Southern Maryland Real Estate Blog: Southern Maryland

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

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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!

Things to think about when buying a Foreclosure in Southern Maryland

Foreclosures are a great opportunity to get a home at a bargain price in Southern Maryland. Home buyers need to be wary, however, because there are several easy to miss pitfalls and risks associated with buying a foreclosure.

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

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$8,000 Tax Credit for first time home buyers can be used as down payment!

If you're looking to buy your first home but can't afford the down payment, there may be help out there!

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 down payment.

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
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in Buying, Buying a Foreclosure, Century 21 New Millennium, Charles County, Charles County Real Estate, FHA Limits, HUD, New Homes For Sale, Southern Maryland, Southern Maryland Real Estate, Team Benya, Waldorf Real Estate | Permalink | Comments (0) | TrackBack (0)

Bad Photography 101- Is Your Realtor a Lousy Photographer?

A common complaint among home sellers is that photos that are taken to market their home look less than stellar. I know how to take a good photo, but my brother knows how to take a GREAT photo. I know my limitations, and I leave the photo taking up to him.

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

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Case in Point: The Importance of Inspections with New Construction

This morning I attended a walk-through in Southern Maryland (Waldorf, to be exact) on new construction for a first time home-buyer of mine that is due to settle this week. Typically, people do not feel a need to pay for an inspection when they're buying a new home. The thought is that if the home is "new", then there shouldn't be a need for the extra expense.

My buyer wanted the assurance that comes with having a professional home inspector go through the property, and it turned into a very wise investment.

So what made it worth hiring a home inspector?

For starters, the threshold at the front door was water damaged. The builder rep offered to have it painted and sealed, but the inspector stated that due to the water damage, it needed to be replaced. Suddenly the idea of hiring an inspector started to make sense...

Next, the furnace filter access was blocked by wiring, and was in accessible. Our inspector, Kevin Curry from Amerispec, caught the issue and stated that the wiring needed to be moved. Imagine buying a home and finding out a year after-wards that you can't change the filter!

Third, there was insufficient insulation in the furnace, and there were drafts being created. This is the sort of issue that only a home inspector would be able to catch, but the work completed by the builder was insufficient.

In addition, the rear sliding door wouldn't lock, the carpet was cut too short on the sides of the staircase, the kitchen needed a final coat of paint, and there was trim work that was cut too short.

You would think that builders would be a bit more mindful, but the bottom line is that if you as a buyer are paying for new construction, you should not be willing to accept anything less than perfect.

There were issues at the inspection that needed to be addressed, and the builder is perfectly willing to correct them, but without an inspector, there was no way to catch all of the issues at the walk-through. It's proof that it really pays to have a Realtor and Inspector on your side when buying new construction!

~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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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

Charles County Real Estate Blog
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Military Relocation Relief is expanding

Several years ago the Department of Defense rolled out the Housing Assistance Program (HAP) for service personnel the were relocated due to Base Realignment and Closures (BRAC). Due to the overwhelming mortgage crisis, that program is being expanded, and you may be eligible to receive financial relief if you're moving due to permanent reassignment!

The guidelines for HAP have been revised to also include:

Military personnel with PCS orders who are unable to sell their homes
Wounded warriors required to relocate for medical reasons, and
Surviving spouses of fallen service members

Who Is Now Eligible?

Eligibility requirements for the expanded HAP program are:

Permanent reassignment requires move of more than 50 miles.
Reassignment ordered between 1 February 2006 and 30 September 2012 (or earlier date designated by Secretary of Defense).
Property purchased (or contract to purchase signed) before 1 July 2006.
Property sold by owner between 1 July 2006 and 30 September 2012, or earlier date designated by Sec. Def.
Property was the primary residence of the owner
Owner has not previously received these benefit payments.

What Does This Mean?

Essentially the DoD will reimburse up to 95% of any loss on the sale of your home, provided the home was originally purchased before July 1, 2006. The DoD MAY also elect to purchase your home from you for up to 90% of it's current value.

Unfortunately to DoD has not yet released the detailed compensation guidelines, so they will not be approving any applications just yet. They are, however, recommending that any Military Personnel who may be eligible should submit their applications ASAP. Applications received now will be held until guidelines are released.

How do I apply?

In order to apply for the HAP program,all you have to do is go to the Hap Website and download the application form. They have complete instructions there and will be notifying applicants once the guidelines are released.

~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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Southern maryland car show a HUGE SUCCESS!

If you didn't make it out to this years Southern Knights coming out car show in Charlotte Hall, MD, you missed an awesome car show! The weather was perfect, and by 11am the entire show was full! The must have been at least 100+ cars that weren't able to be shown because the space filled up so fast

I took lots of photos, which are available for viewing in my Flickr Account. Here's my personal favorite picture of the day though:

~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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22nd annual coming out car and bike show is this weekend!

If you didn't already know it, I'm a bit of a car nut. When the weather turns warm I can almost certainly be found getting ready for or heading to a weekend car show. Some people enjoy fishing or hiking in the summer. I prefer the smell of engine oil and high performance motors.

For those of you who are interested in seeing some great classic cars on display, this weekend is a great opportunity! The Southern Knights are hosting the 22nd annual coming out car show in Charlotte Hall, MD. The show will be Sunday, April 5th, 2009, from 8:30am to 3pm. It's easy to find, the show is held each year at the Charlotte Hall Shopping Center. It's located on Rt.5, just north of the farmers market.

The weather should be excellent, and I'm expecting to see over 500 classic cars there this year! I'm sure I'll be there early!

Want to see more photos from the 2008 Coming Out Car Show?

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