I answer a lot of questions everyday about real estate in Ocean City MD.  One of the common themes that always comes up is the process of renting property in Ocean City.  Folks typically want to know how it works and and what type of income and carrying cost coverage they can expect.  We recently wrote a post regarding the overall process of renting real estate in Ocean City MD.  In this post I am going to outline rental income, costs associated and how much of your properties carrying costs you can expect to cover.

The question I am asked the most regarding all of this is … “Will the rental income cover all of the carrying costs for the property (mortgage, taxes and condo fees)?”

The short answer is no.  There are situations where this is possible, but they are few and far between.  As a general rule, I advise my clients to expect the net rental income for their real estate in Ocean City MD to cover the mortgage principle and interest.  With interest rates as low as they are it is possible in some situations to cover a portion of the additional carrying costs.  Obviously if you put down more than the typical 20% down payment you will have a smaller mortgage obligation and the rental income will help cover some of the other costs.

To illustrate this I will breakdown a rental scenario for your typical 2 bedroom/2 bath ocean block condo purchase:

Costs

Purchase Price:  $230,000

Down Payment:  $46,000

Mortgage Payment:  $10,224 (Yearly principal and interest for a 30 year fixed mortgage @ 4%)

Income

Gross Rental Income:  $14,000

Rental Commissions:  $2,240

Cleaning Fees:  $750 (10 weeks at $75 per clean)

Net Rental Income:  $11,010

In addition to the mortgage payment you will have the condo fees and taxes, which for a 2 bedroom/2 bath ocean block condo would average around $2000 and $3000 respectively.

As another example I will break down a standard 3 bedroom/2 bath oceanfront condo:

Costs

Purchase Price:  $525,000

Down Payment:  $105,000

Mortgage Payment:  $24,060 (Yearly principal and interest for a 30 year fixed mortgage @ 4%)

Income

Gross Rental Income:  $30,000

Rental Commission:  $4,800

Cleaning Fees:  $1,020 (12 weeks at $85 per clean)

Net Rental Income:  $24,180

As you will see in both examples for the two most popular property types in Ocean City the net rental income covers the mortgage obligation.  One of the easiest ways to generate more income is to rent the property on your own which is actually quite easy and you can find outlined here … Renting Ocean City MD Real Estate.  I have also used conservative numbers above in regards to income and occupancy rates.  The rental season in Ocean City gets longer and longer each year.  Above I have assumed just renting the property out during the prime season, which is mid June through August.  In reality a fair amount of additional income can be generated in the shoulder months of May and September, even into October if the weather holds out.

We run these breakdowns every day for our current clients and would be glad to do the same for you.  Simply give us a call or send us an email and let us know what type of property you are looking for and we will run the various scenarios for you.  This can be very helpful in determining what price range you will be most comfortable with and the carrying costs that you can expect to have.

The post Renting Real Estate in Ocean City MD – Cost Coverage appeared first on Bobenko Real Estate - Ocean City MD Real Estate and Lifestyle.

• Past 2 years tax returns
• Most recent 2 years W-2 statements
• Pay stubs for the most recent 30 day period
• 2 months most recent bank statements (all pages)
• 2 months most recent retirement account statements (if applicable)
• Most recent mortgage staement for primary residence (if applicable)

For Self Employed Individuals (In Addition to Above)

• 2 Years most recent business returns with all K-1 schedules for each business owned
• Unaudited profit and loss statement covering from last return filed to the present

This is a starting point as everyone’s situation will be different.  Once the above documents are submitted and reviewed they will likely necessitate the need for additional information.  An experienced mortgage lender will be able to make this process easier for you.  They will be familiar with the process and after reviewing the initial batch of information will know exactly what supporting documents will be required.  This way everything gets done in a few steps and it is not a constant back and forth to piece the loan package together.

In addition to the above documents the following will also be needed:

• Property Appraisal
• Credit Report
• Deed and Title Work
• Homeowners Association Review Documents
• Contract of Sale Package

We will take care of all of this for you … you take care of getting the lender your financial documents and we will take care of the rest.  We will stay in touch with all of the related parties to keep them updated and ensure that everything is progressing as it should.  This makes the overall process as easy as possible for you and leads to an enjoyable experience as you purchase real estate in Ocean City MD.

