PAYNE TEAM
REAL ESTATE RE/MAXADVANTAGEREALTY
Issue 22
The Payne Team RE Office: (410) 936-0055 ThePayneTeamRE.com
CORE VALUES THE PAYNE TEAM’S
We Specialize in Single Family Homes Unimproved Land Commercial Properties Poultry Farms & More!
The Payne Team understands that your real estate needs are among the largest financial decisions you will make in your life. We take that responsibility to heart going the extra mile to ensure a smooth transaction. The Payne Team prides themselves with providing top notch real estate representation for our clients. We are local real estate experts specializing in residential, commercial, farms and unimproved land. Having come together as a team in 2021, it didn't take long for The Payne Team to have an impact on the local real estate community. We have been constantly a Top 20 Performer in the Mid-Atlantic region. The Payne Team was, also, a Finalist in Coastal Style magazine as the Best Real Estate Team in Wicomico County. WHY CHOOSE THE PAYNE TEAM?
BEHIND THE SCENES
Rachael Fritts
REALTOR & DESIGNER/EDITOR
Rachael graduated from Regent University with a Degree in Business Marketing in 2021. She has been with The Payne Team as a Marketing Manager since 2019 and a Licensed Realtor in MD since 2023.
Have Feedback about the Magazine? Contact me! Rachael.payneteam@gmail.com 443-630-0836
REALTOR & MARKET ANALYST Ryan Basch Ryan holds a degree in Mechanical Engineering from the University of Delaware. He transitioned to real estate in 2021 to join the family business after 17 years in various technical and business leadership roles with multi-national companies.
Have Questions about the Market? Contact me! Ryan.payneteam@gmail.com 410-614-4327
Shawn Hunt
LOAN OFFICER-THE HUNT TEAM
SVP, Area Manager NMLS ID# 1098459 M: (443) 783-0910
shunt@cmghomeloans.com www.HuntTeamMortgage.com CMG Home Loans | NMLS ID# 1820
CONTENTS Magazine
9 JUST SOLD 10 MARKET UPDATE 12 HOME BUYING JOURNEY 14 CURRENT LISTINGS 18 RECIPE 20 COMMON MISCONCEPTIONS-ZILLOW 24 DOWNSIZING & EMOTIONS 26 SUMMER HOME IMPROVEMENTS 28 FEATURED LISTING 30 CARING FOR OUTDOOR FURNITURE 32 REVIEWS 35 CMG HOME LOANS 36 RECIPE 38 PUZZLES 41 CALENDAR
Are you a First-Time Home Buyer?
Scan the QR Code for our FREE First- Time Home Buyer Guide! Filled with everything you need to know about the
home buying process & how to get pre-approved!
443-736-3044
LET US GET YOUR HOME SOLD! 410-936-0055 "IT'S NOT ONLY THE BRIGHT CHOICE, IT'S THE RIGHT CHOICE!" Main Office: 1002 Eastern Shore Drive, Unit A. Salisbury, MD 21804 At the BEACH: 6500 Coastal Highway, Unit A. Ocean City, MD 21842
APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET.
Thanks for reading this month’s Market Insights. As always, my inbox is open for questions! Any real estate market question is welcome – reach me at ryan.payneteam@gmail.com
Is Now the Right Time?
Investing in real estate can be a lucrative way to build wealth, but knowing when to dive in is crucial. As a Realtor with years of experience in the field, I often get asked, "Is now the right time to invest in real estate?" The answer depends on several factors, including the current market conditions, your financial situation, and your investment goals. Key Considerations for Investing Now:
Define Investment Goals Your investment goals will guide your strategy. Are you looking for long-term appreciation, rental income, or a mix of both? Properties that are likely to appreciate in value over time might be located in up-and-coming neighborhoods or areas with planned infrastructure developments. On the other hand, properties in established neighborhoods with high rental demand can provide steady cash flow.
