Maryland = Richest State

According to recently released Census data, Maryland continues to top the list as the "richest" state in the nation. The Census reports the State's median household income for 2008 was $70,545 which was a slight increase from the previous year. The median income in Maryland also ranked the highest and has been consistently rated among the leaders throughout much of the last 10 years. Within Maryland, Howard, Calvert and Montgomery counties are also consistently included among the top 10 wealthiest counties in the nation.

Other interesting findings to note:

Maryland had the second-longest commute time in the nation at 31.5 minutes, just behind New York with 31.6.

The state is more educated. In 2008, 35.2 percent of residents held a bachelor's degree, compared with 31.4 percent in 2000.

Nearly 12 percent of Baltimore County residents speak a language other than English.

About 36 percent of the state's residents have never been married.

**Source-The Census Bureau & Associated Press as reported by The Baltimore Sun, 2009

Rays of Light in the Job Market

There are signs of improvement in the U.S. job market. In July, employers cut the fewest number of jobs since August 2008, according to the Labor Department. In addition, the unemployment rate fell, representing the first drop in 15 months. These results were better than expected and provide additional evidence that job cuts may be winding down.

In addition, this is great news for real estate, as it is expected that more buyers and sellers will get off the fence as they begin feeling more secure at their jobs.

Existing Home Sales Rise in Second Quarter

In the second quarter of the year, sales of existing homes rose 3.8 percent compared to the first quarter, according to the latest survey by the National Association of Realtors. Thirty-nine states experienced sales increases from the first quarter, and nine states were higher than a year ago; the District of Columbia showed both quarterly and annual rises.

Lawrence Yun, NAR chief economist, said the sales gain appears to be sustainable. "With low interest rates, lower home prices and a first-time buyer tax credit, we've been seeing healthy increases in home sales, which are a hopeful sign for the economy," he said.

Yun cited "sustained sales gains" in Maryland and the District of Columbia, as well as "strong double-digit gains" in New York and New Jersey, among other states, as examples of areas that are showing improvements.

An up-to-the-minute communication for the Weichert sales team

Each week, additional signs emerge that point to a stronger housing market. While the national and regional statistics are welcome news, real estate is local. That's why our recent company performance is particularly encouraging.

First and foremost, June was our best month in 22 months! Homes are selling, and Weichert Sales Associates are the ones moving the market. And there are still plenty of interested buyers out there. The average number of attendees at each Weichert Open House was up more than 18 percent in June, compared to June of last year. In fact, average attendance has been better than last year every week since the beginning of May.

To round out the good news, in June our call center distributed 25 percent more leads to Sales Associates than last June. And, Weichert.com set a record in June for the most unique visitors in a month. I am optimistic that we have seen the worst, and that from here on out, we are in recovery mode. Continue to do what you do best: focus on sales activities that produce results for buyers and sellers.

Looking confidently toward the future,

Jim Weichert

More good news...

More good news! The National Association of Realtors (NAR) announced this week that existing-home sales increased in May as more homebuyers chose to take advantage of favorable affordability conditions and the $8,000 first-time buyer tax credit.
According to NAR, existing-home sales -- including single-family, townhomes, condominiums and co-ops -- increased 2.4 percent in May, representing the first back-to-back monthly gain since September 2005. In addition, a NAR survey showed that there were 10 percent more buyers looking at homes this May, compared to May 2008.
According to NAR Chief Economist Lawrence Yun, "historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable. ... First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory."

For more information about the $8,000 tax credit, call Weichert now! Our sales associates are ready to assist you!

Marylanders are Living Well!

With the recent publication of Forbes.com list of "America's Top 25 Towns to Live Well" Maryland has a lot to celebrate! Boasting 6 towns on the list of 25, it appears that many Marylanders are indeed living well! Topping the "living well" list is Columbia, garnering the 7th spot. Columbia is credited with being "packed with restaurants, parks and music venues" and "exceptionally small business friendly".

Other Maryland towns who made the list include Rockville #8, North Potomac #13, Germantown #17, Silver Spring #20 and rounding out list Potomac #23.

For a more in-depth analysis of how these towns were chosen, check out:

http://www.forbes.com/2009/05/04/towns-cities-real-estate-lifestyle-real-estate-top-towns.html

The 56 Hour Open House

The 56 Hour Open House

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New $8,000* Tax Credit; Home Buying Seminar

For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers. To qualify, you can earn no more than $75,000 as an individual or $150,000 as a married couple that files a joint tax return. If you do qualify, you will be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less than $8,000, the government will subtract the amount you owe from $8,000 and send you a check for the difference.

Only first-time homebuyers who purchase their principal residence on or after January 1, 2009 and before December 1, 2009 are eligible. You will also be considered a first-time buyer if you have not had any ownership interest in such a home in the three years previous to the day of your 2009 purchase.

RSVP Required: Please email info@newcolonyrealtors.com by June 9, 2009.

Valuable information to share with buyers and sellers

The economic stimulus plan signed into law in February included a financial incentive for first-time buyers -- an $8,000 tax credit, that unlike past versions does not need to be repaid. Combined with historically low interest rates and more affordable home prices, the tax credit has made the decision to purchase real estate an easy choice for many buyers.

Review the following information to see if you are eligible to take advantage of the tax credit:

• The home purchase closed/will close on or after Jan. 1, 2009, and before Dec. 1, 2009.
• The home is being used as a principal residence.
• You have either never owned a home, or have not owned a home in the last three years.
• Your modified gross income is less than $95,000 for single tax payers or $170,000 for married filers.

Weichert has a resource for first-time homebuyers on its Web site that includes the most up-to-date information on the $8,000 tax credit. Click here or visit http://newcolonyrealtors.com/contact.buy.htm today to learn how this incentive can help you achieve the American dream of homeownership.

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