Swallow Falls November 29th
Tag: western maryland
Dave Ramsey says it’s time to buy a house; mortgage rates decline
Ramsey first advises people considering the big decision to keep in mind that it’s not for everybody all the time.
“Ever heard someone say everyone should buy a house? Or that renting is a lot like flushing a whole bunch of money down the toilet every month?” he asked on Ramsey Solutions. “Yeah, we’ve heard that stuff too. And it’s nonsense! The truth is, not everyone should buy a house.”
The bestselling author is not being pessimistic. But he is setting up the financial reality for people who want to purchase a home. And now may well be the time to do it.
“If you sign the dotted line on a new home when you aren’t prepared financially and emotionally, the house will wind up being a curse instead of a blessing,” Ramsey suggested. “It will wind up owning you instead of the other way around. When you are prepared to buy a house, though, it can be a wonderful blessing for your family and a great way to build wealth.”
Ramsey offered a list of the critical things to consider when making the determination that the major financial opportunity is in order.
for more information Dave Ramsey says it’s time to buy a house; mortgage rates decline – TheStreet
Progress on Arrowhead Dredging Project
Water & Sewer Master Plan Accepting Public Comment
The Garrett County Water & Sewer Master Plan is a document that supports the continued development of water supply and wastewater disposal in Garrett County, on a ten-year cycle. This plan is amended as needed, as systems are expanded, and improvements are proposed to better serve the County.
Thus far, three previous amendments have been made and a fourth amendment request was presented at the December 4, 2023 public meeting:
Map, Table and text update to add the Wisp Mountain Water Storage Tank-
1. To meet the source water storage and pressure needs of businesses and residents in the Deep Creek Lake Water System, a key area for heritage tourism in Garrett County.?
2. The Deep Creek Lake Water System currently serves 1,621 residential and 141 commercial customers, with an anticipated addition of 725 more customers.?
3. The existing Wisp Mountain Water Storage Tank, installed by a private developer, provides insufficient pressure and fire protection for some areas.?
4. The new tank will provide additional pressure (approximately 20 psi more) and storage capacity, allowing for further development and enhanced fire protection in the McHenry area?.
The details of the proposed amendment can be found in this presentation.
Comments will be accepted until December 18, 2023?. Email gccomments@garrettcounty.org or swigfield@garrettcounty.org? / 301-334-7477?.
US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand
US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand
(Bloomberg) — US mortgage rates dropped sharply, capping the biggest four-week slide in nearly a year and spurring a fresh round of applications to purchase homes.
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The contract rate on a 30-year fixed mortgage tumbled 20 basis points to 7.41% last week, data from the Mortgage Bankers Association showed Wednesday. The index of home-purchase applications increased 3.9% in the week ended Nov. 17, the most since June.
Since reaching a 23-year high of nearly 8% in mid-October, mortgage rates have plunged nearly half a percentage point. The effective rate, which includes fees and compound interest, dropped to still-elevated 7.59%. In contrast, the five-year adjustable rate increased.
Mortgage rates tend to move in tandem with Treasury yields. The 10-year Treasury yield has fallen steeply this month after hitting a 16-year high in October, helped by signs the economy is cooling along with inflation.
The overall index of applications, which includes purchases and refinancings, rose for a third week, and refinancing activity picked up.
The MBA survey, which has been conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts. The data cover more than 75% of all retail residential mortgage applications in the US.
for more information US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand (yahoo.com)
Boomers Throw a Wrench Into Housing Market
With mortgage rates soaring and fewer homes for sale, Baby Boomers are dominating the housing market like a real-life game of Monopoly. The shifts in who is buying homes have been trending in that direction for quite some time, but it was confirmed this month by data released from the National Association of Realtors. As the Washington Post puts it, “grandparents have been edging out younger buyers who are struggling to get into the market for the first time.” The stats show that first-time buyers make up only 32% of home sales, down from 38% since 1981. Today first-time buyers are older—more likely to be in their mid-30s on average, as opposed to their mid-20s in the 1980s.
On top of that, repeat buyers, or people who have already purchased a home or two in the past, have a median age of 58 (it was 36 in 1981). These repeat buyers tend to have more money on hand because they sold past homes, with the typical seller in 2023 being age 60. (The youngest Boomers are 59.) “We are still talking about an incredibly difficult market for first-time buyers to enter, even if there’s slightly less competition,” Jessica Lautz of NAR tells the Post. “If there’s a multi-offer situation, an all-cash buyer or someone who has a lot of equity is likely to win. And that person is going to be older.” Along with older buyers being more likely to have generated wealth from recently selling a home, they also probably have great credit in their favor, and can make more attractive offers, throwing in cash sales or large down payments.
“They have the appearance of being more stable,” realtor Jennifer Dodd says, “and a sense of them being more able to complete this purchase.” CBS News reports that Boomers are buying more homes than originally expected—creating unexpected demand in an already competitive market. Reasons why older adults want to move include divorce and a spouse’s death, when they go on to form new households. In these situations, they are often in competition with first-time buyers, who are looking for similar types of homes: those with fewer bedrooms and minimal upkeep. NAR data also showed that 70% of recent homebuyers did not have children under the age of 18 (in 1985, that number was 42%). (Read more real estate news).
