Ask the Experts – How to price a home to sell is one of the most difficult challenges facing real estate brokers and their agents. Sellers attentively listen to their Realtors’ recommendation on the market value and recent sales in the neighborhood. And subsequently hike the sales price up with the belief that they can reduce the price later. The flip side of this scenario - the agent agrees with the higher price!Most real estate agents is excited to get a new listing and will gladly accept the high price listing with a mutual agreement that the sales price be reviewed after 30 - 45 days of marketing the property. With this contingency or agreement in place you can be assured the home will not become stale on the market which results in a lack of overall activity. Price the home from the start realistically comparing similar properties with the current market conditions and recent sales in your neighborhood!As a seller you do not want to not look like a clueless homeowner. … [Read more...]
Maryland Mortgage Program
The Maryland Mortgage Program announced two very important updates that will have even more positive impact for buyers.SMARTBUY 2.0 UPDATEEffective for Smart Buy 2.0 reservations dated on or after October 1, 2018, the following will be implemented.:* The dollar cap for the second lien is being raised to $40,000 from $30,000. Buyers are eligible to receive up to 15% of the sales price capped at a $40,000 loan to pay their student loan debt. All student debt from at least one buyer must be paid ENTIRELY in full prior to closing.* The second mortgage is a 5-year forgivable loan of up to 15% of the purchase price, not to exceed $40,000.* This second loan will be used to pay off the borrower’s outstanding student debt balance at the time of home purchase. If there are two Maryland Mortgage Program (MMP) borrowers, only one borrower’s student loan balance must be paid off. The funds also may be used to pay off the other borrower’s student debt ONLY if the … [Read more...]
Montgomery County Program Announced
Montgomery County mortgage announced today by the Community Development Administration. The funds are on a first come - first serve basis. And they will go lightning fast!As a result of the very successful Phase I and II of the Montgomery Home Ownership Program. The Community Development Administration in collaboration with Montgomery County is pleased to announce Phase III is open to accept reservations. The Montgomery Home Ownership Program is designed to assist eligible home buyers who purchase a home in Montgomery County. Combining a Maryland Mortgage Program (MMP) first mortgage loan with a generous down payment assistance (DPA) second loan.Highlights of the program are as follows:* Montgomery Home Ownership Program second lien will be a zero percent deferred down payment loan* Maximum down payment loan will be 40% of total household income up to a maximum of $25,000.00* Down payment funds may be used for down payment and/or closing costs* … [Read more...]
Prince George’s County Purchase Assistance Program
Prince George's County Purchase Assistance Program (PGCPAP) strategy is to provide home purchase assistance to eligible, first-time home buyers to purchase residential properties in Prince George's County. Home purchase assistance includes down payment, mortgage principal reduction and/or closing costs.Prince George's County Purchase Assistance Program is funded by the Housing Investment Trust Fund. The Redevelopment Authority of Prince George's County administered the program in partnership with participating lenders, realtors and housing counseling agencies that are approved by the U.S. Department of Housing and Urban Development (HUD).Loan Terms Maximum loan: $15,000.00Purchase price limit: $462,000 (resale or new construction)Loan terms: 0% interest, deferred paymentIf the buyer is one of the following, they may be eligible for an additional $5,000 based on their need. This would bring the total loan amount to $20,000. … [Read more...]
Grant Assist Program Super Sized
Grant Assist Program supersized by the State of Maryland (mmp.maryland.gov). This change will help many, many buyers throughout the State of Maryland. Initially the program was rolled out to help with ONLY the closing costs but they have just changed it so that the 4% can be used towards down payment and/or closing costs. This is HUGE News, if you have a minimum 640 credit score you could have your entire down payment covered by using this program instead of the flat $5,000 the State offers through the CDA program.Example: A buyer wants to purchase a home for $300,000. The minimum the buyer has to contribute is 3% for the down payment. The Grant Assist will cover that ENTIRE down payment. The seller has agreed to give 3% for closing costs and the program will also cover another 1% towards closing costs for a total contribution of $12,000. And viola, the buyer is in with no money out of their pocket!Grant Assist* Grant Assist program is a grant of 4% of … [Read more...]
State of Maryland Grant Assist Program
The State of Maryland Grant Assist Program is opening up to buyers that own homes now or have owned a home previously in the past 3 years. The program follows the Grant Assist guidelines exactly and the only requirement is that the sellers cannot own any real estate at closing. Yes, you are reading this right! Assistance for down payment and closing costs for people that own homes - NOW! The State of Maryland Grant Assist Program broadened the Grant Assist program two weeks ago. The program is available to FHA buyers with credit scores of 640 or more. Initially the program was rolled out to help with ONLY the closing costs. The state changed the program so that the 4% can be used towards down payment and/or closing costs. This is HUGE NEWS, if you have a minimum 640 credit score you could have your entire down payment covered by using this program instead of the flat $5,000 the State offers through the Community Development Act (CDA program). Example: A buyer wants … [Read more...]
