Real Estate Information

Finally....Legislation to standardize the chaotic world of short sales.

For more than a year now Real Estate professionals have been trying to do the impossible!  To successfully negotiate through the jungle that is known as the banking "short sale process" towards a merciful end for our clients and to produce revenue for our real estate business... not to mention helping to clear the glut of short sales & foreclosures that are choking our Real Estate market and preventing it from stabilizing and becoming healthy again!   We can EVEN help the banks get what THEY want.... more money for toxic assets and smaller deficiencies!

I can assure you, these transactions have been FULL of headaches, not only for us the Real Estate professionals, but also the buyers and seller involved in the transactions.

The United States Treasury announced a new initiative to standardize and reform the banking short sale process.

Foreclosure Alternatives

The HAFA program simplifies and streamlines the use of short sale and DIL options by incorporating the following unique features:

1.  Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible.

2.  Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

3.  Allows the borrower to receive pre-approved short sale terms prior to the property listing.

4.  Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

5.  Requires that borrowers be fully released from future liability for the debt.

6.  Provides financial incentives to borrowers, servicers, and investors.

These are just a few of the "BIG IMPACT" changes that are scheduled to begin April 5th 2010 and end December 31, 2012. 

If you or someone you know is in a situation where they may lose their home, please have them contact me. I have earned my designation as a Certified Distressed Property Expert, and have successfully completed many short sale transactions. There are also other alternatives to Foreclosure, which include loan modifications allowing you to keep your home. Call me today at 800-842-0190 x106 or 301-870-1717 x106

I am very exited that Dawn Bush has decided to join our Brokerage. I just completed a home sale transaction with her. I represented to seller and she represented the buyer through her previous real estate company. Dawn w displayed an exceptional sense of professionalism. Her contract was very well written, and her timeless was impeccible. She will be a huge asset here at DeHanas Real Estate Services.

Dawn Bush is a licensed Realtor and has nearly 20 years of sales experience. Dawn specializes in first-time home buyers, helping them to achieve the American dream for little to no money out of pocket. Thinking of a new home, Dawn can negotiate you a one-of-a-kind price that will knock your socks off. With so many homes going into Foreclosure, you may be concerned about your options as a homeowner or homebuyer. Dawn will show you how to protect your interest while securing your financial future. She has been awarded top sales person for many years and puts her negotiating skills to work for you. Dawn has been trained by Johnny Loewy, one of Wall Street Journal's top 50 Realtors and has successfully completed, "The advanced individual training series."
In her off time Dawn enjoys spending time with her 8 year old daughter, Angelina, singing, acting, theater, and playing softball. Originally from Southern Maryland, she can't wait to show you why she chose to remain here to raise her family. She loves a challenge and takes a proactive and optimistic approach to everything. Dawn believes in giving back to her community and actively volunteers her time on mission trips to the "hollers" of Kentucky every year. She also collects clothing and toys for less fortunate children in the community, and entertains for the teams at the Cancer Society's Relay for Life events.
When you hire Dawn Bush, you are hiring a network of 50 thousand agents to go to work for you. Her information is worth millions, her support and dedication, PRICELESS.

Associate Broker and Manager for DeHanas Real Estate Services, Don DeHanas, recently announced the affiliation of Marsha Moreland with the Waldorf based brokerage. “Marsha joins our company with a background knowledge of land and development, and we are very excited to add her expertise to our family of agents” says DeHanas.

Marsha is a Southern Maryland native who has enjoyed living, working and raising her family in this beautiful area. 

Marsha’s life experiences coupled with the support of her husband Derek, 3 kids and 1 grandchild have all added to her decision to help people buy and sell real estate.  Marsha truly enjoys meeting new people and discovering what their needs are for real estate.   Over her many years of living, working and co-running her husband’s excavation business, she has made many friends, and business associates.  Through these associations she is able to keep her hands on the pulse of land and real estate in Southern Maryland.  These invaluable connections and benefits are brought right to you in every aspect of your real estate transaction. 

