Real Estate Information Archive

The DeHanas Team of Southern Maryland has just embarked on a new technology sweeping the real estate industry, and making the on-line home buying process that much more convenient!  With 3 Dimensional technology, a potential home buyer can completely view the home from the comfort of their home! Imagine buying a house without ever having to physically be there! The innovative tours, dubbed the Ultimate Virtual Tour, by DeHanas Real Estate Services, makes all of that possible!

Viewers will experience the virtual environment of the home, with the sharpest quality of image, and clarity. Don DeHanas, Broker/Owner of DeHanas Real Estate Services in Waldorf, MD says "The quality is amazing! The tour has incredible detail, allowing the viewer to investigate every nook and cranny of the house".  From desk-top to mobile device, the 3-D Virtual Tour allows the viewer to meander through the entire home as if they are actually walking through it. Home sellers are finding this techonology extremly benificial due to the amount of on-line buyer traffic it attracts, which is then reflected in actual showings or even offers without showings ever taking place.

Contact DeHanas Real Estate Services to inquire about listing your home and including the ultimate 3 D Virtual Tour at 301-870-1717301-870-1717.

Sample virtual tours can be viewed at DEHANAS ULTIMATE VIRTUAL TOURS.

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The decision to sell your home as a FSBO, or to find a Realtor to do the work for you, might seem like a tough one. On the one hand, by selling your house on your own, you don’t have to pay anyone else a cent of your profit. In fact, the number one reason people choose to sell their home on their own is for this exact reason—to avoid paying a commission.

So, let’s take a look at what exactly a Realtor’s commission pays for, and see if it’s worth it.

When you hire an agent to help you sell your home, keep in mind that their commission is actually an incentive for them to work their hardest, since the more your house sells for, the more they get. Helping you sell your home for the best price possible is in your best interest and the Realtor’s best interest. So, you can be sure that your Realtor is going to pull out all the stops for you. Moreover, Realtors depend on word of mouth to garner new clients. So, treating you unfairly, being lazy, or dropping the ball, are not in their best interest either.

Many people are afraid that a Realtor is going to want too big of a commission, and that it’s too much trouble to make sure they are getting a fair shake. The truth is, Realtors representing buyers basically charge the same amount, usually about 3% of the sale, depending on location and other variables, while seller’s representatives receive almost as much (on average). Again, Realtors depend on customer satisfaction to stay in business. They can’t afford to alienate potential customers by charging a commission way outside the average. This also means you can focus on looking for a Realtor that you really like and respect, rather than a price tag.

Selling homes is what Realtors do. Their income depends on their experience, their knowledge of market trends and comparable prices of homes in your area, their ability to negotiate and network, and their ability to tackle the selling of your home without the emotions you inevitably bring to the table. This last part is a much bigger deal than you’d think. People often take for granted just how grueling and emotionally exhausting this process can be. By hiring a Realtor, you are free to experience the necessary emotions of this major transition in your life, without compromising your judgment and, ultimately, the best possible scenario for selling your home.

In the end, a Realtor’s commission really does pay for itself.

Maryland residents should be very excited about the many benefits expected in our great state due to the Base Realignment and Closure (BRAC) decisions of 2005.

The Department of Defense chooses the BRAC process when looking to restructure military operations throughout the country in order to make our nation’s military stronger and better able to respond to homeland security needs. Maryland is one such state that will be taking on more responsibility in this endeavor. For example, the headquarters of the Defense Information Systems Agency (DISA) will be relocating from Virginia to Fort Meade, and Team C4ISR, which oversees several aspects of military communications and command, will be relocating from New Jersey to Aberdeen Proving Ground. These are just two of the many exciting military operations that will now call Maryland home.

So, what does this mean for Maryland residents?

Simply put, with a larger military presence, there will be civilian job growth in the security industry and services sector, with estimates of around 30,000 brand new jobs; there will be new career opportunities for Maryland’s young people, as some of our country’s most important operations are now closer to home; there will be an increase in the buying and selling of goods due to the increase in military personnel in the state; and there will be higher demand for Maryland real estate, as an estimated 28,000 military households are expected to relocate to Maryland.

These are all great things for Maryland!

Of course, with our low unemployment rate, reasonable cost of living, affordable housing, pride in our region’s history, and the natural beauty that abounds in our rivers, mountains, plateaus, and coastal ranges, there is a lot for our new neighbors to be happy about as well!

