Both the National Association of Realtors (NAR) and the National Associtation of Home Builders (NAHB) report substantial numbers of sales being thwarted by lower than expected appraisals. 

Overall, you must remember that an appraisal is basically one person’s interpretation or opinion on what your home is worth.  The appraisals are (sometimes arguably) done by experienced professionals who base their opinions upon the current local market for similar homes.  When that pool of properties (referred to as comps or comparables) includes mostly foreclosed or distressed homes, it can be tricky to assess a home’s true value.  Sure, your home may be worth $400,000 based on what you paid and the upgrades you did, but when the same house with the same upgrades sells for $329,000 down the street as a foreclosure, buyers are less likely to shell out the extra money for yours.

Back to Market Basics

It’s all a long, drawn out way of saying. “it’s elementary, my dear Watson.”  When two retailers have the same item you want, you buy the item at whichever retailer is selling it cheaper.  Appraisers are simply doing their best in a market they’ve never seen before. 

If you are looking to sell and you have questions or concerns about what the true market value of your home is in the current market, contact me today!   

~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

Home buyer searching for a great deal a new custom home on over an acre of land!

Low Prices and interest rates make this a perfect time to build your dream home!
For many people, the idea of having their own custom home built sounds like a dream.
Fact is, having a home custom built has never been more affordable!  There’s 3 reasons why RIGHT NOW is the time to look at making your dream come true:

1. Prices are low
2. Interest Rates are low
3. Tax Credits can put money in your pocket!

Land Prices have become affordable again,  and having a custom home built for as little as $300,000 is actually possible!  What does that price get you in today’s market?  Well, for starters, you can find   ready to build homesites ranging from 1-3 acres depending on your needs, and have your own custom built rambler built with 1,650+ square feet, 3 bedrooms, 2.5 baths, and a gourmet kitchen!

The Best Part about building a custom home is that you aren’t limited to the 3-4 home plans that most builders offer.  Custom home builders can create anything you want, and work with you to give your home that extra personal touch!

If you’re interested in the idea of building that “20 year home” you’ve always dreamed about, now may be the time to do it!  For more information about custom home construction, feel free to give me a ring, or visit the website  www.somdland.com to find out more!

(Model Shown is the Stafford Model by Potomac Homes)

~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

Give me a call to set up your appointment, and feel free to look over the property details below!

Link:  Listing on Realtor.com

~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

[youtube=http://www.youtube.com/watch?v=b9pDkekZ6E4]

This Beautiful home with loads of upgrades is located right in
Waldorf! Large kitchen, and gorgeous family room! It’s Located in White Oak Village subdivision and move in ready! The
Open floor plan makes this home feel large and inviting. Beautiful
private deck with Large fenced back yard. and playset for the kids!
Don’t miss your chance to see this fantastic property!

~Jonathan Benya- Realtor
301-653-8116

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

Unfortunately, that sort of approach makes it difficult for your home to been seen by potential buyers.  The more marketing you agent does, the better chance it has of selling, right?  Every bit of exposure is one step closer to finding the buyer for your home!

Here’s an example of some of the things we do to get our homes sold quickly:

Professional photography
No point-and-shoot cameras, we hire professionals to take gorgeous hi-res HD shots of our homes!  Better photos increase the chance of people taking a closer look at your home when they see it online!

Online Video Marketing
“virtual tours” are dead.  People want to see something more engaging, and video is it!  We take video tours, combine them with high resolution photos, and add text descriptions to generate buzz and give people more incentive to call their agent and make an appointment to see your home!  Here’s an Example:

[youtube=http://www.youtube.com/watch?v=ZtNPLcwBaho]

Listing Syndication and Featured Advertising
Most Realtors don’t “Get It” when it comes to online marketing. the MLS isn’t enough!  We syndicate our listings to over 45+ websites and pay for tons of Featured ads to get you seen first!  If there are 50 homes comparable to yours on the market, our job is to make sure that your home is on the top of their list when people are searching the internet.

Aggressive Direct Marketing
This includes open houses, direct mailers, flyers, signs, trade shows, home book advertisments, fairs, blogging, direct email marketing and more all designed to get YOUR HOUSE sold!  Direct Marketing has long been the staple of real estate advertising.  It still gets business done, but not as efficently as it once did.

If you’re thinking about putting your house on the market, give us a call for a free Comparative Market Analysis (CMA) and a demonstration of how our marketing strategy will get your home sold quickly!

~Jonathan Benya- Realtor
301-653-8116

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

(P.S., you can click on the images to zoom in on them!)

If you have any questions or would like more information about one of these fabulous properties, please feel free to give me a call!  One of our luxury home experts can help you identify and broker an outstanding deal one your new home!

~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

May 2009

What Does This Mean?

Unfortunately, prices have fallen from where they were 12 months ago.  A quick look at the sales statistics from April shows us some promising information, however:

April 2009

The average home sales price for April 2009 was $267,170.  In may, that number was $281,235, or an increase of just over 5% in sales price!  Not only that, but there were 86 homes sold in April, and 119 homes sold in May.  That’s a 28% increase in home sales over the last month!

