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$8000 Tax Credit Still Available to Military

by Don DeHanas, Associate Broker

For those that thought they might have missed their opportunity to receive the benefit of an $8000 tax credit, here is a reminder:

Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.

Exemption From Tax Credit Recapture Rules

  • Typically, homes that are sold or that cease to be used as a principal residence within three years of the initial purchase are subject to recapture of the tax credit.
  • However, qualified service members who sell or move from a tax credit home within three years of the initial purchase due to official extended duty are exempt from the recapture rule.

Extension of Tax Credit Deadlines

  • The home buyer tax credit is available for qualified purchases with a binding sales contract in place on or before April 30, 2010 and closed by September 30, 2010.
  • However, for qualified service members who are ordered on a period of official extended duty, these dates are extended. For these home buyers, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011.
  • A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.

Definitions

  • “Qualified service member” means a member of the uniformed services of the U.S military, a member of the Foreign Service of the U.S., or an employee of the intelligence community.
  • “Official extended duty” means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.

Call DeHanas Real Estate Services and ask to speak with one of our Buyer Specialists, who can help you realize your dream of home ownership. Call 800-842-0190 today!

 

New Home Sales Decline....again

by Don DeHanas, Associate Broker

The Associated Press has just reported that new home sales are down for the third month in a row, with February sales at its’ lowest in over 50 years.  Evidentially, economists say that a healthy pace for new home sales is 700,000 a year, nationally, while we are currently on pace to building just 250,000….seems like we might have more than our share of new homes being built right here in Southern Maryland...at least in Waldorf.

Perhaps coincidentally, we have noted that it was about 3 months ago that the national builders in our area raised their prices, across the board by as much as $50k-$60 or more.  Consumers are obviously telling new home builders that they no longer see a value in buying new as a result of the price hike.

Another recent change in the market, and perhaps as a result of prices going up in new construction, is the rental inventory has fallen dramatically over the last 3-4 months, and we are seeing an increase in rental rates as a result.

This all sounds like a lot of bad news, but it could mean good news for the resale market. If home buyers are finding less choices, when it comes to selection, they might find resale homes, foreclosures and short sales more attractive options. If this happens, and I believe it already is happening, we might get out of this housing crisis that is currently upon us, sooner than later.  Prices are still declining and there is still an unknown amount of “shadow inventory” of bank foreclosures hitting the market, so there are still some unknown factors that will affect the outcome.

It's an Investors Market in Charles County!

by Don DeHanas, Associate Broker

If you are an investor of residental properties in Charles County, the market couldn't be any better than it is now!  There are plenty of bargains on the market for the taking, especially if you are not afraid of a fixer upper.  And on the other hand, the rental inventory is at it's lowest in years, having recently dropped to less than 90 units in Charles County, and less than 50 in Waldorf. As a result rental prices are on the rise.

Investors are moving in and buying homes at unbelievably low interest rates, making some minor updates, paint, carpet and cosmetic repairs, and renting them within 30 days creating a positive cash flow for themselves of $200, $300, $500 and more a month!

Investors are either paying via mortgage loans or cash. We are also seeing investing groups (individuals, pooling their money together) who are making these kinds of purchases.

If you are in a position to buy two, three or four of these homes or townhomes, and turn around and rent them out, your monthly income could be as much you are currently making at a normal 9-5 job. There are tons of possibilities.

DeHanas Real Estate Services works with investors, helping them to reach their investment goals. Call today for more information, or to get started. 800-842-0190.

Foreclosures Hit Record High in 2010

by Don DeHanas, Associate Broker

A total of 3.83 million Foreclosure filings were reported on a record high 2.87 million properties in 2010, up 2 percent from 2009 and an increase of 23 percent from 2008, according to a year-end study from Realty Trac, an on-line marketer of foreclosure properties.  The report concludes that 2.33 percent of all housing units in the United States (1 in 45) received at least one foreclosure filing last year. Nevada, Arizona and Florida posted the highest foreclosure rates in 2010.