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Every once in a while a special, unique property comes along and Unit #1500 in the Sea Watch fits that bill.  One of the many highlights of this oceanfront real estate in Ocean City MD is the approximately 1000 sq. ft. wraparound balcony with 140′ of ocean frontage.  The views of the ocean, beach and vistas to the north and south are second to none and quite frankly can’t be achieved in many other properties.  This space offers a ton of options and is a great place to kick back and unwind.

Every room in this condo is direct oceanfront and very few pieces of oceanfront real estate in Ocean City MD offer this.  The living area is huge and offers a variety of layout and configuration options.  There are 4 large sliding glass doors in this space that maximize the views from all vantage points.  As it is currently configured there is a large living area situated on the corner with 120 degree beach and ocean views.  There is a separate dining area and some flex space in the middle of this room that would make an awesome oceanfront dining room or additional seating area to enjoy your coffee while watching the sun rise.  The large kitchen adjoins and overlooks this space with great views as well.  There is ample counter, cabinet and storage space with newer appliances and tile flooring.  There is a convenient half bath just off the entry and living area.

The large oceanfront master suite is surrounded in ocean views and offers awesome vista of the beach and ocean to the north, all the way to Delaware.  This bedrooms has its own full bathroom with dual vanity sink and a large closet.  The current owners are using the 3rd bedroom as a den, however it could easily be converted back as it has its own door access and a closet.  All of the bedrooms feature large sliding glass doors to maximize the views and lead out to the huge balcony.  There is an additional full bathroom off of the guest bedrooms for convenience.

These are the original owners of this units and it has never been rented, though it has tremendous rental potential.  The unit is in excellent condition with newer appliances, carpet and paint.  There are new tops and tile flooring in the kitchen, all bathrooms and entry.  All of the sliding glass doors and windows were recently replaced.  The popcorn ceilings have been removed and there are some newer furnishings throughout the unit.

As if the unit itself wasn’t enough, it happens to be situated in arguably Ocean City’s nicest oceanfront building.  The well run and established Sea Watch building offers indoor/outdoor/kids pools, fitness center, oceanfront deck, beach bathrooms and showers, game room, tennis, basketball courts, beach side playground, owners recreational room, onsite management, saunas, parking garage, security, deli … the list goes on and on.

This is one of the finest pieces of oceanfront real estate in Ocean City MD and a great opportunity that doesn’t come along very often.  There are very few other oceanfront condos in Ocean City MD that offer this layout and the accompanying views.  Property is priced competitively in light of the comparable sales and likely won’t last long.  Come on down and live the good life at the beach with us!

Link to Ocean City MD MLS Listing Report … Sea Watch #1500

Property Video

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A lot of things have changed in the real estate industry over the past few years.  One of the biggest changes that we have seen is the mortgage process for buying real estate in Ocean City MD.  Back in 2005 and 2006 if you could fog up a mirror you could essentially get a mortgage.  This contributed to the artificial run up in Ocean City MD real estate prices and also led to  a fair amount of the market instability that we are now coming out of.

As a result of this the banks are now making sure that every “i” is dotted and every “t” is crossed.  In addition a lot of programs that used to be available, such as stated income loans for self employed individuals are now gone.  The banks have plenty of money to lend and are eager to do so as that is how they make money.  They are now just a bit more cautious and are ensuring that the Buyers are financially fit.  All in all this is a good thing as it will lead to a stable real estate market and ensure that we don’t return to the mess that we just came out of.

The key to navigating the mortgage process for buying real estate in Ocean City MD is finding a competent lender that is familiar with the process.  They will be able to prepare you up front for the process and ultimately make your life a lot easier.  An experienced, full time lender will be able to provide you with a checklist upfront with a majority of the information that you will need.  Everyone’s situation is different, so after the initial batch of information there will likely be some additional supplemental information that is required.