If you haven't taken the time to look at the 2010 Census results, you are missing some interesting trends surrounding population migration. As you might expect, States with heavy unemployment like Michican and Ohio saw declines in population. States with high Foreclosure rates like Florida saw no signficant increase or decrease, however Nevada, with one of the highest foreclosure rates in the country saw the highest population increase of any other State in the Union.

Not surprising, the Washington DC area also saw an increase in population.  Southern Maryland gained 15%-25%. With a population of over 146,000, Charles County lead the way in terms of growth in Southern Maryland.

I have worked with a large number of clients to date, helping them to avoid Foreclosure by short selling their home.  Many of my clients have been military, or Government employees who have been relocated out of the area, and for one reason or another are unable to sell their homes. Often, the only recourse many homeowners have is either short sale or providing the mortgage company with a deed in lieu of foreclosure.

A short sale is a lengthy process by which the property owners mortgage company agrees to allow the owner to sell their home for less than the current mortgage.  It allows the homeowner to avoid the pain and humiliation of Foreclosure as well as the devastating damage to their credit score A credit score can see a drop of as much as 250 points with a foreclosure.  In some cases, as will military and Government employees who have security clearances, job-loss can occur with a foreclosure on a credit report.

There are possible drawbacks, however.  The I.R.S. will see the debt forgiveness as income, and your lender may want to pursue a deficiency judgment, meaning that they may want that money back.  I highly encourage anyone considering a short sale to consult with a lawyer and/or CPA.  Each lender treats short sales a little differently, but this is an overview of what to expect. 

Communicate with your Lender

Do not avoid communications with the lender.  This will only make matters worse for you.  In some cases the lender will be able to work with you on a “Mortgage Modification”, adjusting your payments to make them fit into your current budget, allowing you to stay in your home.  This process, however, can be very tedious, and time consuming. Take plenty of notes and stay on top of correspondence. If this fails, consult a Realtor who has plenty of experience with short sales.

Locate an Experienced Full-Time Realtor

This costs you nothing, and anyone asking for up-front payment should be avoided.  An experienced Realtor should have a history of successful transactions.  Do not be afraid to ask for references.  An experienced short sale Realtor also has a designation as a Certified Distressed Property Expert (CDPE), which provides them with the tools and knowledge to get the job done  quickly.  In the case of a Foreclosure, “time is not your friend”.

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Be Prepared to Provide Documentation

Your mortgage company is going to want to know your complete financial history.  You will be asked to submit a financial worksheet, recent pay check stubs, recent bank statements, and in some cases the last two years of tax returns.  You will also need to send a letter of explanation, called a “hardship letter”.  Your Realtor should be able to help you with all of the documents.

Do Not Move!

Stay put until you get word from your Realtor.  Maintain all of the utilities and continue to maintain the property.  If a lender suspects the property is vacant, they will immediately seize the home and change the locks, making it difficult to sell.  You will have plenty of time to make other living arrangements.  Speaking of which, your Realtor will be able to assist you in locating a new home as well.

I can help you!

Call me! My advice and expertise is free to you.  My primary goal is the keep you in your home if at all possible.  When that is not possible I can guide you the entire way through the short sale process.  Call me at 301-870-1717 x106 or e-mail at [email protected].

If you are interested in viewing homes for sale in the Southern Maryland Real Estate area visit Charles County Real Estate, or call DeHanas Real Estate Services at 301-870-1717.

Prince George’s County Maryland has always been a great place to realize your American Dream, and the Prince George’s County Commissions are doing their part to make that dream a reality for more and more Americans. In an effort to combat two issues that the current housing crisis has cause;  Homebuyers not having enough money to qualify for a home, and the abundance of homes that have been foreclosed on that seem to be littering communities all over the County, a down payment assistance program has been developed for the purchase of Bank-owned properties.

The program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.

There is an income requirement:

Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size.  An income chart is provided below.

Effective Date : 4/27/2009
Median Family Income : 103,100.00 USD

Required Cash
50% or Below : 1,000.00 USD
60% -80% : 1,500.00 USD
%80 - %120 : 2,000.00 USD

This loan is a deferred payment, 0% interest. It must be your primary residence for at least 10 years, and you do not have to repay the loan if you stay in the home for 10 years or longer.

This program will provide down payment and closing cost assistance loans for purchases of vacant foreclosed properties in eligible zip-codes in Prince George’s County. The down payment and closing costs assistance will be higher for purchases in Target Areas or for Workforce Housing.

20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.