On a positive note, the Foreclosure rates fell during the 4th quarter of 2010, which might be short-lived, as it is being attributed to all of the controversy surrounding the banks' mishandling of foreclosure documents.

If you want to know the current market value of your home, call 800-842-0190, or click on What's My Home Worth.

If you or someone you know owes more on thier home than it is worth, we may be able help you avoid Foreclosure. Contact us today!

DeHanas Real Estate Services is family-owned and operated.

Historic Home For Sale Just Minutes from Washington DC

by Don DeHanas, Associate Broker

Step back in time, through the magestic wrought iron gates and into this completely fenced 10.23 acre Historic estate known as "Bellevue". Features include 7 fireplaces, 5 BR and 5 BAs, including a tenant house and classic Greek Temple w/Grotesque perched high atop the columns. Seasons never change in the Orangery, offering a peaceful retreat with a 30 minute commute to Washington, DC.

Listed on the National Historic Registry, Bellevue is a fine example of an early 19th Century plantation house with deocrative elements in the Greek Revival Style. It exemplifies a house style typical of successful small planations of the period. It is one of only three surviving examples in Prince George's County of this onece popular 'Tidewater' house style. Bellevue is in excellent condition and retains its free standing chimneys with brick pent, as well as its roughly contemporary kitchen wing. It is a fine example of the early archetecture of the region.

PHOTO TOUR 

For more information on this home, or to schedule an appointment to preview it, please call Don DeHanas at 800-842-0190 x106

Maryland Home Buyer Seminar

by Don DeHanas, Associate Broker

12 Important Steps to Buying a Home

HOSTED BY                   

Now is the time to buy!  Don't miss your chance to take advantage of a very HOT buyers market!  The homebuying Strategies you will learn will give you a competitve edge over other buyers competing for the same properties, AND provide you with the knowledge to save thousands of dollars when purchasing your next home.

Learn About “Free Money” to use towards your new home purchase.

Learn from some of the best in the business!  You will have an opportunity to talk one-on-one with Title Attornies, Tax Accountants, Home Inspectors, Insurance Agents, Movers, Contractors, and of course a Mortgage Loan Specialist and Experienced Real Estate Agents.

  • When: Wednesday May 4th, 2011
  • Time: Doors Open at 6PM Seminar begins at 6:30PM
  • Where: Waldorf Jaycees (at the corner of RT 301 and RT5/RT228 in Waldorf)
  • Cost: FREE
  • Refreshments Provided
  • Door Prizes Awarded

  Bring a friend and learn together!!

RSVP by Friday April 29

Sign up today to reserve a seat at our Home Buyer Seminar on Wednesday May 4, 2011 at 6PM. Seating is limited.

CLICK HERE TO REGISTER

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Photo of The DeHanas Team Real Estate
The DeHanas Team
DeHanas Real Estate Services
1218 Smallwood Drive
Waldorf MD 20603
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867

Servicing all Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro areas of Maryland, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County real estate advertised in this website are subject to the Federal Fair Housing Act of 1968 which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, handicap and familial status, or national origin, or any intention to make any such preference, limitation or discrimination. DeHanas Real Estate Services will not knowingly accept any listing agreement for real estate sales in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas which are in violation of the law. Our clients and customers are informed that all dwellings advertised on our website in Anne Arundel County, Calvert County, Charles County, and Prince George's County as well as Annapolis, Bowie, Chesapeake Beach, Crofton, Dunkirk, Edgewater MD, Ft. Meade, Huntingtown, La Plata, North Beach, Odenton, Owings, Pasadena, Severn, Waldorf, and the Upper Marlboro, all of Washington DC, and Northern Virginia, including Alexandria, Arlington, and King George County areas are available on an equal opportunity basis. All prices and finance claims appearing in this site are subject to change without notice.