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$8000 Tax Credit Available for First Time Home Buyers in Southern Maryland

by Rachel DeHanas, Broker

For a limited time home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, the home purchase must be recorded between January 1 through December 1, 2009.

The full tax credit is offered to buyers with reported income up to $75,000, or $150,000 for married couples filing a joint return. Partial tax credits are available to for those with income levels up to $95,000, or $170,000 for those filing jointly. Contact us today for more details on this exciting program!

 

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DeHanas Earns Short Sale Designation

by Rachel DeHanas, Broker

Don DeHanas, Associate Broker with DeHanas Real Estate Services in Waldorf, recently returned from one of the most educational courses pertinent to our times, ‘Becoming an expert in helping home owners  avoid Foreclosure’. Presented in a comprehensive three-day course by the Distressed Property Institute, in Orlando, Fl, this course is updated daily to include all of the latest changes from mortgage companies and government laws and bills. DeHanas has earned his designation as a Certified Distressed Property Expert or CDPE, specializing in the short sale process. 

“A staggering 1 in 10 home owners across America is facing Foreclosure and that figure is likely to go up. Out of necessity, I became a short sale expert”. Says DeHanas. “One of the most difficult times a family endures is financial crisis, and when I am able to help a family avoid Foreclosure and further crisis, it is the most satisfying feeling to have. The best case result is that the family gets to keep their home, and not have to relocate. My affiliation with the Distressed Property Institute has provided me countless avenues in which to advise my clients. It helps me keep up with the latest information, and has armed me with the tools to properly execute a successful short sale transaction for both buyers and sellers. There are no second chances when it comes to keeping a home from foreclosure, and entrusting this transaction to an expert who is completely familiar with the ins and outs of the process, and who possesses knowledge of “insider-tips” is essential.”

 There are many reasons to avoid Foreclosure. One of the greatest myths is that foreclosures and short sales are the same. This could not be further from the truth.  A Foreclosure is one of the credit report items that is almost impossible to repair. In most cases credit scores will be lowered by more than 300 points. Security clearances and government positions, including, but not limited to, military and law enforcement, can be jeopardized by foreclosure, adding loss of job on top of loss of home. 

Don DeHanas is also a graduate of the Realtor Institute. He has been a resident of Southern Maryland since 1968, a graduate of La Plata High School, and Towson State University.  DeHanas Real Estate Services is a family-owned company licensed in Maryland, Virginia and Washington DC, specializing in residential real estate services.

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STEPHEN NICHOLS JOINS DeHANAS REAL ESTATE

by Rachel DeHanas, Broker

STEPHEN NICHOLS JOINS DeHanas REAL ESTATE

 

Rachel DeHanas, Broker/Owner of DeHanas Real Estate Services in Waldorf recently announced the affiliation of Stephen Nichols with The DeHanas Team, adding to the teams cadre of Realtor Specialists. "We are very pleased to welcome Stephen to our company. His enthusiasm for helping people is very evident when you meet him. He has a very outgoing personality that makes for a perfect fit to our family team", says Rachel.

Nichols says, "I chose to work with The DeHanas Team because of the warm and friendly atmosphere, as well as their business-like approach to selling real estate. Their systems for seamless real estate transactions are innovative and cutting-edge. I couldn't think of a better company to work with".

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's office is located at DeHanas Real Estate Services in the St Charles Town Plaza.

 

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DeHanas Team Participates in National Conference

by Rachel DeHanas, Broker

DeHanas Team Participates in National Conference with

Top Real Estate Minds in the Industry

 

 

Rachel DeHanas, and The DeHanas Team, of DeHanas Real Estate Services in Waldorf recently returned from attending the top educational opportunity offered in the real estate industry—the Star Power Annual Conference, in Orlando, FL.

 

Presented by internationally acclaimed educator and trainer Howard Brinton, this conference brought together over 1,800 of the most progressive, forward –thinking professionals in real estate today to share their methods of success. The DeHanas Team were a part of the faculty, which consisted of 170 of the continent’s top-producing real estate professionals, all ranking in the top 1% of all Realtors in North America.

 

The DeHanas Team was inducted into the Star Power faculty in 2001, and have since been teaching other Realtors across the country on various topics, including the Art of Negotiating a contract, Building a business plan, Advertising techniques that work, and Systems to keep you organized.