Of the 33 zip codes above the following are considered Target Zip Codes:

20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774

For more information on qualifying for this program, call DeHanas Real Estate Services at 301-870-1717 or 301-638-3443.

Prince George’s County Maryland has always been a great place to realize your American Dream, and the Prince George’s County Commissions are doing their part to make that dream a reality for more and more Americans. In an effort to combat two issues that the current housing crisis has cause;  Homebuyers not having enough money to qualify for a home, and the abundance of homes that have been foreclosed on that seem to be littering communities all over the County, a down payment assistance program has been developed for the purchase of Bank-owned properties.

The program offers down payment and closing cost assistance to purchase a vacant foreclosed home. Eligible homebuyers must be either first time homebuyers or cannot have owned a home in the previous three years.

There is an income requirement:

Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size.  An income chart is provided below.

Effective Date : 4/27/2009
Median Family Income : 103,100.00 USD

Required Cash
50% or Below : 1,000.00 USD
60% -80% : 1,500.00 USD
%80 - %120 : 2,000.00 USD

This loan is a deferred payment, 0% interest. It must be your primary residence for at least 10 years, and you do not have to repay the loan if you stay in the home for 10 years or longer.

This program will provide down payment and closing cost assistance loans for purchases of vacant foreclosed properties in eligible zip-codes in Prince George’s County. The down payment and closing costs assistance will be higher for purchases in Target Areas or for Workforce Housing.

20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.

Of the 33 zip codes above the following are considered Target Zip Codes:

20716, 20743, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774

For more information on qualifying for this program, call DeHanas Real Estate Services at 301-870-1717 or 301-638-3443.

The real estate market outlook, based on results for the month of July 2009, continues to show signs of improvement in several areas, compared to last month as well as this time last year.  There were 103 homes sold in Charles County during the month of July compared to only 121 homes sold in June, which represents the only statistic moving in a negative direction. As a result the current overall inventory supply stands at 12.5 months. On a great note, pending sales are up over 50% compared to this time last year.

While home prices continued to decline, the rate of decline lessened to 9.02% over a year ago compared to a decline of nearly 17% in June. With the demand of lower priced homes on the rise, we saw the median price jump $10,000 to $275,000 over June, but still down over 8% from last year. One of the reasons for this strengthening is because the banks are becoming more rigid in the negotiations of offers for Bank-owned and short sale properties. They are not as quick to drop prices as they once were.  Although the Bank-owned inventory remains high, the lower priced homes appear to show strong signs of meeting the “bottom”.  Homes priced over the median price range are still feeling a “price squeeze” and we are continuing to see falling prices as a result.

As for properties in Foreclosure, Realtytrac.com reported 110 new properties in default for the month of July in Charles County. The rate of new defaults continues to out-pace the total monthly rate of sale, which is an ongoing trend. The total number of properties in Charles County that are in some state of foreclosure (including Bank-owned) has risen to 954 properties, compared to just 887 during the month of June.  The number of properties in a state of Foreclosure continues to rise, and all these numbers are not reflected in the MRIS Trends Report because the majority of these homes are not currently being actively sold at this time.  Also noteworthy are Realtytrac.com statistics showing a National increase of foreclosed properties increasing more than 9% over the previous 6 months.

Speaking of “Foreclosure”, as a Certified Distressed Property Expert (CDPE), my first responsibility to clients who are facing foreclosure is to council them on how to keep their home.  First and foremost a homeowner in this situation must keep communications with their bank open.  While the majority of my “distressed property” clients have not had much success with getting their mortgage companies to provide the needed modifications, it is certainly worth trying. Because of the outlook of the current housing market, and homes in default outpacing sales, many of the homeowners who choose to proceed with a short sale will undoubtedly still find themselves in Foreclosure.

Recently I sent out information to my clients asking them to contact their Congressmen and Senators to support the bill that provides every home buyer with a $15,000 tax credit.  You can go to www.Congress.org to find out who your local representative is. Please call in your support for this bill. It will go a long way towards the recovery of the housing market, and may very well turn falling home prices around over night, saving many homeowners from going to Foreclosure.

On a final note, the month of August is looking very strong. While this month is typically one of the slowest months of the year, we have seen increased buyer activity in all price points. Rental activity also continues to remain strong. 

If you know of anyone looking for a career in real estate, now is the time to begin one.  DeHanas Real Estate is looking for high quality people to help our clients buy, sell and rent homes.  A number of new systems we have recently instituted within our organization are producing a large volume of business.  In the past, we have found some of our best agents are former clients.  Please call us to discuss the opportunity at 301-870-1717.

