October 2023 Real Estate Guide by OC Today-Dispatch

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

Real Estate

INDEX OF ADVERTISERS

THE COASTAL REAL ESTATE RESOURCE Coastal Association of Realtors/Ocean City Today

Published by Ocean City Today for the Coastal Association of REALTORS. Advertising in this publication is limited to members and affiliated members of the Coastal Association of Realtors. The COASTAL ASSOCIATION OF REALTORS® (CAR) is a trade organization for real estate professionals in Wicomico, Worcester and Somerset Counties on the Eastern Shore of Maryland. Its membership consists of more than 1,000 REALTORs® and affiliate members serving the home-buying and home-selling needs of the public since 1957. The term REALTOR® is a registered collective membership mark, which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. The COASTAL ASSOCIATION OF REALTORS is located at 314 Franklin Avenue, Suite 106 • Berlin, MD 21811. Phone: 410-641-4409. On the Web: www.coastalrealtor.org OCEAN CITY TODAY is the leading newspaper publisher on the Maryland coast, with Ocean City Today publishing weekly on Friday, Bayside Gazette and Ocean City Digest publishing on Thursdays and Real Estate, the Coastal Real Estate Resource publishing key weekends throughout the year. On the Web: www.oceancitytoday.net Editor .........................................................................Stewart Dobson Managing Editor ......................................................... Mallory Panuska Account Managers....................... Renée Kelly, Mary Cooper, Vicki Shrier Classifieds/Legals Manager .............................................. Taylor Sloan Paper Composition/Page Design ...................................... Susan Parks Graphic Artists ........................................... Kelly Brown, Jane Leibowitz Publisher..................................................................... Christine Brown Admin. Assistant................................................................... Gini Tufts

410-641-0039 WWW.OCEANCITYTODAY.COM

Nanette Pavier/Holiday Real Estate...........Page 2 Northrop Realty ..........................................Page 3 Pam Wadler/ERA Martin Associates Real Estate Shamrock Division...................Page 4 CMG Home Loans.......................................Page 4 Tammy Medlock/Coldwell Bank Realty .....Page 5 Buckley Property Services, LLC ..................Page 5 Kim Dixson/REDfin Real Estate ................Page 6 Kevin Heselbach/Engel & Volkers Real Estate...................................................Page 6 MD Dept of Housing and Community Development ...............................................Page 7 Long & Foster Sales & Vacation Rentals ....Page 8 Long & Foster Real Estate, Inc. ..................Page 9 Berkshire Hathaway Home Services PenFed Realty............................................Page 10 Berkshire Hathaway Home Services PenFed Realty ............................................Page 11 Hileman Real Estate ..................................Page 12 Tammy Medlock/Coldwell Banker Realty .........................................................Page 13 The Mortgage Link ....................................Page 14 Coastal Association of Realtors Affiliates .Page 14 OCVacations.com/Resort Rentals, LLC ....Page 15 Maryland Title Service...............................Page 16

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OCTOBER 2023

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7 139th St Trade Winds Unit 403- 1 Bed 1 Bath Ocean Side Condo Condo Great 4th floor Unit 403, perfect beach lover’s 1 bedroom getaway only steps to the beautiful sand and surf on 139th St. This Trade Winds Condo offers great ocean views, welcoming beach décor, fully furnished offering a spacious living area with Murphy bed. Well maintained masonry building with elevator and assigned parking spaces. MLS MDWO2017032

OCTOBER 2023

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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OCTOBER 2023

Existing home sales decline in August, NAR stats show

11049 Racetrack Road Ocean Pines, MD 21811 410-641-5000 Create Your PICTURE-PERFECT HOME or VACATION GETAWAY 10 STARBOARD CT OCEAN PINES $365,000 3 BR 2 BA 1,744 SF rancher on a quiet culde-sac in North Ocean Pines. The lot is partly wooded, level, high & dry. Ample driveway parking for the homeowner & guests. Main level living floor plan perfect for 1st home or vacation getaway features spacious living room with bay window. Large kitchen newer stainless-steel appliances, ample cabinet space, center island with additional counter space open to dining room area. Sliding glass doors lead to sunroom/3 season room that adds extra main level living space. Primary BR has double-door closet, full BA with stall shower. Additional well-sized BRs have full-sized hall bath with tub/shower. Plenty of storage with pull-down stairs to attic space. Whole-house fan. Shed in rear level yard for tools & equipment. Most windows have been updated & replaced. This is a perfect opportunity to own a nicely maintained home in the desirable community of Ocean Pines. This is it if you want a home to include your personal touches and design ideas! Solidly constructed throughout, come to 10 Starboard Court and create your picture-perfect home or vacation getaway.