The mortgage process for real estate in Ocean City MD is a bit more involved for self employed individuals due to the nature of their accounting.  The primary purpose of stated income loans was for self employed individuals.  These are now gone as they were abused by many people back in 2005 and 2006 whom they were not intended for.  The mortgage process for self employed individuals will be the same starting out as outlined above.  In some cases, due to the nature of their businesses and accounting processes, additional supporting documentation and confirmation will be required.  An experienced lender can get you prepared for this and get a lot of the leg work out of the way up front.

One of the other big changes that we have seen over the past few years in the condominium review process.  Back in the good old days when you were getting a mortgage for real estate in Ocean City MD the lender was only concerned with approving the Buyer and quite frankly didn’t care where they were buying.  Then some condominium projects and homeowners associations began having financial problems, which ultimately caused problems for the bank.

As a result of this the bank now must approve the Buyer as well as the home owners or condo association that the real estate in Ocean City MD you are buying is a part of.  This is standard with every applicant and a process that we are familiar with.  A majority of the buildings and associations in Ocean City are good and “warrantable” as the banks deem it.  Some of the red flags that banks are leery of are condo projects with a hotel component, condominiums that have a lot of commercial space which the association is dependent upon, buildings with little to know reserves, condo buildings where one individual or group owns a significant portion, etc.  We as experienced Ocean City MD Realtors are aware of which Ocean City condos present challenges and will make you aware of them up front.  We deal with the condo review process everyday and will take care of this process for you.

All in all the mortgage process for buying real estate in Ocean City MD is much the same as it always has been.  It is now just a bit more detailed, takes a little while longer and the condo review process has been added.  The key to an enjoyable  purchase of real estate in Ocean City MD is finding an experienced Ocean City MD real estate agent that will prepare you for the process up front and then utilizing an experienced mortgage lender that will guide you through it.  Quite frankly a few minor headaches is worth it as interest rates are hovering in the mid 3% range as I write this and there are currently some great deals to be had for real estate in Ocean City MD.

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There are currently 1167 properties listed for sale in Ocean City MD, representing a 20% decrease from where we were at this point last year.  It is not unusual to see an increase in listings over the next couple of months as a majority of Sellers list their properties in anticipation of the upcoming season.

We have seen the active listing prices for real estate in Ocean City MD come down a bit over the past few months.  This is largely the result of the fact that there are considerably less listings in the $400,000 and above price ranges and a majority of the current active inventory is $300,000 or less.

82 properties went to settlement in Ocean City during March bringing the YTD total to 189 sold properties.  This is down by 4.5% from this point in 2012 and is largely attributed to the fact that the mortgage and settlement process is taking longer.  With 137 properties currently under contract in Ocean City I would look for this value to rebound considerably in the coming months.

The average sold listing price in Ocean City for March was $275,000 and the median came in at $225,000.  The average trend line had been largely flat since the late fall and this is the first drop we have seen in several months.  This is largely attributed to the fact that a majority of the property selling is in the lower price brackets.

The average sold price per square foot in Ocean City during March was $247, representing a slight increase over this point last year.  This value has been trending upward since late summer of last year, which is a clear sign of market stabilization.

The absorption rate for the real estate market in Ocean City MD currently stands at 14 months, representing a 5 month improvement over March of 2012.  It is normal to see an increase in this value in the spring as a majority of Sellers begin listing their properties in anticipation of the upcoming season.

Real Estate in Ocean City MD settled at 93% of the listing price during March.  I would anticipate that this value will begin to increase as the inventory level continues to decrease and competition for the better listings increases.

Ocean City MD real estate that sold during March averaged 145 days on the market.  This is another value that I anticipate will decrease considerably as inventory levels continue to drop.

101 properties went under contract in Ocean City during March, which is down slightly from March of last year.  We are off to a good start over last year and is a good sign of things to come as we enter the busy part of our season.

The average price of properties that went under contract during March was $284,000.  The median value has steadily been increasing as a better mix of property types and price ranges are selling.  This will also lead to increase in the sold listing price values.

200 new properties were listed on the Ocean City MD real estate market in March.  March and April are the two busiest months for new listings as Sellers put their properties on the market in anticipation of the coming season.  This is also provides some of the best inventory to choose from if you are buying.

The average new listing price in Ocean City for March was $305,000 and the median price was $277,000.  The median value is beginning to regain some of the ground that was lost over the Winter, which is typical.  Most Sellers that list their properties over the Winter have to sell and must price their properties accordingly during our slowest time of the year.