Marsha prides herself in being an organized, motivated, helpful agent who will work diligently to find your next home or your dream piece of land to build your new home.

Furthermore, Marsha is thrilled to be teaming up with DeHanas Real Estate Services since they too are a staple in Southern Maryland real estate.  She knows that the experienced team she is joining with and all of their advertising possibilities can vastly improve her success and is eager to pass these benefits on to you.  She is dedicated to finding you “more” land,” more” house, “ more” customer service, and “more” of a personal touch.

DeHanas Real Estate Services is family owned and operated. They service Homebuyers and sellers in Maryland, Virginia and Washington DC.

Don DeHanas, Associate Broker/Manager of DeHanas Real Estate Services, recently announced the addition of another full-time, full-service agent to the Waldorf based brokerage. “I am proud to have Melinda Prehoda joining our company. She brings with her a wealth of knowledge and experience.” Says DeHanas. “ Having worked with her on several transactions, I can attest to Melinda’s great attention to detail. She will certainly be an asset for any home seller or home buyer to have on their side.”

Melinda was born and raised in Southern Maryland and currently resides in Charles County with her husband and 2 children. She attended Lackey High School and the College of Southern Maryland prior to entering the workforce. She has worked in the real estate industry for over 10 years and has over 20 years of customer service related experience. Melinda’s extensive knowledge of the area, experience in the field and passion for helping people enable her to provide exceptional service to her clients. “Really listening to the client’s wants and needs is a major component in helping them to achieve their goals”. Whether you are buying or selling, Melinda will guide you through the entire real estate transaction with friendly service and true professionalism.

DeHanas Real Estate Services is locally owned and family operated, specializing in smooth residential home sales in Washington DC, Maryland and Virginia.

The real estate market outlook, based on results for the month of October 2009, saw one of the best months this year in terms of volume of sales.   There were 127 homes sold in Charles County during the month of October compared to 114 homes sold in September. This increase represents a 27.8% increase over sales this time last year, certainly the direction we all hoped we would be heading. Currently, year-to-date, sales are down just 3.3% to sales in 2008. Based on pending sales, currently up 60% to last year, we should see a modest gain in overall sales for 2009 by years end.

 On a continued positive note, the decline in the average price, while still down, rose from -16.39 in September to -9.05 in October. Year-to-date median pricing is down 13.3% to last year.  Another important note is the “average sale price as a percentage to list price”. In a healthy market, this figure comes in around 98%-99%. Currently it is at 89.58%. This means buyers are getting an average of 10.5% off the original list price for homes that are selling. For sellers, this means the pressure for lower prices is still very strong.

Inventory remains consistent and unchanged compared to the data for September 2009, with just a modest decline.  Out of 1216 listings Active on the market, 231 new active listings were added during October, and there were 150 new contracts pending, which is down slightly from September.

As for properties in Foreclosure, Realtytrac.com reported 80 new properties in default for the month of October in Charles County, which is significantly down.  However, the total number of properties in Charles County that are in some state of Foreclosure (including Bank-owned) has increased to 992 properties, compared to 942 during the month of September.   The number of properties in a state of Foreclosure continues to be of concern, and all these numbers are not reflected in the MRIS Trends Report because the majority of these homes are not currently being actively sold at this time.  

Rental activity continues to remain strong.  There are currently 183 rentals on the market. Over the past 30 days 60 homes have been rented in Charles County. The available rental inventory has remained consistent all year.

Some very good news in all of this is the “new and improved” tax credit. It is official. The tax credit of $8000 for homebuyers who have not owned a home in the past three years has been extended until April 30, 2010. In addition, a tax credit of up to $6500 has been included for homebuyers who are selling a home in which they have held as their principle residence for the past 5 years.  I have included a more detailed outline within this report.