PAM WADLER Associate Broker, ABR, SRS

O: 410-641-5000 | F: 410-641-1633 | M: 410-726-6125 pam.wadler@era.com | www.ERAdelmarva.com

©2023 ERA Franchise Systems LLC. All Rights Reserved. ERA Franchise Systems LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. ERA, ERA Real Estate Powered, and their respective logos are registered service marks of ERA Franchise Systems LLC. Each Office is Independently Owned and Operated.

WASHINGTON – Existing-home sales moved lower in August, according to the National Association of Realtors. Among the four major U.S. regions, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded yearover-year sales declines. Total existing-home sales – completed transactions that include singlefamily homes, townhomes, condominiums and co-ops – slid 0.7 percent from July to a seasonally adjusted annual rate of 4.04 million in August. Year-over-year, sales fell 15.3 percent (down from 4.77 million in August 2022). “Home sales have been stable for several months, neither rising nor falling in any meaningful way,” said NAR Chief Economist Lawrence Yun. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown.” Total housing inventory registered at the end of August was 1.1 million units, down 0.9 percent from July and

14.1 percent from one year ago (1.28 million). Unsold inventory sits at a 3.3month supply at the current sales pace, identical to July and up from 3.2 months in August 2022. The median existing-home price for all housing types in August was $407,100, an increase of 3.9 percent from August 2022 ($391,700). All four U.S. regions posted price increases. “Home prices continue to march higher despite lower home sales,” Yun said. “Supply needs to essentially double to moderate home price gains.” According to the Realtors Confidence Index, properties typically remained on the market for 20 days in August, unchanged from July and up from 16 days in August 2022. Seventytwo percent of homes sold in August were on the market for less than a month. First-time buyers were responsible for 29 percent of sales in August, down from 30 percent in July and identical to August 2022. NAR’s 2022 Profile of Home Buyers and Sellers– released in November 2022 – found that the annual share of first-time buyers was 26 percent, the lowest since NAR began tracking the data. All-cash sales accounted for 27 perContinued on Page 6

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

OCTOBER 2023

PAGE 5

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We are a subsidiary of Anywhere LLC The property information herein is derived from vario ous sources that may include, but not limited to, county records and the Multiple Listing Service and it may include approximaations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents afffiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2023 Coldwell Banker Real Estatee LLC. All Rights Reserved. Coldwell Banker Real Estate LLC fuully supports the principles of the Fair Housing Act and the Equual Opportunity Act. Operated by a ssubsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Previews International and the Previews lo ogo arre registered and unregistered service marks owned by Co oldwell Banker Real Estate LLC. 10771BALLT_07/15

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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OCTOBER 2023

Working with Realtor helps reduce home-buying burden

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(443) 373-1328 • Direct Office (443) 814-9251 333 W. Ostend Street, Suite 110 Baltimore, MD 21230 *Sell for more based on difference between the sale and list prices of Redfin listings versus those of comparable listings by other brokerages, per a 2019 study. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing. If you sell first we will initially charge a 1.5% listing fee and then send you a check for the .5% difference after you buy your next home with Redfin. Subject to $3,750 minimum Redfin commission. Listing commission subject to change. Buyer’s agent commission not included. More info at redfin.com/disclaimer. Information provided is not guaranteed and should be independently verified. If you are currently working with an agent, this is not a solicitation of your business.

