Baltimore Real Estate Podcast with Lee Tessier

Our Baltimore market is slightly ahead of the seasonal schedule. What’s the latest news from our Baltimore real estate market? In short, it’s super busy and the prices are pushing upward, which is great for sellers and a bit frustrating for buyers.  In Baltimore and Harford counties, homes have appreciated just under 12% since January and February of last year. In Baltimore County, unit sales have increased about 10.5% in that time, while Harford County sales have increased about 5%. Demand is high, and the way homeowners are using their homes has obviously changed since the beginning of last year, with so many people working from home or their children having to school from home. “For anyone who needs to sell first in order to buy a new home, get your current home ready to sell now.” We’re also seeing a lot more listing appointments from people prepping for the spring market, so we’re slightly ahead of the normal seasonal schedule. In certain neighborhoods, where there were previously no homes on the market, we’re now seeing three or four pop up. The spring market is coming, and so is inventory (although not a ton). One particularly important question I got asked recently is, “What are we going to see with all the foreclosures?” These foreclosures probably won’t happen until the third or fourth quarter of 2021, so you don’t have to worry about a dropoff in pricing. We will see the number of offers that are significantly over list price decrease a bit, though; more and more buyers will only pay for what they really need going into the second half of 2021.  If you want to move and are hoping to take advantage of this appreciation, know that you’ll have to pay a higher price for your next home. Also, for anyone who needs to sell first in order to buy a new home, get your current home ready to sell now. The majority of sellers aren’t accepting contingent offers because they’ll likely have other non-contingent offers to choose from. Moving forward, we’ll probably see appreciation rates dip into the 3% to 5% range, but people will still pay more for homes due to supply and demand pushing prices upward.  If you have questions about our Baltimore market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to hear from you.

Here’s a recap of our 2020 market and what I expect in 2021. 2020 was certainly an interesting year for all of us. I hope you and your families are staying healthy out there. Back in March and April, we were panicked with the thoughts of what would happen in the real estate market. Then, in June, everything busted loose and we saw sale prices jump way up. We had been seeing a 1% to 2% appreciation in years past, but last year’s average price in June was up 10% from where it was in 2019. In certain months, we saw increases in sales as high as 30% in places like Bel Air. Even though inventory has declined, sales are up and demand is strong. Here in January, we’re at about 30% to 33% of where we used to be in 2019 in terms of inventory. This is great news for sellers, but not so much for buyers. “Sales are up and demand is strong.” Still, it’s a great time to sell, even if buying conditions aren’t ideal; there are ways you can be strategic about this process and make a seamless move into your new home.  This year I expect us to see a healthy 3% to 5% appreciation. We have such a lack of inventory that people are bidding well over list price on some homes. On the negative end, we’re seeing appraisal issues pop up as a result of these high prices. As we transition from 2020 to 2021, we’ll continue to see higher sale prices, low inventory, and more sales as long as interest rates and inventory remain low. If you are thinking about selling, know that the more you prepare for the market, the more your home will sell for. This includes decluttering, neutralizing, cleaning, etc. The more stuff you can get out of the house, the more spacious the home looks. If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

Happy holidays to you! The holiday season has officially arrived. We hope you enjoy this wonderful time of year and make some fantastic memories. We wanted to take a moment to thank you for your continued support. We love helping people make their real estate dreams come true, so thank you for working with us and supporting our business. This may be a busy time of year, but we are always here to help you and answer any questions you may have. Give us a call or reply to this email and we’d love to help out. In case we don’t hear from you until 2021, have a happy new year!

If you’re looking for a change, know that we’re expanding. This is the time of year when everyone is starting to write down what their goals are for the next business year.  One of our goals is to expand a little bit further. I obtained my real estate license in the state of Florida and we affiliated with eXp in the Marco Island/Naples area. If you live in that area and you’re looking to join a real estate team that provides accountability, support, and training, I’ll be glad to help you there. “We’re looking for people who really want to put in the work to help their clients—customer satisfaction is key.” We’re also continuing to expand in Harford, Baltimore, Cecil, and Anne Arundel counties, as well as a few more locales. At the end of this year, we will have sold just over 500 homes and done around $145 million in production. So consider: Where do you want to go in your business? Are you in the right spot? Do you need a change? We’re looking for people who really want to put in the work to help their clients—customer satisfaction is key. If you provide excellent service to the client, you’ll make more money, enjoy your life more, and grow closer to the people you work with. Too many people fail to consider their futures years down the road, but our team specifically maps out where we want to be in, say, five years, and what kind of lives we want to lead. It can be hard to do this for some since life often throws us curveballs. However, there’s always a chance to correct your course if you don’t feel like you’re on track to reach your goals. If you’re interested in working with us in the Baltimore metro area or looking to move to the Marco Island/Naples area in Florida, give me a call at (410) 638-9555. I’d be glad to speak with you.

