[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

Is the Real Estate Market in Charles County and Waldorf finally turning around?

It’s been a long time since we saw good news in the real estate market.  In the last few years we’ve seen that home values have dropped, sales slowed to a near standstill, and foreclosure rates skyrocketed.  The good news is that national sales trends have picked up recently, and it looks like we may have finally hit the bottom of the real estate market downturn.  According to a report released on August 26th, 2009, new home sales are up 9.6% in July, and up 30% from the beginning of the year.  All of that is fine and well, but what about the local market?

The best way to look at sales trends is at the local level! If we take a look at current sales in Carrington, we can see that as of August 26th, there are 60 homes currently for sale.  of those 60, 21 are under contract!!  The national average for inventory volume is between 5-6 months, but the inventory volume for Carrington is just under 3 months!  This is excellent news for homeowners in the neighborhood!

It’s great to see sales up, but what about prices? Unfortunately, you’re not going to find that prices have risen back to the levels we saw 5 years ago.  Listing prices for homes that are UNDER CONTRACT range from a high of $299,900 to a low of $139,999.

Homes that are currently active on the market range in price from $299,995 to $145,900.  A quick look at recent sales shows a range in value from $279,000 to $126,500.  Want to know how your home compares?  Give me a call at (301)-653-8116 and request a free Market Analysis for your 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

[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

This program, which covers up to 90% of the original purchase price of the home, is designed to help service members pinched by deflating home values. A copy of the DoD guidelines can be found here:

Download DOD_Guidance

I’ve already listed several homes that fall under this program, and although it is not ideal, any relief for our veterans is sorely needed and appreciated!  In order to apply, please visit the HAP website and download the eligibility and application guidelines to enroll in the program!

Related Posts:

Military Relocation Relief is expanding

~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

How many foreclosures are available for sale in Charles County right now?

71 (See a free list of them here!) This list is sent out free every week to all of clients. Ask to be added today by calling or emailing us!

How many foreclosures in Charles County are currently under contract?

29

How many foreclosures in Charles County have banks sold in the last year?

169 (See a free list here!)

What is the Cheapest Foreclosure in Charles County right now?

$43,900- 32 Delta Place #32 Indian Head, MD- A duplex in the Potomac Heights Subdivision, recently reduced $8,000! These homes are Co-ops, which is similar to purchasing a Condo. Although the prices are attractive, they have a Co-op fee of more than $250/mo, which has to be factored in when purchasing a home there.

What is the most expensive foreclosure in Charles County right now?

$659,900- 8715 Hill Spring Drive La Plata, MD- This home is HUGE, sitting on 7 acres of land AND has an in-ground swimming pool!

Looking to buy a bargain? Give Jonathan a call and put his team of foreclosure experts to work for you! With Team Benya on your side, you can find out about fantastic foreclosure bargains BEFORE they even hit the market!
~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

Why More Investors Are Looking:

Local prices are down considerably.  Homes that sold for as much as $330,000 at market peak are now going for $275,000-$290,000.  Not only that, but the increase of available homes allows buyers to be picky.  Most buyers would prefer to purchase something that doesn’t need work, and your fixer-uppers become harder to sell.  Tough luck for the seller, and music to the ears of a sharp investor.

What kind of Foreclosure are they looking for?

In a word, cheap!  The real estate market still has the most movement under $300k, and getting a home that can be flipped for less than $300k reduces the risk considerably.  For example, if you can find a foreclosure for $160k that needs $30k or less in work, can you sell it for $250k or more?  If so, you may have just found a potential flip!

Factoring in the market slump:

Remember that market depreciation averages 1% per month right now.  If it’s going to take you 3 months to complete a flip, then you should be factoring in a 3% deflation in it’s final value.

How do you find good foreclosure flips?

The key is to be searching, everyday!  I’m up every morning at 7:30 am and the first thing I do is update my list of new foreclosures and new properties that are on the market.  When something comes up, my computer automatically sends it to any investors who might be interested in the property, and if they like it, we go see if it might be worth the investment.

It’s important to move quickly, if a good deal hits the market, there is a good chance that others are looking as well, and you don’t want to miss out.  Last week I wrote an offer on a property in Waldorf that had been on the market less than 24 hours.  I was already competing with 2 other bids!

In summary:

The three things that are most important to a successful foreclosure flip are:

1. Be quick about buying and selling the property
   
2. Make sure your profit margin is solid
3. Know what the sales conditions will be like when you’re done.

If you’ve got that under control, you should be in good shape!

~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

Remember the Steve Martin movie “The Jerk”? Father Carlos Las Vegas De Cordoba shows Navin Johnson (Martin) an absurd video clip of cat juggling and Martin proceeds to cut a big fat check to Father Carlos to combat the evil cat jugglers. It’s funny because the idea of cat juggling is absurd, and paying a church to stop it is even dumber.

Overpricing your home in a buyers market is a lot like cat juggling. It’s completely absurd, and the only people who would even consider buying your home would be a true sucker. Even placing your home on the market for 2-3% more than the market comparisons show would be dangerous ground.

Think like your buyer:

With two identical homes on the market, why would you write an offer on the higher priced home? You wouldn’t, and neither would any other buyer with two cents worth of common sense. You’d write the offer on the lower priced home, because there’s less hassle.

At some point sellers realize that nobody is really as stupid as Navin Johnson, and cat juggling makes absolutely no sense. In the meantime, buyers are forced to look at a lot of overpriced junk in order to find the right home, and cat jugglers are left fuming that their home hasn’t sold.

~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 does NOT mean that you should skip the home inspection!  Quite the contrary, if you’re trying to buy a primary residence, the inspection is absolutely crucial!

Don’t believe me?  Well, would you buy a car without knowing it runs?  Buying a home without an inspection is the same concept.  Does the furnace still work?  Have the pipes burst?  Have termites eaten through the walls?  You just don’t know without that inspection!  I can see the marketing slogan now:

Lovely home with rustic living (furnace is shot, bring blankets), In-ground pool possible (Basement is flooded), and lots of natural light (Termites were hungry)!

Danger Will Robinson, Danger!

All you wanted was a great deal, and instead you end up with a money pit.  While the inspection won’t fix the problems, you are saving yourself from possible FINANCIAL DISASTER by knowing what sort of problems (if any) may exist.  When it comes time to write a contract to purchase a foreclosure, bear this in mind:

1. The home is being sold as-is, and
2. The bank is not likely to do any repairs on the home, so….
3. The inspection is for “informational purposes only” (That’s Legalese for: Don’t even THINK of asking for repairs!)

If you want to keep yourself protected, make sure that any inspection being done for “informational purposes only” has a “walkaway” clause.  This means that if you find something wrong with the inspection that you don’t like, you can cancel the contract, get your deposit back, and find another property that suits you.

Banks are doing everything they can to relieve themselves of liability.  As a buyer, you need to make sure that you and your Realtor are keeping your financial interests protected!

Got questions about buying a foreclosure?  Give me a call!

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