August Real Estate Rundown By Jay Ferguson

“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 click here find out more about me personally and my background.

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.

July 2019  – We finished the month with 71 new listings, down from 81 new listings last month. The biggest stat that I report on below is the number of new, pending sales. A whopping 78 new pending sales in July! I believe the recent drop in interest rates helped to fuel this activity, but the growing desire to own a piece of paradise is evident when you are looking at properties in Garrett County & Deep Creek Lake! Continue reading August Real Estate Rundown By Jay Ferguson

July 2019 Real Estate Rundown By Jay Ferguson

“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 click here find out more about me personally and my background.

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.

June 2019  – We finished the month with 81 new listings, down from 114 new listings last month. Most sellers have their home on the market by July 4th or so, if they are planning on selling. Of course, there are always late additions to the summer market but that happens every year. June also happened to be VERY rainy and wet. We had several flash flood watches in our area and a lot of that pretty landscaping was washed out in a matter of minutes. Area contractors are having an especially hard time keeping up with their workloads, as the rain set everyone back – especially for outdoor work and exterior paint jobs. Continue reading July 2019 Real Estate Rundown By Jay Ferguson

June 2019 Real Estate Rundown By Jay Ferguson

“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 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.

May 2019 brought even more new inventory – 114 new listings on the market for sale. Its par for the course as sellers put their homes up for sale during the time of year where the vacation audience is at its peak. Homes are looking their best right now and docks are in the water. Social media feeds are loaded with snapshots of #LakeLife and gorgeous sunsets. It’s an amazing opportunity to carve out your own slice of lake life at its finest!

Continue reading June 2019 Real Estate Rundown By Jay Ferguson

10 Steps to a Successful Settlement

Successful settlement is the end goal of any real estate transaction. Finding your perfect home is the beginning to many years of wonderful memories but there are some additional subsequent details that must be managed to ensure that happens.

1.Notify your lender and lock your rate

Once you have negotiated a price and secured the right property for your family, quickly begin working with your lender so they can lock the best interest rate for you.  Some rate locks are 30-days and others are 45-60 days.  It’s important to know this upfront so that you are not in a position to have to pay additional money to keep your rate if settlement goes beyond your rate lock period.

2.Ensure that deposit is received by your REALTOR® and deposited once contract is ratified

With a real estate transaction, it is typical to provide a good faith/escrow/earnest money deposit at time of offer or once your contract is accepted and both buyer and seller have signed.  This deposit will be held until time of closing and applied to your purchase price.

3.Watch deadlines for contingency completions

If you have inspection contingencies in your contract, it is important to make sure your inspections are all completed within the time periods allotted in the contract.  This way, if there are repairs that need to be addressed, you have ample time to notify the sellers and get them repaired prior to closing.  If you miss the deadline then you may not be able to ask for repairs. Continue reading 10 Steps to a Successful Settlement

Deep Creek Lake Real Estate Terms

Deep Creek Lake real estate terms can be challenging to understand if you are unfamiliar with the area. A review of the following terms used to describe real estate and permits around the lake will assist you in making your buying decisions.  Understanding these definitions will help you determine the property that’s the best fit for you (Lakefront, Lake Access, Split Lakefront, Lake View).  Using a Taylor-Made experienced and trained REALTOR® will ensure that your best interests are at heart every step of the way. I am Betsy Holcomb, a co-owner of Taylor-Made real estate and a sales agent. Feel free to contact me any time at betsy@deepcreekvacations.com or 301-616-5022 with any questions you might have.

Deep Creek Lake Real Estate Terms

ASSIGNED SLIP – A term used to indicate that the residential unit or lot has the exclusive use of a specific boat slip issued to the Council of Unit Owners or Homeowners Association.

BUFFER STRIP – Land owned by the State of Maryland between the water’s surface and the private property boundaries of adjacent landowners to an elevation of approximately 2466’ in most locations.  Said buffer strip is designed to provide an access area between the actual water surface and private property adequately sized to permit the general public to walk or fish around the entire perimeter of Deep Creek Lake. Continue reading Deep Creek Lake Real Estate Terms

May 2019 Real Estate Rundown By Jay Ferguson

“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.

April 2019 brought a TON of new inventory – over 100 new listings on the market for sale. Its good news for buyers who want to have more choices, but it’s a little nerve-wracking for sellers who now have more competition. Continue reading May 2019 Real Estate Rundown By Jay Ferguson

Taylor-Made Real Estate Celebrates 5th Anniversary!

The Taylor-Made real estate division reached a key milestone in April 2019 – 5 years in business. This achievement is underscored by rapid growth and a focus on positive client outcomes.

The vacation rental side of the company opened in 2008 and was founded by Jodi Taylor Refosco, her husband, Joe Refosco, and her brother, Chad Taylor. After many successful years renting homes, real estate sales was the next natural step.

Taylor-Made Real Estate

In 2014, they partnered with Jay Ferguson, a top-producing area agent, to open the real estate division. Along with being a co-owner, he was the first sales agent. Local real estate professionals began to join the team. Continue reading Taylor-Made Real Estate Celebrates 5th Anniversary!

April 2019 Real Estate Rundown By Jay Ferguson

“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 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.

March 2019 brought more good news for the local real estate market and the market in general: The Federal Reserve announced that there will be no more interest rate hikes this year. That’s great news for everyone (‘except bond traders’, as a client who happens to be a bond trader quipped). It’s good news for buyers and sellers alike. It’s starting to feel more like spring in the mountains. Leaves are budding, birds are chirping, and docks are hitting the water!

The specifics:
-There were a whopping 58 new listings that came on the market. That’s an increase of 57% from last month and a 15.9% decrease from last year. The 5 year average was 73 new listings for the month of March,

-Pending sales (homes that went under contract) were up 17.9% from last month. That’s a decline of 6.1% from February 2018 and it was right in line with the 5 yr avg. Continue reading April 2019 Real Estate Rundown By Jay Ferguson

March 2019 Real Estate Rundown By Jay Ferguson

“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 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.

Your March 2019 Real Estate Rundown

February 2019 brought almost all good news for the local real estate market. Virtually all measurables were positive, with the exception of the number of new listings that hit the market. That number dipped from last month AND last February. If you are in the market to sell, that’s pretty good news – less homes you are competing with overall. If you are in the market to buy, it’s about a dozen less homes you have to choose from. Continue reading March 2019 Real Estate Rundown By Jay Ferguson

Home Financing Tips from Local Experts

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 betsy@deepcreekvacations.com.

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