Real Estate Information Archive

The DeHanas Team of Southern Maryland has just embarked on a new technology sweeping the real estate industry, and making the on-line home buying process that much more convenient!  With 3 Dimensional technology, a potential home buyer can completely view the home from the comfort of their home! Imagine buying a house without ever having to physically be there! The innovative tours, dubbed the Ultimate Virtual Tour, by DeHanas Real Estate Services, makes all of that possible!

Viewers will experience the virtual environment of the home, with the sharpest quality of image, and clarity. Don DeHanas, Broker/Owner of DeHanas Real Estate Services in Waldorf, MD says "The quality is amazing! The tour has incredible detail, allowing the viewer to investigate every nook and cranny of the house".  From desk-top to mobile device, the 3-D Virtual Tour allows the viewer to meander through the entire home as if they are actually walking through it. Home sellers are finding this techonology extremly benificial due to the amount of on-line buyer traffic it attracts, which is then reflected in actual showings or even offers without showings ever taking place.

Contact DeHanas Real Estate Services to inquire about listing your home and including the ultimate 3 D Virtual Tour at 301-870-1717301-870-1717.

Sample virtual tours can be viewed at DEHANAS ULTIMATE VIRTUAL TOURS.

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We have just been made aware of an erroneous Facebook posting that if people opt out of buying health insurance and don't pay the penalty for not having it, the Internal Revenue Service will be able to put a lien on their home.  THIS RUMOR IS FALSE. 

Here is a third-party independent article that fully explains what the IRS can and cannot do to taxpayers who opt out of buying health insurance and don't pay the penalty.

Let’s start by observing that the phrase “pays off” can have various meanings. To some people, the issue is purely financial: will my remodeling expenditures be recouped? For others, recognizing that measuring financial return can be difficult, the issue is whether remodeling efforts cause a house to sell more quickly (or in some cases, at all). In other words, the financial benefit of remodeling may be real, but indirect.

Some remodeling efforts may be entirely visible like new kitchen cabinets, flooring and countertops, while others like renovated plumbing may be less visible yet still important to potential buyers. Depending on the individual home and the market in which it resides, different sellers may opt for different remodeling strategies. There is no one-size-fits-all solution, but a skilled, experienced real estate agent can help you determine which remodeling investments are likely to work out best in your specific area.

It’s important to understand and remember at the outset is that in most situations, you may not recover all of the money that you’re likely to spend on a renovation project when it comes time to sell your home, even those efforts that raise the overall value of your home.

The No. 1 way to realize a significant payoff for your remodeling project is to repair any or all of the known problems with your house, such as a leaky roof or archaic plumbing. Depending on the specific repair or repairs, you could actually improve the value of your home and recover most if not all or more of the money spent on the repair(s).

In its annual Cost vs. Value Report for 2011-2012, Remodeling Magazine listed attic bedroom renovation projects as the one with the best chance of paying off. The site shows that in 2012, the average project cost for these jobs in the Washington, D.C., area was $44,843; and the average resale value was $36,148, giving you an 80.6 percent cost recuperation.

Kitchen remodeling projects also tend to pay off on a more regular basis than most others do, even though new appliances, cabinets, countertops, and flooring are unquestionably expensive. Once again, we turn to the good people at Remodeling magazine to take care of the number crunching for us. And they say that the cost recouped on major kitchen remodeling projects over the past year averaged more than 70 percent. Like in the attic bedroom project described above, they recorded the average job cost as $54,426, with an average resale value coming in at $38,709.

The good news is that, while you may not recover all of your remodeling expenditures in strictly financial terms, it’s important to consider the impact that remodeling may have when it comes time to sell your home. If you imagine two comparable homes – one boasting significant remodeling and one which is begging to updated – the renovated home will nearly always sell first. Unless you can afford to have your home sitting on the market for a long time, it pays to remodel and to see your home move more quickly.

