“There are three kinds of lies: lies, damned lies, and statistics.” – Mark Twain
My name is Jay Ferguson and I am one of the owners of the real estate division of Taylor Made Deep Creek Vacations & Sales. I am entering my 19th year in the real estate business here in Garrett County and at Deep Creek Lake. If you are interested, you can find out more about me personally and my background when you click here.
I will be writing a monthly blog post about our local real estate market, sharing & interpreting statistics and offering some insights into the market as a whole…as I see it. These are my personal thoughts and musings about the market in general and are not intended as anything more specific. And, to be clear, I am an optimistic, glass half-full kind of guy.
Lastly, every stat I reference is based on the official stats published by Bright MLS on or around the 15th of each month. My plan is to give you straightforward stats coupled with my analysis from the front lines and let you interpret what you read in your own way.
Our home financing tips cover some of the many avenues through which you can purchase and finance a home in today’s marketplace. I talked to some local experts in the accounting and mortgage industries, and they shared options to consider when choosing the best one for you. Factors such as how long you intend to own the property, the down payment funds you have available and the fees you will incur are just a few items for consideration. To begin your Deep Creek Lake real estate search, you can contact me, Betsy Holcomb, at 301-616-5022 or firstname.lastname@example.org.
Home Financing – Mortgage Update Courtesy of Mike Archer, First Home Mortgage
According to Freddie Mac, the average 30 year fixed rate on 2/7/2019 was 4.41% with .4pts and 3.38% with .4pts on a 15 year term. Interest rates have dropped rather significantly following steady climb throughout the 4th quarter of 2018. The general consensus is that rates will likely level off and remain steady throughout 2019.
If you have contemplated a refinance, now is the time to investigate your options while rates remain historically low. I am finding that more and more clients are moving from a 30 year to a 15 or 10 year options to reduce the interest rate and pay their house off more quickly as they are now contemplating retirement. A quick phone conversation is all that is needed to evaluate your options.
If you looking to purchase a house and have less than 20% to put down? If so, don’t worry, First Home Mortgage offers several options that allow you to put down less than 20% and avoid paying mortgage insurance. We also have the option of using a 2nd mortgage to structure the loan so that both loans are under 80% of the property’s value and therefore do not require mortgage insurance. Continue reading Home Financing Tips from Local Experts
Your Deep Creek Lake real estate update for August shows that pending sales are up 9% when compared to last year.
We had 24 homes under contract with an average sales price of $501,566 and heading to close soon. We had a great summer by helping 50 sellers move on to their next chapter and we had 50 buyers that fulfilled their dream of a new home in Garrett County and Deep Creek. Our sales volume for the summer topped off at $31.7 million in sales. We look forward to the cooler weather and all the festivals that come with it. It will bring in a whole new herd of buyers.
Buyer’s Tip: Ski season is coming up. Start looking at potential investment properties near the slopes before everyone else does. During the quieter fall season, it is easier to access homes that are for sale and also on the vacation rental market.
Seller’s Tip: Fall weather is a upon us bringing leaves and spider webs.We love the colors of fall — until we need to clean up the leaves. Maintaining curb appeal
becomes a challenge this time of year, but do your best to keep up with it.You never know when the right buyer will come along.
Taylor-Made’s Deep Creek real estate company is excited to announce that we have a new Broker of Record! Bob Carney, Sales Manager, recently obtained his brokers license!
In order to earn this designation, Carney successfully completed the required educational hours and the exam as outlined by the Maryland Real Estate Commission.
Deep Creek Real Estate Company Background
Taylor-Made co-owner and sales agent, Jay Ferguson, previously held this role since 2014 when the real estate division was originally launched. The company has grown rapidly in four short years, and he is pleased to pass the torch to Bob so that he can fully focus on his strengths – real estate sales and serving Deep Creek Lake area buyers and sellers. Continue reading Deep Creek Real Estate Company has a New Broker!
Congratulations to Taylor-Made Deep Creek Vacations & Sales co-owner, broker of record, and top producing real estate professional, Jay Ferguson! Jay has been named the 2018 REALTOR®️ of the Year by Garret County Board of REALTORS®️ in a unanimous vote from the GCBR Board of Directors.
