Real Estate Information Archive

Saving the down payment may be unnecessarily keeping would-be buyers from getting into a home. They may be unaware that the funds might be available. The NAR Profile of Home Buyers and Sellers reports that 81% of first-time buyers got all or part of their down payment from savings. Less than 4% said that all or part of the down payment came from a withdrawal in their IRA and 8% from their 401(k) or pension fund. Traditional IRAs have a provision for first-time buyers which include anyone who hasn’t owned a home in the previous two years. A person and their spouse, if married, can each withdraw up to $10,000 from their traditional IRA for a first-time home purchase without incurring the 10% early-withdrawal penalty. However, they will have to recognize the withdrawal as income in that tax year. For more information, go to IRS.gov. 

Allowable withdrawals from traditional IRAs can be from yourself and your spouse; your or your spouse’s child; your or your spouse’s grandchild or your or your spouse’s parent or ancestor. Roth IRA owners can withdraw their contributions tax-free and penalty-free at any age for any reason because the contributions were made with post-tax income. After age 59 ½, earnings may be withdrawn as long as the Roth IRA have been in existence for at least five years. Up to half of the balance of a 401(k) or $50,000, whichever is less, can be borrowed by the owner at any age for any reason without tax or penalty assuming the employer permits it. There can be specific rules for loans from a 401(k) that would determine the repayment; interest is usually charged but goes back into the owner’s account. You can consult with your HR department to find out the specifics.

A risk in borrowing against a 401(k) comes if your employment ends before the loan has been repaid. The loan may have to be repaid as soon as 60 days to keep the loan from being considered a withdrawal and subject to tax and penalty. Even if you continue with the same employer, failure to repay the loan could be considered a withdrawal also. Your tax professional can provide you specific information on how making a withdrawal from your retirement program might affect you. Additional information can be found on www.IRS.gov.

Special consideration is made by IRS for the sale of a jointly-owned principal residence after the death of a spouse. Surviving spouse may qualify to exclude up to $500,000 of gain instead of the $250,000 exclusion for single people if certain requirements are met.

• The sale needs to take place no more than two years after the date of death of the spouse.

• Surviving spouse must not have remarried as of the sale date.

• The home must have been used as a principal residence for two of the last five years prior to the death.

• The home must have been owned for two of the last five years prior to the death.

• Survivor can count any time when spouse owned the home as time they owned it and any time the home was the spouse’s residence as time when it was their residence.

• Neither spouse may have excluded gain from the sale of another principal residence during the last two years prior to the death.

If you have been widowed in the last two years and have substantial gain in your principal residence, it would be worth investigating the possibilities. Time is a critical factor in qualification. Contact your tax professional for advice about your specific situation. Contact me to find out what your home is worth in today’s market. See IRS Publication 523 – surviving spouse. 

Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand. Image: What Ever Home Buyer Should Know The first step is to find out what mortgage interest rates are at the current time.

You can typically do this with a couple of phone calls to lenders or some quick looking on the internet. Get your rates on conventional fixed rate loans. Now use this handy table to see what your payment would be at different price ranges and interest rates. Payments might be higher or lower than those shown in the chart depending on current interest rates. To obtain a very clear picture of how much home you can actually qualify for, the best idea is to contact a reputable local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need.

Typically, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.

We work with a number of loan officers and would be happy to recommend one right for you. Click here to contact us today. We are happy to help!

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It seemed as though Winter would never end this year. And if you have been searching for something new to do, it might be just as far as the next town over. With warming weather in Southern Maryland, comes an array of activities that the whole family will enjoy.  The Maryland Office of Tourism is a great way to begin your search for fun things to do in Maryland. Their website is www.visitmaryland.org, and it features hundreds of activities which are right outside your door, and many of them are free.

Did you know there is a 30 acre art and sculpture museum in Solomons. It is called Annmarie Gardens, in association with the Smithsonian Institute, and features museum quality art in a beautiful outdoor setting.  Daily activities include exhibits, scavenger hunts and toddler tours.

How about a wine tasting tour? Wineries and vineyards have been popping up all over Maryland, including Cove Point Winery and Vineyard in Lusby, and Friday’s Creek Winery in Owings.  Many Maryland wineries are within an hours drive of Southern Maryland, and offer beautiful panoramic views and great spots for a basket lunch.