Now here’s some news we can really get excited about!  Did you know every time a home is sold it generates an average of $63,000 of cash flow into the economy within the first year. It includes money spent on home décor, landscaping and lawn care, mortgage, title and real estate companies. So, why don’t we do for the real estate industry what has recently been proven successful to the auto industry.

There is a new $900 billion stimulus plan working in Congress.  One amendment, which is now a part of the proposed stimulus plan, includes a $15,000 tax credit for purchasing a home.  Georgia Senator, Johnny Isakson, is the main sponsor of this bill.

Specifically, Isakson’s amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year of the legislations enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principal residence and by recapturing the credit if the home is sold within two years of purchase.

Another provision in this bill addresses the current tax credit now in place for first time home purchasers. The bill will forgive repayment of the current tax credit.

Although nothing has been passed officially into law yet, here are a few of the key items of interest related to real estate in the stimulus bill:

• The $15,000 tax credit can be taken over one year or spread over two years.
• The $15,000 tax credit doesn’t have to be repaid.
• The $15,000 tax credit will apply for anyone who buys a home - not just first time home buyers.
• The $15,000 tax credit is a credit - not a deduction: meaning you will get the full $15,000.
• The $15,000 tax credit is the lesser of $15,000 or 10% of the purchase price of the home.
• The $15,000 tax credit will be allowed for homes that are bought within one year of if and when the bill is passed.

I am highly encouraging everyone I know to pick up the phone and call their Senator or Congressman.  It is very easy to get contact information. Go to www.Congress.org and enter your home’s zip code.  Then CALL your Senators and Congressmen and tell then you want them to support the proposed $15,000 tax credit for all home purchasers.

The real estate market outlook based on results for the month of May, 2009 comes with some renewed optimism, as we begin to see a trend of “units sold” over last year, reach a rate of 12.26% higher. There were 119 homes sold in Charles County during the month of May compared to only 106 homes sold this time last year. There is currently an overall inventory supply of 10.4 months based on the current level of active homes for sale. Be careful not to rely on this inventory statistic as it has a “false bottom” of sorts.  There is an increasing amount of Bank-owned property that is not currently on the market, and as a result, not reflected in the MRIS Trends Report.

The pick-up in home sales, as discussed in the previous paragraph, is likely due to a continued decrease in home prices. The year over year average sold price is down 11.3% in May, and the average list to sell ratio has dropped to 90.94%, meaning that a home listed for $400,000 sold for $361,600 based on the statistics in the May Trend Report distributed by the Metropolitan Regional Information System.

As for properties in Foreclosure, Realtytrac.com reported 118 new properties in default for the month of May in Charles County, which shows a downward trend based on the 246 we saw during the month of April.  As of June 15, 2009 Realtytrac.com reported 58 new defaults in Charles County.  The bad news in all of this is that because of the  low number of available buyers, the total number of properties in Charles County that are in some state of Foreclosure (including Bank-owned) has risen to 849 properties, compared to just 777 during the month of April.  Again, not all these numbers are reflected in the MRIS Trends Report because the majority of these homes are not currently being actively sold at this time.

Back in March, I reported to you that the $5.1 Million dollars allocated to Charles and St Mary’s Counties would soon be disbursed to assist the ailing housing market on a local level.  The commissioners have still not released these funds.  I urge all home owners to contact their County Commissioner and urge them to approve a plan that will aid us in the recovery of our housing market.

You may have also heard that HUD was in the process of approving the $8,000 tax credit to be used as down payment assistance.  In a recent letter, The Secretary of HUD, Shaun Donovan, has decided against this proposal, and not allowing mortgage lenders to use the tax credit as down payment assistance.  He cites the need for buyers to meet minimum standards in the loan process, and the need for “real equity” in the transaction.  A complete copy of this letter is available on my blog at www.waldorfhomesolutions.com.

My next campaign is against the Charles County Commissioners Property Tax increase to begin July 1, 2009 for the fiscal year 2010.  The Commissioners have increased the rates from $0.968 per $100 assessed value to $1.026 per $100 assessed value.  This rate increase could not come at a worse time for Charles County homeowners and buyers.  A petition has been generated, and is being circulated by Southern Maryland real estate agents, in an attempt to have enough signatures for the general public to approve or reject the new tax rate at the next general election.  If you are interested in circulating this petition around your neighborhood, please contact me in my office at 301-870-1717 x106 or request  a petition via e-mail at don@DeHanas.com.