Here’s a quick update on what’s happening in our market area. Inventory is still very tight in our marketplace. Last year, we had about 2,200 units available—that’s down by 60% in Baltimore and Harford counties. Interest rates are currently at all-time lows. That’s great for buyers who, after spending much more time at home than ever before due to COVID, are finding that they need more space. Upgrading to a larger home is more affordable with these low rates. “Contingent offers will be tough to get accepted.” However, in this market, buying a home is more challenging than selling one, so be sure to reach out to an experienced agent to help you navigate the market. Also determine how much equity you have in your current home, which could be taken out to use for your next home purchase. Bear in mind that contingent offers will be tough to get accepted. If you need help to come up with a strategy for finding a new home, reach out to us. We’d be happy to help you get to the finish line.

Our summer market has been busy; here’s what’s been happening. It’s hard to believe it’s already August because the summer real estate market has been very busy, so today I’m providing our latest market update. We hope you’re all continuing to stay safe and keep your respectful distance from others at this time.  Interest rates are at an all-time low, and we have about half the amount of inventory as usual, which causes other issues. For most homes, we’re receiving anywhere from two to 10 offers, so we’re spending more time helping our sellers make the best decisions and working through any inspections or other contingencies. If you want to know how we can best serve your needs in this busy and changing market, give us a call.  This historically low inventory is making things interesting for buyers. Many who have been in the market for a little while have learned how to craft their offers to get them accepted, or are otherwise realizing they need to take their real estate agent’s advice on how to do so. We’re also seeing some sellers try to push the market and not be able to sell their house as a consequence; usually, if they push too hard at first, they will have to endure a price reduction or two before selling. Also, we’ve been seeing more appraisal difficulties pop up.  “If you want to know how we can best serve your needs, give us a call.” For expert assistance working through these complications, or if you want to know what needs to be done to your property to get it on the market, feel free to give us a call or send an email. If you’re a buyer who’s wondering what your strategy should be, contact us as well. We would be glad to speak with you. Have a great rest of the summer!

Sellers in our market have one simple question: What’s next? Here’s how to find the right path forward in this uncertain time. It’s only natural that I’m fielding more questions about the general state of the market with each passing day. So much has happened in such a short time, and guidelines for lending are changing almost daily. Interest rates have at least steadied and now hover around the lower 3% range.  Many potential sellers are wondering, “Is it time for me to sell or not?” We’re here to help you with whatever you need, but whether or not you should sell depends on your situation and comfort level. We’ve advised some of our older clients who are most at risk in this pandemic to stay off of the market and focus on keeping themselves safe—if there’s even the tiniest chance of exposure to COVID-19, it’s too great of a risk for them to take.  On the other hand, we have clients in the military who are in the middle of relocating to our area; they need our help to buy a new home because they’re having to rent back the one they’ve already sold.  “Inventory is low, so that means seller competition will be low too.” Everything is in flux right now, and one person’s situation looks vastly different than the next. If you’re just looking for accurate, up-to-date information on what’s going on in the market, please contact your agent or call us here at the office. We’d be happy to arrange a one-on-one Zoom call and explain what we’re seeing in your area and what you can expect as a seller or a buyer.  Overall, there’s a shortage of inventory, and multiple-offer scenarios are still common. In some of the low inventory areas across our market, our agents are seeing some properties sell within a matter of hours. Others are selling in just a few days, while homes in higher price points are lingering around much longer.  Reach out to us if you’d like to learn more about what’s happening at a specific price point. For those committed to going on the market, now is a great time to do so; inventory is low, so that means seller competition will be low too. We’re doing everything we can to keep people safe, and that includes using virtual presentations on all of our listings and offering 3D Matterport technology so buyers can be certain of their interest in a home before an in-person viewing is scheduled.  Stay healthy and safe, and remember to call us with any questions. We look forward to hearing from you!

Even though the stock market has dropped, real estate is still a stable investment. Lately, everyone has been talking about the coronavirus and the stock market dropping. Many are considering pulling out of the stock market in case it drops any farther, which leaves them looking for ideas about where to invest their money.  If you’re in this position, remember people always need somewhere to live, so you should consider investing in real estate. The market is very busy at the moment, and rental properties are super strong. Give us a call and we’d be happy to answer your questions, discuss the latest updates in the market, what your return on investment would look like, and where to find the best rental properties. I own around 20 properties myself, and I’d be glad to share my wisdom with you.

