Thursday, August 8th, 2013 at 11:32am. 446 Views, 0 Comments.
Short sales in Southern Maryland can hold the key to more than one real estate-related issue. For cash-strapped borrowers, short sale success means relieving an unsustainable obligation without having to go through foreclosure. For sharp-eyed buyers, Calvert County short sales can present outstanding opportunities to purchase properties otherwise beyond their affordability range.
Both are reasons to applaud the rising number of short sales. Nationally, the latest projections foresee a continuation of their rising trajectory. The OCC’s most recent report on mortgage performance credits short sales for the decline in both serious mortgage delinquencies and completed foreclosures.
For potential short sale buyers, several questions are good to keep in…
Monday, May 6th, 2013 at 3:25pm. 702 Views, 0 Comments.
So the market’s recovering, interest rates are low, and you think you’re finally ready to buy a home? Not so fast. Buyers across the country are running into a new roadblock: there don’t seem to be enough homes for sale.
Anyone who has looked at entry- to mid-level homes for sale in Calvert County or Anne Arundel County probably knows what I mean. Mortgage rates remain near historic lows, and as the prices of homes for sale continue to rise, fears that we could soon see a repetition of a real estate equity loss seem increasingly unlikely to occur.
Why the lack of inventory? There are several reasons. Buyers may be ready to buy again, but some sellers are still not in a position to offer their Southern Maryland homes for sale. When the housing…
Monday, April 22nd, 2013 at 9:11am. 441 Views, 0 Comments.
Disclosing material facts that might affect your Calvert County or Southern Maryland property’s value is a fair obligation that’s understood by everyone. Yet properly disclosing all material facts won’t help you at all if an issue comes up later but you can’t prove the disclosure. A good agent will double- and triple-check all the signatures, but at the end of the day, your peaceful sleep at night is only protected when you also take care to keep complete copies of the paperwork with all signatures accounted for. Keep in mind you are only required to disclose what you actually know. In the state of Maryland - sales for properties such as estate sales and bank owned properties are exempt from having to provide disclosure…
Wednesday, April 17th, 2013 at 12:30pm. 388 Views, 0 Comments.
You are doing some serious house-hunting on the web.
You’ve been Googling ‘newest Calvert county listings’ or 'Southern Maryland Real Estate', but when you click on the most popular sites, somehow the ‘newest Calvert county listings’ are the same ones you’ve seen before. Worse, some of them turn out to have been sold! Or the price was wrong! Or the agent isn’t even the agent anymore!
What is going on? Doesn’t Google (or Bing, or Yahoo!) promise to show you sites with the newest listings in Calvert county? How can the most popular sites (at the top of their results page: Zillow, Realty.com, Trulia) be showing ‘newest listings’ that were sold last month? Or contact numbers that take you to an answering machine that never calls back?
The answer is…
Wednesday, April 10th, 2013 at 11:49am. 258 Views, 0 Comments.
A new article just got published by the Washington Post (citing the latest data from RealEstate Business Intelligence, RBI, a subsidiary of MRIS), and it shows that Washington DC has more than fully recovered from any slump in home values as prices have reached new record highs! Whether this is a good thing or not can be debated, but the fact remains that the median sales price soard to $460,000 from $405,000 in February (a +13.6% month over month). This median price is the highest point it has been at in history.
The surrounding metro areas in Maryland and Virginia also saw modest gains with the median sale price for the region rising 8% to $372,500 in March from $345,000 in Feb.
Below are some facts and figures for the current market we are in,…
Tuesday, April 9th, 2013 at 9:17am. 209 Views, 0 Comments.
When natural disaster strikes, you can be certain that two groups will soon be there: the Red Cross — and scam artists. Unfortunately, the same holds for turmoil of all kinds.
Southern Maryland homeowners and Prince George's county homeowners who have missed mortgage payments should be aware that, in addition to getting their accounts back on track as soon as possible, they should be prepared to be targeted by unethical operators.
Missed mortgage payments can cause a Southern Maryland homeowner’s name to appear as ‘arrears’ on public tax records: it’s one way unscrupulous characters locate their victims. That can set off an onslaught of solicitations through the phone, mail, and possibly even at the front door! Normally level-headed householders can…
Tuesday, March 26th, 2013 at 9:29am. 361 Views, 0 Comments.
A short sale is the option usually preferred by anyone who faces foreclosure. It’s the path that, with the approval of the mortgage lender, promises to ultimately minimize damage to the homeowner’s credit score. Short sales are quite pervasive in our market here in Southern Maryland and the surrounding counties.
According to Realty Trac, distressed sales of all kinds continued to decrease in the last reported quarter, yet the non-foreclosure short sale volume increased by 4%. That amounts to a significant 22% of all sales. Realty Trac’s are the most reliable national statistics, and our southern Maryland short sale profile has likewise reflected the continuing working out of the distressed property phenomenon.
Completing a short sale in Calvert…
Wednesday, March 20th, 2013 at 10:06am. 398 Views, 0 Comments.
Of all the things first time homebuyers in Maryland are told, some that turn out to be pretty important are too often overlooked. Here are four items first time homebuyers will find useful to know:
4. Remodeling costs more than you think
You’ve found a fixer: your energy is to be applauded. But before you write that offer, if you are one of our Southern Maryland first-time homebuyers, be certain to have penciled out the bottom line cost of bringing the home up to the standard you require to be move-in ready. You may well be able to live with some items that you will fix over time, but in all areas, budget 20% more than your estimate.
5. What matters is what the bank’s appraiser thinks the house is worth
Getting a loan…
Tuesday, March 19th, 2013 at 10:10am. 193 Views, 0 Comments.
First time homebuyers in Maryland are told a lot of things —
“Save your money,” their parents advise.
“Location, location, location!” their friend’s friend cautions.
Reasonable advice, for sure. But there some important elements of the home buying process which a typical Southern Maryland or Anne Arundel County first time home buyer doesn’t usually hear. I’ve listed some of the most important ones, in no particular order:
1. Mortgage rates you see advertised aren’t usually what you get
The banner ads are everywhere online: “3.2% rates!” “No money down!” But the truth is, mortgage rates vary greatly. The only way you’ll know what rates you actually qualify for is to go through a complete mortgage application including credit…
Monday, March 11th, 2013 at 10:35am. 182 Views, 0 Comments.
When real estate occupies most of your day (as it certainly does ours), you find yourself receiving no end of information. Some summarize points of view that are available elsewhere; some provide original information that isn’t particularly relevant to our local market.
One piece that gets more than the usual quick-scan-then-into-the-recycle-bin treatment is the HPI Data Report. It comes in once each month from the demographers at CoreLogic ®. This group knows what they are talking about: among other things, they collect the most comprehensive property database in the U.S.
The first week of March was relatively quiet on the news front, so when they checked in, I was able to give their report a thorough going-over. What I found:
Holy smoke! Prices…