The post Ocean City MD Real Estate Market Conditions – April 2013 appeared first on Bobenko Real Estate - Ocean City MD Real Estate and Lifestyle.

The annual Ocean City MD Boat Show is set for this coming weekend.  This is one of my favorite events of the year and is a lot of fun regardless of whether or not you are in the market for a new watercraft.  The Ocean City MD Boat Show is held both inside and outside at the Ocean City Convention Center with the following dates and hours:

• Friday Febuary 15th from 11 am to 7 pm

• Saturday February 16th from 10 am to 7 pm

• Sunday February 17th from 10 am to 5 pm

Admission is only $9 for adults, $1 for children or you can get a weekend pass for $15.  All of the proceeds from the Ocean City Boat Show go to support area youth programs.  There will be over 350 boats and personal watercraft on display, 50+ dealers and 140 exhibitors.  There is a raffle for a new boat and several other promotions.

If you are in the market for a new boat or personal watercraft there are some great deals to be had.  I can personally attest to this as I bought a boat a few years back at the show.  A little tip … If you do find one that you like hold off till Sunday and then go back and wheel and deal with them.  The last thing a boat dealer wants to do is haul the boats all the way back to their dealership!

For additional information visit the Ocean City Boat Show website.  Here is a video from last years event:

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The Ocean City MD real estate inventory continues to decrease.  We are currently down by 22% from where we were this time last year, which is a great sign and a trend that will continue.

Prices dropped off a little bit through the winter months, which is normal.  This is the slowest time of the year for the Ocean City MD real estate market and in order to attract attention Sellers must get aggressive with their listing prices.

43 properties sold in Ocean City during January, representing a 20% increase over January of last year.  This is great activity considering it is supposed to be one of our “slower” months and a good sign of things to come.

The year over year average sold price was up by 7% for January.  The market has seen some good price improvement since late summer and it appears that this is a trend that will continue.

The average sold price per square foot was up by 14% over January of last year.  The trend line has remained relatively flat for close to a year now, which is a very encouraging sign of stabilization.

The absorption rate in Ocean City currently stands at 13 months, which is a 5 month improvement from this point last year.  I feel that we will remain here for a month or 2 through the Winter and then begin to decrease again as the “buying” season kicks in.

Property is currently selling at 93% of the listing price and is obviously the sweet spot for the Ocean City MD real estate market.  This still leaves plenty of negotiating room across all property types and price ranges.

Ocean City MD real estate that settled in January averaged 81 days on the market, which is a considerable improvement over the previous few months.

80 Ocean City MD properties went under contract in Ocean City during January, representing a 16% increase in activity from January of last year.  This is a great sign and a positive indicator of where the Ocean City MD real estate market is headed in 2013.

A majority of the properties that went under contract during January were $250,000 or below, which caused this value to decrease for the month.  In looking at the properties currently under contract from February I would anticipate that this value will return to normal levels next month.

152 new properties were listed for sale on the Ocean City MD real estate market during January, which is on pace with January of last year.  This spike isn’t unusual as many Sellers start listing their properties now in anticipation of the upcoming season.

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1.  List the property on HomeAway.com, VRBO.com or both.  Upload as many photos as possible, detailed property descriptions/features and reviews from previous renters if you have them.

2.  These sites get a lot of Internet traffic and are becoming more and more popular each year.  The exchange to book a rental is typically an email asking if the unit is still available (there is also a booking calendar on the site) and a couple of other general questions.

3.  Once all questions have been addressed the renters will then book the unit through either you or the website.  They will make a deposit on the unit at that time of booking through Pay Pal or another system that you have set up.  The remaining balance for the rental is due 30 days prior to check in.  This gives you ample time to re-rent the unit in the event that they back out.  Security deposits are secured and released through the same manner.

4.  A lot of my clients use a special locking system on the door through a company called Resort Lock.  The lock is controlled through the Internet and can be accessed from a computer or your mobile device.  They issue a unique access code to the renter 48 hours before check in.  This code only works from the time of their check in until the time they are scheduled to check out.  This code will then no longer be good and the new renters coming in will have a different, unique code that repeats the same pattern.  In the event that there is a problem there is a master key in the lock that can be accessed.

