Update - Victoria Falls Third Quarter Market Watch – Single Family/Villa Styled Homes (SFH) summer issue summarizes the SFH and Villa styled homes market activity within the VF Resort Community through the quarter. This summer have shown a growing demand for SFH, villa styled homes and condos with an increase in sales prices during this same period. There were five Active listings and now there are only two active listing. This shows the improving market for this type of homes in VF. We’ve noticed a steady increase in the SFH close prices since our last blog in July. The recent sale of 7401 Forests Edge Ct.a SFH took over the top spot for the highest sales price at $490,000. Now, to the latest data regarding Single Family/Villa Styled Homes…… New to Market - 13202 Rabbit Chase Rd. - List Price: $359,900. This villa townhouse features three bedrooms, three full baths and attached garage. Tax living area: 1,464. Days on market - 13. New to Market - 7211 … [Read more...]
Home Buyers Assistance – State of Maryland
Home Buyers Assistance - State of Maryland have a great program to help home buyers obtain home ownership. And now, first time home buyers can get a tax credit too! If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you will be eligible for assistance of $5,000 at a MINIMUM. And, even if you have owned a home in the past three years, there are targeted areas where you can buy again without the 3 year wait. For example, the entire City of Baltimore is classified as targeted so any buyer can get $5,000 in assistance as long as they don't own any other property when they go to settlement. The Maryland Mortgage Program offers $5,000 in assistance or potentially more depending on the buyer's employer for down payment or closing cost assistance. So, if a buyer is purchasing a $200,000 home and they need 3.5% of the purchase price ($7,000) as a downpayment, this program will give them $5,000. If they then receive a full seller … [Read more...]
Victoria Falls Quarterly Condo Market Update
Victoria Falls Quarterly Condo Market Update as of May 2015, provides an update on the Condo market activity in the Victoria Falls (VF) community. As residential Realtors here at VF, we routinely monitor the VF market to apprise the VF residents/neighbors, potential buyers, sellers and other interested parties on the latest information regarding the market activity within the VF community. As you review the property information you will start to realize a correlation in the asking prices to the specific condo model, added improvements, tax living area, i.e., interior size of living space. There were three models available to homeowners when the condo buildings were constructed. The models are the Kingston, Dartmouth, and the Windsor model. Each model vary in the tax living area. We are overly excited to report that $259,900 was the highest price for a condo thus far in the community. With no seller’s subsidy to the buyer. This is great news for potential condo sellers who are … [Read more...]
MY HOME PROGRAM SUSPENDED
MY HOME PROGRAM SUSPENDED AS OF JANUARY 28 Nearly 1,300 Prince George's Homebuyers Have Been Assisted My Home Program suspended due to the overwhelming demand for down payment and closing cost assistance for first-time home buyers, the Redevelopment Authority of Prince George's County (RDA) has suspended the "My HOME" home buyer assistance program effective January 28, 2015, due to funding depletion. Completed applications received by January 28, 2015 that are pending approval, will be funded on a "first completed" basis, as additional funds become available. Since 2009, the Redevelopment Authority has assisted nearly 1,300 homebuyers purchase a home in Prince George's County. In 2014 alone, the RDA provided 267 loans to first-time, moderate income homebuyers which generated over $2,133,300 in property, recordation and transfer taxes for the County. "My HOME provided hundreds of families the opportunity to begin building family wealth, as well as stabilizing county neighborhoods by … [Read more...]
First Time Home Buyers
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. Here are some highlights of the program: MY HOME II * Loan amount up to $20,000 based on 120% area median income * Zip codes restricted to 20706, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784 and 20785 * 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, regardless of tenure in property. * No maximum sales price if buyer is between 81% to 120% of the area median income, limited to same restrictions as MyHome if median income is up to 80% * Debt to income ratios of 33%/43% And, this program can be combined with The Maryland Mortgage program as long as the loan does not need a 203k streamline for another … [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
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...]
What is PMI? Ask the Experts – Adolphus Hawkes Realtors
What is PMI? When you buy a house there are four key cost components that are included into your monthly mortgage payment. The four components are commonly referred to as “PITI”. PITI includes the (P) - principal amount of the mortgage, (I) Interest on your new mortgage, (T) county taxes and (i) insurance. Now, we will now explain how… and when PMI is added to your monthly mortgage. If you cannot afford to make a 20 percent down payment on a conventional loan - PMI, or private mortgage insurance protects your lender from loss in case of default. Having private mortgage insurance will allow you to make a significantly lower down payment than the required 20 per cent, and still obtain a traditional conventional financing. You could be eligible to cancel your PMI coverage if specific lender guidelines are met, e.g., having no late payments and the overriding factor - having built at least 20 percent equity. You build equity quickly when… and if your property value increases or, if … [Read more...]