November 2023 Market Stats
Oakland Embraces the Festive Spirit with Small Town Christmas Delight
Mark your calendars for the enchanting Small Town Christmas celebration in Oakland on December 8th, 9th, and 16th, 2023. Downtown Oakland is set to host an array of delightful, family-friendly activities that capture the essence of the holiday season.
The festivities kick off with a mesmerizing Light Up Night on Friday, December 8th, at the Oakland B&O Museum. The highlight of the evening is a charming Walking Holiday Light Parade, led by none other than Santa Claus himself, commencing from the Town Parking Lot at 5:30 PM. Everyone is welcome to join this festive stroll, culminating at the B&O Museum for the official tree lighting. This year, there’s a delightful new addition – Santa Paws! Dress up your furry companions in holiday-themed attire and let them be part of the parade. Indulge in complimentary cookies and cocoa courtesy of the Order of the Eastern Star, and treat yourself to a special surprise from Santa. The merriment extends to free sleigh rides for all attendees.
Continuing the jubilation on Saturday, December 9th, is Soup N’ Santa from 11:00 AM to 2:00 PM. Numerous nonprofits will be serving up heartwarming soups (donations appreciated), providing an opportunity to mingle with Santa, engage in kids’ activities, enjoy live music, take sleigh rides, explore local shops with exclusive discounts, and much more. Once again, your furry friends are invited to join in the festive atmosphere and have a memorable encounter with Santa.
In tandem with Oakland’s Great Small Town Christmas Event, the House of Hope presents the Bucks for Hope Drive on Saturday, December 9th, from 9:00 AM to 12:00 NN. Show your support for this noble cause by making cash donations on Second Street in downtown Oakland. While cash donations are preferred, non-perishable food items are also accepted. Originating in 1978 by Chuck Nolan, this food drive has garnered over $65,000 in donations and more than 80 pickup loads of food.
On Saturday, December 16th, immerse yourself in the sweetness of the Cocoa Crawl from 11:00 AM to 2:00 PM, featuring delectable treats as you wrap up your holiday shopping at select downtown businesses.
And don’t miss out on the Lucky Elf promotion, running through Monday, December 19th. With every $25 spent at participating stores in Oakland, you stand a chance to win a variety of enticing local gifts.
For a comprehensive list of Christmas activities and further details, check out the Town of Oakland, MD Facebook page or visit www.oaklandmd.com. Join us in creating lasting memories and spreading holiday cheer throughout Oakland!
GC Diversity and Inclusion Committee meeting announced
The Garrett County Diversity and Inclusion Committee is having a meeting on Wednesday November 29, 2023 from 3 PM until 4:30 PM at Garrett College in the Offutt STEM Building in Room 211.
FishMaryland Master Angler Award Presented to Jason Paugh of Garrett County
Jason Paugh, of Red House, officially became the fourth Master Angler awarded under the Maryland Department of Natural Resources’ FishMaryland program this month. The highest award in the program recognizes the skill and determination required to catch ten trophy-size fish species in Maryland that all meet the minimum award sizes.
Paugh reached this milestone award by catching a largemouth bass (21.25 inches), smallmouth bass (20 inches), crappie (16.75 inches), northern pike (47.25 inches), chain pickerel (25.25 inches), rock bass (10.75 inches), yellow perch (14.25 inches), carp (38 inches), bluegill (11 inches), and wild brook trout (12.25 inches).
“Angler participation in the FishMaryland program has been tremendous since its launch in January 2019,” Maryland DNR Recreational Fishing Outreach Coordinator Erik Zlokovitz said. “FishMaryland showcases the array of freshwater and saltwater species available in Maryland, and we are thrilled for Mr. Paugh to be the fourth angler to receive the program’s highest award. It takes a great deal of talent, drive, and perseverance to earn Master Angler status.”
All but one of these fish were caught in Deep Creek Lake in Garrett County, Maryland. Paugh caught the fish on artificial lures. The brook trout was caught in a small tributary of the Savage River system. Paugh is an avid freshwater bass angler, and in 2023, he caught 39 largemouth bass in Deep Creek Lake that met the minimum award size. He fishes primarily with jerkbaits, crankbaits, plastic worms, and small jigs that he designs to use around shoreline structures such as boat docks. The biggest and most surprising catch was the 47.25-inch northern pike, which hit a small jerk bait intended for largemouth bass.
“I am extremely surprised and excited to learn that this is only the fourth Master Angler award granted in Maryland,” Paugh said.
Paugh has coached high school competitive bass fishing for five years, including four years with his son. The team he coached this year, from Northern Garrett County High School, is one of two teams from Maryland competing in the National High School Bass Fishing Finals Tournament next summer. Paugh has worked as a master electrician for a private company the past eight years, and previously was an electrician in Western Maryland’s coal mining industry for 18 years.
More information on the award program and how to submit catches is available on the DNR FishMaryland webpage.