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Equity, pre-approval, contingencies, appraisal. These are terms associated with buying real estate, but even seasoned home buyers may not fully understand them. Navigating the real estate market can be challenging, but in today’s economic climate, marked by inflation, high interest rates and high home prices across the country, it is more important than ever to understand the minutiae that is involved in buying and selling property. That’s just one of many reasons why buyers and sellers can benefit from the help of a seasoned real estate professional. Many people use the terms real estate agent, real estate broker and Realtor interchangeably. While these professionals handle many similar tasks, there are some notable distinctions between them. A Realtor is a registered term used to describe a real estate professional who is a member of the National Association of Realtors. These individuals must adhere to a strict code of ethics, and have access to market data and transaction management services unique to this specific trade organization. A real estate agent is licensed to help people buy and sell real estate, and is paid a commission when a deal is completed. A real estate broker does the same jobs as an agent, but is also licensed to work independently and may employ his or her own agents. The bro-

ker also may get a percentage of the commission from agents in addition to his or her own commissions, according to Investopedia. Buyer and seller A Realtor may represent either the buyer or seller or both. A buyer’s agent is negotiating for the buyer in the transaction, while a seller’s agent negotiates for the seller. Real estate professionals also can represent both parties, known as dual agency. Typically, this does not occur in the same transaction, as that can create a conflict of interest. Commissions typically fall between 5 and 6 percent on real estate transactions, an amount that is split by all real estate professionals working on the transaction. Why work with a Realtor? Homeowners may wonder why they should seek the services of a Realtor. That’s particularly so for sellers, as buyers typically do not pay a real estate representative any money. • Expertise: Considering that buying and selling a home is one of the biggest financial transactions one will make, it makes sense to leave it in the hands of experienced professionals. • Price a home right: Realtors will conduct a market analysis and look at “comps” in the area to determine a price that is fair and will help a house move. When working with buyers, the Realtor also will be able to help them come up with a reasonable offer price. • Access to MLS: Realtors have Continued on Page 8

Home sales go lower in August

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Continued from Page 4 cent of transactions in August, up from 26 percent in July and 24 percent in August 2022. Individual investors or secondhome buyers, who make up many cash sales, purchased 16 percent of homes in August, the same share as in July and one year ago. Distressed sales – foreclosures and short sales – represented 1 percent of sales in August, unchanged from last month and the previous year. Single-family and Condo/Co-op Sales Single-family home sales waned to a seasonally adjusted annual rate of 3.60 million in August, down 1.4 percent from 3.65 million in July and 15.3 percent from the previous year. The median existing single-family home price was $413,500 in August, up 3.7 percent from August 2022. Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 440,000 units in August, up 4.8 percent from July but down 15.4 percent from one year ago. The median existing condo price was $354,600 in August, up 6.2 percent

from the prior year ($333,900). Regional Breakdown At an annual rate of 480,000 in August, existing-home sales in the Northeast were unchanged from July but down 22.6 percent from August 2022. The median price in the Northeast was $465,700, up 5.8 percent from one year ago. In the Midwest, existing-home sales increased by 1.0 percent from the previous month to an annual rate of 970,000 in August, down 16.4 percent from the prior year. The median price in the Midwest was $305,300, up 6.8 percent from August 2022. Existing-home sales in the South faded 1.1 percent from July to an annual rate of 1.84 million in August, a decrease of 12.4 percent from one year ago. The median price in the South was $366,100, up 3.2 percent from August 2022. In the West, existing-home sales slumped 2.6 percent from the previous month to an annual rate of 750,000 in August, down 15.7 percent from the prior year. The median price in the West was $609,300, up 1.0 percent from August 2022.

OCTOBER 2023

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

OCTOBER 2023

Pending sales fall in country’s four The complexities of the law can be neys guide their clients through and work in his or her best interests. regions, NAR says challenging to those outside the legal searches for obligations like taxes, util- Various attorneys tend to be involved profession. An attorney on one’s side ity charges and homeowners associa- in real estate transactions. One will

What’s a real estate attorney do?

