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

[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

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

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

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

Properties under contract in Waldorf: 73

Average time to contract for properties currently under contract: 133.4 days

Properties under contract for $100k-$200k: 16

Average Days on Market (DOM) for those properties: 118.75 days

Properties under contract for $201k$-300k: 30

Average DOM for those properties: 125.53 days

Properties under contract for $301k-$400k: 23

Average DOM for those properties: 153.73 days

Properties under contract for $401k+: 4

Average DOM for those properties: 133.25 days

So what does this tell us? For starters, it shows that properties priced below $300,000 are at the most popular price point right now. It also shows that properties priced above $300,000 are likely to sit on the market significantly longer.

Statistics like this give us a good idea of exactly what home buyers are looking for, and what they are able to afford. It’s very hard to sell McMansions in comparison to a moderately priced townhome, and people are trending towards homes priced under $300k.

~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

Jeez, even the dog doesn't want to be in this house!

There’s been a huge increase in Southern Maryland Short Sales over the last year thanks to the ongoing housing crisis. More often than not, they end up as foreclosures, many times because the path to negotiating is at best, murky.

When working with a lender to get a short sale agreement, there are several things that they are going to ask for, including tax returns, financial statements, investment records, etc. They’re also going to ask for a hardship letter.

So what is a “Hardship Letter”, exactly?

It’s essentially a personal letter to the bank explaining why you can’t possibly afford to pay the mortgage anymore. The thing to remember about the hardship letter is this: The sadder, the better!

This is really where you want to work closely with your Realtor to brainstorm on all the reasons why you can’t pay the mortgage. Sick mother? Kids with serious medical bills? Devastating car accident? Job lost due to faltering economy? This is your time to say so!!

Whatever you do, don’t lie about it, but make sure you are maximizing the hardship you are experiencing. The banks are willing to work with people, but excuses such as admitting you falsified loan docs to get the house aren’t exactly going to make the bank jump for joy.

It DOES make a difference!

The banks can only work with the information they are given, and the more hardship they can establish, the better off your chances of getting the short sale approved are.

Questions about how to survive a short sale or get your hardship letter written? Send me an email to jonbenya@mac.com and I’ll be more than happy to help!

~Jonathan Benya- Realtor

Century 21 New Millennium

301-653-8116

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

This wonderful Home sits in the Middle of 15+ Acres. It’s The Perfect place for
Horses, Llamas, Alpacas or anyone looking for land and privacy!. House features a True Country Kitchen, Formal Living Room, Formal Dining Room, Family Room with Fireplace, Hardwood Floors, Full unfinished Walkout Basement with Fireplace, and a rough-in for extra Bath.

Lots of Storage Sheds on the property, Fenced pastures, plus a Barn with upper storage for hay or anything else you may need to store! With 3 full bedrooms, 2.5 Baths, and priced at $500,000, this is the perfect location for you to call home!

~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

Please contact Jonathan Benya for all inquiries/information.

~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

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