 

Rachel DeHanas, Broker/Owner of DeHanas Real Estate Services, had this to say about the Star Power Conference: “This experience allows me to continually build a tremendous network for referring my clients to the best agents all over the country when they are considering a move or looking to buy a second home. I also receive invaluable insight on the benefit of operating from a business philosophy and incorporating the latest technology to keep on the leading edge.

 

The DeHanas Team is providing consumers with a free Home Buyer or Home Seller guide, developed through this conference. Included is information on hiring and evaluating a real estate professional, and how to avoid costly mistakes when selling or buying a home. Anyone wanting a free copy may contact DeHanas Team via e-mail at REALESTATE@DeHanas.com, or by phone, 301-638-3443.

 

The DeHanas Team has been Southern Maryland’s leading sales team for more than a decade. They specialize in residential home sales, new construction, Foreclosure sales, short sales, and bank and government owned properties.

 

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Charles County Commissioners Propose Increase in Environmental Impact Fee

by Don DeHanas, Broker

As reported to me by the Southern Maryland Association of Realtors, the Charles County Commissioners, during a recent budget meeting have preposed to increase the environmental impact fee, which will show up in your property tax bill.

What is an environmental service fee?  Its a fee for the County's recycling and stormwater management maintenance programs and is included on the homeowners' property tax bill.  It is shown on the bill with the designation ESF.  The fee is currently $62.00 per year.

After many questions of staff and a great deal of healthy discussion at the Commissioners' FY08 budget worksession held on Tuesday, the Commissioners agreed to take forward to the public hearing on the FY08 Budget a proposed increase of this fee to $65.00 per year.

Homeowners can find their property tax bills on-line by visiting the Charles County website at:

http://www.charlescounty.org/treas/taxes/index.html#realproperty

Click on property tax inquiry, and follow the instructions given to search for the tax bill.  A detailed breakdown of a property tax bill in a given year may be found by clicking on the year.

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A Matter of Price: The CMA VS The Appraisal

by Don DeHanas, Broker

As a real estate professional, I have found that educating the public is a large part of my business. You may remember the catch-phrase used by The Men’s Warehouse clothing company; “Our best customer is an educated customer.” No truer words have been spoken when it comes to selling residential real estate. When I work with a buyer or seller who is aware of the market conditions, and understands the value of ‘doing things right from the beginning’, there tends to be a much smoother, and gratifying experience for all involved.

 

So why is it that some homes sit on the market and never sell (and current statistics indicate that 41% of the homes on the market in Southern Maryland will not sell), while others sell in a relatively short period of time? Two reasons; “sellability” and “Pricing”. When you make improvements to a home, like replacing the carpeting, freshening up the paint and sprucing up the landscaping, you are adding to the sellability, not to be confused with “Value”. The afore mentioned improvements do not create value. The second reason is “price”, and the biggest reason homes do not sell.

 

There is a common misconception about the difference between a Comparative Market Analysis, commonly known as a CMA, usually prepared by a licensed real estate agent, and an appraisal, which must be compiled by a licensed appraiser. Unfortunately, sellers will often times confuse market value with market price, which prompts unrealistic expectations of what their home will sell for.

 

Keeping in mind that ‘a home is worth only what a buyer is willing to pay for it’, it stands to reason that when supply outweighs demand there is more to chose from, putting pressure on pricing, and thus creating a buyers market. Maryland real estate cannot be lumped, as a whole, into one category.  There are parts of it that are experiencing significant price pressure, while other areas, like Southern Maryland are seeing flat to only slightly negative appreciation.

 

The secret to pricing a home that will sell (here is the real tell-all) is to price it 2%-5% in front of the market comparisons in the direction of the trend.  In an up trending market, you would price a home higher than the last home sold for, while in a down trending market, a home should be priced slightly lower that the last group of comparisons sold for.  In Charles County, for example, recent home-sale statistics show the average ‘sold’ price was –1.44% over homes sold a year ago. If you want to sell your home under the current conditions, you would price it about 2% below the CMA recommended price for your property.