Financial Readiness
Market Research
Before investing, evaluate your financial readiness. This means having a good credit score, a stable income, and enough savings for a down payment (20-25%) and unexpected expenses. Investment properties also come with
Real estate markets are cyclical, often influenced by economic trends, interest rates, and housing demand. Right now, we are witnessing a unique market environment. Mortgage rates have seen fluctuations, and while some areas are experiencing cooling prices, others continue to grow. This variability makes it essential to analyze local market conditions. Look for regions with strong job growth, low vacancy rates, and increasing rental demand. These indicators often point to a healthy market for investment.
ongoing costs such as maintenance, property
management fees, and taxes. Ensure you have a financial cushion to cover these expenses, especially in the initial stages when the property might not be immediately profitable.
Strategies for a Successful Investment:
Property Management
Timing the Market
While it's impossible to time the market perfectly, staying informed can help you make better decisions. Keep an eye on economic indicators, housing trends, and local market reports. Partnering with a knowledgeable Realtor can provide you with insights and data to make informed choices.
While effective property management can significantly enhance the success of your real estate investment, it's not a necessity for every investor. A professional property manager can take on tasks such as tenant screening, rent collection, and maintenance coordination, allowing you to focus on expanding your portfolio and enjoying the financial benefits without the day-to-day hassles. However, if you prefer a hands-on approach and have the time to manage these responsibilities yourself, you can save on management fees and maintain direct control over your property. Whether you choose to hire a property manager or handle it yourself depends on your personal preferences, time availability, and investment goals.
Plan a Exit Strategy
Investing in real estate can offer significant returns, but timing and preparation are key. As we approach the end of summer, take the time to assess your financial readiness, conduct thorough market research, and develop a solid investment strategy. With careful planning and the right approach, now could be an excellent time to add an investment property to your portfolio. Having a well-thought-out exit strategy is a critical component of successful real estate investing. An exit strategy outlines how and when you plan to sell or divest from your investment to maximize returns and minimize risks. This plan could involve selling the property when it reaches a certain value, during favorable market conditions, or after achieving a specific rental income goal. Alternatively, you might consider refinancing to pull out equity or transitioning the property into a different use. A clear exit strategy helps you stay focused on your investment goals, provides flexibility to adapt to market changes, and ensures you are prepared to capitalize on opportunities or mitigate losses when it's time to move on.
Rachael Fritts REALTOR 443-630-0836 Rachael.payneteam@gmail.com
INTO THESE WATERFRONT & WATERVIEW LISTINGS! SPLASH
4749 Grovehill Ln, Tyaskin, MD. 21865 4 BD - 2 BA OFFERED AT $325,000
10236 Hotel Rd. Deal Island, MD 21821 3 BD - 3 BA OFFERED AT $675,000
00 Fair Island Ln. Marion Station, MD 21838 38.28 Acres OFFERED AT $140,000
0 Blue Heron Way, Eden, MD. 21822 1.56 Acres OFFERED AT $95,000
12485 Mallard Ln, Princess Anne, MD. 21853 3.3Acres OFFERED AT $125,000
Dive into a new home WITH HELP FROM THE PAYNE TEAM
CURRENT LISTINGS
9070 Wood Thrush Ct. Hebron, MD 21830 3 BD - 2 BA OFFERED AT $119,999
913 Winding Way. Salisbury, MD 21084 3 BD - 2 BA OFFERED AT $172,500
401 Main St. Hebron, MD 21830 4 BD - 2 BA OFFERED AT $190,000
Freetown Rd, Princess Anne, MD. 21853 1.75 Acres OFFERED AT $34,500
0 Shadow Ln, Delmar, MD. 21875 .98 Acres OFFERED AT $85,000
0 Shadow Ln, Delmar, MD. 21875 .98 Acres OFFERED AT $85,000
21465 Nanticoke Rd, Tyaskin, MD. 21865 1.14 Acres OFFERED AT $55,000
0 RT 12 HWY #LOT 1 OFFERED AT $267,900
30560 Charles Barnes Rd, Westover, MD. 21871 10.94 Acres OFFERED AT $750,000
Lot 7 Bell Rd, Whaleyville, MD. 21872 8 Acres OFFERED AT $185,000
ASK TODAY FOR A FREE CMA OF YOUR HOME!
