Southern Maryland Real Estate Blog

Shed some Light on Selling Your Home

Upgrade Your Lighting to Sell Your Home

 When you're putting your house on the market, there's obviously a lot that needs to be done in preparation, such as rearranging, cleaning, and landscaping in order to maximize your house's interior and curb appeal. But in today's market, perhaps touching up the paint and making the minor repairs isn't quite enough to make your house stand out.

This is why sometimes it might be best to upgrade when you're putting your house on the market, especially when it comes to home lighting.

This might seem counter intuitive at first; why buy additional lighting that you won't be using and that might be removed or altered by the eventual buyers? Certainly both points are valid, but a few changes can drastically help improve the appearance of your house and might in the process enable you and your Realtor to sell it at the asking price.

How to Get the best "Bang for your Buck"

  When upgrading your lighting in this manner, it is worth noting that you want your upgrades to be based on functionality, not style. After all, you don't want to purchase lighting based on what looks good to you but rather what you think would work for any future occupants.

Above all it is important to find lighting that will illuminate areas that previously didn't have much light cover, as you don't want to turn on your lights when showing your house only to have some unappealing dim spots. A few simple and inexpensive ways of rectifying this would be upgrading your vanity lights for your bathroom or purchasing kitchen island pendants and under-cabinet lighting for your kitchen.

  You also need to consider the exterior of your house as well. Flood lights do an excellent job of accentuating the front of you house at nighttime, while path lighting can help highlight your landscaping while also providing safe and easy access to the house.

Both of these types of lighting will also make your house easier to find for the prospective buyers and will help its curb appeal as well.

Don't forget about Sunlight!

Lastly, it is important not to overlook natural light, as this can be important during daytime visits. In this case, the littlest things, such as cleaning your windows and keeping all curtains and shades drawn up, can make a huge difference. Sunlight is always more appealing than artificial lighting, so it is important to utilize it whenever possible.

It goes without saying that the better you present your house, the better the chances of being able to sell it the asking price. Maximizing both artificial and natural lighting goes a long way in creating the right look and atmosphere for potential buyers. 

~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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Finding a Real Estate Agent in Charles County: Don't Pick Your Agent by CMA

    Choosing a Realtor is a big decision.  Every Realtor (myself included)  is trying to tell you why they're the greatest thing since sliced bread and why it would be a mistake to even consider working with someone else.  It makes Realtors gigantic windbags, but that's a real estate agent's job: to market/promote themselves and their properties.

     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
Charles County Real Estate Blog

Join The SOMD RE Blog Community and get free news and updates via email!

111 Quailwood in La Plata, MD is SOLD!

    Anybody who says that nothing sells in this market is wrong, plain and simple!  We had a gorgeous 3 bed, 2.5 bath rambler in the Quailwood subdivision on the market for less than 75 days, and it's now officially sold!  A little bit of smart, aggressive marketing along with an intelligent price ($385,000)
got the job done, and helped another happy seller get his home sold!

Link to original listing

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

Your Next Home Will Be Bought or Sold Online! ~Part 1 of the Savvy Seller Series~

    It's true!  I'm not talking about a few clicks of the mouse to sign the settlement papers (not yet, anyways), but the home buying process has become less about flipping through the newspaper and driving around to open houses, and more about surfing the net to see what's available instead.

Even as a Realtor, it can seem overwhelming to post home information to all of the different home search sites available out there.  Which site do you use, Realtor.com?  Trulia?  Zillow? Hotpads?  Kajiji?  Craigslist??

In the land of property marketing, the Internet is King!

    Your choice of website as a buyer is not as important as it is for sellers, however.  Owners looking to sell need to make sure that they're on every site possible, which means finding an agent who really knows the web and is aware of the latest trends and preferences of picky buyers.

    The toughest part about it is that you may not even realize how important your online marketing is!  When a buyer comes to me looking for a home, we look at specific criteria:

• Beds
• Baths
• Size (square footage)
• Garage
• Location
• Etc. 

    Those buyers rarely take my lists as gospel, they're also going to look at home, online, and when they're searching on their own time, they may find that property they want to see that doesn't quite match the criteria they gave me. 

    You need to make sure that those buyers have the opportunity to see your home, regardless of which site they're searching on.  Over 80% of all home buyers start their search online, and many times those buyers have already seen a wide range of potential offerings before they even step foot into a Realtor's office.  If, for example, a buyer tells me they want a home in Waldorf(Waldorf, MD photos),  but they home home and search the entire county, they may end up finding their next home is really in White Plains or La Plata (La Plata, MD photos)!

80%!!  

