Charles County Realty » Buying a home

The First Time Buyer Credit is Extended and includes current owners!

Admin — Sat, 07 Nov 2009 17:37:48 +0000

Great News! The $8,000 first time home buyer tax credit has been signed into law a few moments ago! Instead of expiring on December 1st, 2009, it has been changed to June 30th, 2010! You need to have a ratified contract in place by April 30th, 2010, and you have up to 60 days to close the transaction.

It’s also been expanded! People who currently own a home are eligible to get up to $6,500 to “move up”! Here’s a short video from Tom Kunz, President and CEO of Century 21, explaining the extension:

[youtube=http://www.youtube.com/watch?v=it-i_pbt1os]

In order to qualify for the $6,500, here’s a quick explanation of the guidelines for current homeowners (info on first timers can be found here):

The credit is available for homes that go under contract by April 30, 2010 and close by June 30th, 2010.
Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their primary residence for at least five consecutive years out of the last eight years.
Income limits: $125,000 a year for individuals, $225,000 a year for married couples. (these are higher limits than before)
Homes that cost more than $800,000 aren’t eligible for the credit.
$6500 tax credit is not retroactive. (from the language of the bill: “shall apply to residences purchased after the date of the enactment of this Act.”

If you have any questions, please don’t hesitate to call or email me!

~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

How the wrong Realtor will cost you $20,000!!!

Admin — Mon, 17 Aug 2009 19:23:51 +0000

The PG County “Down Payment on Your Dream” program, also known as the Neighborhood Stabilization Program (NSP) or Down Payment Closing Cost Assistance Program (DPCCA) is proving to be wildly popular.

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:    Unfortunately, I don’t believe that’s possible.

New Home Owner:    Well, Why not? I qualify for it!

Me:    Part of the qualification is that you use a participating lender for the transaction, and you also need a certificate of completion of the 8 hour HUD home ownership education class.

New Home Owner:    Well, I didn’t know about it, my lender didn’t tell me about the program!

Me:    Well, if your lender is not participating in the program, they don’t have any obligation to tell you about a competing lender’s possible options, so I would assume they would rather keep your business instead of giving it to a competing loan officer.

New Home Owner:    Shouldn’t my Realtor have known about this 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

New real estate listing for sale in Waldorf, MD! $285,000

Admin — Tue, 11 Aug 2009 16:13:19 +0000

Check out or newest hot listing! This home is located in Waldorf, MD and has more than 2,000 square feet with 4 bedrooms and 2.5 baths! The back yard is completely fenced in, and practically everything is new! New kitchen, new baths, new doors, new siding, new flooring, and the list goes on! There’s also a 1 year warranty included with the home! Check out this video to get a better look!

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

The price is only $285,000, and there’s no HOA to worry about! Don’t miss out on your chance to see this great home! This home needs absolutely nothing! Give us a call to schedule a viewing of 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

$8,000 Tax Credit Can Be Used for Down Payment!

Admin — Fri, 15 May 2009 17:08:27 +0000

If you’re looking to buy your first home but can’t afford the down payment, there may be help out there!

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

$8,000 incentive for first-time home buyers!

Admin — Fri, 27 Feb 2009 00:17:14 +0000

The federal government is really pushing home buying incentives right now! It was recently announced that first time home buyers would be eligible for an $8,000 tax credit if they purchased a home in 2009.

How it Works:

Any first-time home buyer who purchases a home between January 1, 2009 and November 30 , 2009 may be eligible for a tax credit of $8,000 or 10% of the purchase price, whichever is lower. This is considered a TAX CREDIT, not a TAX DEDUCTION

Tax Credit vs. Tax Deduction:

Last year you may recall part of the Bush Administration stimulus package included a $7,500 tax deduction. The credit REPLACES the deduction. The difference is that the deduction had to be re-payed, interest free, over 15 years. The credit MAY not need to be repaid, but I’ll get to that in a moment.

Eligibility:

In order to qualify, here are the criteria:

You must be a first-time home buyer.
You must make less that $75,000 on your tax returns, or less that $150,000 on a married joint filing.
The credit is for 10% of the purchase price, UP TO $8,000.
You cannot buy the home from a close relative. (sibling, parent, grandparent, spouse, etc.)
The home MUST be your primary residence for the first year you own it.
You MAY NOT resell the home for 3 years. If you do, you are required to re-pay the credit.
If you are married, BOTH SPOUSES must be considered first-time home buyers.
If you are a non-resident alien, you may NOT qualify.
The purchase date must be between January 1, 2009 and November 30 , 2009.

