Located in scenic Garrett County, Maryland, the office of Craig Ingram provides legal and accounting services. Serving the Oakland, Deep Creek Lake and surrounding area, the legal practice concentration is in real estate transactions. Other services include business organization and estate planning, taxation, and administration. The accounting practice primarily serves those clients requiring assistance with federal and state income tax compliance.

322 Alder Street
Oakland, MD 21550
Telephone: (301) 334-3724
Fax: (301) 334-1028
http://www.cingram.com/

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

Press Release Realtor.org

Washington, January 05, 2010

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for December will be reported January 25 and the next Pending Home Sales Index will be on February 2; release times are 10 a.m. EST.



If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

There were a total of 29 residential sales in the month of December in Garrett County and at Deep Creek Lake. This pace is slightly ahead of last year (27 sales - Dec 2008).
This is certainly debatable, but 12 of these sales appear to vacation homes or 2nd homes, while the majority are primary residential. This certainly makes a difference in pricing strategies, specifically demand-based pricing.

The average list vs. ORIGINAL sales price is 84.49% (up slightly from November), though the ADJUSTED list vs. sales price is 90.96% of asking price (almost identical to November).

The current number of active/for sale residential listings is 602. 23 of these homes are under contract.

Here are the statistical breakdowns:





If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

November 2009 Market Update - Deep Creek Lake Garrett County Maryland

There were 22 residential sales in the month of November in Garrett County. 12 of those sales would be considered ‘Deep Creek Lake area’ or ‘Vacation Homes’, and the rest would be considered as primary residential. The average list vs. ORIGINAL sales price is 83%, though the ADJUSTED list vs. sales price is 90% of asking price. In other words, as people test the waters and make price adjustments, the more reliable number is the adjusted asking price, as they have responded to the feedback of the market with price reductions, etc.

Here are the statistical breakdowns:

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Long & Foster Real Estate for all of your real estate needs! 877-563-5350

The Property Owners Association of Deep Creek Lake, Inc
Po Box 816
McHenry, MD 21541
http://www.deepcreeklakepoa.com

The Deep Creek Lake Property Owners is a local organization boasting over 1,300 members. There are 2 annual meetings of the general membership, and they do a great job of keeping up with local issues that affect property owners in the area. You do not have to own lake property to be a member of the Deep Creek Lake POA. Their focus is relegated to issues concerning everything from wind turbines, gypsy moth spraying, the lake draw down, water quality and other issues pertaining to owning property in the Deep Creek Lake & Garrett County area in general.


They also publish the 'Deep Creek Dispatch' twice a year. Membership is inexpensive ($30/yr 2008) and the benefits of having your opinion heard and concerns voiced is well worth the investment, in my opinion.

General POA Meetings
(Garrett 8 Cinemas, 8:30 a.m.)
June 28, 2008
August 23, 2008

Local housing market thriving

Area counties see increase in unit sales

Maria Smith
Cumberland Times-News

CUMBERLAND — By no means is the sky falling when it comes to the real estate market locally, Melanie Pratt Dimaio said.

As president of the Historic Highlands Association of REALTORS Inc., she and Linda Pluta, the association’s chief executive officer, said they want to dispel the picture of a dying real estate market the media has portrayed over the last year.

“Real estate is localized,” Dimaio said. “What they’re saying in the news is not true for every state, every county, every market.”

Allegany and Garrett counties are holding strong and have been noted as a stable market in Maryland REALTOR magazine.

Dimaio points out that while the state is off 33 percent in unit sales, Allegany is “one of the lucky ones” with an increase of 8.9 percent from October 2006 to October 2007. It is one of eight areas in the state to experience an increase in average sales price with a boost of 8.7 percent.

Garrett fared better, with units sold at an increase of 23.7 percent, but had a 13.6 percent decrease in average sales price.

Each of the two counties is considered one of 12 outperforming counties in the state.

Tim Brinkman, a real estate agent and the association’s publicity chairman, told Dimaio the residential business market remains solid in Mineral County, W.Va. What’s taken a hit is the second-home resort market and raw land.

Part of the reason the market has remained stable locally is that a large increase in home prices hasn’t been seen. The average cost of a home in Allegany, according to Maryland REALTOR, is $125,586, the lowest in the state. The same house would cost $372,746 in Garrett and in Talbot County, which has the highest average price, $562,277.