In response to the Maryland Independent article dated October 28, 2009, “Sale in the News at Summit”, Steve Griessel, the developer of St Charles communities, was quoted as saying “the housing market collapse had been less severe in St. Charles than in Washington DC or the Nation as a whole”, and that “foreclosures are a complete nonevent for us”.  It amazes me that anyone would make such an unsubstantiated, off-the-cuff statement belittling the plight of so many families in Charles County that are in fact, losing their homes. And for others, foreclosures have resulted in dramatic devaluation of our homes.

According to First American Core Logic, a company who provides information to the Multi Regional Information System, there are more than 950 homes in Charles County, currently in some state of Foreclosure. There are as many as a 100-120 new defaults in the county each month according to data from Realtytrac.com.

Ironically, this article came out on the same day as WTOP News broke an article titled “New Flood of Foreclosures Likely to hit Area”. The article cited research from the Urban Institute on the study of housing in the Nations’ Capital where Charles County ranked number two, behind Prince Georges County in the percentage of foreclosures during the month of June.  Further, in July and August the number of new foreclosures outpaced the number of total home sales by 10%.

Everyone in our community continues to be impacted by home foreclosures. Property values are still declining, and jobless rates continue to increase.  We are not looking into someone else’s back yard. This is happening right here at home. Community leaders have a responsibility to report accurate information. Misstatements of this kind like the one made by Mr. Griessel, will only undermine the importance of finding a resolution to our current housing crisis.

Top Democrats in the Senate have reached an agreement to extend the soon-to-expire $8,000 tax credit for first-time homebuyers, Senate Banking Committee Chairman Christopher Dodd said Tuesday. Dodd did not offer any details on the extension, but said that “it was done”.

As part of a package that would extend unemployment benefits, the vote is expected Tuesday evening. According to a top Republican, there is still some negotiating to be completed on the proposal.

The popular tax credit, which has helped lift the housing market out of its worst slump since the Great Depression, is set to expire on Nov. 30, 2009.

Dodd and Republican Johnny Isakson want to extend the credit through June of next year and broaden it to anyone buying a primary residence, not just first-time buyers.

Senate Majority Leader Harry Reid had backed a narrower version which would extend the full credit through March and gradually phase it out through the end of 2010, through decreasing increments of tax credits. Dodd said that the deal would merge the two proposals.

The next stop for this bill would be the House, which has yet to discuss it.

According to the White House, an extension of the credit would cost tax payers as much as $1 Billion.

An extension of the tax credit, as well as extending it to all purchasers and not just first time home buyers would, in all likelihood, would put an end to the current housing crisis. Should this bill not be passed, the housing market is likely to continue to see a flood of foreclosures for several more years.

The real estate market outlook, based on results for the month of September 2009, remains fairly consistent with the findings for the month of August.   There were 119 homes sold in Charles County during the month of September compared to 115 homes sold in August. While the number of transactions was about the same over the previous month, when we saw a 20% increase in sales activity over August of 2008, the number of sales transaction actually fell over 10% in September compared to September of 2008.

On a very positive note, the decline in the average price, while still down, rose from -22.57 in August to -16.39 in September. We are also seeing an increase in the amount of homes selling in the “over $400,000” price range which has been lack-luster for most of the year.  I have been in several $400k+ transactions this month where there have been multiple offers.  There is an article on Yahoo News indicating homes that are priced correctly to the market are seeing multiple offer situations, and I can verify that to be the case.

Inventory remains consistent and unchanged compared to the data for August 2009.  Out of 1274 listings Active on the market, 256 new active listings were added during September, and there were 166 new contracts pending, which is down slightly from August.

As for properties in Foreclosure, Realtytrac.com reported 181 new properties in default for the month of September in Charles County.  The rate of new defaults continues to out-pace the total monthly rate of sale, which is an ongoing trend.  The total number of properties in Charles County that are in some state of Foreclosure (including Bank-owned) has remained steady at 942 properties, compared to 938 during the month of August.   The number of properties in a state of Foreclosure continues to be of concern, and all these numbers are not reflected in the MRIS Trends Report because the majority of these homes are not currently being actively sold at this time.  

