Southern Maryland Real Estate Blog

The Housing Market is Improving!

The Housing Market is Improving!

I’m thrilled to be able to say that the real estate market is picking up!  Not only are sales increasing, but home sales prices have been increasing too!

National sales prices have risen for the last 4 months in a row, and are up nationally more than 3% (three percent) since May.  This information comes from The Standard & Poor's/Case-Shiller home price index of 20 major cities.

Rising home prices are a key ingredient to rebuilding the economy. Homeowners feel wealthier when their property appreciates in value and are more likely to spend money. Rising prices also help millions of homeowners who owe more to the bank than their homes are worth.

Sales Volume is Up as Well

The sales of previously owned homes are also at the highest level in 2 1/2 years, according to the National Association of Realtors (NAR). 

The National Association of Realtors said sales surged a record 10.1 percent month-over-month to an annual rate of 6.10 million units, the highest since February 2007, from a downwardly revised 5.54 million-unit pace in September.

The biggest factor contributing to this is first time home buyers taking advantage of the $8,000 Tax Credit.  With the Tax Credit extended into April of 2010, it’s likely that sales will continue to rise in the near future.

Local Sales are Growing too

The Carrington subdivision in Waldorf, MD has actually seen sales as high as $272,000 in the past two months.  Prices that high would have been unheard of this past summer!  The bottom line is that affordability is back in the market, and even the traditional slow down in the market that old man winter brings is not a factor this year.  If you’re looking to try and take advantage of the limited opportunity offered by low rates, and low prices, give me a call!

Related Links:

Home prices rise for 4th month in a row
http://news.yahoo.com/s/ap/20091124/ap_on_bi_ge/us_home_prices_5

U.S. existing home sales pace highest in 2-1/2 yrs

http://news.yahoo.com/s/nm/20091123/bs_nm/us_usa_economy_housing

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

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Custom New Consruction doesn't have to be expensive!

Wanted:

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

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Huge House for only $218,207 in Indian Head, MD!

For all of you deal hunters out there, this is a can't miss property that won't last long!  It's a 5 bed, 3.5 bath single family home in Indian Head, MD, located on 9 Riverwatch Ln for only $218,207!!!  In addition to being a huge home, it also has a full, unfinished basement, brick front, and a two car garage.  The owner of the property just dropped the price by $50,000, so it's not going to last long!

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
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The Homebuyer Tax Credit has been extended AND Expanded!

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:

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
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Great Economic News for Charles County, MD!

So when is the economy going to recover?  According to the Washington Post, it looks like it may already be happening here in Charles County!  In an article written this weekend in the Washington Post (Economic Rebound Seen for Charles County), Signs are good that the evidence of an improving economy is being seen already in our neck of the woods!

According to the article, the U.S. unemployment rate is 9.8 percent; Maryland's is 7.2 percent; and Charles's is 5.9 percent!!!  In addition to this news, rising homes sales, and a continuing influx of new jobs, Charles County is becoming a much more popular place to be!  Also, if you're thinking of buying or selling a home in the area, I know a FANTASTIC Realtor, LOL!!!   ;-)

~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

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What's with all the undisclosed moldy foreclosures?

Are Realtors obligated to disclose mold problems in a foreclosure? The short answer is yes, but unfortunately things aren't always done as they "should" be.

Why Should It Be Disclosed?

A mold problem in a home falls into the category of "Material Defect".  In the state of Maryland, any Material Defects that are known by the seller or listing agent must be disclosed, regardless of the Annotated Code of Maryland, Real Property Article, Section 10-702.  The catch is that the seller must have knowledge of the defect.

Banks Don't Disclose

Banks typically avoid making any sort of disclosure, and rather sign a disclaimer stating they have know knowledge of the property and it's potential defects.  Since the bank has probably never actually visited the property, how can they know there is a mold issue?

Banks Should Disclose

It stands to reason, however, that someone involved in selling the property (such as the Realtor who lists the property) has seen and is aware of a possible mold problem.  If there is a latent defect such as this, and it is known, then it is the responsibility of the listing agent and the owner (The Bank) to disclose such problems.  What should happen, and what does happen, however, can be two entirely different things.