The comprehensive and non-partisan real estate website Trulia published a feature article in March that brashly trumpeted, “Ain’t No Lie, It’s Cheaper to Buy, Buy, Buy.” It’s safe to assume that if the headline were a bit longer, it would end with the words “a home.” That would have thrown off the whole catchy rhyming scheme, but the point is clear: it makes better financial sense, almost everywhere in America, for people to buy a home than to rent one.

The article goes on to report that, according to Trulia’s own Rent vs Buy Index for the winter of 2012, it was less expensive to buy than to rent in 98 of the nation’s 100 major metropolitan areas, including traditionally high-priced cities, such as Los Angeles, New York and Boston. The two exceptions are Honolulu and San Francisco, each of which landed in the next category, “renting and buying offer a similar value.”

After a little bit of research on the Internet, you should have no trouble figuring out if renting or buying is right for you in your individual situation. One simple formula to try is to research the asking price for a variety of rentals in the area in which you want to live and calculate the average. Repeat this process by researching the prices for homes that have sold recently in the same area (do not use listing prices as these are generally higher than the selling price), and then factor in some of the other costs usually incurred by both renters and buyers, such as deposits, insurance, maintenance, and taxes.

For a more immediate comparison, albeit potentially less applicable to your personal situation, there are numerous free rent-vs-buy calculators at your disposal online. Some of the comparatively more trustworthy sites to try include Ginnie Mae, MSN Money and the New York Times.

Of course, in the long run there is another factor to consider which goes beyond simple month-to-month expenses, namely the opportunity to build up equity as a homeowner. Over time, this has traditionally been a key source of wealth accumulation for Americans. Even though the current real estate market nationally continues to face challenges, this is still true today.

The state of Maryland has entered into a landmark legal settlement with the nation’s largest mortgage lenders to provide relief to homeowners who were victims of mortgage fraud.  In what is being billed as the largest-ever deal, the settlement could help over a million struggling homeowners in the United States and expects to bring in $1 billion in aid to Maryland.

The mortgage deal settles state and federal findings that the nation’s largest mortgage providers routinely signed Foreclosure documents or “robo-signed” without the presence of a notary or knowing if the facts of the documents were correct.

Maryland Attorney General Douglas F. Gansler told the Baltimore Sun the settlement was the “biggest thing to happen” since Maryland and other states settled with tobacco companies in 1998 over questionable marketing tactics. He also praised the mortgage settlement and said it is the right move for struggling Maryland homeowners. In exchange for the settlement, Gansler and other state attorneys general will relinquish civil liability claims.

The $25 billion settlement with Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial was reached with 49 states and will bring much needed assistance to over 40,000 Maryland homeowners who lost their homes to Foreclosure or are still at risk of foreclosure. The deal will mainly focus on partial loan forgiveness but offers up to $2,000 to homeowners who were foreclosed upon during the mortgage crisis. The mortgage settlement sets up four areas of assistance for Maryland homeowners with the exact amounts still being worked out:

• Around $800 million to reduce the principal for homeowners at risk of Foreclosure
• $60 million to reduce interest rates for borrowers who owe more than their homes are worth
• $60 million for the Maryland Attorney General’s office for housing related projects including 10% of that total for paying housing counselors and offering legal assistance to homeowners
• An estimated $25 million to write checks for $1,800 to $2,000 to Maryland homeowners who lost their homes to Foreclosure

As mentioned above, in exchange for the settlement, Gansler and other states attorneys general will give up civil liability claims against banks; however, homeowners who receive a payout from the settlement will still retain the right to sue banks for engaging in inappropriate Foreclosure processes. Federal officials have noted the settlement will not prevent them from investigating the housing bust further.