About Jay Ferguson Garrett County 2018 REALTOR® of the Year
For over 18 years, Jay has been striving to provide a fresh approach for his clients. In his first full year in the business, he was honored as “Rookie of the Year”. Throughout his career he has received many other well-deserved awards and designations.
Jay lives locally with his family; his wife Jessica and their two children Kayleah and Noah. He and his family all proudly serve the community through activities and participation of the ministries and efforts of their church, Loch Lynn Church of God. He is a Garrett County native who chose a career in real estate because of his knowledge of ,and passion for, his beautiful home. Ferguson on being named Garrett County 2018 REALTOR® of the Year: “I am truly honored to receive this prestigious award. It’s a big deal to be selected by my peers in the real estate industry. I’ve been in the business for 18+ years and I have witnessed many deserving people win this award. I am beyond blessed and very excited to be among them.” Continue reading Jay Ferguson – Garrett County 2018 REALTOR® of the Year
Real estate activity at Deep Creek Lake is heating up with the warmer spring temperatures. We are seeing positive signs of a seller’s market in the making!
May 2018 Real Estate Update
Out of the 200 active lake area homes, 17 of them sold in the last month. And better news, the average sales price to average list price was only a 5% difference. In other words, the offer price is getting closer to the listing price. Historically, that number has been around 8-12%. The average days on market for these homes was about three months. As we get into the summer months, I will take a guess that timeframe will get shorter.
You can increase your home value no matter what your budget. If you are thinking of selling, little upgrades can mean a lot to buyers. You should focus your efforts (and your dollars) on tasks that pack the biggest punch.
Our real estate team put together a list of some proven ways to increase your home value. To be sure you spend appropriately for your target market, it is always recommended that you speak with an agent before getting started.
Buyers have always been focused on kitchens, and most are looking for something that is modern/updated. You don’t necessarily need a total overhaul. Even small investments can increase your home value.
Go for a fresh, coordinated look with new suite of appliances and a new countertop and flooring. Paint walls or cabinets and update hardware too. “Stainless steel” isn’t new but still indicates “modern” in the mind of the buyer. Also, quartz countertops are becoming increasingly popular due to their resiliency.
Flowers are starting to pop up for a late start to spring, trees are beginning to bud and the Deep Creek Lake real estate market is starting to wake up.
April 2018 Real Estate Update
The inventory in Garrett County grew a little to 338 homes but more importantly the sales are climbing out of the early year slump with thirty-eight homes sold in the past thirty days. Fourteen of them were lake area sales which is down over last year at this time, but still showing signs of a growing market.
The average sales prices was over $390,000 with the highest price sold being just under $1 million. Homes priced between $300,000 and $500,000 have been especially popular in the past few months. That has been a struggling market last few years as more of the higher priced homes were gathering more contracts.
Your best source is a local real estate agent. Let them guide you in the right direction. This market is starting to pick up and information on popular websites might not be updated. Let us help you find the perfect Deep Creek Lake home. Continue reading April 2018 Real Estate Update
Winter is still holding on and giving us a few more blasts of snow, just like our inventory of homes. The number of homes on the market is still lingering around 330 in all of Garrett county with a little more than half of them being lake area homes. The activity is typical for this time of year and has slowed down in the past couple of months.
Check out our 5 Tips to Sell Your Home this Spring to get a leg up on the competition. Set yourself up for success during this busy buying and selling season!
hire a realtor
First and foremost, you should partner with a real estate professional. Look for someone who is a full-time agent. They will know the local market. Your agent can also do the heavy lifting when it comes to negotiating with buyers.
Ask them about their marketing strategy for your listing. You want it to appear on all of the major sites like Zillow, Trulia, etc. Be sure your home will be professionally photographed as well. If your home doesn’t show well in the photos, buyers won’t want to see it in person. You can ask to see examples of their print or online advertising for past listings. Social media should be part of their marketing strategy as well.
make sure the price is right
Setting the right price is a big determining factor in how quickly your home will sell. This is where a good sales agent can really help you out. They will help you set an appropriate, realistic price for your location. Overpriced homes might sit on the market for a long time. That could scare away potential buyers. Sometimes, the assumption is made that something is wrong with the house if it is an old listing. Continue reading 5 Tips to Sell Your Home this Spring