips ailing joints and overall aging physiques….getting older is not for the faint at heart.

The In-Law Suite

While the Baby Boomer generation is getting older we see more multi generational families living under the same roof. There are more than 50 million American families having multiple generations under one roof and Baltimore County is tapping into this trend. Homes with “in-law suites“, extra kitchens, multiple master suites, a guest house and/or an accessory unit are offering flexibility when it comes to aging family members. With the rising cost of nursing homes, this multi generational living could be beneficial to all parties. If you are planning to build onto your existing home every town (and in most cases,every neighborhood)have different rules when it comes to adding on to a property. Find out what is possible through a meeting with the building inspector or planning department in your town and they will be able to say what is allowed when building onto your property. Another sector of the aging population prefer to preserve their independence and choose a manageable home for future years. A ranch style home where everything is accessible on one floor and allows opportunity for independence for years to come.  For the “active adult” there are also age-restricted communities , generally for people 55 and over where maintenance is generally provided and residents live among their peers. Most are rich with attractions to include pools, golf courses and a spa.

Baltimore City trends are typically geared to a younger buyer while Baltimore County buyers have a wider range of demographics and demands regarding trends. Among the many trends, the two trends noted above were used to reflect the differences in trends and demographics in Baltimore City and Baltimore County. Now, let’s take a look at some other housing trends that buyers are looking for in the current marketplace:

The Open Concept Floor Plan

The main attraction of an open floor plan is the great room, which combines the living and dining rooms into a larger area that is still in view of the kitchen. Whereas traditional floor plans are divided by interior walls, the lack of walls in open designs creates a visually larger space, and more of it can be used at any given time because it is very flexible.

Quartzite

While granite still appeals, quartzite is becoming the new hot contender, thanks to its reputation as a natural stone that’s virtually indestructible. It also more closely resembles the most luxurious classic—marble—without the drawbacks of staining easily. Quartzite is moving ahead of last year’s favorite, quartz, which is also tough but is man made.

Return to Human Scale

During the McMansion craze, kitchens and homes got so big they almost required skates to get around. The trend is to scale back and return to a more human, comfortable size. Buyers now seem to prefer efficiency and location over square footage.

Smart Homes

There is no escaping technology, it looks to be at your doorstep ready to take over! Touch screen appliances, thermostats controlled by your smart phone from any location, automated lighting system, ismart alarms and vehicle detection are just a few of the trends in this exponentially growing industry of tech products made available to the consumer.

 

Drooling over current trends splattered all over mainstream television is eye catching and tempting. Keep in mind your budget, restrictions and future goals before any project. If you are debating an addition or a move to another residence Robinson Appraisal Group can help with your current value or the market value of a possible new residence. We would love the opportunity to assist you.

FANNIE MAE 2016

What does Fannie Mae have in store for 2016? Fannie Mae is a billion dollar entity that does not directly offer mortgage loans but instead buy the mortgages from banks, credit unions, and other financial institutions so that they, in … read more

Appraising Real Estate in Baltimore City

Appraising properties in real estate is tricky business for real estate appraisers. The vast value range, emerging markets, government housing and rehabilitation projects are just a few things a Baltimore City appraiser encounters when navigating the proper choice of comparable sales when determining the appraised value of a Baltimore City property. With more Millennials and empty-nesters moving downtown, there’s a renewed interest in the urban living experience causing an increase in appraisal work.

Lending institutions are quite cautious when reviewing a Baltimore City appraisal. Often values differ block to block depending on location of the water, monuments, parks, etc. The distance between the comparable properties and the subject property within an appraisal are highly scrutinized. Part of this scrutiny stemmed from the Baltimore City flipping scandal. With such diversity in value within a small radius due to the density of homes allow a large pool of settled sales to choose from. It is unethical, criminal and against appraisal practices to inflate the values of properties.

HB 521, a bill passed by the state legislature in the wake of the so-called “flipping scandal” of the 1990s, created a database of property appraisals in Baltimore City. Since 2003, every home appraisal done in the city was supposed to be given to the Department of Housing and Community Development, to be kept in files in case investigators ever needed to track down and investigate suspicious appraisers and/or lending practices.

Charm City is a city that bounces back regardless of setbacks. There are more than 40 homebuyer incentives that people could potentially qualify for when buying a home in the Baltimore City. They range from $1,000 to $30,000. These are for primary residents, not investors and you can stack them if you quality for more than one. You can go to http://livebaltimore.com/financial-incentives to learn more.

It is not only traditional buyers that are getting into Baltimore City real estate, even developers are turning a number of historic buildings in downtown Baltimore into amenity filled apartments. 26 S Calvert Street features a rooftop deck and mini basketball court, and 10 Light Street is a building that Metropolitan Partnership is turning into 400 luxury apartments.

With the growing demand of real estate in Baltimore City this leads the appraisal community with a responsibility for quality appraisal reports within lender guidelines that follow uniform standard appraisal practices.

Charm City is becoming more charming each year with expansion, renovation and opportunity. Robinson Appraisal Group can help you with all of your appraisal needs. Our services include estate appraisals, conventional appraisals and FHA appraisals to name only a few. Our office does a multitude of reports for the Baltimore County, Baltimore City, Harford County, Cecil County, Carroll County, Anne Arundel County and Howard County areas. We look forward to helping you in the future with an appraisal for your Baltimore City property. As our Baltimorean counterparts would say, Thanks, Hon!