For more information on the mortgage settlement, contact Contact Maryland HOPE at 877-462-7555 or click on http://www.nationalmortgagesettlement.com/

Charles County’s property values have encountered some tough sledding. The melt-down of the housing bubble, the fallout from the robo-signing scandal and an explosion of foreclosures have caused property values to drop all across the country. The housing market is still struggling to correct from the over-inflated boom era vales. Charles County, Maryland has been hit hard in this environment and seen median property values drop for the fourth year in a row. What does this mean for someone interested in moving to the area?  What affect does this steady decline have?

The Good and Bad of Declining Property Values

The key to looking at declining property values is to see that it’s not necessarily negative. Certainly those who whose home values were inflated are facing losing a lot of money. However, when one buys a home, there is always the risk the value will go down instead of up. In the volatile housing market of the last decade, many home buyers bought homes under the faulty idea that home values would always go up.

So now we are seeing a correction to where the market is returning to realistic home property values. To use one example, this presents an opportunity for buyers to buy a home which once sold for $450,000 for as low as $350,000 and to have confidence that this value will hold.

The bad, of course, is felt acutely if one happens to be the owner of a $450,000 mortgage on a home which now has a value of only $350,000. Another negative accrues to Charles County because it must make do with tax receipts on a home that has dropped $100,000 in value. This has led to tight budgets not only in Charles County but for counties across the nation. However, the current problems obscure the fact that Charles County remains an excellent place to live.

The Ground Truth

While property values have dropped for the fourth time in as many years, one has to remind oneself why they were high to begin with. The answer is simply that it was worth paying $450,000 to live in Charles County. Why? There are many reasons ranging from the scenic beauty of the area, to the excellent schools and colleges, to the availability of work in the Washington D.C. metro area. None of these factors have changed. So, in the short term there will be budget issues for city and county politicians to deal with, but the fact remains that Charles County is an attractive place to live.

Viewed from this standpoint, Charles County property values declining means prospective buyers are well positioned to be able to purchase a home and reap the rewards of a buyer’s market.

The decision to sell your home as a FSBO, or to find a Realtor to do the work for you, might seem like a tough one. On the one hand, by selling your house on your own, you don’t have to pay anyone else a cent of your profit. In fact, the number one reason people choose to sell their home on their own is for this exact reason—to avoid paying a commission.

So, let’s take a look at what exactly a Realtor’s commission pays for, and see if it’s worth it.

When you hire an agent to help you sell your home, keep in mind that their commission is actually an incentive for them to work their hardest, since the more your house sells for, the more they get. Helping you sell your home for the best price possible is in your best interest and the Realtor’s best interest. So, you can be sure that your Realtor is going to pull out all the stops for you. Moreover, Realtors depend on word of mouth to garner new clients. So, treating you unfairly, being lazy, or dropping the ball, are not in their best interest either.

Many people are afraid that a Realtor is going to want too big of a commission, and that it’s too much trouble to make sure they are getting a fair shake. The truth is, Realtors representing buyers basically charge the same amount, usually about 3% of the sale, depending on location and other variables, while seller’s representatives receive almost as much (on average). Again, Realtors depend on customer satisfaction to stay in business. They can’t afford to alienate potential customers by charging a commission way outside the average. This also means you can focus on looking for a Realtor that you really like and respect, rather than a price tag.

Selling homes is what Realtors do. Their income depends on their experience, their knowledge of market trends and comparable prices of homes in your area, their ability to negotiate and network, and their ability to tackle the selling of your home without the emotions you inevitably bring to the table. This last part is a much bigger deal than you’d think. People often take for granted just how grueling and emotionally exhausting this process can be. By hiring a Realtor, you are free to experience the necessary emotions of this major transition in your life, without compromising your judgment and, ultimately, the best possible scenario for selling your home.

In the end, a Realtor’s commission really does pay for itself.

Maryland residents should be very excited about the many benefits expected in our great state due to the Base Realignment and Closure (BRAC) decisions of 2005.