Last month I told you that Lennar Homes had come out with some aggressive pricing on 3-story, 1-car townhomes. They have just broken ground on a new subdivision of single family homes, called Gleneagles, located on Billingsley Road, near Piney Church Road in Waldorf. They have introduced 2-car garage, 3 bedroom, 2.5 bath, single-family homes beginning at $259,990, which is also seen as fairly aggressive.

The $8,000 tax credit program is scheduled to end on November 30, 2009. There has only been speculation that this program, or something like it, will be extended. I would expect the public will be made aware of the plans prior to the Thanksgiving Holiday.

Rental activity continues to remain strong.  There are currently 198 rentals on the market. Over the past 30 days 62 homes have been rented in Charles County. The available rental inventory has remained consistent all year.

Dear Mr. DeHanas,

Thank you for contacting me to express your support for extending the First-Time Homebuyer Tax Credit.  I certainly appreciate your taking the time to make me aware of your concerns about this important matter.

The Housing Assistance Tax Act of 2008, part of the Housing and Economic Recovery Act of 2008 (P.L. 110-289), created a refundable tax credit for first-time homebuyers purchasing a principal residence after April 8, 2008, and before July 1, 2009. The American Recovery and Reinvestment Act of 2009 (P.L. 111-5) modified the credit for taxpayers purchasing homes after December 31, 2008, and extended it to include purchases through November 30, 2009. 

First-time homebuyers generally include individuals who have not had a present interest in a principal residence within three years before buying the new property. The credit is based on 10% of the purchase price of the principal residence, but may not exceed $7,500 for residences purchased in 2008. Those purchased in 2009 may result in as much as an $8,000 credit. The credit may be reduced or eliminated for married taxpayers with income over $150,000 or other taxpayers with income over $75,000. To be eligible for the credit, taxpayers must purchase property after April 8, 2008, and before December 1, 2009. The property must be used as the taxpayer's principal residence.

There have been several proposals introduced in the 111^th Congress that would expand the First-Time Homebuyer Tax Credit or extend the program beyond the November 30, 2009 deadline.   The most recent bill, H.R. 2905, was introduced by Representative Jerry Moran of Kansas.  H.R. 2905 would expand the credit to all individuals purchasing a principal residence and extend this credit through 2011.  H.R. 2905 has been referred to the Committee on Ways and Means.  While I am not a member of this committee, you may be certain that I will keep your views in mind should H.R. 2905 or additional relevant legislation come before the full House of Representatives.

Thank you again for sharing your thoughts with me.  To stay informed, please visit my website at www.hoyer.house.gov.  While there, you can sign up for the Hoyer Herald, access my voting record, and get information about important public issues.  If I can be of further assistance, please do not hesitate to contact me.  

With kindest regards, I am

Sincerely yours,

Steny H. Hoyer

Rachel DeHanas, Broker/Owner of DeHanas Real Estate Services in Waldorf, recently acknowledged Stephen  Nichols as the top agent for the month of September, 2009.  “While Steve lists and sells homes, 100% of his transactions during the month were from buyers.” Says DeHanas. Nichols settled more than $1.5 million in residential home sales during the month.

Nichols says, “I hear a lot of people talk about how slow the real estate market is, but not from what I see. Most of my buyers, lately, have been taking advantage of the $8000 tax credit promotion, which is scheduled to end on November 30, 2009. With only a few short months left buyers are coming out of the woodwork. It is also a great time for investors.”

Stephen has lived in Southern Maryland nearly all his life. He attended Lackey High School, Prince George’s County Community College, and is currently attending University of Phoenix where he is finishing up his business degree. He has over 20 years of experience in the hospitality industry which enables him to provide a high level of customer service and satisfaction to exceed his clients’ expectations. Stephen is licensed in Maryland, Virginia and Washington DC.

DeHanas Real Estate Services is family owned and operated, serving buyer and seller clients in Southern Maryland, Northern Virginia and Washington DC. In addition, DeHanas Property Management effectively represents Home owners choosing to invest in residential rental property.