    If that means 20% of buyers aren't using the internet now to find a home, You're relying on 1/5 of the total market to hold your home's buyer.  It's an incredibly limiting factor!!  It's an absolute necessity now to make sure your home is plugged in to as many search sites as possible.  Right now, my listings are uploaded onto over 30 (30!!) different online search sites (and that number grows every quarter), simply because exposure is how homes are sold, period.  You can have the nicest home in three states, but how do you expect to sell it if nobody knows it exists?

Which Websites Work?

     I can clearly see that not all search sites are created equally, and realtor.com is the best ROR (Rate Of Return), but to me it's an irrelevant question.  Why Wouldn't you use ALL OF THEM???  Exposure is the goal, right?  More Sites = More Exposure, so make sure your listing can be found everywhere!

    I've also had people ask me if websites such as this blog help as well, and my first response is "Well, you read it, right?" ;-)  In all seriousness, I have helped people buy AND sell through this blog, so it certainly doesn't hurt!  Again, it's the concept of exposure.

Why The Web?

    Well, the bottom line here is that people have finally become comfortable looking for homes online, and they've come to expect to see their next home before they even pass through the door.  Buyers are already hip to the lingo:  Virtual Tours, Slideshows, etc., and quite simply, the convenience of it all makes sense and attracts people to the medium.  You could be searching at the office or at home in your bunny slippers!

This is Part 1 of a series of articles designed to educate sellers on how to maximize their returns and get their home SOLD in a buyers market!  Check back every Wednesday for the next edition of the Savvy Seller's Blog Series!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

Hot New Listing In Upper Marlboro, MD~ $270,000!

Charles County Maryland Real Estate Market Report, December 2007

    Here's the latest on the current Charles County real estate market! Sluggish sales trends are continuing to force prices down while making it increasingly difficult to get a home sold due to the market pressure.

What's Good:

    The number of active, available homes on the market has fallen for the third consecutive month.  As fewer and fewer homes are listed for sale, the difficulty in selling should (at least in theory) ease.  September of last year saw over 1,750 active listings, while in December that number was closer to 1,500.  There's a couple of reasons for this. 

    First, many people don't like to deal with the hassle of trying to sell their home in the middle of winter.  Holiday stress is high enough without having to worry about people showing up at all hours of the day to tour your home.  I expect that the number to climb again as the spring approaches, and you can see that historically, the number of active listings always falls during the holiday season.

    The second reason is that a number of homeowners have decided to rent their home rather than sell it, so as homes are rented out they are no longer listed for sale.  Creative moves like this are becoming a serious option to more and more people these days.

What's Bad:

    Sales rates have remained stagnant for the last four months, as have the number of pending settlements.  This figure is particularly disheartening to sellers right now because it underlines the difficulty the are currently experiencing.  Traditionally sales tend to pick up once winter ends and I know quite a few sellers who are anxious to see the cold weather snap and the rate of sales rise.

    The average number of days on market has jumped again.  at over 150 days, this is the highest Charles County has seen in over 8 years.  While this should not be a surprise, it does not look like it is going to change anytime soon, and I would anticipate that this will continue to climb while the market deflates.

    The average sales price of a home has fallen once again.  We're currently looking at a 12% drop in value since July 2007, and I would expect this number to continue to fall as buyers continue to sit on the fence and sellers get more anxious.

Wrap Up:

    The Housing Slump continues to place pressure on the local Southern Maryland real estate marketplaces.  Foreclosures are also continuing to rise with many lenders anticipating an increase in foreclosure this year over 2007.  Lending criteria is also continuing to creep upwards while interest rates have managed to hit a 2-year low this past week.  Be sure to check back every month to see the latest analysis of what's going on in your back yard!

~Jonathan Benya

Century 21 New Millennium

Waldorf and Southern Maryland Real Estate for Sale

Southern Maryland Real Estate Blog

Prince George's County Real Estate Market Update

    What a year 2007 has been!  The real estate market has changed dramatically, and 2008 is shaping up to be a year of continued adjustment!

Looking Back

    Currently, Prince George's County Sales Statistics show that homes sales are down a little over 55% from where it was a year ago (934 homes sold 11/06 vs 418 homes sold 11/07).  The average time that a homes is on the market is up almost 75% (59 days 11/06 vs 103 days 11/07).

    Home owners in Prince George's County are seeing less return for their money as well.  in 11/06 home owners saw an average return of 97.2% on their asking price, that figure now is roughly 93.2%.  Bear in mind that this figure does not include any seller concessions that were made, which has risen as well.

    Price wise, the average sold price has fallen 8.81%, from $344,956 to $314,577.

Why The Drop?

