Southern Maryland Real Estate Blog

Bad DOG!!!

For those who haven't met her yet, this is Brit.  She and her brother are a pair of puppies that I rescued from the Tri-County Animal Shelter in Hughesville, MD.  She tries to be a good dog, and generally speaking she succeeds.  This morning, however, was not a good morning for us.

It's my fault, really.  I taught her how to play fetch, and she's a beagle mix, so she has a natural hunting instinct.  I had assumed (incorrectly) that life in suburbia would prevent her from turning into the great white hunter.  Aside from the occasional errant squirrel, there's not much to hunt for.

I had not taken into consideration that birds, apparently, were fair game as well.  My neighbors have a bird bath and feeder, so I get birds swooping through my yard to reach the birdie oasis next door.  As of today, they may need to re-think their flight plans.  Brit somehow managed to catch a low flying bird this morning and dumped it in the house like some sort of spoils of war.  The mangled mess of feathers I found waiting for me this morning was disgusting, and there she is, strutting around the house like she had just saved us all from a hideous intruder.

So now I have a dog that is not only mildly neurotic, but also madly proud of her obvious hunting prowess.  Me?  I get to clean up the feathers and blood.

Related Posts:
A theory about dogs & real estate
Pound Puppies Bring many happy returns
Holiday Weekends & Wet Dogs
Rescued Dogs Make Great Pets!

 

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

http://www.teambenya.com

Hope for Homeowners Act of 2008; Who does this help in Maryland?

It's official: The Hope for Homeowners Act of 2008 has been signed by the president and now we shall see who this helps.  For struggling homeowners in Maryland, here's a quick breakdown of the criteria to qualify:

In order to apply for this program, you must:

• Have a loan originated prior to 2008
• Be paying paying more than 31% of your monthly income on your mortgage
• The program qualifies for PRIMARY RESIDENCE ONLY
• Have your income verified

    The program will not take effect until October, 2008, runs through September, 2011, and here's the kicker (There's always a catch, right?):

Lenders can pick and choose which loans to refinance under the program!

    This means that if your lender isn't in the mood to adjust your loan, you're out of luck!  The catch is that the bank WILL be losing money on the deal, as the loan is essentially going to be giving owners 10% equity (Loans can only be up to 90% LTV), so I would imagine that even though 400,000 people are theoretically "eligible", far fewer are going to be given a break as the lenders will be eating crow on the deal.

This isn't a free money deal for the homeowners, however:

If you sell during the next five years, you must agree to share 50 percent of any profits from the resale with the government. What's more, homeowners can only retain equity gains based on a sliding scale.

The homeowner would have zero equity from a sale in the first year, with the amount rising 10 percent in each succeeding year and capping at 50 percent from a sale in year five and thereafter. The equity must be repaid because the maximum amount on the new loans will be capped at 90 percent of the current market value.

    This has a big impact on OUR area because of all the military families in the area that are struggling to make payments.  If you get re-assigned in a year, you lose all of your financial gain in the home!

    The entire 694-page bill can be viewed at: http://www.house.gov/apps/list/press/financialsvcs_dem/hr3221_bill_text.pdf

Want more information on the new bill, and what it means to you?  Call Jonathan Benya at 301-653-8116 and I'll be more than happy to help explain what to do and how to do it so you can take advantage of this opportunity!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

What does "as-is" really mean in real estate?

    "As-is" seems to be a very maligned term in real estate these days.  A quick search for homes in Waldorf and Charles County shows a slew of properties being sold "as-is".  On the surface, the concept is simple; the owner is not making any claims regarding the condition of the property.

    In reality, it's a bit more complex than that.  It seems that everybody wants a home that needs little to no work, and often those "as-is" properties seem to need something, but the seller isn't interested in addressing those concerns.

Am I Allowed To Get an Inspection?

    Rule #5 of buying a home:  ALWAYS GET AN INSPECTION! "As-is" does not necessarily mean the house is in terrible shape, nor does it mean you cannot have the house inspected.  Think of it this way: 

What would happen if you bought a home "as-is", without inspection, and found out later all of the wiring was shoddy and the plumbing leaked throughout?  Now your walls, ceilings, and carpets are ruined because of the water damage and the house is a 3-alarm fire waiting to happen because of bad wiring.

    In Southern Maryland, you have the RIGHT to get a home inspected.  In fact, if you choose not to inspect, you should be required to sign a waiver stating that you had the option, and decided against hiring an inspector.  Why?  Because your agent needs to cover their you-know-what!

Will The Seller Make Repairs?