 

Often I will hear a seller say that “it appraised for more”…….And here is the reason for confusion; there are a number of reasons a seller will get an appraisal. It could be for a home equity line, a refi, a bridge loan, or an appraisal of resale. Each of these appraisals is compiled for different reasons, and is merely supporting documentation that is required by the bank to justify the loan they have made to the homeowner. It is not uncommon at all for three different appraisals to have three different values. Also, the typical comparison appraisal only uses 3 comparables, while a CMA generated by a real estate agent uses all of the comparables within the neighborhood, providing a larger picture of the market trend. Also, the information in a CMA and an appraisal is only good for 30 days. Don’t rely on the pricing opinion you received 3 months earlier, as it will have changed.

 

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Affordable Housing in Maryland. Now you can help do sething about it.

by Don DeHanas, Broker

I am pleased to announce that the Maryland Association of REALTORS® (MAR) launched an initiative on Tuesday, November 28th known as the League of Maryland Homeowners (LMH). LMH will give homeowners and aspiring homeowners a voice in Annapolis and build an online movement for housing affordability along with the efforts of our Realtor® members.

  The goal of the League of Maryland Homeowners is to give homeowners a voice in the public discussion about how to address the challenge of keeping housing affordable. LMH will provide information to the public and tools to help them communicate with elected representatives at the State and local levels about housing affordability policies.

Signing up with the LMH is easy.  Go to http://www.leagueofmarylandhomeowners.org and follow the prompts. Once you sign up, you will receive emails from the League with information about housing affordability issues, or asking you to take action such as writing or phoning your elected representatives about issues. This website communications tool is similar to a version of the Legislative Action Center that the Maryland Association of Realtors uses.

This effort is an opportunity to create a grassroots coalition of advocates for housing affordability issues across party lines among the general public. I encourage you to visit and explore the LMH web site and to help to spread the word to family and friends.  I believe it will be productive for both REALTORS® and the public.

 

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Sellers Learn to Compete in a Buyers Market

by Don DeHanas, Broker

With more listings coming on the market than there are buyers, it is time to get serious about competing in a buyers market.  Over the last several years, anyone who wanted to sell a house just needed to put a “For Sale” sign in their front yard, and buyers would come in droves.  What a change of events during 2006. So, what can a home seller do to get their home sold for the most money in the least amount of time?  Here are a few tips:

 

  1. Get your home in tip-top shape.  Some of the small tasks can go a long way to getting your home noticed. Start on the outside of your home.  Take a look at the curb appeal from a different perspective. Do you need a fresh coat of paint, do windows need rescreening, could you use new shrubs or mulch? All of these items are low cost fixes that will dramatically improve the look of your home.

 

  1. Clean & declutter.  You will be amazed at how many home sellers don’t do the basic household chores.  This is one step that, if you do it, will give you a major leg up on the competition. Remember to clean ceiling fans and vents, and get rid of piles of paper and old magazines. The fewer knick-knacks you have around the better your home will show.  If you need a fresh coat of paint, do it. If you know you need new carpeting, do it.  Offering a decorating allowance does not cut it. Most buyers cannot look past the work that needs to be done. Also remember to organize cupboards and closets.  Buyers will look inside all of them.  Your going to have to get organized before you move, you may as well do it before you have showings. Click here for a list of 25 Easy Fix-Ups.

 

 

  1. Hire a great real estate agent.  The market has been flooded with new agents over the past several years, most of them looking to make a quick buck, and offering very little service.  Before you hire a real estate agent there are a number of essential question you should ask. Make sure you are in the best possible position from the beginning.  A good agent is going to know how to price your home right the first time.

 

  1. Be open to offering buyer incentives. In a buyers market, a seller will most likely be looking at offers with terms that favor the buyer. You will most likely offer closing assistance, up to 5% of the contract price. You will more than likely need to be flexible with the settlement date. Expect the buyer to have a home inspection, or have a home sale contingency.

 

  1. Be open to offering agent incentives.  If you are not getting showings on your home, you will probably resolve the problem by offering agent incentives, ie higher commission and/or a selling bonus.  When you are looking at comparative properties that have sold in your home, take note of any agent incentives. This is an area in which many home sellers don’t realize they are competing for agents to bring buyers. With so much inventory on the market, it is easy for a prospective listing to go unnoticed. Do something to get their attention.