    P.G. County is a hotbed for overpriced and foreclosed homes right now, and mortgage companies such as Countrywide and Freddie Mac are anticipating the volume of foreclosure to increase through 2008.  This is combined with the fact that as mortgage rates have fallen, the criteria for approval has increased.  Lenders are requiring higher credit scores and more money down up front in order to approve loan applications, making it more difficult for people to purchase.

Will it Continue?

    P.G. County has the highest level of foreclosure in the state, thanks in part to multiple mortgage scams that operated in the region, as well as people who got trapped purchasing sub-prime loans that they can't afford to pay back.  Until the volume of foreclosures fall, it is difficult to anticipate an increase in home prices in the area.

Prince George's County Current Foreclosures (319!)

Related Article:

Understanding the Housing Slump in Maryland

Worried About a Short Sale? Good News!

    Are you in the midst of a short sale, or about to do one, and worried about the associated tax burden that goes along with it?  There's so good news for you, thanks to a bill signed yesterday, the first GENUINE relief for homeowners trying to avoid foreclosure.

    Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.

    Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.

    "This is going to make a happy holiday for many homeowners," President Bush said yesterday before signing the bill in to law. During the press conference he added the following:

     "When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it's a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes."

    "There's more work to be done," Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.

    It's still anyone's guess as to how much tax relief this is going to provide nationally, but the tax debt relief is definitely going to be huge.  not only that, this may provide people with more room to negotiate on trying to get out from under than mortgage before the bank takes their home.

Charles County Foreclosure Statistics

    Foreclosures are rapidly changing our local real estate market here in Charles County.  The more foreclosures we see, the more home values are impacted, and the red hot foreclosure market is showing no signs of slowing down.

County Update

    In 2006, we saw a total of 19 foreclosures sold through Realtors.  In 2007, that number has jumped to 61.  The reason is two-fold.  First, because there is so little equity involved in foreclosures (due to purchases made at the height of the market with sub-prime loans), Banks are forced to sell their properties through brokerages to minimize their financial losses rather than through foreclosure auctions, which previously had been the easiest method to unload bank owned homes.

    Currently, there are 51 bank-owned properties available for sale in the County, up 10% from last month, and that number is expected to climb as more people are hit with mortgage rate adjustments.

Waldorf Statistics

    Waldorf alone has 29 Pre-Foreclosure Properties right now according to Realty-Trac, 169 Properties available for auction (most of these will end up available through real estate brokers due to the high debt ratios), and 34 bank-owned properties.

Is There Relief?

    Maryland in particular is being devastated by this trend.  We're currently listed as 15th in the nation for foreclosures, up from 40th a year ago (a 370% increase).  A task force was established by Governor O'Malley back in June, but so far, there has been nothing but increases in the number of local foreclosures.

    Part of the problem is the rise is mortgage fraud, over 400 homes were involved in the Metropolitan Money Store Scam, and over 1,000 were wrapped up in the Metro Dream Homes scandal.

    Another thing to bear in mind is the new sub-prime rate freeze announced recently.  The scope of the freeze is extremely limited however, and it is not the "rescue" that many people were hoping for.

Future Forecast

    This is not a concern that is simply going to correct itself with the next six months, or even the next year.  Home prices are expected to continue to fall, and county sales statistics are evident of the need for the market to deflate further over the next year.  It is likely to take at least 18-24 months before the market and home values in the are begin to see any sort of healthy increase in value.

~Jonathan Benya

Century 21 New Millennium

Team Benya

301-653-8116

Website

Blogsite

Calvert County Maryland Market Statistics, November 2007

    Calvert County, much like Southern Maryland, is currently working through downward sales trends and coping with lackluster sales in the real estate market.  Although sales volume is only down by roughly 10% county wide, a look at the bigger picture gives a much better indication of what the local market is actually facing.

    Prices are very likely to continue to fall.  If there were 69 homes sold in November, and 996 homes currently on the market, that means that there is an overstock of roughly 14 months.  As long as supply continues to exceed demand to this degree, home values are likely to remain depressed.  Also, note that in the Stat Charts, there were 145 new listings taken in the county this month, over double the volume sold.

    Average Days on Market has risen to 146 days, up 28% from last year, and the average sales price in the county is 92% of the listing price. 

    On final item of note is that conventional financing was by far the most common method of finance.  Although this is not unusual, it is indicative of the popularity of conventional financing rather that FHA or VA loans.

    If you have any questions about this information or would like more detail on the current state of the local real estate market, please give me a call or drop me an email!  I'm always happy to help provide sales information and advice.

Calvert County Sales Statistics.pdf

~Jonathan Benya
Century 21 New Millennium
Team Benya
301-653-8116
Website
Blogsite