    Here's a tricky situation, particularly in regards to foreclosures.  The short answer is: NO.   The more complicated response is that IF the situation is right, you might be able to get some work done by the bank, or perhaps get an escrow credit to pay for the work. 

    There are a lot of determining factors involved in getting that done, and you need to have a Realtor working on your side, representing your interests, who has experience in negotiating with bank owned properties.

How Do I Avoid Buying A Basketcase?

    First and foremost, make sure you have your own representation!  This means that your Realtor is working for YOU, not the owner!  You should have experts on your side who have seen the pitfalls and know exactly what to avoid and when they are looking at a great opportunity.  As a matter of fact, I happen to know a really great team of people.... (wink, wink :-) )

    In all seriousness, it's my opinion that ANYTHING is negotiable, even if the official line states "as-is"!  The  other key thing to bear in mind is that you should have the right to a home inspection, and by all means, make full use of your rights!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

Sputtering Along...

This weekend I'm in my office working, although I'd rather be out driving down the back roads of Southern Maryland. 

Last weekend I actually forced myself to take a day off and enjoy driving; all the way to Pittsburgh. 

I ended up at the Pittsburgh Vintage Gran Prix, and although I didn't have the time to stop by the "O" for a heaping helping of fries, I still had a pretty good time!

Link to: Vintage Gran Prix Race and Show Photos

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

Are Granite Countertops Killing You?!?

    Yes, I know that they're expensive, but killing your wallet is one thing.  I'm talking about your health on this one! The NY Times posted an article today about granite countertops.  In an era where everything we do and eat is potentially hazardous to our health, what's one more household risk, right?

    You see, Granite emits VERY MINOR levels of radiation.  In a few rare cases granite emits higher than average levels, and the EPA is apparently seeing a rise in calls from home inspectors regarding the safety of our beloved counter finishes.

“It’s not that all granite is dangerous,” said Stanley Liebert, the quality assurance director at CMT Laboratories in Clifton Park, N.Y., who took radiation measurements at Dr. Sugarman’s house. “But I’ve seen a few that might heat up your Cheerios a little.”

    Perhaps it could be marketed as a selling feature(You'll never need to use the stove!), but realistically the odds of your own counters being risky is remote.  If you're concerned about it, your best bet is to get a radon inspector out to your home to test your homes' radiation levels.  It should probably run you about $100-$300 dollars, and you'll know for sure if there's a problem.

    It begs the question:  "How long will it take to cook an egg on a counter like this?"

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

Is Good News Afoot? Charles County Maryland Real Estate Market Report, July 2008

    Could it be?  Is the real estate market in Charles County Maryland actually looking up?  It's to early to tell right now, and the pressure caused by recent interest rate increases has pushed loan applications down 6% over the last week, and pending sales are down right now as well.

    I know what you're thinking: if rates are rising and pending sales have fallen, what the heck is the good news, right?  well, there's a few early indicators here that might just be good news for struggling sellers! 

Sales Volume

    First off, Sales are up.  Not by much, but we are seeing a few more sales each month, and that number is slowly (VERY SLOWLY) rising, but it's going up none the less, which is a start.

Inventory

    Second, the number of available home has stopped rising over the last 3 months.  It's even (Dare I say it?) Dropping.  This is important because it shows that the skyrocketing supply of available homes has started to drop.  Remember real estate is all about supply and demand, and right now we need to see that supply drop!

Prices

    Prices and Values are a bit of mixed nuts right now.  The average sold price rose to $330k, while the median fell to $300k.  Oddities like this are to be expected while drastic market shifts are happening.  The long and short of it is that homes under $300k are moving the most, but the stagnation we've seen in the $400k+ range is finally starting to move a bit.  This means the average sales price trends higher even though cheaper homes are selling faster.

Time On Market

    Also, note the the average time on market (DOM) jumped above 140.  When you look at this in relation to the volume of available properties, it tells us that fewer and fewer people are putting their homes up for sale, and that more people may be willing to wait the market out.

Summary

    I'm not ready to start shouting that the market has recovered; we've still got a long road ahead of us.  It's signs like this that may indicate slowly improving conditions, if this is just a blip, we'll see numbers fall along with the interest rate hikes and coming fall sales market.  Stay tuned!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

Rosewick Road Project Blows It's Budget Again

    When Charles County started the Rosewick Road project, the budget for Phase 2 was supposed to total $5.7 million dollars.  Add an extra $432,000 to that, and don't forget that the project was due for completion in April of LAST YEAR.  They are estimating that April of 2009 will be the targeted completion date with the unanticipated cost overruns.