3 boneless, skinless chicken breasts 2 cups diced tomatoes 3 cloves garlic, minced 1/4 cup fresh basil leaves 2 tbsp olive oil 1 cup mozzarella cheese, shredded or diced salt and pepper, to taste
Preheat your oven to 400°F. Grease a baking dish large enough to accommodate the chicken breasts. Place chicken breasts in the baking dish and drizzle one tablespoon of olive oil. Then sprinkle salt to taste. In a bowl, combine the diced tomatoes, minced garlic, chopped basil, and the other tablespoon of olive oil. Toss until well coated. Spoon the tomato mixture over the chicken breasts, making sure to distribute it evenly. Bake in the preheated oven for about 25-30 minutes, or until the chicken is cooked through and reaches an internal temperature of 165°F. Remove the baking dish from the oven and sprinkle the shredded or diced mozzarella cheese over the chicken and tomato mixture. Return the dish to the oven and bake for an additional 5-7 minutes, or until the cheese is melted and bubbly. Remove from the oven and let the chicken rest for a few minutes. Drizzle balsamic glaze over the top of the chicken breasts. Serve the Bruschetta Chicken Bake hot, garnished with additional fresh basil leaves if desired.
Why You Need Owner’s Title Insurance
What is Title Insurance? Owner’s title insurance protects your right to your home. By searching, clearing, and insuring the title to your home before you buy it, your owner’s title policy offers protection for your property rights for as long as you and your heirs own your home. If ownership of your property ever comes into question, an owner’s title insurance policy protects you from expensive legal problems that could result in the loss of your home. How Title Insurance Works: As property changes hands, mistakes and irregularities - often made long before you express interest in the property - can place your ownership in dispute. The seller may have... Avoided disclosure of using the property as collateral for an unpaid loan Fraudulently claimed to be the sole owner. Failed to pay real estate taxes Even a simple mistaken the recording of legal documents, Improper execution of legal instruments or the reappearance of undisclosed or missing heirs can result in the loss of your home.
Protect yourself and Your Family with the Security of Owner’s Title Insurance We diligently search public records for documents associated with the property and provide you with an expert, interpretive view of the impact of all record matters on the property’s title. If our title search reveals recorded defects, liens, or encumbrances upon the title, such as unpaid taxes, unsatisfied mortgages, easements, restrictions, or other impediments, these are reported to you prior to your purchase of the property. We offer solutions to resolving these impediments so you own your property free and clear at closing.
Get the Complete Ownership Security You Need with Our Four Pillars of Protection: The experience and dedication of our full-service nationwide network of professionals assure you of an expert title search and examination and an accurate, timely closing. We’re leaders in combating mortgage fraud to help you against those who misrepresent themselves or the property or who attempt identity theft. We hold the industry’s largest collection of real estate-related data, documentation, and public record information. Using comprehensive, intuitive technology tools and rapid communications, our professionals can quickly and securely search and clear property titles. Homebuyers trust our passionate commitment to helping consumers understand the steps, fees, and requirements of real estate transactions. Our open process and availability to answer all your questions provide the clarity you need about what is often your largest and most valuable purchase.