There are some rental companies in town that will handle keys for you for a fee.  The renters would go to the rental office and pick up all of the keys and passes, then return at check out.  Others overnight keys back and forth to tenants, though this seems awfully cumbersome.

5.  My clients set up cleaning services with a local company.  Most of the rentals in Ocean City are weekly rentals from Saturday to Saturday, with check in at 3:00 and check out at 11:00.  You simply notify the cleaning companies when the units are rented and they will go in during the turnover times and get the unit ready for the next rental.  You can also use the cleaning company as your inspectors to walk through the unit and make sure everything is as it should be before releasing the security deposit.

6.  You will want to interview a few local maintenance companies to find someone that you are comfortable with.  In the event that something breaks you have someone on stand by that is reliable and can address the problem in a timely manner.

As you can see there is not much to it.  Once you have the system in place it pretty much runs on auto pilot.  In addition you can save a lot of money in rental commissions and typically generate more rental income than the rental companies do.  This is a brief overview, if you would like more information about renting property on your own or anything else regaring real estate in Ocean City MD feel free to contact us directly anytime at 443-614-9179 or by email.

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Renting Ocean City MD Real Estate – Rental Company

There are a number of rental companies in Ocean City that will handle everything in regards to renting your Ocean City MD real estate for you.  They will handle all of the advertising, booking, check in/out, cleaning and maintenance on your behalf.  You essentially give them the keys and they handle the rest.  They will collect all of the monies and disburse it to you as they receive it.  In the event that there is a maintenance issue they will contact you to see how you would like to handle it.

Obviously all of this comes at a cost.  The rental companies typically charge 12% to 16% of the gross rental income for this service.  In addition you will have the costs of cleaning the unit in between each rental, which will vary by the size of the property (a typical 2 bedroom unit costs approximately $60 to $70 to clean).  You often get what you pay for when choosing a rental company.  The larger, more well established companies charge a higher fee, however they have the advertising reach and systems/infrastructure in place to ensure you get maximum occupancy and a solid return on your investment.

Renting Ocean City MD Real Estate – By Owner

With the proliferation of the Internet many folks have started renting their Ocean City MD real estate themselves.  They list their properties on sites such as HomeAway.com and VRBO.com.  All of the rentals are booked online through email and phone exchanges.  Payments and security deposits are done through Paypal and there are a variety of ways to handle access to the unit.  These owners arrange a schedule with a local cleaning service for the check out day and have a maintenance company on stand by in the event that there is a problem.  This is a bit of work, however it can lead to substantial savings over what the rental companies charge.  On a property that does $30,000 in rental income each year this is $4800 in savings.  We put together and article outlining the entire process of renting Ocean City MD real estate on your own, which you can find here … Renting Real Estate in Ocean City MD

Renting Ocean City MD Real Estate – Combination of the Two

Some rental companies will allow you to rent your property on your own while they are also marketing the listing.  Essentially you will both be advertising the property for rent.  Once you secure a booking on your Ocean City MD real estate you can do one of two things.  You can either block the rental period out and do everything yourself and save on the entire rental commission or you can forward the renter on to the rental company and they will handle everything at a reduced commission rate.  Some of the rental companies will aslo provide key and check in services for the weeks that you rent.  For a reasonable fee your renters can go to the rental office to check in and pick up their keys/passes.  The rental company would then also act as the contact for the renters in the event that there were any problems.  This service can make the entire process easier and provide a bit of piece of mind.

This is a brief overview of the various ways you can go about renting your Ocean City MD real estate.  We have clients that rent through all of these channels and are very familiar with the processess and nuances of each.  Feel free to contact us directly anytime at 443-614-9179 or by email if you would like to discuss this or anything else regarding Ocean City MD real estate in greater detail.

