Real Estate Information Archive

Blog

Displaying blog entries 1-6 of 6

Weekly Market Watch - Interest Rates Falling

Monday, February 28, 2011
by Jeff Halbert, First Home Mortgage

Libyan unrest continues to support the treasury market today, with treasuries and mortgages opening slightly better than Friday’s close.  This week’s financial calendar is full of economic news.  Some of the more important releases include Personal Income and Spending this morning, which came in mixed and ISM Manufacturing on Tuesday.  The critical February Unemployment Report will be out on Friday.  Look for the federal government budget battle to be in the forefront this week as well, as a failure to come to a resolution could shut down the government, although most reports would seem to indicate a brief government shutdown would have little impact on mortgage lending.

 

Rate Trend: Slightly Lower! Laughing

Add Comment

It's Cheaper to Own a Home Than to Rent

Friday, February 25, 2011
by Don DeHanas, Associate Broker

Since the glut of foreclosures began several years ago, previous home owners flooded the rental market, causing the cost of renting to go up slightly.  While this was happening, the cost of homes was going down. As a result, in 72% of US cities, it makes more financial sense to buy a home than to rent it. In a recent study conducted by Real Estate website, Trulia, median home prices were compared with median rental prices on apartments, condos and townhomes. Trulia CEO, Peter Flint says "Following the principles of supply and demand, renting has become relatively more expensive than buying, in most markets.

The local market has seen a dramatic shift in rental inventory over the past several months. During the last quarter of 2010, we saw an average of 500 units of rental inventory available, compared to less than 100 now, and the supply continues to drop.  As the rental inventory becomes limited, the quality of the property goes down, while the prices inch up.

In addition, property owners tend to want better qualified renters with better credit. In some cases it is not only cheaper to buy than to rent, it is also easier. With some banks having relaxed their tight standards renters with lower credit scores have another option.  Wells Fargo is now offering loans to home buyers with as low as a 500 score.

For more information on rental properties or puchasing a home, call 800-842-0190 or e-mail at [email protected]

Add Comment

Where the Population is Moving

Thursday, February 24, 2011
by Don DeHanas, Associate Broker

If you haven't taken the time to look at the 2010 Census results, you are missing some interesting trends surrounding population migration. As you might expect, States with heavy unemployment like Michican and Ohio saw declines in population. States with high Foreclosure rates like Florida saw no signficant increase or decrease, however Nevada, with one of the highest foreclosure rates in the country saw the highest population increase of any other State in the Union.

Not surprising, the Washington DC area also saw an increase in population.  Southern Maryland gained 15%-25%. With a population of over 146,000, Charles County lead the way in terms of growth in Southern Maryland.

Add Comment

Buying a Home Just Got Easier

Thursday, February 24, 2011
by Don DeHanas, Associate Broker

That's right! Just when you thought it wasn't safe to go back in the water, along comes a loan product that might calm some of the waves in an otherwise turbulent housing market.

If you think your only option is to rent someone else's home, or wait for your credit score to get better, think again. It is no secret that the past few years has been tough for both individuals and businesses to get a mortgage.

Financially responsible people have found themselves compromised by situations beyond their control. Coupled with the tightening of mortgage guidelines these compromises have taken away the ability for many people to obtain a new mortgage.

Wells Fargo Mortgage thinks home buyers deserve a chance and have adopted New FHA Guidelines intended to bring home financing options back to deserving people.

You can now get a loan if your credit score is as low as 500!  Here are some of the details:

  • Credit Scores from 580 to 599. 5% down (2 months PITI reserves may be required)
  • Credit Scores from 500 to 579. 10% down (2 months PITI reserves may be required)
  • Maximum seller concession is 3%
  • Down payment can not be a gift. However, Reserves can come from a gift.
  • Tightened Debt to Income Ratios for credit scores below 600.
  • All other Guidelines remain the same for FHA Purchase Customers.

 At DeHanas Real Estate Services, we have helped a number of buyers to make home ownership a reality, instead of something out of reach, using this loan program provided by Wells Fargo. If you are interested in knowing more, e-mail us at [email protected] or call us at 800-842-0190.

 

Add Comment

Home Projects That Pay for Themselves

Wednesday, February 23, 2011
by Don DeHanas, Associate Broker

As the real estate market has changed, so have the home projects that increase value and pay for themselves when it comes time to sell. One of the first topics of conversation I have with my clients when they come to me to sell their home is, what imporovements they can make in thier home to make it more sellable.

In years past when we were all benefiting from growing equity, it made since that your home's value would increase if you did a full kitchen remodel or add on a master bedroom addition, but as prices have eroded, the money spent on these projects might not be such a good investment.

I always recommend that my clients focus on the changes that are relatively free or low cost, such as painting, cleaning, and light landscaping. But sometimes a larger-scale remodel or repair is needed. According to Remodeling Magazine, exterior projects offer a larger return, than do inside projects. For example, the average cost to replace a garage door is $1,291, and according to research compliled by Remodeling Magazine, 80% of the cost of this project is recouped during a resale. Other renovations and remodels woth their price tags, including replacing your front door with a steel door, recouping 102.1% at resale, minor kitchen remodeling, 72.8% recouped, replacing wooden windows with vinyl, 72.4%, and some siding replacements can result in as much as an 80% recoup.  Master suite additions and adding bathrooms came in at around a 50% recoup during resale.

Overall, this report concluded that it is more profitable to focus on exterior projects rather than interior renovations.

If you are thinking about selling your home, I would be happy to preview it with you so that we can determin the best course of action to getting it sold for the highest amount of money and the least amount of hassle. Call me at 301-870-1717 x106.

Add Comment

New Homes Shrink in Size

Tuesday, February 22, 2011
by Don DeHanas, Associate Broker

According to research from the National Association of Home Builders (NAHB) new single family homes are getting smaller and the trend is likely to continue well beyond the recession. The median size of a new single family home peaked in 2006 at 2,268 square feet. In 2009, the median square footage was just 2100 square feet. Home builders attribute the decline to consumers' desire to keep energy costs down, the lack of equity in existing homes available to roll over into new ones, tighter credit standards (meaning the buyers qualify for less), less interest in buying homes as investments, and a growing number of first time home buyers.  You should note that during the period of 2006-2009 many markets lacked move-up buyers, who have in the past, traditionally bought larger homes.

Despite the trend toward smaller homes, the average number of bedrooms and bathrooms has remained the same, while three car garages, fireplaces, decks and patios have declined in popularity, or prehaps the affordability of "extras" has taken a back seat.

Did you know when you walk into a new home model, the builders representative that greets you, works soley for the builder. They CANNOT represent your interests in buying a home with the builder they represent. However, many builders cooperate with real estate professionals. And the cost for you to have representation is FREE.

If you are thinking about buying a new home call DeHanas Real Estate Services today at 800-842-0190. Or e-mail [email protected].

Add Comment

Displaying blog entries 1-6 of 6

Syndication

Categories

Archives

Contact Information

Photo of The DeHanas Team Real Estate
The DeHanas Team
DeHanas Real Estate Services
601 Post Office Road, Suite 2D
Waldorf MD 20602
Office: 301-870-1717
1-800-842-0190
Fax: 240-754-7867
Send an Email

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.