Real Estate Information Archive

Todays housing market not only proves to be challenging for most buyers and sellers, but some renters are also finding it is not-so-easy to secure a rental property.  The best course of action is to be prepared.  Here are some tips that will make the process smoother:

~Decide on a nieghborhood that best fits your needs and lifestyle.  Getting this information is easier today than it has ever been.  My website contains tons of information on communities in the area as well as relative links to area attractions.  Statistical information links on shcools, crime and weather can also be an inportant factor when deciding on a neighborhood.

~Make of list of your "likes" and "must haves". How many bedrooms do you need? Do you have to have more than 1 bath? If you have pets, will you need a fenced yard? You might like to have a garage, but is it a "must have"?  What can you afford? When searching for a rental property your objective is to weed out the properties that will not work for you. Try to limit your choices to 4 or 5 properties to preview.

~Schedule an appointment with your agent to preview properties. Rentals become available to show about 30 days before they are ready for occupancy.  If you need to move by January 1st, begin looking during the last week of November or the first week in December. Generally property ownrs do not want to hold a property for more than a few weeks to a month.

~Know what your credit looks like.  A persons credit has never been more important than it is today.  It is one of the tools that property owners utilize to make decisions about accepting an application. An applicant doesn't always need perfect credit, but generally this report provides a picture of how responsible the tenant will be with regards to paying the rent and utilities on time.

~When you apply for a rental property, be prepared to provide supporting documentation when requested. Sometimes the appication processor will request pay check stubs or tax returns, or other proof of income.  The application fee varies from real estate company to real estate company and generally ranges from $25-$50 per adult occupant. Aside from a credit check, the processor may also verify previous rental history, employment/income and criminal records. Make sure you have all of the information needed to complete the application.

~Have a back-up plan.  If your application continues to get rejected, do not fret.  There are other options. You might try searching for a for-rent-by-owner. In some cases, private landlords do not run credit, or do not place a strong emphasis on credit. Remember, Property Management companies and Realtors are hired by property owners to find them a strong quality applicant.  If you are open to apartment living, we can also help you rent an apartment. While apartment living might not be prefered, remember it is only temporary while you strengthen your credit.

Call one of our agents today to get started.  This service is free to tenants. Also free is the use of our moving truck to move into your rental home. Call 301-870-1717 or 800-842-0190.

New information just out from the Bankers Association of America have indicated that second quarter data shows 8.44% of the Nations homeowners have missed at least 1 mortgage payment during the months of April, May and June.  This comes as State and Federal investigators end thier investigations into faulty Foreclosure filings.  With this in mind, the number of short sales and foreclosures are likely to increase dramtically by the end of the year.

The most recent statistics by the National Association of Realtors will make any current home seller and real estate professional very jittery!

If you were a holding out from joining the real estate double dip club…this new data will 1000% convince you.

* Contracts signed to buy existing homes dropped off a cliff down month over month by 11.6%.  This means that the number of homes expected to close..the best predictor of the future health of the real estate market…are showing very dire signs.

* Year over Year (April 2010 vs April 2011) pending home sales are down 26.5%.

* No surprise with the huge decrease in pending home sales…Fannie Mae backed nearly 20 Billion dollars in few mortgages. Again, fewer home sales…fewer mortgages needed.

* HFA Mortgages delinquencies hit an all time high of 7.5%. That isn’t a huge surprised because most of their loans were originated during the boom.

A number of economists had predicted a double dip in home sales, and now the data supports those predictions.  The forecast is for the double dip in home values to run its course through 2011.  We are expected to see a break from this bad news in the Spring of 2012.

What does this mean for the real estate market?  We will continue to see short sales and bank foreclosures dominate the market, which of course translates into great deals for investors and home buyers.  In Southern Maryland, where there is an inventory shortage of available rental properties, the market is hot to scoop up homes that have mortgages significantly lower than what the same home rents for.

If you or someone you know is thinking about buying or selling a home, or if you are just looking for more information about the current real estate market, call us at 301-870-1717 or e-mail [email protected].

Sales of previously owned homes fell back 0.8 percent in April, according to a new report just released by the National Association of Realtors. The trade group says an unexpected recovery should be expected and notes that existing-home sales have risen in six of the last nine months. The share of distressed home sales also dropped last month, accounting for 37 percent of total sales volume, down from 40 percent in March.

Contrary to this report, my office has actually seen a consistant increase in traffic since the first of the year.  Additionally, we have seen a rise in new short sale listings. Alarmingly, many are homeowners who purchased within the past 1-2 years asking for short sale assistance, further contributing to the inventory of distressed properties.