We’re hosting a downsizing seminar and you’re invited! We’re hosting a downsizing seminar for sellers. If you’re considering moving to a smaller space, be it another home, a retirement community, or even an out-of-state property, we have the information you’ll need. The seminar will be at Maryland Golf and Country Club at 1335 East Macphail Road, Bel Air, MD 21015 on March 25th from 5 to 8 p.m. We will provide dinner and drinks.  “There is no obligation—you do not have to do any business with us.” A financial adviser will be there to help answer any questions you may have, including about estate planning. An attorney will be present to answer any legal questions. We will also have agents, an accountant, a lender, a moving company and a stager there to help you with anything you need in this process. There is no obligation—you do not have to do any business with us, we simply want to help you.  We have limited space, so this seminar is reserved for the first 30 couples that sign up. Call or email us to register. If you reserve a place, please show up, as there are many who would want your seats. If you need to cancel, please let us know immediately.  If you have questions about this event or real estate in general, feel free to contact us. We would love to help you.

The Lee Tessier is hiring in 2020, and we can take your career to the next level. Are you looking to join a winning team? The Lee Tessier Team is hiring, and we plan on having an amazing 2020 and beyond. We closed on 476 homes in 2019, and we have the support, resources, training, and accountability you need to make a positive change. The average agent sells fewer than five homes a year, but our agents average around 30. We’re looking to expand, and we want you to join us. If you’re interested in this opportunity, don’t hesitate to call or email me. I’d love to speak with you.

Friends,  Merry Christmas! We hope you and your family have a wonderful holiday.  We just wanted to take a moment to thank you for your continued support throughout the years. We wouldn’t be where we are today without your help!  It truly brings us joy to help you make your real estate dreams a reality. If you have any questions, please don’t hesitate to reach out to us. We’re here to help you in any way we can.  In the meantime, have a very merry Christmas!  Wishing you all the best,  Lee Tessier

Our client appreciation event is just around the corner, and we’ve got all the details for you today. It’s that time of year again—time for you to mark your calendar for our upcoming client appreciation event. This year, this event will take place at Humagalas (16 Bel Air S Parkway, Bel Air) on Tuesday, November 26 from 4 p.m. to 7:30 p.m., and you won’t want to miss it. There will be plenty of food (including pumpkin pie), an open bar, and, of course, chances to mix and mingle with your friends at Tessier Real Estate. If you plan on coming, make sure to RSVP by sending an email to georgie@leetessier.com by NOON on Tuesday November 19th. And if you have any other questions or would like more information, don’t hesitate to reach out. We hope to see you there!

Fall is just around the corner, and it’s time to take the plunge if you want to make a move in 2019. Fall is fast approaching, which means now is the time to get on top of your real estate goals if you still plan to buy or sell in 2019. If you’ve got plans to list, take photos of your home now before the grass is brown or snow hits the ground. And if you’re considering buying, get in touch with a lender so you can figure out what kind of home you qualify for. Whatever your goals, contact us as soon as possible. The fall market may be set to slow down, but it’s still important to be proactive. Our team would love to help you make the most of it. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Managing your wealth through real estate can be simple, and today we’ll explain how. When it comes to managing your wealth, one of the best avenues to take is by paying down your mortgage early. There are a number of ways you can do this. The first is by contacting your mortgage company to set up bi-weekly payments, which will allow you to pay down your mortgage seven years sooner than you would otherwise. Another method is by reaching out to a real estate professional, like us at the Lee Tessier Team, to discuss possible adjustments to your principal payments. Even though this would increase your payments up front, it would ultimately allow you to save thousands of dollars less over the term of your loan.  If you’d like to discuss other ways to build and manage your personal wealth through real estate, feel free to give us a call or send us an email. And, as always, if you have any other questions or would like more information, please reach out. We look forward to hearing from you soon.

It’s that time of year again—our annual Tessier Team Foundation charity golf event is coming up on September 13 at Mountain Branch Golf Club. As you know, our foundation’s mission is to enrich and empower our local youth, and this tournament is a great way to give back to the community and have some fun doing so. Registration is at 10:30 a.m., and we’ll have a shotgun start at 12:00 p.m. Lunch and dinner will also be provided.  “Our annual Tessier Team Foundation charity golf event is coming up and we’d love to see you there.” If you’re interested in playing, Call Kim Georg at (410) 790-0714 to register and find out more information. You can also visit https://www.leetessier.com/golf-tournament. 100% of what we raise goes to the kids, so we hope we’ll see you there.  If you have any questions in the meantime, don’t hesitate to reach out to me. I’d be happy to help you.