A visit to Historic St. Mary’s City offers a fun way to learn something new about Southern Maryland. The state's first capital in beautiful tidewater Southern Maryland is St. Mary’s City. Archaeology and living history, replica 17th-century tall ship, tobacco plantation, town center and Indian hamlet. There is at least a full days worth of fun your family will enjoy.

Want something more structured? Southern Maryland Tours offers Historic guided tours in the Tri County area. Or visit Historic Port Tobacco for a guided tour through a Colonial village with one room school house and court house.

Of course with warmer weather comes an array of water activities. Being surrounded by water on three sides means plenty of fishing and crabbing, boating and swimming.  All of these activities and more can be found online with the Maryland Office of Tourism as well as in the Destination Maryland magazine offered at the Maryland Welcome Centers, as well as in our offices here at DeHanas Real Estate Services.  Get out there and enjoy what Southern Maryland has to offer.

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There is much in the news today about the effects the housing market is having on the recession, but there are a few facts that are often overlooked by the media.

While it is true that the median price of an existing single family home actually did drop by 1.8% from 2006 to 2007, it is important to put it into context. Over the previous six years, the typical length of time an owner stays in one home, the median price has risen nearly 40%. Those owners simply gave back a small percentage of that gain, still leaving them with a very handsome appreciation rate.

Mortgage interested rates today are hovering around 5.5% and lower, about the same as they were 45 years ago. Interest rates on fixed rate and adjustable rate mortgages have been trending down. Falling rates do not portend a recession.  Interest rates on jumbo loans, however, remain well above the conventional mortgage rates, as they are above the Freddie Mac and Fannie Mae limits. Therefore, it isn’t surprising that the share of single-family homes selling for more than $500,000 fell to 12.4% in early 2008 from 14.2% just a year earlier.  This could also account for some of the drop in the median price over the past year.

Low mortgage rates trump the job markets during a recession. The last recession was in 2001 and the Federal Reserve was cutting rates, and mortgage rates were falling. As a result, home sales began to rise sharply.

Past deep housing recessions were accompanied by prolonged job losses and rising interest rates. We have falling interest rates today.

The economy added about 4 million jobs over the last two years preceding the recession. Household formation is about half of what it should be given the employment growth, which indicates that many buyers are sidelined now.

When the housing market begins to recover, this will signal the beginning of the overall economic recovery. We have historically low interest rates, while higher interest rates have been characterized in past recessions. The National Association of Realtors predicted economic expansion to slow in 2008, but the bottom line is, with lower interest rates we are likely to avoid a deeper recession.

For information about real estate trends in your local community, please contact your local real estate experts; The Rachel DeHanas Team at 301-870-1717 or 1-800-842-0190, or visit their website at www.DeHanas.com.

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A Realtor is a licensed real estate professional who is a member of the National Association of REALTORS, The Voice For Real Estate, and subscribes to its strict code of ethics and standards.

The term Realtor is a registered collective membership mark that identifies a licensed real estate professional who is a member of NAR.

There are approximately 2.6 million licensed real estate professionals in the United State, but only 1.3 million are REALTORS. NAR membership is composed of residential and commercial REALTORS who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. There are more than 1,400 local associations and boards and 54 State and territory associations of REALTORS. Members join NAR through their local Realtor association.

The term “Realtor” and REALTORS” is not synonymous with “real estate agent” and “real estate agents”. The NAR code of ethics obligates REALTORS to be honest with all parties involved in a transaction, whether buyer, seller or cooperating agent. The Code requires REALTORS to identify and take steps to illuminate practices which may damage the public or which might discredit or dishonor the real estate profession.

REALTORS must take a refresher training course and pass an examination on the CODE of Ethics every four year cycle. Real Estate licensees who join NAR are required to take orientations classes on the code.

The role of REALTORS in our communities goes far beyond the real estate transaction process of buying and selling. As local business owners and residents, REALTORS are vested in building healthy and vibrant communities across the country neighborhood by neighborhood.

REALTORS across the country participate in many several NAR programs that improve our communities. The Housing Opportunity Program provides tools and recourses for promoting affordable housing at local, State and National levels. The Good Neighbor Awards honor REALTORS who have made an extraordinary commitment to improving the quality of life in their communities through volunteer work.

State and local Realtor Associations also initiate community projects of their own to improve the communities in which their members work and live. Many REALTORS work with local and State Habitat for Humanity Programs, food drives, and A Day For Caring programs.

For more information about public outreach and community programs sponsored by the National, State or Southern Maryland Association of REALTORS, please contact The Rachel DeHanas Team at 301-870-1717 or 1-800-842-0190, or visit their website at www.DeHanas.com.