If you know of someone who owes more on their home than it is worth, and are experiencing a hardship causing them to fall behind in their mortgage payments, please have them call me at 301-870-1717 x106. There are alternatives to Foreclosure.

Southern Maryland Market Watch

For those that thought they might have missed their opportunity to receive the benefit of an $8000 tax credit, here is a reminder:

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

• Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
• However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

• The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.
• However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
• A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

• “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
• “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Call DeHanas Real Estate Services and ask to speak with one of our Buyer Specialists, who can help you realize your dream of home ownership. Call 800-842-0190 today!

The Associated Press has just reported that new home sales are down for the third month in a row, with February sales at its’ lowest in over 50 years.  Evidentially, economists say that a healthy pace for new home sales is 700,000 a year, nationally, while we are currently on pace to building just 250,000….seems like we might have more than our share of new homes being built right here in Southern Maryland...at least in Waldorf.

Perhaps coincidentally, we have noted that it was about 3 months ago that the national builders in our area raised their prices, across the board by as much as $50k-$60 or more.  Consumers are obviously telling new home builders that they no longer see a value in buying new as a result of the price hike.

Another recent change in the market, and perhaps as a result of prices going up in new construction, is the rental inventory has fallen dramatically over the last 3-4 months, and we are seeing an increase in rental rates as a result.

This all sounds like a lot of bad news, but it could mean good news for the resale market. If home buyers are finding less choices, when it comes to selection, they might find resale homes, foreclosures and short sales more attractive options. If this happens, and I believe it already is happening, we might get out of this housing crisis that is currently upon us, sooner than later.  Prices are still declining and there is still an unknown amount of “shadow inventory” of bank foreclosures hitting the market, so there are still some unknown factors that will affect the outcome.

If you are an investor of residental properties in Charles County, the market couldn't be any better than it is now!  There are plenty of bargains on the market for the taking, especially if you are not afraid of a fixer upper.  And on the other hand, the rental inventory is at it's lowest in years, having recently dropped to less than 90 units in Charles County, and less than 50 in Waldorf. As a result rental prices are on the rise.

Investors are moving in and buying homes at unbelievably low interest rates, making some minor updates, paint, carpet and cosmetic repairs, and renting them within 30 days creating a positive cash flow for themselves of $200, $300, $500 and more a month!

Investors are either paying via mortgage loans or cash. We are also seeing investing groups (individuals, pooling their money together) who are making these kinds of purchases.

If you are in a position to buy two, three or four of these homes or townhomes, and turn around and rent them out, your monthly income could be as much you are currently making at a normal 9-5 job. There are tons of possibilities.

DeHanas Real Estate Services works with investors, helping them to reach their investment goals. Call today for more information, or to get started. 800-842-0190.

A total of 3.83 million Foreclosure filings were reported on a record high 2.87 million properties in 2010, up 2 percent from 2009 and an increase of 23 percent from 2008, according to a year-end study from Realty Trac, an on-line marketer of foreclosure properties.  The report concludes that 2.33 percent of all housing units in the United States (1 in 45) received at least one foreclosure filing last year. Nevada, Arizona and Florida posted the highest foreclosure rates in 2010.

On a positive note, the Foreclosure rates fell during the 4th quarter of 2010, which might be short-lived, as it is being attributed to all of the controversy surrounding the banks' mishandling of foreclosure documents.

If you want to know the current market value of your home, call 800-842-0190, or click on What's My Home Worth.

If you or someone you know owes more on thier home than it is worth, we may be able help you avoid Foreclosure. Contact us today!

DeHanas Real Estate Services is family-owned and operated.

Step back in time, through the magestic wrought iron gates and into this completely fenced 10.23 acre Historic estate known as "Bellevue". Features include 7 fireplaces, 5 BR and 5 BAs, including a tenant house and classic Greek Temple w/Grotesque perched high atop the columns. Seasons never change in the Orangery, offering a peaceful retreat with a 30 minute commute to Washington, DC.

Listed on the National Historic Registry, Bellevue is a fine example of an early 19th Century plantation house with deocrative elements in the Greek Revival Style. It exemplifies a house style typical of successful small planations of the period. It is one of only three surviving examples in Prince George's County of this onece popular 'Tidewater' house style. Bellevue is in excellent condition and retains its free standing chimneys with brick pent, as well as its roughly contemporary kitchen wing. It is a fine example of the early archetecture of the region.

PHOTO TOUR 

For more information on this home, or to schedule an appointment to preview it, please call Don DeHanas at 800-842-0190 x106