Title Insurance: The Ultimate Property Protection If ownership of your property is ever
Whether it’s picking out paint chips, planting a new garden or unpacking all the boxes, making your house a home is a priority. When that dream is finally realized, why wouldn’t you take every precaution to protect it? Our business is protecting ownership of your property: often the largest financial transaction you’ll make in your life. For a relatively low, one-time premium, you’re protected against legal problems over property rights that could cost tens of thousands of dollars - even the loss of your home. Dollar for dollar, an owner’s title insurance policy is one of the most cost efficient forms of insurance for homeowners. Best of all, your one-time premium protects you for as long as you or your heirs own your property. challenged, title insurance will defend your possession of the property - and assume the legal costs of that defense - for as long as you and your heirs own the property. What’s more, if any challenge to your property’s title proves to be legitimate, title insurance will pay for your losses, just as your little insurance policy provides. Fulfilling the Dream of Homeownership
443-736-3044
The Payne Team 410-936-0055 www.thepayneteamre.com 8245 Dickerson Ln. Salisbury, MD. 21804 Get to know us!
It might feel impossible to save a down payment while renting. After all, rent is expensive! And it’s not getting any cheaper. The national median rent for a two-bedroom apartment is $1,374.1 So, how in the world are you supposed to save a down payment big enough to buy a house when more of your money keeps going toward rent every year?
Don’t worry. It is possible, and you can do it. Here’s the best way to save for a house.
Follow a budget Budgeting shows your money who’s in charge (that’s you). It gives you the power to tell your money where to go instead of having to wonder where it went. It’s how you make any money goals happen—like saving for a down payment. Here’s how to make a budget that really works: Write down your monthly take-home pay. List your monthly expenses—including your monthly down payment savings goal. Make sure your income minus expenses equals zero. Track your spending (all month long). Make a new budget before the next month begins. If you’re new to budgeting, it might take a few months to get it right, but hang in there—you’ll be a budgeting pro in no time. And you’ll be amazed at how much you can stash away each month toward your down payment savings goal.
Pay off debt. Get this: On average, close to 10% of Americans’ monthly income goes toward debt payments. That’s a 10th of your income wasted paying for stuff from the past instead of going toward your future home! Let’s say your monthly take-home pay is $5,000. According to that statistic, debt would swallow up $500 of that each month ($5,000 x 10%). So what if, instead of continuing to throw that $500 out the window every month, you put saving for a house on hold for a year or two while you worked really hard to pay off your debt? Then, once your debt is gone, you could put that $500 toward saving for your down payment each month—which adds up to an extra $6,000 over a full year! Plus, adding a mortgage and other homeownership costs (like repairs and taxes) on top of debt can be a big financial burden. So be patient and keep renting until you’ve paid off your debt and saved a full emergency fund worth 3–6 months of your typical living expenses. Get a roommate. If you’re single and renting an apartment by yourself, this tip is for you. Remember how we said the national median rent for a two-bedroom apartment was at $1,374 Well, that’s barely $150 more than the median rent for a one-bedroom apartment ($1,220). So, instead of living alone, why not upgrade to a two-bedroom apartment for that extra $150, get a roommate, and split your rent costs in half? Based on the medians we just looked at, you’d go from paying over $1,200 on your own to paying about $687 with a roommate—a difference of $533 a month or $6,396 a year! We are Here!
Cut unnecessary spending. Another way to boost your down payment savings is to cut back on expenses you don’t need. After you’ve reached your down payment goal, you can add those things back into your budget. Here are some ideas on how to cut spending: Eat out less and buy generic-brand groceries. Replace vacations with staycations. Avoid buying new products and shop for used ones. Cancel some of your streaming services and stick with one or two (or even use some free ones). Trade your gym membership for free at-home workouts on YouTube. Save bonuses and raises. Do you have opportunities for bonuses at your job? Maybe you’re in a role where you can increase your commissions the harder you work. Or you might be due for a raise. Whatever your job situation, another great way to save for a house while renting is to dedicate any extra money you earn at work toward your down payment goal. Avoid the temptation to fall into the trap of lifestyle creep whenever your income increases—instead of using the money to increase your standard of living, throw it all into your house savings. How Big of a Down Payment Do You Need? As we wrap it up, there’s one last important question we need to answer: How much should you save for a down payment? Let’s break it down. You should aim to put down at least 20% of the home price to avoid paying private mortgage insurance (PMI), an extra fee that runs about $75 a month for every $100,000 you borrow. A smaller down payment like 5–10% is okay too for first-time home buyers, but be ready to pay PMI. Keep in mind, you may not want to buy a house with a monthly payment that’s more than 25% of your monthly take-home pay on a 15- year fixed-rate mortgage.
