First time home buyers in Prince George's County have easy access to money to buy a home through the MyHome Programs. And, these grant programs can also be used with 203k streamlines loans so it helps when the property is in need of repair. In addition there is a MY HOME II program available to first time buyers. Here are some highlights of the MYHOME program: MY HOME PROGRAM: * Loan amount up to $20,000 based on 80% area median income * Loan amount up to $60,000 based on 50% area median income * Entire county is eligible * Loan is given at 0%, deferred payment. Buyer must pay back in full if the house is sold, transferred or ceases to be their primary residence in 15 years. After 15 years, the loan is fully forgiven. * Maximum sales price of $295,000 for resales and $370,000 for new construction * Debt to income ratios of 33%/43% * Foreclosures require 1% discount from appraisal completed within 60 days … [Read more...]
Buying a Home
Buying a home gets easier! The latest market news - Federal Home Loan Bank (FHLB) replenished their funds for 2015. Funds are limited and will go very fast because the grant is very popular and easy to obtain for buyers. Federal Home Loan Bank is offering $5,000 to first time homebuyers if they contribute a minimum of $1,250 into buying their home. And, those monies can actually be gifted as well. Buyers can actually contribute less monies but their grant will be reduced because it is based on a 4:1 ratio. For example, if a buyer wanted to obtain $2,500 of grant monies then they would only have to contribute $625 or half of the $1,250. And, the fees they pay upfront can be used to meet their contribution so the earnest money deposit and appraisal fee can be used towards their minimum contribution. The reasons why this grant is better for buying a home over other programs if a buyer's income qualifies: • The grant is forgivable after 5 years entirely. If a buyer vacates the … [Read more...]
Victoria Falls Market Watch-Condos
Victoria Falls Market Watch–Condos as of December 6, 2014 is an update on the Condo market activity in Victoria Falls (VF) community. We monitor the VF market to apprise the residents/neighbors, potential buyers and other interested parties on the real estate market in the VF community. The asking prices for condos vary according to condo model, added improvements, tax living area, i.e. interior size of living space, number of bedrooms and baths. There are three models available, i.e., The Kingston, The Dartmouth, and the Windsor models. They all vary in tax living area. Here goes the update for Victoria Falls Market Watch-Condos…. New to Market: 13801 Belle Chasse – List Price - $259,900.This is a Windsor model which is the largest luxury condominiums. Features include two bedrooms, two full baths and private garage. Approximate tax living area – 1,875. Days on market – 3. Rental: 13851 Belle Chasse – This is a Dartmouth model. Features include two … [Read more...]
Victoria Falls Market Watch – Villa Townhouses
Victoria Falls Market Watch – Villa Townhouses as of December 3, 2014 provides an update on the recent market activity at Victoria Falls (VF). We routinely monitor the VF market activity to apprise the VF residents/neighbors, potential buyers and other interested parties on the real estate market in the VF community. The asking prices vary from villa to villa based on added improvements, green features, tax living area, i.e. interior size of living space, number of bedrooms and baths. Here goes…. New to Market: 13136 Brooktree Lane – List Price - $334,900.This Craftstar villa townhouse is listed under the Freddie Mac Initiative program (Pending foreclosure). Features include three bedrooms and one full bath. This is a little odd considering most of the homes in Victoria Falls include at least two full baths and half…. Approximate tax living area – 1,356. Days on market – 11. 7101 Piney Woods Pl. – Contingent Contract with No Kick-Out. This Drees end unit villa townhouse listed for … [Read more...]
Victoria Falls Market Watch – Single Family Homes
Victoria Falls Market Watch - Single Family Homes as of November 14, 2014 is an update on the real estate market activity within Central Parke at Victoria Falls (VF) community. Over the last six months the inventory of single family homes was limited to one sale of a Michael Harris home. We monitor the VF market activity to apprise VF residents/neighbors, potential buyers and other interested buyers and parties. New Rental Listing - 7400 Heartleaft Circle - listed at $2,850. This Michael Harris Home features four bedrooms, two full bath and half. Approxiamate living area is 2,183. Days on Market (DOM) - 6. This information is being provided as a courtesy. If you would like to subscribe to a Market Snapshot of this or another community send us an email at [email protected]. Or, give us a call at 301-483-8073. A Market Snapshot will provide an overview of a particular neighborhood. And, can be set-up for distribution on a daily, weekly or monthly basis. We are … [Read more...]
