Real Estate Information

Taking their name from the official crustacean of Maryland, the Southern Maryland Blue Crabs make their fans anything but crabby. Finishing the 2011 season strong, the Blue Crabs are looking forward to an even better season in 2012. The 2011 season saw the Blue Crabs compile a 65-57 record. Fans enjoyed watching standout players like Adam Goodwin, who batted .317 for sixth best in the league, and pitchers Nick Green and Steve Palazzolo who finished third and sixth respectively in wins. So plan on joining the Blue Crabs and their “snappy” mascot, Pinch, next spring for more all-American excitement.

It used to be that watching a ball game just meant sitting in the bleachers. But at the Regency Furniture Stadium—ranked the third best minor league stadium in the country by Livability.com—there are many ways to enjoy the game. In the Texas Roadhouse Corral you can enjoy a buffet picnic and be poised to catch a fly coming out of left field. Air-conditioned and private, the luxury suites at Regency Furniture Stadium make the phrase “take me out to the ball game,” an invitation to a great time. With your own personal suite attendant, you never have to miss a play in order to get your hands on the stadium’s famous crab cakes. Regency Furniture Stadium also has something no other stadium has: bumper boats in Crabby Cove, a great place to “chill” on those hot summer days at the ballpark.

The Blue Crabs provide more than just great baseball at an affordable price for the whole family; they are also deeply involved with charitable causes, benefiting groups like the American Red Cross and the Southern Maryland Food Bank. Recently, the Blue Crabs and their fans pulled together to donate a record amount of baseball equipment to a favorite cause, the Cardboard to Leather Project, which collects baseball gear and sends it to disadvantaged youth all over the country. Baseball has always been good for youngsters and the young-at-heart, but the Blue Crabs and their commitment to philanthropy make it good for the community.

So, whether you are looking for an all-American experience the whole family can enjoy, a way to bring coworkers together to unwind after a long week in the office, the perfect event for a memorable birthday party or wedding reception, or the perfect venue for your fundraiser (or fun-raiser as we like to call it) think of the Blue Crabs and the Regency Furniture Stadium first!

Considered one of the most popular events in Germany, Oktoberfest is sure to be a local sensation at the Charles County Fairgrounds! Beginning Saturday, October 22^nd and wrapping up Sunday, the 23^rd, this lively celebration of German heritage—which includes traditional German cuisine and beer, folks dressed in iconic lederhosen and dirndl fashion, traditional folk dances, and of course, the familiar oompah-pah of tubas—is a celebration that just can’t be missed. Exciting entertainment slated for the event includes live music by Sexton’s German Band, the Biggest Beer Belly Contest, a Keg Toss, and a puppet show.

Of course, Oktoberfest in Charles County is more than just a good time; it’s for a good cause too! All proceeds from the event will go to the Society for the Friends of Hospice, a 501(c)(3) non-profit that has been providing significant financial support for one of Charles County’s most important programs since 1986.

Hospice is an invaluable resource for people facing end-of-life circumstances brought on by cancer, heart disease, AIDS, Alzheimer’s, and other terminal conditions. The Society for the Friends of Hospice has been extremely instrumental in making sure that at their greatest time of need, Charles County patients have medications for the management of their pain, necessary equipment for their optimal comfort, as well as emotional and spiritual support that all too often can’t be found in other medical settings. Hospice provides support when people need it most, with the dignity they deserve. Without the help of the Society for the Friends of Hospice, Hospice of Charles County would not be able to serve as many people as it does, as well as it does.

But in order to maintain its continued support, the Society for the Friends of Hospice needs you! So, join us at the Charles County Fairgrounds, October 22^nd and 23^rd, for a fun-filled weekend of music, food, children’s crafts and games, and much more, and know that your enjoyment is also benefiting a great cause.

The Charles County Fairgrounds are located at 8440 Fairgrounds Road, in La Plata, Maryland. The event goes from 12 p.m. to 7 p.m. on Saturday, and 12 p.m. to 5 p.m. on Sunday. General Admission tickets are $10 in advance and $15 at the gate, so purchase your tickets now! Also, check out special ticket prices and package deals here.

Fewer home owners are listing their homes for sale as compared to a year ago, according to new statistical information provided by the Multi-Regional Information System, whcich shows declines in all three Southern Maryland Counties.

Charles County's inventory fell the most with nearly 27% fewer homes for sale last month than the same time last year, followed by Calvert County with more than 20% fewer home and St Mary's with 12.5% few homes. The number of units actually sold during September was down slightly in all three counties from the year before.

More alarmingly, the number of new contracts is down significantly from last year.  St Mary's was hardest hit with 33% fewer contracts, Calvert with 29% fewer contracts, and Charles County at 16% fewer contracts.  The average sold price also continues to fall with Charles County's average down by 9.25%.

Speculation is that the inventory is off due to some of the extreme weather we have experienced lately, however, the data provided by MRIS suggests the inventory slide began in late 2010 with only a modest increase during the second quarter of 2011. 