Are they Trying to Hide It?

With the massive mold growths I've seen in so many foreclosures, it's impossible to hide the fact in many cases.  the concern that I, as a Realtor, have is that there is a potential health risk involved in showing these properties.  It's a weekly occurence now:  I go out, show a dozen or so moldy foreclosures, and go home with a splitting headache and nausea.  At it's core, this is a health risk, for both me and my clients.

The concern many banks have is that mold stigmatizes a property (DUH!) and reduces it's value.  Their risk of exposure to a lawsuit is minimal (You gotta prove they knew the home had mold), and so the less they say, the better, at least in their mind.  In the mean time, myself and my clients get to deal with the headaches, nausea, dizziness, and shortness of breath that goes along with heavy mold exposure.  Lucky Us.

~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
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Fall Arts Fest is This Weekend in La Plata, MD!

Looking for something fun and free to do this weekend?  Century 21 New Millennium is holding it's annual Fall Arts Fest this weekend in La Plata!  There's lots to do, and all proceeds are going to support the Children's National Medical Center!  Stop by from 10am-3pm on Saturday, September 26th and check it out!

~Jonathan Benya- Realtor
301-653-8116

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Time is Running out on the $8,000 Tax Credit!

One of the reasons that we’ve seen such an increase in home sales recently (aside from the fact that prices AND rates are low!) is because of the Federal Tax Credit that is currently being offered to first time home buyers.

The stimulus works like this: people who have not owned real estate in the last 3 years are considered “first time home buyers”.  If they purchase a house right now, the government is giving them $8,000 at tax time as an incentive to purchase.

Unfortunately, this program is due to run out on December 1st.  The average contract is taking 63 days to settle right now, so if you’re interested in taking advantage of the program, you need to act now!

If you want to purchase a home, but you aren’t going to make the deadline, there may still be hope for you yet!  There are a couple of bills in Congress right now that would extend that deadline into next year, and some of them even up the incentive to $15,000!!!  None of these bills have passed yet however, so there’s no guarantee that the program will be extended.  If you have any questions about the current tax credit or the proposed future tax credits, please feel free to contact me!

~Jonathan Benya- Realtor
301-653-8116

Charles County Real Estate Blog
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Charles County Real Estate Outlook 6/09

 

There's good news in the Southern Maryland real estate market!  While we're not out of the downturn just yet, recent changes in the market are positively affecting home sales!  Here's what the Charles County real estate market looks like:

May 2009

                                                         2009                  2008             %Change

Total Sold Dollar Volume:					$ 33,466,939					$ 33,607,138						- 0.42 %
Average Sold Price:					$ 281,235					$ 317,048						- 11.30 %
Median Sold Price:					$ 276,000					$ 327,450						- 15.71 %
Total Units Sold:					119					106						12.26 %
Average Days on Market:					163					132						23.48 %
Average List Price for Solds:					$ 309,264					$ 344,640						- 10.26 %
Avg Sale Price as a percentage of Avg List Price:					90.94 %					91.99 %

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

                                                       2009                2008            %Change

Total Sold Dollar Volume:				$ 22,976,649				$ 34,190,350				- 32.80 %
Average Sold Price:				$ 267,170				$ 299,915				- 10.92 %
Median Sold Price:				$ 236,750				$ 285,500				- 17.08 %
Total Units Sold:				86				114				- 24.56 %
Average Days on Market:				151				134				12.69 %
Average List Price for Solds:				$ 303,894				$ 326,988				- 7.06 %
Avg Sale Price as a percentage of Avg List Price:				87.92 %				91.72 %

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
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HAP Guidelines Released- Military Homeowners finally have relief via DoD

The Homeowners Assistance Program (HAP) has released the DoD guidelines for Wounded Warriors, Warriors in Transition, and PCS moves.  The government has established a $555 million fund to aid military personnel who are unable to sell their home due to economic constraints.

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

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