“I think we’re one of the best-kept secrets in the state,” Dimaio, who has worked as a real estate agent for 15 years and currently is with Long & Foster, said.

She said a seller shouldn’t expect to get rich buying a home in Cumberland and selling it two years later, but on the flip side, one won’t “get burned” either.

Even though starter homes at less than $100,000 are available, Dimaio admits it is harder for a young, recently married couple to purchase a home here than it was two years ago. But it’s far worse in Hagerstown and Winchester, Va.

Pluta’s advice is those starting out should buy a small home, renovate it, hold onto it for about five years and then graduate to the next level.

She also has statistics dating back to 1986 regarding the housing market in Allegany County.

From May through December of that year, 173 homes were sold for an average cost of $45,062. The average price has increased steadily, with 2007 seeing an average of $114,809. The market peaked in 2005, with the number of sales reaching 834, but while those have since decreased to 601, the value of homes has increased.

Nationwide, it was a good year last year despite what’s been portrayed about the market, especially in light of the subprime loan crisis, Pluta, who has been the association’s CEO for 20 years, said. In fact, 2007 is the fifth highest on record for home sales with 5,652,000 existing-home sales, according to the National Association of REALTORS.

She also doesn’t expect to see such problems trickle down to the local market, in part, because over-inflated prices haven’t been prevalent.

“We’ve just been steady,” she said. “And we’ve gone through our ups and downs.”

Allegany County is being recognized nationally for its real estate market with the national association starting to profile it along with Hagerstown and Baltimore.

“Our real estate market is very strong when compared to the truly bleak performances of other real estate markets across the country,” Dimaio said. “Real estate has historically and will, in my opinion, continue to remain a sound overall long-term investment.

“People will always need a roof over their heads,” she continued. “They are not making anymore land. So, if you need a home, don’t be afraid to buy one.”

For more information about the Garrett County & Deep Creek Lake real estate market, log on to www.ilovedeepcreek.com.

BIO
My name is Jay Ferguson, and I am a lifelong resident of the Deep Creek Lake area of Maryland. I enjoy spending time with family & friends, and have two wonderful children, Kayleah & Noah. My wife Jessica and I really enjoy the outdoor activities and natural beauty of Garrett County and "Mountain Maryland".

Deep Creek Lake isn't really a town or city by itself; it's comprised of three towns: Oakland, Swanton & McHenry. I am very proud of my 'hometown' and am in awe of the changes through the years. So, it makes sense that I began a career selling real estate here in December 2000. It allows me to meet new & exciting people from all over the world who consider Deep Creek Lake a great vacation spot.

I recently switched to Railey Realty, who has been #1 in Garrett County & Deep Creek Lake since 1995! I'm looking forward to teaming with some great agents who I have worked with throughout my career. I started my career with Long & Foster Real Estate, and have received many terrific honors & had many memorable experiences there. I won the 'Rookie of the Year' award for sales in 2001, my first full year in the business and sold over $3 million in real estate. I have been a member of the coveted Gold Team (annual sales of $5+million) ever since, just last year earning the Hall of Fame designation. I have been fortunate enough to have sold nearly $50 million of prime Deep Creek Lake & Garrett County real estate in my career! The best part of all, is I spend my time doing what I love - telling people about Deep Creek Lake's thriving real estate market, and all the wonderful places to enjoy the outdoors with their friends & family!

I really enjoy promoting my hometown and I am very proud of the resort area that has developed over my lifetime and look forward to growing the area even more! Deep Creek Lake has been described as 'The Lake Tahoe of the east', and I think that speaks volumes about the potential to own property here!

The best to place to find more information about local businesses, current events & recreational opportunities is to visit my website @ http://www.ilovedeepcreek.com. My blog is updated much more frequently and I primarily use this as a portal to my other advertising sites, including Active Rain. Check it out - I think you will be impressed!

Specialty
I specialize in Deep Creek Lake vacation home sales and also primary residential and lot/land listings in Garrett County, Maryland. I've sold everything from commercial properties to large family farms and small recreational tracts of land. I really enjoy working with new clients and introducing them to the good life - owning real estate in Garrett County & Deep Creek Lake, Maryland!