    The County is pouring TONS of cash into this project, essentially robbing Peter to pay Paul ($282K came from the upcoming Phase 3 Budget, and 150K came from the Western Parkway Upgrade budget, Sorry Guys!)  Don't forget that Capital Services is anticipating further cash injections in order to get the work done, while the Commissioners are "hoping" that Phase 3 comes in under budget.

    In all honesty, if Phase 2 has been such a financial mess, what leads people to believe that Phase 3 will be any better?  The Phase 3 budget is currently $5.9 Million (Minus that pesky $282k, naturally), and construction costs are rising with inflation.  Anyone else see a problem here?

    I agree that the Roadway needs to be improved, but how much of this is for the County's current benefit, and how much of this work is being done for the benefit of upcoming developers' projects?

Waldorf vs. Upper Marlboro: Which is Cheaper Living?

    I'm writing this as a response to a debate on a web forum regarding housing costs in Waldorf and Upper Marlboro.

    The question seems to be which location is more affordable, among other things.  My instinct has always been the Waldorf is a little more affordable, but I've always assumed that from my "gut" rather than stats (I think it's called the Steve Colbert approach to "facts").  Obviously that's not enough to satisfy a serious query on the subject, so I pulled the sales figures for Waldorf and Upper Marlboro to compare.  Here's what I have found: (all figures from MRIS.com)

From 6/1/2008-6/30/2008

Waldorf, 20601

    17 Homes Sold

    233 Active Listings

    Sold Ratio: 1:13.7

    Average Sold Price:  $294,494

    Median Sold Price:    $280,000

Waldorf 20602

    22 Homes Sold

    233 Active Listings

    Sold Ratio: 1:10.59

    Average Sold Price:    $253,954

    Median Sold Price:    $244,700

Upper Marlboro, 20772

    30 Homes Sold

    500 Active Listings

    Sold Ratio: 1:16.67

    Average Sold Price:    $314,256

    Median Sold Price:    $312,500

Upper Marlboro, 20774

    35 Homes Sold

    465 Active Listings

    Sold Ratio: 1:13.28

    Average Sold Price:    $282,814

    Median Sold Price:    $278,900

    This shows a couple of interesting details:

1. The average rate of sales is slightly better in Waldorf
2. This is likely due to the lower cost of homes in the 20602 Area Code
3. Although the 20774 Area Code is less expensive than the 20601 Area Code, It does not mean that Upper Marlboro is less Expensive than Waldorf, as noted by prices in the 20602 Area Code.

    Another potential means of comparison is through new construction.  If you were to look at a home built by Ryan Homes in the Brentwood Subdivision of Waldorf, MD.  You would find their base model starting at $320,000 (Was $330,000)  To have that exact model built in The Ridings at Upper Marlboro, it would be priced starting at $340,000.  The difference is less than 6%, but it IS a difference.

    Bear in mind this does not make Upper Marlboro or Waldorf "better" than the other.  Differences in commute times, amenities, and local features vary greatly.  Although there is a cost of living difference, I still think it comes down to a preference of location rather than price.

(Please note that the 20603 Area Code was not included because there was a spike in prices last month for some reason, and I am working to determine why this has occurred before I show abnormally skewed figures)

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

Jaw Dropping Home in Columbia, MD for Sale!

    Words cannot describe the beauty of this home located in Columbia, MD!!  From the soothing ponds and waterfalls flowing through the backyard to the majestic bedroom suites, this home has it all!  The kitchen boasts not only your enormous granite counters, but also absolute top of the line appliances from the huge sub-zero fridge to the stainless steel viking stove! 

    Let the kids play in the attic loft while you relax in the basement fitness room, complete with floor to ceiling mirrors on the walls, or enjoy a bottle of vino in your own wine cellar!

    If relaxing on the patio is more your style, you can enjoy an evening by the gas fire pit on the patio, and enjoy the splendor of a fully fenced back yard that backs to trees for a uniquely private setting, on nearly 2 acres of land.

    With 6 bedrooms, 6 full baths, 2 half baths, there's plenty of space for the whole family!  On top of that you have two separate garages(both of them will fit 2 cars easily), and fireplaces nestled throughout the home.  You deserve a home fit for a king, and this is it!

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

View More Photos of this gorgeous home!

Join This Home on Facebook and Schedule a Showing!

Great Foreclosure Deal in Hyattsville, MD! $199,017 for a Single Family Home!

    The bank has decided that this property has GOT TO GO!  Here's you're chance to buy a single family home in Hyattsville, MD for less that $200,000!!!

    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