WASHINGTON – Pending home sales slid 7.1 percent in August, according to the National Association of Realtors. All four U.S. regions posted monthly losses and year-over-year declines in transactions. “Mortgage rates have been rising above 7 percent since August, which has diminished the pool of home buyers,” said Lawrence Yun, NAR chief economist. “Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.” The Pending Home Sales Index (PHSI)– a forward-looking indicator of home sales based on contract signings – sank 7.1 percent to 71.8 in August. Year over year, pending transactions fell by 18.7 percent. An index of 100 is equal to the level of contract activity in 2001. “It’s clear that increased housing inventory and better interest rates are essential to revive the housing market,” added Yun. Pending Home Sales Regional Breakdown The Northeast PHSI declined 0.9 percent from last month to 62.6, a reduction of 18.2 percent from August Continued on Page 13

can help individuals ensure their assets and livelihoods are protected, and even help people avoid costly mistakes. Investing in real estate is a wise but often expensive endeavor. According to the National Association of Realtors, the median home price of existing (not new) homes was $410,200 in June 2023. With so much money riding on real estate transactions, having a professional real estate attorney in one’s corner is wise. Recognition of what these professionals can do underscores how valuable they can be. Roles of a real estate attorney The main job of a real estate attorney is to ensure the legal transfer of property from a seller to a buyer. Real estate attorneys will prepare and review documents, ensure that a home title is clear, and facilitate the transfer of funds between parties, according to the online financial resource NerdWallet. Real estate attorneys will identify any unpaid loans, liens, litigation or other claims against the property, uncover deed restrictions and covenants, and any breaks in the chain of title. In addition to these services, attor-

Need Help With

tion fees, according to Bankrate. Real estate attorneys also will prepare settlement statements showing the charges to all parties and how the funds will be allocated, including commissions, attorney’s fees, underwriting fee, title search fee, taxes, and more. A real estate attorney can work for those looking to buy or sell a private home, an investment property, a commercial business, or even guide griefstricken relatives through the process of selling a deceased loved one’s home to settle estate obligations. Who do real estate attorneys work for? If the real estate attorney is representing a client’s interests only, that lawyer will be an advocate to the client

represent the buyer and another the seller. A lawyer may represent the mortgage lender if financing is involved. Another could potentially represent the title company. Cost of real estate representation Certain real estate attorneys will charge a flat fee that encompasses a specific series of jobs, including the preparation of closing documents. Others may charge an hourly rate, particularly if the issue is more complex and involves litigation. When individuals are selling or investing in property, real estate attorneys can ensure the process goes smoothly and protect their clients if complications arise.

Realtors guide buying process Continued from Page 6 access to the multiple listing service, which is widely used across the United States for listing available properties. It helps sellers sell faster and will enable buyers to view multiple properties all in one database. • Negotiations: Leaving negotia-

tions to a third party removes emotion from the transaction and can help everyone involved resolve issues and agree on acceptable terms. Buying and selling real estate is a complex process. Realtors can simplify the process and make it more enjoyable for buyers and sellers alike.

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OCTOBER 2023

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3BR/2.5BA with great Rental Income to be transferred to purchaser. In the sought after #1 Fountain East Building. See & Hear the Fountains, easy Access to Pools, Beach, Shops & Interactive Water Park. Easy Ownership with ALL NEW (2023) HVAC, HWH, Refrigerator & Living Area Furniture. Huge Balcony runs length of Living Room & Primary Bedroom. Spacious Kitchen, Large Dining & Family Room create bright, airy open space. Huge Master BA with soaking tub, walk-in shower & double vanity. Roomy 2nd & 3rd BRs. OC’s Premiere Community on the Bay - Sunset Island has Indoor/Outdoor pools, Private Bayfront Beaches, Walking & Biking Trails, State-of-theart Fitness Center, Beautiful Clubhouse, Bayfront Restaurant, Shopping, Boat Slips, Crabbing Pier, plus 24/7 Security protecting your Investment.

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Quiet cul-de-sac 4000 SF, 4BR 3.5 BA home, 2.4 miles from Bethany Beach. Pond surrounds backyard w/ stone retaining wall, koi pond & brick patio. Side deck remote awning. Community swimming pool adjacent to home. 1st floor Main suite, 2 walk-in closets & dressing room, BA w/glass-walk-in shower, garden jacuzzi & double vanity. Main floor dining, living, family & three season rooms, breakfast area & gourmet kitchen. Wolf stove w/griddle, indoor grill, convection oven, warming shelf & oven hood fan w/infrared warming lights. Subzero freezer/refrigerator, built-in Kitchen Aid convection microwave & dishwasher & Insinkerator garbage disposal. Mud room, Maytag washer & dryer off kitchen. Bose sound & security/fire alarm systems. Hunter Douglas blinds. Main BR, living & family room fireplaces. 2nd floor 3BRS, 2 w/walk-in closets & private BA. 3rd BR has vanity w/door to shared BA. Hardwood & inlaid floors, ceramic tile throughout. Garage & utility garage fits golf cart, ATV, riding lawnmower, etc. Built-in shed side of house. Brand new roof, encapsulated crawlspace, brand new dehumidifying system, outdoor lighting & irrigation. Brick drive$849,900 way & keyed lockbox for mail. This is a unique, one-of-a kind-home!