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Don DeHanas, Broker of DeHanas Real Estate Services in Waldorf, recently announced the affiliation of Jeremy Cronin.  "We are excited to have Jeremy join out Team." says DeHanas. "His years of serving the public coupled with his high level of enthusiasm and technical knowledge, makes Jeremy the kind of agent that his clients will want to refer to their family and friends. He is a perfect addition to our team."

Jeremy Cronin has over 10 years of retail and small business management experience. After several years in wireless communications spread out across the country, Jeremy started Maryland’s first urban winery in Montgomery County, MD. He grew the business into the third largest winery in Maryland and then sold it in 2015. With this entrepreneurial spirit in mind, and his strong sense for providing exceptional customer service, Jeremy began his real estate career. Being an investor with several rental properties spanning multiple states, Jeremy understands the needs of home buyers and sellers. He knows how to use technology and resources to generate demand for your property, provide buyers with the detailed information they desire and the ability to respond instantly to online inquiries. With an in-house custom Internet marketing program, Jeremy can determine how to generate broad online exposure for home sellers at America’s leading real estate internet sites and portals, selling homes quickly and for the best possible price. To satisfy online home buyers, Jeremy’s listings have multiple photos and detailed property descriptions – two of the most sought after features by online home shoppers.

DeHanas Real Estate Services, specializes in all aspects of residential property sames and property management, including Bank-owned home sales, short sales,  and investment properties. They are conveniently located in Waldorf at 1218 Smallwood Drive, near the St Charles Towne Center Mall.  They are family owned and operated and service Washington DC, Maryland and Northern Virginia.

Southern Maryland offers a wide variety of new homes and communities to fit every lifestyle. From swim and tennis neighborhoods to over 55 communities, there is something for everyone. Home builders in the region include local builders and nationally known companies. And new construction varies from pre-designed to completely custom-built. Architectural appeal, interior design and luxury features are unique from builder to builder. Finding a reputable builder can be a challenge.

With many local and regional builders like Wilkerson Builders, Lennar, Ryan Homes, Quality Build Homes, DR Horton, Marrick and more, there are a large variety of builders from which to choose. And the communities are just as diverse as the builders building in them.

Selecting the right home building firm to build your home is one of the most important decisions you will make in the home buying process. Our Free report “Ten Things You Need to Know before Selecting a Home Builder”, will help guide you to make the right decision in choosing the new home builder to build your dream home!

Get builder and community information at : CharlesCountyNewHomeBuilders.com

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Power of Community

This year, I decided I wanted to hold a Toy Drive with all donations going to local Charles County children that may not have much or a Christmas at all.  Because of my relationship and involvement with the local soup kitchen, Our Place Waldorf, I reached out Deanna Gerhart and told her of my idea and I asked her if I could surprise the children that attend the dinners on Thursday nights at Good Shepherd Church for Christmas, she happily agreed.   And the story began ….

In my vision, I saw “Santa” walking into the church with a big bag of toys while watching the eyes of the children light up.   I then asked around to see if anyone had a Santa suit that we could borrow and Deanna said she not only had one but that another wonderful supporter of Our Place Waldorf, Mike agreed to be Santa.  

I then reached out to my broker, Don DeHanas and asked if he would allow me to place a toy donation box at our real estate office in Waldorf, again he happily agreed.   He also said that I could print as many signs as needed using the office printer.   That alone is a HUGE donation and saved me a lot of money.

My next step was to find large sturdy boxes to transform into Toy Drive donation boxes.    I reached out to Matt McKendree, the owner of McKendree Moving & Storage to see if he would donate 4-6 boxes for the event.   The answer I received was not only a yes to the boxes (and as many as I need) but also an offer to be another Toy Drive drop off location.  Joan at his office was amazingly helpful and happy to be a part of this event. 

I then contacted my wonderful, supportive, very pregnant daughter-in-law Liz Mildenstein who not only gives her time whenever asked but is also a very talented designer of print materials if she would help design the signs, again another yes.   She also volunteered to place a Toy Drive donation box at her office, AVIAN, LLC in Lexington Park and did.

The neighborhood I live in, Greenmont which is Waldorf is filled with very giving, generous families that consistently support Our Place Waldorf making food donations to our home so that we can take it to Our Place Waldorf on Thursday nights.   I created flyers and took them house to house asking for their support by making toy donations to us at our home and as expected, they were very generous.   We even had neighbors, Mike & Melody Coates that we never met before bring bags and bags of toys then showed up the following week with a lot of food and a commitment to start bringing monthly food donations.  Power of Community! 