Renting
Buying
real estate typically appreciates slightly faster than inflation
Greater short-term flexibility
Real estate sales are high friction
improves sence of family stability
down payment can be invested elsewhere
fixed-rate loan payments are static
landlord liable for maintenance and repairs
emotional benefits
10236 Hotel Rd. Deal Island, MD 21821
Discover a luxurious waterfront sanctuary in the heart of Deal Island, MD. Completely furnished and ready for your immediate enjoyment!!! This 3-bedroom, 3-bathroom haven spans nearly 2,000 sq ft and boasts a first-floor owner's suite, gourmet kitchen, and stunning luxury vinyl plank and tile flooring. The property, refurbished in 2020- 2021, offers a serene sandy beach in the summer, a private dock for endless water adventures, and tasteful landscaping that enhances the coastal charm. The home is well insulated making it is easy to heat and cool. With a climate-controlled attached garage and a rental income of over $40,000 per year, this home seamlessly blends modern elegance with the tranquility of waterfront living. Experience the allure of coastal living and make this waterfront gem your ultimate retreat. Septic has been inspected by Accurate Environmental and has passed.
3 BD 3 BA 1,952 SQFT OFFERED AT $675,000
Rob Payne REALTOR 443-783-0821 Rob.payneteam@gmail.com
7
Easy Ways to Save Water this Summer! Water your yard in the morning or evening. Water evaporates quickly when the sun is high, so sprinkle when it’s more likely to stay in the soil. And make sure you’re watering your yard, not the sidewalk or driveway. A drip irrigation system works better than sprinklers, as it sends targeted amounts of water exactly where you want it. Check to see if you qualify for a rebate to make your irrigation system more water efficient. Check for leaks with the toilet test. Put a few drops of food coloring or a dye tablet into your toilet tank. If the color shows up in the bowl, your tank is leaking, silently wasting up to 100 gallons of water a day. I tried this myself, and sure enough, found a leak. An inexpensive rubber flapper may be all you need to fix it; just be sure the replacement flapper is made to fit your toilet’s make and model. Shorten your shower. Trimming just two minutes off your shower can save up to 1,750 gallons of water per person in your household each year. Another easy trick is to turn the water off while you soap and/or shave. You can also capture the water that’s normally wasted while you wait for the shower to warm up by collecting it in a bucket—use it for watering plants. If you plan to re-use soapy water in your garden, make sure your soap is safe for plants.
Use the dishwasher. Hand-washing your dishes can use up to 27 gallons of water, compared to just 3 gallons for a new Energy Star- rated dishwasher.
Cover the pool. If you’re fortunate enough to have a backyard pool, make sure the water stays in it instead of evaporating—cover your pool when you’re not using it, even in the summer.
Go to the car wash. Washing a car at home can easily use 100 gallons of water, not to mention an awful lot of time and effort; commercial car washes often use only 40 gallons or less of fresh water.
Get a rain barrel. Collect the water that streams off your roof when it rains by setting up a rain barrel underneath your gutter’s downspout. Reuse that water in your garden instead of letting it push motor oil, pet waste and garbage from the streets into local rivers.
Aaron Bergeron REALTOR 410-529-2029 Aaron.payneteam@gmail.com
FIVE STAR SERVICE.
I had a positive experience with the Payne Team. My realtor was Aaron Bergeron. Aaron was friendly and knowledgeable of the real estate process. He promptly answered all calls. He was eager to help in anyway he could to ensure I settled on time. He fully explained the contract details. Aaron is professional and reliable. I highly recommend Aaron and the Payne Team.