I’d like to officially invite all of our friends and clients to join us Tuesday, November 20th at Liberatore’s in Bel Air from 4 p.m. to 7 p.m. for our Thanksgiving party! We’ll also have food and an open bar, just like last year. “I look forward to seeing you Tuesday the 20th!” To RSVP for your pie, email Rose@LeeTessier.com and let us know if you’d like apple or pumpkin pie.We can’t tell you enough how much we appreciate your business and the referrals you send us. I look forward to seeing you Tuesday the 20th!

With Hurricane Florence causing destruction along the Carolina Coast, I want to take a moment to bring you a couple of important messages. First: Stay safe out there. I wish you and your loved ones well in this difficult time. Next, I wanted to also let you know that, because of the storm, we will be rescheduling our golf tournament. We will be postponing the event (originally scheduled for September 14) until Friday, October 12. Other than that, all of the details of the event will be the same. We’ll be hosting a lunch before the tournament starts, as well as a prime rib dinner with all the fixings after the day is done, so make sure to come hungry. With that in mind, we do ask that everyone arrives between 11:00 a.m. and 11:30 a.m. “We sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more.” This event is going to be a great time, so we sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more. Best of all, 100% of the proceeds from this event will go toward providing enrichment opportunities and college scholarships for kids between sixth through 12th grade. We look forward to seeing you on the course, but until then, feel free to give us a call or send us an email if you have any questions or would like more information. See you at the tournament! If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to seeing you soon.

It’s time once again for our annual golf tournament, and, as always, you’re invited! This year, the tournament will take place at noon on Friday, September 14 at Mountain Branch Golf Course. We’ll be hosting a lunch before the tournament starts, as well as a prime rib dinner with all the fixings after the day is done, so make sure to come hungry. This event is going to be a great time, so we sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more. “We sincerely hope you’ll join us for food, fun, and the chance to win great prizes, including jewelry, tech gadgets, and more.” And when you buy your tickets before August 30, the cost for a foursome ticket will be reduced to $600—a savings of $60 from our usual price. Space is limited, so make sure to reserve your place as soon as possible. Best of all, 100% of the proceeds from this event will go toward providing enrichment opportunities and college scholarships for kids between sixth through 12th grade. We look forward to seeing you on the course, but until then, feel free to give us a call or send us an email if you have any questions or would like more information. See you at the tournament!

If you are getting ready to sell your home, there are a few critical mistakes you must be careful to avoid during your preparations. First of all, make sure any renovation projects you take on will pay off in the end. If the cost outweighs the benefit, it likely is not worth it. It is also important to make sure the projects will not end up actually harming your home. Home renovations can backfire if not done properly. For example, I recently encountered a homeowner who tried to install a concrete patio outside of their property without any help from a professional and, as a result, the patio was slanted. This led to water runoff draining toward the home and rotting out the band board, as well as some of the plywood behind the siding. “Simple upgrades like a fresh coat of paint are often the best way to add value.” The lesson to be learned from this is that you should always make sure you are capable of handling a project before trying to tackle it alone. Otherwise, it never hurts to have a professional take care of things for you. My team and I are well-connected with local professionals, and would love to provide you with a list of our preferred contractors. So feel free to reach out. To get the highest return on your investment when preparing to sell, it is best to avoid huge projects like kitchen remodels, unless the room is extremely dated. Otherwise, simple upgrades like a fresh coat of paint are often the best way to add value. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today I want to speak with you about for sale by owner (FSBO) homes. Currently, we have multiple buyers who are looking at homes from people who want to sell their property on their own. You should know that if you are working with another agent that brings you a buyer, they are only representing the buyer, not you as a seller. So, you have no coverage and the majority of the time you are still going to end up paying for that agent. Oftentimes, it does not make sense to not have anyone negotiating for you. If you have any questions, get some advice. You need to know what your home is worth, what paperwork you need, and what you need to worry about. “You have to be careful, as there are many pitfalls in the market.” For example, many sellers forget to include a disclosure disclaimer. While others who are moving out of state need to know about the withholding tax. You have to be careful, as there are many pitfalls in the market. Going the FSBO route can save you money in certain instances. However, it could also cost you more in the long run. We have seen inspection issues, appraisal issues, and withholding tax issues. Withholding tax issues have been caused by clients who were unaware of them. Then, once they were no longer Maryland residents, they had to deal with last-minute withholding tax. If those sellers worked with real estate professional from the start, they could have known what to do differently. Just like you need a great doctor or attorney, you need to seek great counsel for legal and real estate advice. If you have anything that I can help you with, please feel free to contact me. I would be happy to assist in any way that I can.