Maryland Mortgage Prorgrams
Maryland Mortgage Program offers buyers down payment assistance throughout Maryland, Virginia and the District of Columbia. There is some confusion about this program though because there are different monies available underneath the umbrella of the Maryland Mortgage Program. One of our preferred lenders is providing details about the different programs so you can have a better understanding of what programs are available for buyers as it relates to the MMP program only.* SELP (Settlement Expense Loan Program) - This is the staple of the Maryland Mortgage Program and offers $5,000 to first time home buyers unless they are buying in a targeted area and then they can be second time home buyers. If a buyer is working for an employer on their House 4 Keys list they will be eligible for more down payment assistance. And, if they live within 10 miles of the house they are buying they are eligible for even more money through the Smart Keys program. All money received through this … [Read more...]
Montgomery County Home Ownership
Montgomery County Home Ownership Program II was announced by the State of Maryland. Funds will go fast - Buyers should ASAP!Here are the details of the Montgomery County Home ownership Program II:Down payment assistance will be limited to 40% of the total household income with a maximum total of $25,000 per home. These funds can be used toward down payment and/or closing costs. Example: A buyer has total household income of $85,000 so they would be eligible to receive $25,000 in assistance. Down payment assistance will be in the form of a loan at zero percent and will appear as a 2nd lien on title. Funds will have to be repaid back if the buyer ever sells their home. Available to all first time home buyers in Montgomery County. First time home buyers are defined as someone who has not owned a home in the last 3 years or more. First time home buyers requirements will be waived if property is in a targeted area - or if buyer is an honorably … [Read more...]
How to Get an Offer on Your Home
PRICE IT RIGHT – Set a price at the lower end of your property’s realistic price range. PREPARE FOR VISITORS – Get your house market ready at least two weeks before you begin showing it. BE FLEXIBLE ABOUT SHOWINGS – It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home – the sooner you’ll find a buyer, ANTICIPATE THE OFFERS – Decide in advance what price and terms you’ll find acceptable. DON’T REFUSE TO DROP THE PRICE – If your home has been on the market for more than 30 days without an offer you should be prepared to at least consider lowering your asking price. … [Read more...]
Senior Living
Senior living can be a rewarding and fascinating time in the life of an older individual . We know because we have found the senior living experience very rewarding and engaging to say the least. Over the years we have helped a number of seniors relocate to senior living communities in the State of Maryland and beyond. We decided to share some interesting facts and resources from the July/August Senior Real Estate Specialist (SRES) newsletter that maybe helpful to you and inspire you to enjoy senior living. We hope you will enjoy the facts and articles included in this blog. EMPLOYMENT ASSISTANCEThe Senior Community Service Employment Program helps 55+ low-income, unemployed individuals find part-time jobs with community service organizations. www.ncoa.org/economic-security/matureworkers/scsep/ SENIORS GIVING BACK ENCORE – The encore movement aims to solve social problems by harnessing the experience of people in midlife and beyond. … [Read more...]
Is Staging Worth the Investment?
Is staging worth the Investment? Many home sellers are told they should stage their home before having it shown to potential buyers. But, professional staging can get expensive, and recent research found that it may not have a significant impact on sale price. So, is it worth the cost? Industry experts say yes – it probably is.The cost of hiring a stager varies considerably, based on the level of staging you want, the furniture you use, and where you live. Services range anywhere from $300 for a consultation to thousands of dollars for staging and monthly furniture rental.The goal of staging is:Allowing buyers to imagine themselves living in your home;Showing off your home’s best features, while drawing attention away from its flaws;Creating a mood; andMaking the home look better in listing photos.All of the above gives buyers a more favorable impression of your home’s livability, which can help the home to sell faster. And, the faster it … [Read more...]
Digital Upgrades to Help you Sell
Digital Upgrades to help you sell – In our latest addition of “Insights on Real Estate” it describes technologies that can make your home more attractive to prospective buyers. Experts say these digital upgrades could give you a leg up on other sellers.Smart door bells – These door bells are equipped with microphones or cameras that are activated when someone approaches the door or rings the bell. With the use of your smartphone you can hear or see who is at the door. And respond to them – even if you’re not home! Smart locks – These locks can be opened with a tap of your phone. Or just close proximity to the door via a Bluetooth connection. They are convenient and eliminate the need to pass out extra keys to house guests or regular house workers such as cleaning services or contractors. Smart lighting – Light bulbs tied to smartphones can give homeowners a feeling of luxury. With many options available such as synchronizing the lights to … [Read more...]
