The Gaylord hotel at the National Harbor in Fort Washington, MD has gone all out for the holiday season!

What Is ICE?

As part of the festivities, 40 Chinese artisans were brought in to hand carve thousands of blocks of ice, turning a 15,000 square foot tent into a winter wonderland!

(View Photos from ICE! here)

It’s Cold in There!

The tent is kept at a constant 9 degrees, and heavy winter coats are handed out to visitors in order to keep warm while visiting the indoor ice palace.

How Much is Admission?

Monday-Thursday before 4 p.m., adults $19.99, after 4 p.m. and Friday-Sunday all day, adults $24.50. Seniors $18; kids ages 4-12 $13; kids younger than 4 free.  The sculptures will be on display until January 10th, so don’t miss out!

Don’t forget that through Jan. 3, the Gaylord atrium has a 60-foot glass Christmas tree is lighted every night at 6. (Friday’s lighting will also include fireworks in the harbor!.)

Ice skating is also offered through Jan. 10 for $8 at a rink next to the ice tent.

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

I get multiple calls each and every day regarding the program, and unfortunately not everybody found out about the program in time. I get at least one call per day from somebody who has just purchased a foreclosure in PG County and didn’t find out about the program until after settlement. Inevitably, the conversation goes something like this:

New Home Owner:    I didn’t find out about the program until after I closed on the house, can I still take advantage of the program?

Me:    That’s not a question I can answer.  All I can say is that I am telling all of my PG County clients about the program.  My best suggestion would be to call your Realtor directly and ask them.

Unfortunately, I don’t know of any way to take advantage of the program if you’ve already purchased, but I know plenty of people who would like to!  This situation (unfortunately) teaches a very important lesson when it comes to real estate.  Not all agents are equal, and choosing the wrong agent is costing people up to $20,000 in PG County!!!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

The Neighborhood Stabilization Program (NSP) and the Down Payment Closing Cost Assistance Program (DPCCA) have released their guidelines and trained a select group of lenders to be able to provide this program to potential homeowners!

How Does It Work?

Step 1:  Find out if you qualify!  Here’s the eligibility requirements:

1. Must be 18 years or older
2. Must be a first time home buyer, or must not have owned anywhere for the last 3 years
3. Home being purchased MUST be primary residence
4. Annual household income must not exceed program limits (less than $86,600 for 1 person, or $99,000 for two people, if you have children, the limit increases.  An income calculator for determining eligibility can be found at http://webapps1.hud.gov/hfc/calculator )
5. Must qualify for a loan from a participating lender (There are currently 37 approved lenders, give me a call for a complete list)
6. Must contribute a minimum amount of cash towards purchase (Between $1,000-$2,000)
7. Must have ratified contract of sale on a vacant foreclosed property (Need help finding that home?  That’s where a spiffy Realtor like myself comes into play!)
8. Buyer must also attend an 8 hour minimum housing counseling class provided by HUD and receive a certificate of completion. (Class is free, and there’s already a waiting list, so hop to it!)

What Does DPCCA Do?

DPCCA will provide up to $20,000 in closing cost assistance on an interest free loan, with an interest rate of 0%, that is payable only when you go to move!  The longer you live in the property, the less you are  required to repay!  For example, if you live in the home for 3 years, you’re required to repay 100%.  If you live in the house for 4-6 years, the balance due is 50%.  For 6-9 years, the balance is 30%, and if you live in the home 10+ years, you’re not required to repay the DPCCA at all!

Essentially, this program is designed to allow low-income families to purchase foreclosed properties with minimal downpayment.  The will help reduce the foreclosure blight that has troubled PG County, and reduce the number of vacant homes sitting in the area.  This program can be used in combination with the $8,000 first time homebuyer tax credit, which means that it’s possible to buy a vacant foreclosure for as little as $1,000 down, all closing paid, with 3.5% downpayment paid by DPCCA, AND $8,000 in tax credit provided by the federal government!  The incentives to buy a foreclosure in PG County just keep growing!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment, provided you are using personal funds for the first 3.5% of the downpayment.

Donovan’s statement came in an address to several thousand Realtors® gathered at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo in Washington D.C.

If you’ve been looking at buying your first home, but the down-payment requirements have kept you from doing so, then this might be your chance to take advantage of a fantastic change in FHA policy.  Feel free to give me a call to find out more information or ask questions about how to take advantage of this program!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

The two biggest players in the scheme, Joy Jenise Jackson and Kurt Fordham have yet to be convicted, although 4 people have now pleaded guilty as the court builds their case. Katisha’s plea may force her to testify in court against her brother and sister-in-law.

It still disgusts me that people were able to rob homeowners like this, right in our back yard. Their actions have forced people into foreclosure, cost them their life savings, ruined their credit scores, and all because these con-artists found a way to get rich quick at the expense of honest folks like you and me. Good riddance to bad rubbish!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Charles County Real Estate Blog

What’s really surprising is that many people aren’t looking for what really matters when it comes to hiring an agent.  People look at the bottom line.  Money.  Cash.  How much are you going to put in my pocket?  Quite often, the agent with the highest bottom line wins!

This method of thinking is the WORST WAY TO PICK A REALTOR!!!

Here’s why:

1) An agent’s job is to market your home, not set the price.  Their CMA is only a recommendation of price, and you have the right to have your agent list your home at whatever price you see fit.