Ryan is nothing short of a ROCKSTAR! He was very personable, easy to talk to, and put my family first! We never once felt rushed to buy a home that did not accommodate our family needs and kept going to showings until our needs were meet!! This is our first time purchasing a home and Ryan sure did make it a great experience. Thank you for everything!
Selling the home of a loved one who has passed away can be a very emotional process, but The Payne Team took care of me from beginning to end. They made me feel like I was not just another client with a house to sell, but someone to earn their trust and develop a relationship that will last into the future. My realtor, Aaron, was always there with a quick reply and ready to research or explain anything I needed! To my surprise, one of the value-added services The Payne Team offers is their complimentary home staging. They did a fabulous job at transforming each room from my loved one’s living area into a neutral space to help buyers picture themselves in it. I honestly believe the staging helped us get such high interest and multiple offers in just a couple days! I will continue to tell others how amazing this team is! Thank you all!
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5 BUY POINTS : Discount points can help lower your interest rate upfront. It generally takes one discount point to decrease an interest rate by roughly 0.25%. 1. IMPROVE CREDIT: Through each individual borrower’s situation is different, most people can get a lower interest rate if they have a higher credit score. 2. EXPLORE ADJUSTABLE-RATE OPTIONS : Oftentimes, adjustable-rate mortgages (ARMs) are offered at lower introductory rates than fixed0rate mortgages. The introductory perios usually lasts for 7 to 10 years. They have become increasingly popular recently. 3. MORTGAGE PAYMENT BUYDOWN: The Mortgage Payment Buy down can help reduce the impact of higher rates by giving home buyers a lower payment on their mortgage for up to three years. 4. HOMEFUNDIT: A higher down paynment can help lower your payments. With this easy-to-use online platform, home. buyers can build a customized 5. contribution campaign, raise down payment gifts, and accept contributions from anyone with a credit or debit card. For first-time buyers, every gift earns a 2-to-1 match, up to the lesser of $2,000 or 1% of teh purchase price*.
Shawn Hunt Senior Vice President, Branch Manager NMLS ID# 1098459 | Branch NMLS# 2443130 shunt@cmghomeloans.com www.cmghomeloans.com/mysite/Shawn-Hunt
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CMG Mortgage, Inc. dba CMG Home Loans dba CMG Financial, NMLS ID# 1820 (www.nmlsconsumeraccess.org), is an equal housing lender. Licensed by the Virginia State Corporation Commission #MC-5521. Georgia Residential Mortgage Licensee #15438. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing, 220 East Main St Salisbury, MD 21801 JN# 1163093325
Old Fashion Peach Cobbler
Ingredients
4 tablespoons melted butter 1 (28-ounce) can of peaches 3 cups sugar, divided 1/2 teaspoon cinnamon 1 1/4 cups water, divided 1 heaping tablespoon cornstarch 1 1/2 cups self-rising flour 2 teaspoons vanilla 1 cup milk
Instructions
Preheat the oven to 350 F. Prepare a 9X13 baking dish by pouring the melted butter into the pan and coating the bottom and sides. There will be extra butter in the pan. Leave it! Put the canned peaches, including the juice, into a medium saucepan. Turn the heat to medium and add one cup of sugar and 1/2 cup of water. Bring the mixture to a simmer. Once the peaches are simmering, stir the cornstarch into the remaining water. Pour the mixture into the saucepan and simmer for about three minutes until the sauce thickens. Remove the peaches from the heat and let them cool slightly while making the batter. In a medium mixing bowl, whisk together the flour, vanilla, 1 1/2 cups of sugar, and milk. Pour the peaches into the pan on top of the butter, do not mix. Spoon the flour mixture over the peaches. It may not cover the peaches completely, which is totally fine! Add the cinnamon to the remaining sugar and dust it on the cobbler. Bake for thirty minutes or until golden brown.
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