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2-story Wilmington model has every upgrade imaginable. Hand-scraped varied width hardwood flooring main living areas, crown molding, flipped layout maximizes pond views. Gourmet kitchen. Stainless-steel appliances, 5-burner gas cook top, double oven, corner pantry, coffee bar, subway tile backsplash & granite counters. Open & inviting floor plan, lots of windows, newer sliding glass heavy duty door w/blinds in glass, gas fireplace & upgraded lighting fixtures. 1st floor primary suite coffered ceilings, accent lighting, upgraded carpet. Primary BA extra-large walk-in shower, dual granite vanities & dressing seat. 1st floor 2 more BRs at end of hall share hall BA w/double sinks & tub/shower. Wooden stairs to 2nd floor loft den with pond views. 2 more BRs w/shared BA w/shower. Large, screened porch. Huge side yard & open space. The Estuary amenities available include huge pool with lap area, sunbathing deck overlooking pond, kiddie pool, fire pit & lounge/bar area under pavilion, club house with fitness center & lounge & grilling area, kayak storage, pickle ball courts, putting green, seasonal beach shuttle & more. An additional pool & club house planned. Enjoy the resort lifestyle at this stellar community!!!

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TRUE EASTERN SHORE WATERFRONT 1+ ACRE LOT TYLERTON, SMITH ISLAND, MD

COZY NORTH OC CONDOMINIUM 204 143RD STREET UNIT 103 OCEAN CITY

Here's your chance to own a piece of Eastern This North Ocean City 2-bedroom 1 bath Shore waterfront tranquility. This lovely 1 acre+ remodeled getaway won't last long. New lot on historic Tylerton, Smith Island is ready for kitchen with attractive pale gray cabinets, you to build your custom sanctuary. Enjoy sunnew kitchen appliances, water-proof plank sets and unobstructed bay views. Lot is bulkheaded and public water and sewer are flooring throughout, fresh paint, and available. Buyer can lease a boat slip at the pleasing beach furnishings that convey nearby marina. You can keep your boat there for with the sale. This small and cozy complex the nominal yearly fee where it is protected from storms, build your own pier on the property. is just a short stroll to the beach, bus stop, shopping, and restaurants. Make this The town of Tylerton on Smith Island is a fishing or boat lover’s dream and a paradise for bird fishing, crabbing, kayaking and anyone who enjoys nature and liv$45,000 watching, $299,900 one your home away from home!! ing life at the relaxed pace that only Maryland's Eastern Shore can offer.

Join Our Team At Long & Foster Ocean City! Stan Zaremba Branch Manager

Interested in a Career in Real Estate? Classes Forming Now! Visit www.longandfoster.com/careers Please Call or Email Me for a Confidential Conversation on Joining our Team: 410-520-2707 • Stan.Zaremba@LNF.com

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

OCTOBER 2023

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

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OCTOBER 2023

LIKE US ON

Licensed in MD, DE

Neighbors Serving Neighbors - One Home at a Time

Book Your Ocean City Vacation

410-208-9200 • 800-337-7368 11065 Cathell Rd, Ocean Pines

Avoid Fees and Book Direct!

410-723-9450 8202 Coastal Hwy., Ocean City

www.hilemanrealestate.com We Need Your Listings - Call Us Today!

Terri Bradford Associate Broker, GRI 410-430-6875

DISCOVER YOUR WATERFRONT HAVEN!