So we know that home sales are up, sales prices are starting to rise, but why is the market starting to look a little brighter?  Well, part of it is that prices and affordability are enticing more buyers.  That, along with 45 year lows on interest rates, as well as the $8,000 new home tax incentive, means that first time buyers are seeing value in the soft market.

It’s too early to say turnaround, but home sellers are seeing some encouraging information here!  Let’s hope that this is the start of a broader economic recovery!

~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

1.    Condition Dictates Value

This means that the condition of the home will affect what the home actually sells for.  If the house is in shoddy shape, the final sales price will affect that.  Look at comps when you go to place an offer and adjust your offering price accordingly.

2.    Banks Aren’t Giving Houses Away

If it looks to good to be true, it probably is.  When you find a listing for home priced significantly below the surrounding market or neighborhood, there is always a reason as to why.  The concept of buying a livable home in Charles County or Southern Maryland for less that $10,000 is simply not true.  You can find some excellent bargains, but don’t expect to pay $200k for a home that is actually worth $600k.

3.    Home Inspections are Critical

Think about it like this:  The foreclosure process in Maryland can take a year or more.  That’s a full year where the homeowner has been unable to pay the mortgage.  If you are behind on payments and know that foreclosure is eminent, ZERO incentive to pay for upkeep and maintenance on the property.  After the foreclosure, the property then sits vacant and can develop issues related to it’s abandonment.  Always hire an inspector to go over the property with a critical eye.

4.    Great Deals Don’t Last Long

You’re not the only person out shopping for a home, and if a value priced property hits the market, you can bet there are lots of appointments be made to see it.  Make sure that your financing is in order before you start looking.  The last thing you want is to find the perfect house and then lose out to someone else who was able to get their offer in first.

5.    Bank Owned (REO) Properties Are Sometimes “Under Listed”

This stinks, but banks have been known to list properties way below market value on purpose.  They may list a home for $200k, Knowing it’s worth $275k, just to get a bidding war started between multiple offers.  They see it as a way to get the highest price possible, I see it as intentionally deceptive.  Agents occasionally refer to homes like this as “Liar Listings”.

How Do You Protect Yourself?

Get a buyers agent to represent you.  The listing agent on a foreclosure works for the bank, not you, and their job is to get the property sold while protecting their clients bottom line.  A buyers agent works at no cost to you, and their job is to help you make informed decisions and craft an offer that will save you the most money possible.

Speak to your buyers agent about the best way to prepare yourself for buying a foreclosure.  They will be able to help you get in touch with a loan officer, ensure the property you buy will conform to your loan guidelines, and help you hire a home inspector who knows what to look for in foreclosures, among other things.
With the right people on your side,buying a foreclosure is as easy as buying any other home, and the value and savings can be tremendous!

LINK: Foreclosure List for Charles County, MD as of 5/20/2009  Need an Updated List?

Questions about buying a Foreclosure? Give me a call!

~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 saw a wonderfully terrible photo in a listing recently, and it reminded me of just how many factors come into play when photographing real estate.  They say a picture is worth a thousand words, and this one says more than that.  It’s a perfect example of things to AVOID when marketing a home!

If you’re dogged by bad listing photos, give Thomas Benya a call (301-653-1499). He can help you analyze your homes features and stage your property to make the marketing pictures and videos pop!

~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

When you’re putting your house on the market, there’s obviously a lot that needs to be done in preparation, such as rearranging, cleaning, and landscaping in order to maximize your house’s interior and curb appeal. But in today’s market, perhaps touching up the paint and making the minor repairs isn’t quite enough to make your house stand out.

This is why sometimes it might be best to upgrade when you’re putting your house on the market, especially when it comes to home lighting.

This might seem counter intuitive at first; why buy additional lighting that you won’t be using and that might be removed or altered by the eventual buyers? Certainly both points are valid, but a few changes can drastically help improve the appearance of your house and might in the process enable you and your Realtor to sell it at the asking price.

How to Get the best “Bang for your Buck”
When upgrading your lighting in this manner, it is worth noting that you want your upgrades to be based on functionality, not style. After all, you don’t want to purchase lighting based on what looks good to you but rather what you think would work for any future occupants.

Above all it is important to find lighting that will illuminate areas that previously didn’t have much light cover, as you don’t want to turn on your lights when showing your house only to have some unappealing dim spots. A few simple and inexpensive ways of rectifying this would be upgrading your vanity lights for your bathroom or purchasing kitchen island pendants and under-cabinet lighting for your kitchen.
You also need to consider the exterior of your house as well. Flood lights do an excellent job of accentuating the front of you house at nighttime, while path lighting can help highlight your landscaping while also providing safe and easy access to the house.

Both of these types of lighting will also make your house easier to find for the prospective buyers and will help its curb appeal as well.

Don’t forget about Sunlight!

Lastly, it is important not to overlook natural light, as this can be important during daytime visits. In this case, the littlest things, such as cleaning your windows and keeping all curtains and shades drawn up, can make a huge difference. Sunlight is always more appealing than artificial lighting, so it is important to utilize it whenever possible.

It goes without saying that the better you present your house, the better the chances of being able to sell it the asking price. Maximizing both artificial and natural lighting goes a long way in creating the right look and atmosphere for potential buyers.

~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