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Buying Real Estate in Ocean City MD – Transfer Costs

The largest portion of closing costs for the purchase of real estate in Ocean City MD are the transfer costs. The state and county charge these costs on all transfers of real property in the State of Maryland. The total combined amount is $1.66 per $1000 of purchase price or 1.66% of the purchase price.  The total tax breaks down as follows:

State Transfer Tax                0.50%

County Transfer Tax             0.50%

Recordation Tax                    0.66%

As an example, a piece of real estate in Ocean City MD that has an offer submitted for $400,000 will have $6,640 of transfer costs associated with it.  Based off the Maryland Residential Contract of Sale and current market conditions the transfer taxes are typically split equally between the Buyer and Seller.  This is not set in stone and like all the other terms of the deal is negotiable.

Buying Real Estate in Ocean City MD – Prorations

Anything that is paid in advance such as property taxes, waste water bills, condo fees, etc. will be prorated to the day of settlement and you will reimburse the seller for any items that they have already paid. For example, the property taxes are paid a year in advance. Lets assume the taxes are $6000 per year and you settle 3 months prior to the end of the tax year. At settlement you would reimburse the Seller $1500 and your taxes would be paid until the end of the current tax year.  This same process would be repeated for the condo fees, water/wastewater bills, etc.

Buying Real Estate in Ocean City MD – Lenders Fees

You will be responsible for any fees your lender may charge if you are getting a loan in connection with your purchase of real estate in Ocean City MD. These fees will cover the origination fees, credit reports and any points that may be associated with the loan. These fees will vary by lender but there are some common ranges listed below:

• Origination Fee              $600 to $800
• Credit Reports                $25 to $50
• Flood Certification           $10 to $20
• Condo Verification          $100 to $150
• Tax Service                     $75 to $100

Obviously if you were to pay points to buy your interest rate down there would be additional costs associated.  Also if you are putting less than 20% down mortgage insurance likely will come into play, which will also be an additional cost.

Buying Real Estate in Ocean City MD – Appraisal

Anytime you are obtaining a mortgage for your purchase of real estate in Ocean City MD the lender will require that an appraisal be done.  This fee is typically charged to the Buyer at the time it is performed, however in some instances it will be on the settlement statement.  Appraisals for Ocean City condos and Ocean City homes typically range from $300 to $400 depending on the size of the property and the company performing the appraisal.

Buying Real Estate in Ocean City MD – Inspections

You will be responsible for the costs of any inspections that you would like to have perfomed on your Ocean City MD property.  This will be for the home inspection that the contract of sale will be contingent upon.  Typical structural and mechanical home inspections will range from $300 to $500 depending on the size of the Ocean City condo or Ocean City home that you are purchasing.  Any specialized inspections you would like to have done such as mold or termite inspections will be an additional charge.

Buying Real Estate in Ocean City MD – Title and Settlement Company Fees

We will retain the services of a settlement company (we use a real estate attorney) whom will perform the settlement of the real estate in Ocean City MD that you are purchasing. They will perform the title search of the property on your behalf to ensure it is free and clear, prepare the deed for the transfer, provide the lender with the necessary documents that they need, offer you title insurance on the property, etc.  When it is time for settlement they will receive all of the documents from the lender and conduct the settlement, going through everything with you. These fees also vary depending on the purchase price, type of property and particulars of the contract.  Some general ranges are outlined below:

• Settlement/Closing Fee                   $100 – $200
• Title Examination                             $400 – $500
• Document Preparation                     $100 – $150
• Title Insurance                                 Check with Lender

Buying Real Estate in Ocean City MD – Escrows

If you are getting a loan to purchase real estate in Ocean City MD the lender will likely require that escrow accounts be set up for the property insurance and taxes.  This is not a set rule and will vary by lender.  Lenders usually don’t waiver on the property taxes being escrowed as tax liens take precedent over mortgage liens, however their is some leniency in regards to insurance escrows.

This covers the common similarities that we see across most contracts to purchase real estate in Ocean City MD.  As an estimate we advise our clients to expect their closing costs to be approximatly 3% to 4% of the purchase price, with the higher end being for less expensive properties.  In some instances a credit from the Seller of up to 6% of the purchase price can be negotiated into the contract to cover some of these costs.  We get preliminary settlement sheets for all of our clients before submitting an offer so that they know what to expect and we would be glad to do the same for you.  Feel free to contact us directly anytime at 443-614-9179 or by email if you would like any additional information.

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