This 3-bedroom, 2bath residence has been cherished and meticulously maintained by its original owner. It now offers an array of recent upgrades. With 11’x17’ screened porch and a Associate Broker, GRI brand-new deck that overlook the canal, this property is 410-430-2602 perfect for the outdoor enjoyment. Open kitchen/dining/living area offers cathedral ceiling. Primary bedroom has a full bath with new vanity and vinyl floor. Floored attic and 2 storage areas provide organized living www.PO2Team.com space. Other recent updates include newer roof (2 years newer water heater, newer duct work, fresh paint, Powerof2@PO2Team.com old), and new light in hall bath. Property offers 8' wide pier. Call for your personal tour! $559,900

Bethany Drew

Licensed in MD, DE

Sonia

Zaffiris Associate Broker GRI, CRS

Licensed in MD, DE

410-251-6217 soniasez@aol.com

Brenda Nohe

WEST OC TOWNHOME – GREAT LOCATION Located in West OC, this 3 BR, 2.5 Bath townhome has it all! Great location close to shopping, dining, beaches & amusements! Enjoy amazing views of the large central Pond from your upper balcony & lower deck. Walk to the clubhouse with indoor & outdoor pool, tennis, playground & fitness center. Granite breakfast bar, upgraded appliances, gas fireplace, marble tile flooring, crown molding & assigned parking. Attached storage shed. New Price $399,900

GOLF COURSE TOWNHOME

Beautiful 3 level end unit Licensed in MD & DE townhome BrendaSG1944 overlooking the @icloud.com golf course! Located at the end of a cul-de-sac. The open ® REALTOR main level includes living, dining, kitchen, primary Licensed in MD & DE suite, balcony and vinyl tech room. A large family Archangelnohe@gmail.com room, 2 bedrooms, bath, laundry room and oversized garage complete the lower level. The Greg: 443-413-3077 upper level features a loft & second primary suite. Brenda: 410-493-3847 Perfect for entertaining! $499,900

REALTOR®

Greg Nohe

3BR 2BA IN WATERFRONT COMMUNITY

Lynette

Enjoy this waterfront community in Rehoboth Bay MHP with many community amenities. Doublewide home features 3 bedrooms, 2 bathrooms, with many new updates. Enjoy the nice lot with plenty of CRS, PMN, GREEN, SRES room outside. Large spacious deck to enjoy the wonderful outside setting, large side yard and U shaped driveway. This end lot has many Licensed in MD, DE possibilities to enjoy the outdoors. Amenities for community include 443-497-3128 Cell community pool, boat ramp, marina, tennis, playground. Buyers must Smilin4shore@comcast.net submit a park application and be approved for residency. Plenty of outside storage space for all your beach chairs. Buyers should do their own due diligence to measure property and confirm all information to their satisfaction including but not limited to schools, sizes, tax information.

Bridges-Catha

$210,000

RARE OPPORTUNITY

PENDING SALE

to purchase this top of the line 2021 Travel Trailer/Lot package! Use it for a 2nd home, pull it out for traveling, rent your spot to REALTOR®, GRI another RV owner, or replace with a cottage home! Licensed in MD Includes 3 power-retractable slide-out sections. Sleeps 410-430-0587 Cell 6 with a king sized bed & 2 sleep sofas. Fireplace, Cindy@HilemanReal Surround sound system, wide screen TV, pantry, washer/dryer hookup. 20’ retractable awning, outdoor Estate.com hot/ cold shower, exterior griddle, brand new storage shed. Much more!

Cindy

Crockett

$125,000

ONE OF A KIND!

Rare opportunity to own a Riverfront Island Home on 3.6 Acres with private bridge access. Spacious 4 Bedroom, 4.5 Bath home with nearly 4000 sq.ft. Enter into an impressive 2 story Great Room with 6 skylights. Each Bedroom has its own bath. Natural Shoreline includes a private boat dock with boat lift & 2 jet ski lifts. $1,550,000

