FEBRUARY 2015
Real estate outlook optimistic for 2015 Growth trends from 2014, low mortgage rates suggest positive year lies ahead
Pictured with a replica of the check for Habitat for Humanity, from left, are affiliate sponsor Devin Holland of Real Estate Title & Escrow; CAR board member and Habitat board member Lauren Bunting; 2014 CAR Events Committee Chair Pam Wadler; Habitat Executive Director Andrea Bowland and affiliate sponsor Dan Varda of Wells Fargo Home Mortgage.
Association contributes to Habitat for Humanity Drawing conducted during Coastal Assn. of Realtors business card exchange
BERLIN – The proceeds from a 50/50 raffle held during the Coastal Association of Realtors(CAR) January Business Card Exchange were donated to Habitat for Humanity of Worcester County. The monthly event, held in January at The Globe in Berlin, is an opportunity for members of the association to network and raise money for a local worthy cause. Each event is sponsored by affiliate members of the association. “The exchanges are a terrific opportunity to get to know the Realtor community and to contribute to various charities in our community,” said Pam Wadler, chair of the CAR Events Committee. “Realtors are, of course, very interested in supporting local organizations within our community because we not only work here, we also live and play here.” Kathy Lowing, a Realtor with Shamrock Realty Group in Berlin, won the 50/50 but donated her share back to Habitat. January’s business card exchange was sponsored by Real Estate Title & Escrow, represented by Devin Holland, and Wells Fargo Home Mortgage, represented by Dan Varda. The
sponsors choose which local organization will benefit from that month’s 50/50 raffle. “Habitat for Humanity provides an opportunity for our industry to work hand-in-hand with volunteers and members of their organization to afford the benefits of homeownership to individuals and families who will greatly benefit from their mission,” Holland said. Varda added, “We help people get into homes so it’s only natural that we support an organization that does the same.” “On behalf of the board of directors for Habitat for Humanity of Worcester County, I’d like to thank CAR for their generous contribution which will assist our affiliate with projects for families in Worcester County,” Habitat Executive Director Andrea Bowland said. Habitat for Humanity of Worcester County is part of a global, nonprofit housing organization that is dedicated to eliminating substandard housing locally and worldwide through constructing, rehabilitating, and preserving homes. It also by advocates for fair and just housing policies and provides training and access to resources to help families improve their shelter conditions. For more information, visit www. habitatworcester.org.
BERLIN – Local Realtors are heading into 2015 with a healthy sense of optimism as figures from the Coastal Association of Realtors (CAR) reflect continued growth in the housing market in the tri-county area. Over the past two years, singlefamily home sales in Somerset, Wicomico, and Worcester counties have increased by 28.6 percent. In the same period of time, single-family home contracts, or pending sales, have increased by 35.5 percent. New listings of single-family homes have increased by 25.1 percent. “It is reassuring to see the local housing market get back on its feet, while local Realtors step up to the plate, ready to provide topnotch service to local buyers and sellers,” said Sheila Dodson, executive director of CAR. She added that rock bottom mortgage interest rates have been an incredible boon for the industry over the past year. Recent data released by Freddie Mac showed the 30-year fixed-rate average slid to 3.8 percent, which is the lowest level of the year. That’s down from 4.47 percent a year ago. The 30-year fixed rate has remained below four percent for all but two weeks since mid-October. “We saw solid interest and activity throughout the summer months, and the recent drop in interest rates has
created a welcome sense of urgency and affordability,” said Lauren Bunting, a Realtor with Bunting Realty in Berlin. “With the lower interest rates, buyers can up their purchase price and it opens them up to more options when looking for a new home.” According to Lawrence Yun, chief economist of the National Association of Realtors, inflationary pressure may force the Federal Reserve System to raise short-term rates in the first half of 2015. Mortgage interest rates are projected to increase to slightly below 5 percent next year and reach 6 percent in 2016. The average sales price of single family homes since 2012 is up in Worcester County by 0.7 percent and down in Wicomico and Somerset counties by 2 percent and 11.5 percent, respectively. “The decreases in average sales prices have been attributed to an influx in the availability of distressed properties and other bargains,” said Vicki Harmon, president of the CAR board of directors. “As these properties are removed from the local market, we expect to see home prices increase steadily, which is great news for folks who have been waiting to sell their homes.” An increase in interest rates and home prices is indicative of increased consumer confidence, derived from a steady decrease in unemployment numbers since the beginning of the recession in 2009. Maryland’s unemSee LOOKING Page 6