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Southern Maryland Real Estate Trends for October 2006

by Don DeHanas, Broker

The Maryland Real Estate Trends in Southern Maryland differ from county to county, with some home sellers still reaping the rewards of gains in property values, while others need a reality check on their list prices. With the holidays just around the corner, and winter fast approaching, many home sellers decide to take their homes off the market, or postpone selling till the Spring season. While it can be inconvenient to have your home shown during this time of year, and true, your curb appeal is not at its best, the trade off can mean your home selling faster and for higher dollar amount that if it were marketed during a period where the inventory was greater.

 

The following is a breakdown of market statistics by Southern Maryland County:

 

Charles County:

 

 

   2006

   2005

Total Sold Dollar Volume:

$ 60,051,773

$ 81,191,332

- 26.04 %

Average Sold Price:

$ 355,336

$ 338,297

5.04 %

Median Sold Price:

$ 329,900

$ 315,000

4.73 %

Total Units Sold:

169

240

- 29.58 %

Average Days on Market:

65

33

96.97 %

Average List Price for Solds:

$ 368,091

$ 347,401

5.96 %

Avg Sale Price as a
percentage of Avg List Price:

96.53 %

97.38 %

 

 

Charles County home sellers saw a continued 5% growth in home values during the month of October, however, over zealous sellers were pricing their homes about $20,000 higher than what buyers were willing to pay.  Of the 1282 homes currently on the market in Charles County, 50% are priced over $400,000, which is the slowest moving price point for the region. Those home sellers with prices over $400K are not seeing the Property Value gains that those under $400K are making. The days on the market continues to be just over 2 months, and projections will be for this to continue through the end of the year.

 

St Mary’s County:

 

                                                                2006                       2005

Total Sold Dollar Volume:

$ 29,397,687

$ 48,379,470

- 39.24 %

Average Sold Price:

$ 319,540

$ 329,112

- 2.91 %

Median Sold Price:

$ 297,500

$ 299,900

- 0.80 %

Total Units Sold:

92

147

- 37.41 %

Average Days on Market:

66

40

65.00 %

Average List Price for Solds:

$ 328,971

$ 340,151

- 3.29 %

Avg Sale Price as a
percentage of Avg List Price:

97.13 %

96.75 %

 

 

 

While not the bleakest statistics of the 4 Southern Maryland Counties, St Mary’s County saw there values drop a couple of percentage points. Home sellers were asking about $10,000 more for their properties that buyers were paying; A minor adjustment that is not too painful, based on the equity we are seeing sellers make at the settlement table.  Like Charles County, St Mary’s County is top heavy in the homes priced over $400K. Trends appear to continue as shown above through the end of the year.

 

Calvert County:

 

                                                                2006                       2005

Total Sold Dollar Volume:

$ 31,645,069

$ 57,335,440

- 44.81 %

Average Sold Price:

$ 400,570

$ 409,539

- 2.19 %

Median Sold Price:

$ 335,000

$ 355,000

- 5.63 %

Total Units Sold:

79

140

- 43.57 %

Average Days on Market:

113

64

76.56 %

Average List Price for Solds:

$ 428,682

$ 419,890

2.09 %

Avg Sale Price as a
percentage of Avg List Price:

93.44 %

97.53 %

 

 

Calvert County statistics are the most painful to see, of all Southern Maryland Counties. There was a drop in units sold by over 43%, with continued projections to be unchanged through the end of the year.  One problem of note; home sellers were asking nearly $30,000 more for their properties than buyers were willing to pay. This may be the reason Charles and Prince Georges Counties saw gains in value and Calvert saw a drop in units sold; The BIG TOPIC; Affordable housing, or lack thereof.  If there are some Calvert County home sellers that are serious about selling, they might want to reposition themselves in the market place with a significant price reduction.  I hate to be the bearer of bas news, but if you want honesty, there it is.