Debbie

Hileman OWNER/BROKER GRI & CRS Licensed in MD, DE

443-235-5982 Cell Debbie@Hileman RealEstate.com

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

OCTOBER 2023

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Applying for mortgage aided by knowing how they work A home is the single biggest purchase most people will ever make. That’s perhaps become even more true in recent years, when the cost of homes has increased dramatically. The sticker price of a home may come as a shock to first-time buyers, but few homeowners purchase their homes in cash. Mortgages are a vital component of home ownership for the vast majority of buyers. Mortgages are loans obtained through the conveyance of property as security. When homeowners pay off their mortgages, the title of the property officially transfers to them from their lenders. Though most homeowners utilize mortgages to buy their homes, that does not mean the process is the same for everyone. A host of factors affect mortgage terms, and there’s much prospective homeowners can do to secure the best agreement possible. • Recognize why a low interest rate is important. Mortgage interest rates have drawn considerable attention in recent years, as rising inflation has led to rates that have reached their highest point in more than a decade. Even a seemingly small difference in interest rates can save or cost homeowners thousands of dollars, if not tens of

thousands, over the course of a loan. For example, the financial experts at Bankrate.com note that the difference between a 5.5 percent interest rate and a 6 percent interest rate on a $200,000 mortgage is roughly $64 per month. That might not seem like a lot, but over the course of a 30mortgage the borrower who gets the 6 percent loan will pay in excess of $23,000 more in interest than the borrower who secures the 5.5 percent loan. Recognition of the benefits of securing the lowest interest rate possible can motivate prospective buyers to do everything in their power to get a low rate. • Work on your credit score. So how can borrowers get the best possible rate? One way to go about it is to improve credit scores. Average mortgage interest rates vary significantly by credit score, with higher scores earning borrowers significantly lower rates. According to data from FICO, as of mid-February 2023 borrowers with a FICO score of 760+ earned an average interest rate of 6.06 percent, while those with scores between 620639 secured an average rate of 7.65 percent. By bolstering their credit scores before applying for a mortgage, prospective homeowners can improve

their standing in the eyes of mortgage lenders, which can potentially save them tens of thousands of dollars over the life of the loan. • Identify how much you want to spend. Prospective home buyers may be approved to borrow much more money than they think they will qualify for. That’s because lenders do not consider factors like utilities, insurance, day care, or other expenses everyone has. That means it’s up to borrowers to determine how much

those expenses will be, and how much they should be spending on a home. Though it might be tempting to borrow up to the amount lenders approve you for, in general it’s best to stay below that amount so you can capably meet all of your additional obligations. Mortgages enable millions of people to buy homes each year. Some simple steps before applying for a mortgage can help prospective homeowners secure the best terms.

Pending home sales decline Continued from Page 8 2022. The Midwest index dropped 7.0 percent to 71.3 in August, down 19.1 percent from one year ago. The South PHSI fell 9.1 percent to 86.5 in August, dipping 17.6 percent from the prior year. The West index retreated 7.7 percent in August to 56.3, sinking 21.4 percent from August 2022.

“The Federal Reserve must consider the sharply decelerating rent growth in its consideration of future monetary policy. There is no need to raise interest rates. “Moreover, the government shutdown will disrupt some home sales in the short run due to the lack of flood insurance or delays in government-backed mortgage issuance,” said Yun.

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3 BR 2.5 BA Ocean Block Norrth OC Condo

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Saales Associate, REALLTTOR®, RSPPS Licensed in MD & DE

122007 Coastal Highway, Suite D • Ocean City, MD D 21842

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

OCTOBER 2023

Coastal Association Affiliate Members Arrange the Change Sharon Knowles

Coastal Appraisals, LLC Jennifer Yuhas

Authority Inspections John James

Community Title Network Devin Holland Christopher Mancini

Bay Acquisitions Inc Harry Hammel Bayshore Appraisals, Inc Janet Jones

Construction Delmarva Chris Eschenburg

First Shore Federal S & L Susan Vincent Randy Merritt Jr Debra Tingle Gary K. Marshall Insurance Agency David Galeone Gismondi Insurance Assoc Beth Gismondi

CTW Real Property Appraisals C Terence Wittstadt

Goosehead Insurance Melissa Geeslin

D3 Corp John Gehrig

Greater OC Chamber of Commerce Nancy Schwendeman

Bright Title and Settlement Services, LLC Sam Greenfeld

Davis, Bowen & Friedel, Inc Jennifer Skarren

Guaranteed Rate Affinity Paul Soule

Brumbley Appraisal Services Alfred Brumbley

DeChant Appraisal & Realty Srv Michael DeChant

Hawkins Electric Jordan MacWha

Brennan Title Company John Brennan Daniel Erb Peter McGough

Caliber Home Loans Joel Bailey Capturing Horizons Ashlyn McGuigan

Deeley Insurance Group Laura Bren Jill Gormley Delmarva Appraisals LLC Beverly Wilson