When Can You Claim The Credit?

The $8,000 tax credit can be claimed for your 2008 tax year (filed by April 15th 2009), 2008 amended return or 2009 tax year.

Sources:

HR 1, American Recovery and Reinvestment Act

HR 3221: Housing Economic and Recovery Act of 2008

~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

New York Times says it's time for first time homebuyers to move!

Admin — Wed, 10 Dec 2008 19:18:29 +0000

The New York Times published an article Friday stating that now is the time for first time home-buyers to take advantage of the market. It’s an interesting read, but the cliff notes version of it is that interest rates are below 5.5% right now, and it’s possible that they may be pushed down to as low as 4.5% in the very near future.

The market is a double edged sword: if you are only going to be in the area for 2-4 years. you should probably be renting. However, if you’re a home-buyer looking to live in the area for 5+ years, the odds of seeing a fixed interest rate of 4.5% rate again are pretty slim. Quite simply, it’s a monumental rate drop!

~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

Great News for Home Buyers!

Admin — Wed, 03 Dec 2008 16:33:07 +0000

Great news about the real estate market for home buyers! Home loan rates have fallen by half a point in the last week! This means that it is possible to get a home loan for less than 5.5%, which is great news for potential home buyers, and will hopefully increase sales, too! If you’re in the market right now you need to be talking to your lender ASAP! Don’t let a drop in rates like this to pass you by!

CNBC Video link: http://www.cnbc.com/id/15840232?video=946846265
~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

An Elementary Lesson: Avoiding New Construction Fraud

Admin — Mon, 13 Oct 2008 04:57:31 +0000

There was an article in yesterday’s Washington Post about a possible homebuilding scam in Upper Marlboro, MD.

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.

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.
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!
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.
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.

$7,500 Incentive Explained

Admin — Wed, 08 Oct 2008 16:47:22 +0000

Sounds appealing right? well, it’s sort of like that Tax Stimulus Plan from earlier this year, only it’s on steroids, and only good for folks that haven’t owned a home in the last three years.

Essentially, if you buy a home before June 30th, 2009, the government will give you up to $7,500 in money down on the purchase of your home. The catch is you have to be either a first time home buyer or you must not have owned a home in the last 3 years.

The government thinks this is going to make people want to rush out and buy a home. Of course, this hasn’t happened, but for people who are trying to purchase a home, every little bit helps. The catch is that the money must be repaid. It’s essentially an interest free loan that has to be paid back in installments over the next 15 years (roughly $500/yr).

People aren’t exactly rushing out to buy a home right now, and I don’t blame them. This is a difficult time for Americans financially, and buying a home isn’t at the top of most people’s priority list.

Questions about buying a home and the Tax Stimulus Plan? Ask Me!

~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

How Much Are New Home Prices in Waldorf, MD Falling?

Admin — Mon, 11 Aug 2008 17:50:27 +0000

Anyone that’s looking to buy or sell a home in Waldorf or Charles County, MD needs to pay close attention to the current market trends. Yes, we’re in a buyers market, and the media keeps talking about the gigantic drop that we have seen in home prices. In Charles County, overall sales prices have fallen an average of 18% over the last year.

Price Drops!

So where does this leave new homes? Well naturally new home prices have been falling as well, and it’s interesting to note that last week prices on new construction built by Ryan Homes in Waldorf, MD fell $20,000! Prices have been dropping consistently over the last year, but a one time drop of roughly 6% is significant.

Ryan Homes is selling in single family homes in several subdivisions in Waldorf, including Brentwood, Autumn Hills, and Eagles Ridge. Two weeks ago the starting price in Brentwood was $330k, now that number is starting at $310k. For Autumn Hills, that number has dropped from $350k to $330k.

Low Prices Motivate Buyers

What strikes me about these communities is their popularity. Right now I’m exclusively representing two different buyers who have contracts with Ryan Homes. In both cases we looked at all the builders in the area, compared what each had to offer, and decided that Ryan Homes had the best “bang for the buck”, so to speak.

If you’re interested in comparing new homes in Charles County and want to make sure that you are getting the best deal possible, give me a call at 301-653-8116 and I’ll be more than happy to share with you the line by line comparisons for local new construction that fits your price range. We’re experts at negotiating with builders and developers to get our clients the best deal possible!

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

http://www.teambenya.com