 

Prince George’s County:

 

                                                                2006                       2005

Total Sold Dollar Volume:

$ 366,071,378

$ 447,292,885

- 18.16 %

Average Sold Price:

$ 348,639

$ 323,422

7.80 %

Median Sold Price:

$ 335,950

$ 315,000

6.65 %

Total Units Sold:

1,050

1,383

- 24.08 %

Average Days on Market:

57

29

96.55 %

Average List Price for Solds:

$ 358,653

$ 327,844

9.40 %

Avg Sale Price as a
percentage of Avg List Price:

97.21 %

98.65 %

 

 

 

It is a good time to be a home seller in Prince Georges County, if your home is priced less than $400K. Prince George’s County home sellers saw the most significant gains of the Southern Maryland Counties, with more than 50% in price increases over this time last year. Not bad when you consider what is happening everywhere else.  Although the average list price was 10% higher than what sold during the month, over 1,000 homes in the county sold, compared to 1748 new listings, an indicator that days on the market may be coming down.

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Southern Maryland Real Estate Trends for September 2006

by Don DeHanas, Broker

The real estate trends for the region, while slower than in 2005 are still showing positive growth signs.  I will break down the trends by county so that my readers can have more of a localized perspective. This information has been obtained by the Metropolitan Regional Information Systems, MLS.

Charles County Maryland

     2006  2005  
Total Sold Dollar Volume: $ 84,411,941 $ 98,383,816 - 14.20 %
Average Sold Price: $ 356,169 $ 339,255 4.99 %
Median Sold Price: $ 325,000 $ 320,000 1.56 %
Total Units Sold: 237 290 - 18.28 %
Average Days on Market: 64 29 120.69 %
Average List Price for Solds: $ 368,471 $ 342,507 7.58 %
Avg Sale Price as a
percentage of Avg List Price:
96.66 % 99.05 %

While the month of September produced a whopping 1328 listings on the market, only 203 of them went under contract, down 18.28% to 2005.. The largest percentage of listings fell between the $350,000 and $599,000 price range. However, good news for Charles County  home sellers, the average sales price did go up by almost 5%. Also note the average days on market has doubled over last year.

Calvert County Maryland

     2006    2005
Total Sold Dollar Volume: $ 36,434,608 $ 49,445,832 - 26.31 %
Average Sold Price: $ 396,028 $ 368,999 7.33 %
Median Sold Price: $ 329,500 $ 322,500 2.17 %
Total Units Sold: 92 134 - 31.34 %
Average Days on Market: 83 57 45.61 %
Average List Price for Solds: $ 401,552 $ 376,566 6.64 %
Avg Sale Price as a
percentage of Avg List Price:
98.62 % 97.99 %

Similar to Charles County, Calvert County saw a small increase in sold price, but a dramatic drop in home sale transactions from 2005 sitting at -31.34%.  September's total of listings chimed in at 922, with only 10% of the market inventory selling.

St Mary's County Maryland

                                                                    2006                     2005             

Total Sold Dollar Volume: $ 46,347,738 $ 50,718,798 - 8.62 %
Average Sold Price: $ 356,521 $ 331,495 7.55 %
Median Sold Price: $ 329,493 $ 325,000 1.38 %
Total Units Sold: 130 153 - 15.03 %
Average Days on Market: 80 43 86.05 %
Average List Price for Solds: $ 374,358 $ 337,547 10.91 %
Avg Sale Price as a
percentage of Avg List Price:
95.24 % 98.21 %

St Mary's County fared the best in the Southern Maryland region, with only a 15% decline in the number of homes sold over the previous year.  In addition, St Mary's homes sold, on average, at 7.55%, posting higher gains than Charles County, Calvert County and Prince Georges County.

Prince Georges County Maryland

                                                                         2006                     2005             

Total Sold Dollar Volume: $ 337,180,968 $ 444,769,393 - 24.19 %
Average Sold Price: $ 342,664 $ 321,830 6.47 %
Median Sold Price: $ 330,000 $ 310,000 6.45 %
Total Units Sold: 984 1,382 - 28.80 %
Average Days on Market: 49 26 88.46 %
Average List Price for Solds: $ 350,840 $ 323,342 8.50 %
Avg Sale Price as a
percentage of Avg List Price:
97.67 % 99.53 %

With more than $300 million in total home sale volume, Prince Georges County still suffered a 28.8% decline in units sold during the month of September, over September of 2005. Prices did increase a modest 6.47%, but nowhere in Southern Maryland did the average home owner get more than their average list price, an indication that home sellers are having to negociate more than they did a year ago.


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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

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.