Capitol Title Group Kathy Burton Maura Burton Pilar Burton

Derrick Elzey State Farm Insurance Derrick Elzey

Cardinal Settlements Matt Chance Mac McGraw

Direct Mortgage Loans-Stephen Decatur Hwy Billy Apostolou Jeff Dobrzykowski

CG Accounting Group Phillip Cheung Churchhill Mortgage Michelle Macia Clean Power Wash & Delmarva Christmas Lights Rob Anderson CMG Home Loans Shawn Hunt Devon Eastlack Amanda Garcia Kaitie Huttenberger Beth Hunt Zack Hunt Aaron Jones Samuel Kotzur Kristine Labert

High Tech Home Inspections Scott Donnelly Christopher Lane House Master Kathy Hoffman Integrity Appraisals Karen Vara

Mid-Atlantic Settlement Services Susan Lloyd Kelly Green

Sage Title Group, LLC Jennifer Thompson

Movement Mortgage - Ocean City Joe Brach Liz Buckley Christina Fuller Justin Kozera Kenneth Lee Caleb Miller Allen Payne Pam Rocco Jason Shoff Movement Mortgage - Salisbury Hope Morgan Patrick Clark Hamilton Morgan Joan Mulvaney Kaytlyn Senkbeil

RTI-Solutions Stephen Gladwin Megan Paul

Salisbury Neighborhood Housing Cheryl Meadows Michelle Neal Amanda Smith Shorlock Home Inspections, LLC Jay Aydelotte Cody Aydelotte Superior Appraisal Service Carrie Brown T & G Builders, Inc Gary James Maureen James John Rego The Gold Standard Inspection Company Todd Williams

MSC Home Inspectors James Howard

The Mortgage Link, Inc Chrissy Summers

L Turner Appraisals LeRoy Turner

Nations Lending Chris Short Savannah Kinavey

Tidemark FCU Sam Kazmi

Lakeside Title Delmarva, LLC Diana Dovel Jenny Catron

Draper & Kramer Mortgage Corp Matthew Patterson

Landmark Insurance – Financial Group Colleen Richardson Colleen Nichols

Eastern Title and Settlement Josh Greene

Main Street Home Loans Norman Tucker Kim Tucker Debbie Wayland

First Home Mortgage Corp Conner Saulsbury Robert Budd Eric Short

River Run Hunt Crosby

JDog Junk Removal & Hauling Ocean City Carol Vaillancourt

Direct Mortgage Loans-Ocean Gateway Julie Keenan Allen Payne

Elite Valuations, Inc Kathleen Hoffman Stephanie Rinck

Maryland Title Service Helene Parks Richardson Karen Graham Joseph Raskauskas Chrissy Roberts Gina Williams

Marr Appraisals Inc Kenneth Marr Elizabeth Filgueras Maryland Department of Housing and Community Development Cecilia Weller

Oracle Home Inspection Paul Vaillancourt Presidential Bank Mortgage Mike Bradley Primary Residential Mortgage, Inc Amy Fichter PrimeLending Rod Flowers Pro-Spect Inspection Services Nicholas Strayer Tori Cave Jonathan Fourquet-Laboy Tim Harriger Eric Hastings Bradley King

Waterstone Mortgage Jason Cook Maurice Heckscher Melissa Mattie Kerry Runkles Joe Steward Whitecap Mortgage Jocelyn Succarotte Mark Succarotte Whitehead Rental Management Austin Whitehead Micki Rickards

OCTOBER 2023

REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

PAGE 15

In Need In Need of a New Rental Management Company for 2024?

In a period of massive national, corporate consolidation in the Ocean City vacation rental market, Resort Rentals LLC stands apart as the local rental agency with local professionals who know Ocean City and personally care for your property. 22 years in business, over 37 years local rental experience Local office with local agents • Proven history of success • Record rentals

Special Introductory Offer! 14% Commission for 2 Years. Trust Your Investment with Local Professionals

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REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY

11500 Coastal Hwy y.. #7 • Ocean City y,, Maryland d 21842

OCTOBER 2023