Find the Best Agent to Sell Your House
Find the Best Agent to Sell Your House Ask detailed questions about their experience and negotiation skills to help you find the right agent for your home sale. ReadVisit houselogic.com for more articles like this. Copyright 2016 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
6 Tips for Choosing the Best Offer for Your Home
6 Tips for Choosing the Best Offer for Your Home Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. ReadVisit houselogic.com for more articles like this. Copyright 2016 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Victoria Falls Market Watch/Single Family/Villa Styled Homes Sales Report
Victoria Falls Market Watch/Single Family/Villa styled homes sales report summarizes the sold properties for Single Family and Villa styled homes through October, 2016. There were eight sales of single family and villa styled homes during this period. Closing Cost assistance to the buyer of $11,397 was provided in only one of the sales. We were fortunate to close on the highest sales price of $502,500 for a single family home ( Thoreau model) on Near Thicket Way. Victoria Falls Market Watch/Single Family/Villa Styled Homes Sales report summary of sold properties follows:Sold - 7202 Paperbark Ter. – List Price: $369,900 - Close Price: $369,900 – Close Date: April 29, 2016 - Seller Subsidy: $ 0 - Tax living area: 1,958 sq. ft. Days on market – 2. Sold - 13502 Autumn End Ter. – List Price:$379,900 – Close Price: 379,900 Close Date: August 5, 2016 – Seller Subsidy: $11,397 - Tax living area: 2,022 sq. ft. Days on market – 27. Sold - 7311 … [Read more...]
First Time Home Buyers
First time home buyers should realize that real estate is a long-term investment. And, a sure way to build wealth and enjoy the tax advantages of home ownership. Renting offers little financial advantages, but provides a peace of mind and worry free living. Plus, renting provides the landlord with tax and equity advantages that you should benefit from as a buyer. Now, is the time for first time home buyers should seriously think about investing in a home. First time home buyers will take advantage of the below market interest rates and other government down payment assistance programs. The current market has seen a rise in home prices due to the lack of inventory - seller’s market. In a few years, the property you purchase today will be worth more in the future. The first step in the home buying process is to contact a mortgage lender to determine your buying power. A Realtor can refer you to a lender in your local area. A mortgage lender will check your … [Read more...]
The Basics of Mortgage Financing
The basics of mortgage financing for each type of mortgage financing as it relates to credit, income and assets follows. We have included helpful tips that will help home buyers in situations that are unique and do not follow cookie cutter conventional financing.Credit score: Currently, the lowest credit score is 620 if no mortgage insurance is needed. And, 640 if mortgage insurance is required. Loan officers cannot manually underwrite conventional loans. They must have an Approve/Eligible in the automated underwriting system.Unlike Federal Housing Authority (FHA) loan - Conventional loans carry risk based pricing adjustments so the lower the credit score the higher the rate and mortgage insurance rate. Typically, a buyer with low credit scores will be much better served using FHA financing because the rate and Mortgage Insurance (MI) will cost less for them.Income:The maximum debt to income ratio is typically 45%. However, a Loan Prospector with good … [Read more...]
Are you Ready to Make the Leap into Home Ownership?
Are you ready to make the leap into home ownership? Are you still living at home? Renting a home to own? While everyone moves at their own pace now is the time to take advantage of the historically low interest rates. In addition to, local and federal programs available to first time home owners. Here are some a few signs to observe to determine if it is time to own your own home. Let's take a look at some of the reasons you should consider to justify your home buying decision.Are You Sticking Around? If you plan on moving soon for a job transfer. Or, plan on moving in the future for other family reasons - it may be better to rent. However, if you are thinking about living in the same city, town or within the same county for years to come - it is time to put down roots! You will appreciate the stability that comes with home ownership. Home ownership can make you more prepared for a marriage and/or a family if that's the lifestyle you prefer. The stability of … [Read more...]
Home Inspections – How to Get the Most Value
Home Inspections - How to Get the Most Value: One of the most stressful parts of selling a home is the dreaded home inspection. Getting the most value from a home inspection is crucial, especially since any missed item can cause a significant amount of trouble a few years or decades down the road. With that in mind, let's take a look at a few tips on how one can get the most value from a home inspection.Home Inspections - How to Get the Most Value : Keep Calm And Allow the Inspector to Have Full Control For sellers - having a stranger paw through every corner of their house is frustrating. To a seller their home have emotional value and no one wants to hear about their homes' flaws. The key to a successful inspection lies in remaining calm. Blowing a fuse or arguing with an Home Inspector is a sure way to lose money!Stay calm, smile, and accommodate the inspectors instructions. The payoff is worth it!How to Get the Most Value - Understanding The ProcessBuyers … [Read more...]
Thinking About selling a home with Tenants still living inside
Thinking about selling a home with tenants still living inside – A condo or a house you have rented out for some additional revenue? If so, you're likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today's blog post we'll explore how to sell your home while you're renting it out to tenants and share three tips that can make the process a bit easier. #1: Review Local Laws and Your Tenancy AgreementFirst, you'll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You'll want to ensure that you conduct yourself in accordance with the rule of law in your local area or you may end up in court if the process goes sour. #2: Communication is a Vital Part of the ProcessNext, you'll need to … [Read more...]
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