Victoria Falls Market Watch – Villa Townhouses
Victoria Falls Market Watch – Villa Townhouses as of November 14, 2014 is an update on the Victoria Falls (VF) Community real estate market since the last edition. We monitor the VF market activity to apprise VF residents/neighbors, potential buyers and other interested parties. The asking prices vary from villa to villa based on square footage, energy savings features such as solar panels, tax living area, i.e. interior size of living space, number of bedrooms and baths, and other added features that may or may not play a role in determining the final sales price. Contingent Contract - No KickOut - 7101 Piney Woods Pl. – Drees end unit villa townhouse listed for $415,000. Features include three bedrooms, two full baths and half bath. Approximate tax living area 3,304. Days on market (DOM) – 20. Active Listing – 7218 Winterfield Ter. – Craftstar end unit villa townhouse currently listed at $347,500. Adjusted from the $350,000. Features include three bedrooms and three full … [Read more...]
Victoria Falls Market Watch – Villa Townhouses
Subject: Victoria Falls Market Watch - Villa Townhouses Victoria Falls Market Watch – Villa Townhouses as of November 6, 2014 provides an update on the real estate market activity in the Victoria Falls (VF) community since our last edition. We routinely monitor the VF market activity to apprise the VF residents/neighbors, potential buyers and other interested parties. The asking prices vary from villa to villa based on square footage and living arera, i.e. the tax living area - interior size of living space, number of bedrooms and baths,location and other added features that may or may not play a role in determining the final sales price. Contingent Contract - No KickOut - 7101 Piney Woods Pl. – Drees end unit villa townhouse listed for $415,000. Features include three bedrooms, two full baths and half bath. Approximate tax living area 3,304. Days on market – 20. Listing – 7218 Winterfield Ter. – Craftstar end unit villa townhouse currently listed at $347,500. Adjusted from the … [Read more...]
Victoria Falls Market Watch – Villa Townhouses
Victoria Falls Market Watch – Villa Townhouses as of October 16, 2014 is an update on the real estate market activity at Victoria Falls (VF) since our last edition. We monitor the VF market activity to apprise the VF residents/neighbors, potential buyers and other interested parties on the real estate market in the VF community. The asking prices vary from villa to villa, i.e. the tax living area - interior size of living space, number of bedrooms and baths, location and other added features play a role in setting the final asking price New Listing – 7101 Piney Woods Pl. – Drees end unit villa townhouse listed for $415,000. Features include three bedrooms, two full baths and half bath. Approximate tax living area 3,304. Days on market – 18. New Listing – 7218 Winterfield Ter. – Craftstar end unit villa townhouse listed for $350,000. Features include three bedrooms and two baths. Approximate living area – 1,462 sq. ft. Days on Market – 6. Listing – 7118 Piney Woods Pl. – Drees villa … [Read more...]
Victoria Falls Market Watch – Villa Townhouses
Victoria Falls Market Watch – Villa Townhouses as of October 1, 2014 show an increase in the market activity of villa townhouses within the VF Community. We periodically monitor VF market activity to be able to apprise and update our neighbors, potential buyers and other interested parties on the real estate market in the VF community. Although the asking prices vary from villa to villa the actual size, location and added features are a significant factor in determining the final asking price. New Listing – 7101 Piney Woods Pl. – End Unit Craftstar villa townhouse just listed for $415,000. Features include three bedrooms, two full baths and half bath. Approximate tax living area 3,304. Days on market – 3. New Listing – 7118 Piney Woods Pl. – Craftstar villa townhouse listed for $369,500. Features include four bedrooms, two full baths and half bath. Approximate tax living area - 3,005 sq. ft. Days on Market – 26. Contingent Contract/No Kick-Out – 7307 Birdcherry Lane … [Read more...]
Can you negotiate the price of a newly built home?
Can you negotiate the price of a newly built home? Let's say....it can be quite difficult because the builders’ final sales price is based on the construction cost increases and inventory of homes available for sale. But, it can be done! Subsequently, the best time to begin negotiations on a newly constructed home, and to have some input into the final cost is during the planning phase with the new home sales manager. Be sure to have your Realtor representative there at the initial introduction to the new home development. At this time you will select exactly what amenities, appliances and finishes you would like or don’t like in your new home….Your decisions on the type of materials used and other special options will influence the final sales price. After the initial contract is written the new home sales manager will discuss your selection of options, e.g. cabinets, counter tops, carpet, hardwood floors, finished rooms, etc. It would be wise to have a good understanding of … [Read more...]
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