28 Aug
Use this Renovation Wizard to calculate the cost of renovating your current home versus shopping for a new one. If you’re serious about upgrading, you may want to ask a buyer’s agent to show you a few options on the market.
As you check out these other places, compare and contract the amenities to what your existing home offers. Obviously you don’t want to downgrade from what you already have.
27 Aug
Just 23% of short-sale offers homeowners receive actually close, according to a February study that included 1,300 real estate agents. A short sale occurs when a home sells for less than is owed to the bank and has been viewed as an alternative to foreclosure.
However, lengthy delays on the mortgage lender’s end has prompted many would-be homebuyers to walk away from their deals. The delays are causing much frustration for homeowner’s who owe more than their homes are worth as well as real estate agents and homebuyers who are eager to settle their transactions.
Short sales use to be rare but are coming more popular as an alternative to foreclosure. A short sale is a lighter blemish on your credit record than a foreclosure, and while the mortgage lender does money on a short sale, the loss is far greater (and a hassle) in the case of foreclosure.
The good news is the federal government is stepping in and mortgage lenders are getting in gear. There’s hope that the short sale process will become, well, shorter in the future.
Wondering about short sales in the Washington Metro Area?
View homes for sale >>>
24 Aug
I received an advertisement for a real estate class in my inbox this morning, and I found this one bit interesting:
“Historically, pricing strategy was simply a matter of identifying cost, adding an appropriate margin and passing it along to customers. In today’s market, consider “preemptive pricing” for quick market penetration. This approach means offering low prices in anticipation of future volume increases.”
Lower home prices mean better deal for home buyers. It could be some time before the market swings back in your favor.
Contact me for more details.
19 Aug
More Potomac homes sold and at lower prices in July, further proof that this is a buyer’s market. It was a similar story in Bethesda and Chevy Chase, where property sales increased and prices dropped.
The latest numbers show that 75 Potomac properties sold in July 2009, an increase of 44% compared with the same period last year when 52 properties sold. In Bethesda sales were up 26%, and in Chevy Chase more than half the homes sold in less than 30 days.
If you’re a first-time homebuyer you still have time to take advantage of the First-time Homebuyer Tax Credit worth up to $8,000. Principal residences – including single family homes, condos, town homes and co-ops – are all eligible for the tax credit. The revised credit counts toward home purchases made on or before Dec. 1, 2009, so don’t wait too long if you’re looking to take advantage.
And if a tax credit doesn’t appeal to you, perhaps a 3.875% conforming mortgage rate will. Rates haven’t dropped this low in quite some time. Lots of people are already flocking to the market, so these numbers won’t hold long. If you and that house you saw while browsing the MLS are meant for each other, now is the time to make your move.
18 Aug
The conforming mortgage rate is at 3.875%, while five-year adjustable rate loan is up to $417,000. No points. I’ve have not seen rates like this in a long time … contact me for more information.
6 Aug
Changes to the Truth in Lending Act (TILA) now require lenders to provide consumers “early disclosure” of good faith estimates of mortgage loan costs and a minimum seven-day waiting period between disclosure and closing.
This means it’s all the more important for lenders to obtain an accurate settlement fee quote from their title agent as early as possible.
The Federal Reserve has highlighted the major changes in the truth in lending early disclosure requirements in the chart below:
To avoid delays in the closing process, lenders must be precise. The new requirements also call for an additional three business days of wait-time before consummating a loan transaction should the APR reflected in the initial disclosure vary by more than an eighth of one percent (.125%).
It’s important for home buyers to understand the process of purchasing a home. While this change in legislation really applies to the mortgage lender, future home owners should be aware so they don’t encounter any unexpected surprises — or closing delays — at the end of their real estate transaction.
Your real estate agent will guide you through the process of buying a home.
4 Aug
Walking isn’t just good for your health. Studies show it’s good for local business, and it’s good to spend a little face-time with the neighbors. Walking is good for the planet, too.
Many communities near Washington, D.C. offer a variety of lifestyles. Whether you enjoy shopping in boutique and department stores, dining in an array of unique restaurants or exploring the outdoors, you’re sure to find a number of ways to fill your weekends.
Depending on where you live, it may not be necessary to own a car. In fact, some residents prefer to live car-free. WalkScore is a great online tool that rates a neighborhood’s “walkability.”
So far the site has ranked more than 2,500 U.S. neighborhoods, and Washington, D.C. ranks as one of the Top 10 most walk-friendly cities in America. Check out D.C.’s most walkable neighborhoods.
There’s a lot to consider when buying a house. Access to local amenities is on the minds of many home buyers, as is proximity to local schools.
As you shop for a home, consider how important proximity is for you.
30 Jul
It’s not that DC is exempt from the hardships of the worst economy in the last 80 years. But federal spending has definitely sheltered the District from the worst of it.
Washington has earmarked dollars for alternative energy projects and plans to modernize health care record-keeping practices. And technology firms, big utilities, foreign investors — even Donald Trump — have taken notice.
The Donald reportedly purchased a golf course in the area, while many construction companies, architects and building managers are considering building a presence in the area as well.
So what does this have to do with buying a home in the DC Metro Area?
Homes in suburbs such as Bethesda, Potomac and Chevy Chase tend to hold their value even during trying times. Purchasing a home in those neighborhoods remains a sound investment.
Click on the suburb name to get more information or to view listings:
Furthermore, the latest reports are showing an increase in home sales, prompting some experts to say the worst of the recession is behind us.
28 Jul
If you’ve been considering a home purchase, now’s as good a time as ever to make a solid investment and take advantage of the real estate market.
New home sales jumped 11 percent this quarter, the highest gain in nine years, according to the latest reports released this week, while previously owned home sales increased for the third straight month.
The DC Metro Area is also showing signs of recovery, where homes sold at a higher clip compared to the same period a year ago.
Home buyers are rushing to capitalize on record-low interest rates, a newly enacted temporary tax credit for first-time home buyers and rock-bottom prices due to foreclosures, the Washington Post reports.
Homes in Bethesda, Potomac, Chevy Chase and elsewhere in the DC Metro Area are priced to sell, but the trend won’t last forever A buyer’s agent can help you sort through the details of the home buying process. Here are a couple of links that will show you active properties:
23 Jul
What steps to take when you’re ready to purchase a home …
If you’re a first-time homebuyer, the task of purchasing real estate may seem a little daunting. Those feelings of apprehension will turn to excitement, however, once you’ve found your perfect home and are ready to close escrow.
Here’s a series of steps to help you through the homebuying process, from finding the right realtor to finding the perfect home, and all the details in between.
Sign papers to purchase home
When the buyer and seller have reached an agreement on the contract, it is then time to open escrow. A title company will come and investigate existing liens, prorate taxes and insurance policies and, essentially, ensure the seller can legally sell the property.
The title company will notify the county recorder of the transfer title, and escrow closes when the recorder notifies the title company that the deed has been changed from the seller’s name to the buyer’s name.
Congratulations, the keys are yours.
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