Since I was getting so much positive support, I decided to contact Sid Rahai, the owner of Avant Garde Carpet One Floor & Home located in Waldorf to see if he would mind being another drop off location and again, it was a YES!  Sid is a wonderful, caring man that we have had the pleasure of knowing for many years!

Once the signs were finalized, I reached out to a few local printers to see if anyone was willing to donate a very large sign to place in the front glass of our office at DeHanas Real Estate Services.   I quickly received a response from Cindy, the owner of Waldorf Signs and she said she would be happy to make and donate the sign.   She had it ready in just a matter of days and I could not have been more thankful!   She and her husband were so gracious!

Things just kept falling into place.   Although I had established 5 great Toy Drive drop off locations, I still had the nagging worry that I would not collect enough toys for each child at Good Shepherd Methodist Church.   Once again, I asked Deanna Gerhart along with many others if they could think of another local business that may be willing to be a drop off location.  Deanna told me I should contact Eric Kriemelmeyer, the owner of FASTSIGNS of Waldorf, as he has been a huge supporter of Our Place Waldorf.  I sent him an email asking if he would mind me putting up a Toy Drive box at his store which is right on Rt. 301 in Waldorf.   The response I received was shocking.   He not only happily agreed but offered to print yard signs for each of my drop off locations, put the sign up on his LED marque which faces Rt. 301 and to extend an offer of 10% off all printing for each of my sponsors.   I was and still am overwhelmed by his generosity.  

About two weeks before the deadline of December 15^th, my broker Don DeHanas held a holiday party and when guests asked what they could bring, he said “a toy”.  Well, apparently Don knows a lot of people because the following Monday, he and his partner David Strickland brought a truckload of toys for the Toy Drive, all donations of his party guests.   I was overwhelmed and honestly, still am.

The last but not least drop off location came to me because of my wonderful friend and co-worker David Strickland.  He works part time for Rucci’s Deli in White Plains and he said the manager, JoAnne offered to be yet another Toy Drive location.   Again, I was so touched and saw the Power of Coummunity.   

As it got closer to the event and after doing an unofficial count of toys, it seemed like we were lowest on gifts for teenagers.  I was just about to start panicking when Deanna Gerhart called me to say that one of the Our Place board members, Cyndi Modlyn has been collecting toys and gift cards for the event she should have nearly 50 toys and $500 in gift cards that would more than cover all the teenagers.  She is came in and saved the day! 

There have also been toys coming in from people who simply heard about it and sent toys with my wonderful gift wrapping helpers, Deanna Gerhart, Alyssa Gerhart, Linda Heimpel and Carla Dothard.  

There are so many other people that helped with picking up the Toy Drive donation boxes, such as my wonderful son, Justin Lambert and my very supportive husband, Mike Mildenstein as well as help with last minute details, including Liz Benitez and David Strickland again! 

In order to pull this off, I reached out to about 10 co-workers and family members asking them to be “Elves” on December 17^th.   The Elves will include my giving, patient son, Justin Lambert, husband Mike Mildenstein, stepson Chad Mildenstein, daughter-in-law Liz Mildenstein, friends and co-workers, Donnie Wilburn, Melissa Banchs, Don DeHanas, David Strickland and of course, the wonderful Mike M. as Santa!

I think it’s safe to say, I have received over 250 new, unwrapped toys and about $600 in gift cards.   This idea, which is all it was has shown me not only what can be accomplished with a little work and a lot of help but mostly, the true meaning of Christmas.  The outpouring of support, offers, donations and kindness has been an amazing, eye opening experience.   I am forever grateful to everyone, there is just no way that I could express that in words.  If anyone says there is no such thing as Santa, they have not looked inside themselves.  This community has proven he is real in all of us!  

I’m very grateful to the following for their help and to so many others that I don’t have names for but made such a difference to the families of Our Place Waldorf this year!!!  My family, Justin Lambert (son), Mike Mildenstein (husband) and Liz Mildenstein (daughter-in-law)

DeHanas Real Estate Services

McKendree Moving & Storage

Waldorf Signs

Avant Garde

FASTSIGNS of Waldorf

Avian, LLC

Rucci’s Deli 

And my wonderful neighbors in Greenmont

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