Todays housing market not only proves to be challenging for most buyers and sellers, but some renters are also finding it is not-so-easy to secure a rental property.  The best course of action is to be prepared.  Here are some tips that will make the process smoother:

~Decide on a nieghborhood that best fits your needs and lifestyle.  Getting this information is easier today than it has ever been.  My website contains tons of information on communities in the area as well as relative links to area attractions.  Statistical information links on shcools, crime and weather can also be an inportant factor when deciding on a neighborhood.

~Make of list of your "likes" and "must haves". How many bedrooms do you need? Do you have to have more than 1 bath? If you have pets, will you need a fenced yard? You might like to have a garage, but is it a "must have"?  What can you afford? When searching for a rental property your objective is to weed out the properties that will not work for you. Try to limit your choices to 4 or 5 properties to preview.

~Schedule an appointment with your agent to preview properties. Rentals become available to show about 30 days before they are ready for occupancy.  If you need to move by January 1st, begin looking during the last week of November or the first week in December. Generally property ownrs do not want to hold a property for more than a few weeks to a month.

~Know what your credit looks like.  A persons credit has never been more important than it is today.  It is one of the tools that property owners utilize to make decisions about accepting an application. An applicant doesn't always need perfect credit, but generally this report provides a picture of how responsible the tenant will be with regards to paying the rent and utilities on time.

~When you apply for a rental property, be prepared to provide supporting documentation when requested. Sometimes the appication processor will request pay check stubs or tax returns, or other proof of income.  The application fee varies from real estate company to real estate company and generally ranges from $25-$50 per adult occupant. Aside from a credit check, the processor may also verify previous rental history, employment/income and criminal records. Make sure you have all of the information needed to complete the application.

~Have a back-up plan.  If your application continues to get rejected, do not fret.  There are other options. You might try searching for a for-rent-by-owner. In some cases, private landlords do not run credit, or do not place a strong emphasis on credit. Remember, Property Management companies and Realtors are hired by property owners to find them a strong quality applicant.  If you are open to apartment living, we can also help you rent an apartment. While apartment living might not be prefered, remember it is only temporary while you strengthen your credit.

Call one of our agents today to get started.  This service is free to tenants. Also free is the use of our moving truck to move into your rental home. Call 301-870-1717 or 800-842-0190.

New information just out from the Bankers Association of America have indicated that second quarter data shows 8.44% of the Nations homeowners have missed at least 1 mortgage payment during the months of April, May and June.  This comes as State and Federal investigators end thier investigations into faulty Foreclosure filings.  With this in mind, the number of short sales and foreclosures are likely to increase dramtically by the end of the year.

The most recent statistics by the National Association of Realtors will make any current home seller and real estate professional very jittery!

If you were a holding out from joining the real estate double dip club…this new data will 1000% convince you.

* Contracts signed to buy existing homes dropped off a cliff down month over month by 11.6%.  This means that the number of homes expected to close..the best predictor of the future health of the real estate market…are showing very dire signs.

* Year over Year (April 2010 vs April 2011) pending home sales are down 26.5%.

* No surprise with the huge decrease in pending home sales…Fannie Mae backed nearly 20 Billion dollars in few mortgages. Again, fewer home sales…fewer mortgages needed.

* HFA Mortgages delinquencies hit an all time high of 7.5%. That isn’t a huge surprised because most of their loans were originated during the boom.

A number of economists had predicted a double dip in home sales, and now the data supports those predictions.  The forecast is for the double dip in home values to run its course through 2011.  We are expected to see a break from this bad news in the Spring of 2012.

What does this mean for the real estate market?  We will continue to see short sales and bank foreclosures dominate the market, which of course translates into great deals for investors and home buyers.  In Southern Maryland, where there is an inventory shortage of available rental properties, the market is hot to scoop up homes that have mortgages significantly lower than what the same home rents for.

If you or someone you know is thinking about buying or selling a home, or if you are just looking for more information about the current real estate market, call us at 301-870-1717 or e-mail realestate@dehanas.com.

Sales of previously owned homes fell back 0.8 percent in April, according to a new report just released by the National Association of Realtors. The trade group says an unexpected recovery should be expected and notes that existing-home sales have risen in six of the last nine months. The share of distressed home sales also dropped last month, accounting for 37 percent of total sales volume, down from 40 percent in March.

Contrary to this report, my office has actually seen a consistant increase in traffic since the first of the year.  Additionally, we have seen a rise in new short sale listings. Alarmingly, many are homeowners who purchased within the past 1-2 years asking for short sale assistance, further contributing to the inventory of distressed properties.

If you know of someone who owes more on their home than it is worth, and are experiencing a hardship causing them to fall behind in their mortgage payments, please have them call me at 301-870-1717 x106. There are alternatives to Foreclosure.

Southern Maryland Market Watch

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!