2) If you interview three agents, and one places a higher value on your home than the others, you need to wonder why.  Are the other two agents undervaluing your home?  Are they using the same comps?  Or is the agent with the higher estimate OVER-valuing your home in order to get your business?

3) You need to give your home the best possible chance to sell.  This doesn’t mean choosing the Realtor with the highest or lowest estimate.  It means choosing the Realtor with the best marketing plan.  You can always negotiate fees, listing prices, etc.; but you can’t make a mediocre marketer great.

When it comes to that CMA, take the advice you get from all the Realtors you interview and use that to set the price. DO NOT use it to choose the Realtor you hire.

A higher price evaluation is no measure of competency or ability as an agent.  I’ll do a post tomorrow on the qualities to look for in a great listing agent, and keep your eye out for a post later this week on the biggest traps to avoid when choosing an agent!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Southern Maryland Real Estate Blog

It’s pathetic to see yet ANOTHER real estate scam being run in Maryland, but it underscores how important it is to do your homework when buying a home.

1. Take the time to learn a little more about your builder, and not just from the builder themselves.  Get in touch with people who have used them in the past, research consumer complaints, and find out what their reputation is like.  websites like consumerreports.com and ripoffreport.com are great resources.  Also, try asking on local message boards and forums to see if anyone has an opinion on the builder.
2. Make sure they’re actually licensed.  Every builder has to have a builders license filed with the state of Maryland.  An ounce of prevention goes a long way!
3. Consult a Realtor.  A Buyers agent is paid to work for YOU, and their experience in dealing with real estate jargon and contracts can prevent you from being stuck in a shoddy situation like this.
4. If it sounds to good to be true…… It probably is.  When people are offered a fantastic “deal” like this, the inclination is to jump on it!  Apparently there was a reason in this case for the great deal…. It wasn’t a deal at all!  Don’t give in to high pressure sales tactics if you aren’t comfortable and satisfied with all of the terms and conditions.  Risking this kind of money on a transaction you don’t feel good about can lead to years of heartache.

    If you’re looking for a foreclosure deal in Hyattsville, THIS IS IT!!!

5017 54th Pl. Hyattsville, MD

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

    Remember them?  They’re the one’s accused of "saving" people from foreclosure, while stripping their equity out from under them, and leaving the victims in financial turmoil. 

    Well, now they’ve decided to press charges against 8 people, including Joy Jackson and Kurt Fordham, and (provided that the accused can be located), we may finally see some closure to this bizarre tale.  It’s bad enough that we’ve dealt with scummy lenders writing bad loans, scummy get rich quick schemes promising to pay your mortgage, and the real estate bubble bursting, leaving us with a serious foreclosure problems, but seriously, this too?

    It’s an embarrassment to legitimate professionals to see garbage like this happening in the region.  I hate the fact that a few bad apples like this can really ruin the reputation of the industry as a whole. 

    It’s great that they’ve pressed charges, but what I want to know is this:  Where in the hell are they, and how do you plan to arrest them?  This was in the news months ago that the feds were trying to build a case, and I’d be shocked to hear that they were still in the country at this point! **

**Correction** Multiple arrests were made thursday morning in North Carolina, including both Ms. Jackson and Mr. Fordham, among others.

Related Links:

Washington Post Article on Indictment

~Jonathan Benya

Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

What’s Happened:

    The Prince George’s County Market is without a doubt slanting more and more heavily towards buyers.  Sellers are finding it increasingly difficult to sell and inventory of available homes is steadily growing.  March 2008 saw roughly 400 homes sold in P.G., and more than 7,000 homes on the market! 

    There was a very slight growth in the number of pending settlements and actual sales, and actual sales prices have continued to decline slightly.  As a matter of references, sales prices have fallen back to the same average ($300,000) we saw exactly 3 years ago, in April of 2005.  That’s down 15% from the market’s peak in October 2006

    The average Days on Market (DOM) fell in March as well, from 130 days to 120 days (a drop of 8%), but it’s still a far cry from the days when real estate was on the market for an average of less than 30 days!

What Does This Mean?

    News like this is sort of "love it or hate it", depending on whether you’re trying to buy or sell.  It’s really just further solidification of the fact that this is a "Buyers Market".  Foreclosures are having a big impact on the market right now, and they make up a significant portion of sales right now, and unfortunately those properties are what traditional sellers are forced to compete with.

    For sellers, it’s a tough road, and in order to get through it and successfully sell your home, you need to do two things:  Price aggressively and market heavily!  There are 7,000 other homes on the market in P.G. alone, and that’s your competition.  You need to work very hard to stand out above the crowd and be seen.

    For buyers, sitting on the fence has been slowly forcing down prices, and we’re starting to see some good deals emerge, but it does not seem to be a full mainstream sense of value just yet.  The biggest problem that I see is agents are not paying attention to what new construction homes are selling for when they’re doing CMA’s. 

    As a buyer, if you could buy a 2,800 s.f. resale home for $380,000, or buy a brand new 2,800 s.f. home for $395,000 with $15,000 in closing, which would you do?  The pricing of new developments is very attractive right now, which makes buyers even more scarce for resale home sellers.

    If you would like more information about the Price George’s County Market, Foreclosures, Listings, or New Construction Developments, please ask!  I have a wealth of local information and resources and I’m always willing to assist people in navigating this tricky market!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com