The Department of Defense chooses the BRAC process when looking to restructure military operations throughout the country in order to make our nation’s military stronger and better able to respond to homeland security needs. Maryland is one such state that will be taking on more responsibility in this endeavor. For example, the headquarters of the Defense Information Systems Agency (DISA) will be relocating from Virginia to Fort Meade, and Team C4ISR, which oversees several aspects of military communications and command, will be relocating from New Jersey to Aberdeen Proving Ground. These are just two of the many exciting military operations that will now call Maryland home.

So, what does this mean for Maryland residents?

Simply put, with a larger military presence, there will be civilian job growth in the security industry and services sector, with estimates of around 30,000 brand new jobs; there will be new career opportunities for Maryland’s young people, as some of our country’s most important operations are now closer to home; there will be an increase in the buying and selling of goods due to the increase in military personnel in the state; and there will be higher demand for Maryland real estate, as an estimated 28,000 military households are expected to relocate to Maryland.

These are all great things for Maryland!

Of course, with our low unemployment rate, reasonable cost of living, affordable housing, pride in our region’s history, and the natural beauty that abounds in our rivers, mountains, plateaus, and coastal ranges, there is a lot for our new neighbors to be happy about as well!

Buying a home is a big and lasting decision, just as selling a home is often a large part of a new stage in life. So the agent you choose to help you with the buying or selling of your home should be one who understands who you are, where you are in your home-ownership journey, and what you really need at this juncture.

Any agent can show you listings in your area, because every agent has access to the listings in the MLS, or Multiple Listing Service. In fact, in today’s Internet age, listings have become searchable by everyone. But choosing exclusive representation with an agent or team of agents means they are invested in you and your specific needs and goals. By committing to a single broker, they are in turn more committed to you.

So, how do you know whom to trust when buying or selling your home? An agent worth your commitment demonstrates their salt with their superior knowledge of the area in which you are trying to buy or sell a property. This includes expertise concerning area schools, market trends, employment rates, the state of the local economy, and much more. Also important is an agent’s record of success even in these rough economic times. And speaking of experience, an experienced agent can help buyers spot potential problems, including structural problems, design flaws or contractual issues, that might otherwise go undetected.

If this sounds like too tall of an order, then look to DeHanas Real Estate Service for a “realty” check!

The team at DeHanas Real Estate Service is the best in the Washington D.C., Southern Maryland and Northern Virginia area, with over fifteen years of experience and national recognition, including a nod from Realtor Magazine, which named DeHanas one of the top 100 sales teams in the country.

Real estate in the Washington D.C., Southern Maryland and Northern Virginia area is varied, with properties ranging from rural to urban, large to small, and home prices ranging from $75,000 to the millions. It’s a lot of ground to cover, and whether you are buying or selling a home, you need to know that your agent knows this real estate better than anyone else. Choose DeHanas whether you are selling your house or looking for the perfect place to call home, and they will commit their knowledge and reputation to making your real estate desires a reality.

There is speculation circulating that the Homebuyer Tax Credit has been extended.  What has actually happened is an amendment to extend the closing deadline for the Homebuyer Tax Credit has been added to proposed legislation.  The amendment would extend the closing deadline from June 30, 2010 to September 30, 2010, however, this would only apply to purchase contracts already signed prior to the April 30, 2010 deadline.  Although this specific measure has been approved to be added to the legislation, it is a part of a larger bill entitled American Jobs and Closing Tax Loopholes Act of 2010 also known as the Tax Extenders Bill that is going through the legislative process.  The bill has been approved by the House, but was voted down in the Senate yesterday over concerns about the ballooning federal deficit.  However, the Senate is currently reworking their version of the  bill and once that happens and it is approved by the Senate, the bill will need to reconciled with the House version and approved by the President.  So, although the closing deadline has not officially been extended, it appears it is likely to happen.

Additionally, an amendment to extend the National Flood Insurance Program (NFIP) is also included in this same piece of legislation.  As a result, the NFIP will be in limbo until the Senate can trim back the bill enough to get the votes it needs for passage.