PRICE REDUCTION!

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Birchwood Drive Price Reduction Social Media

 

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First time buyer? 5 tips on how to avoid a money pit

It’s seems like the perfect home – you’ve been wooed by a savvy, yet informative, real estate agent and the fresh-baked cookies at the open house were a nice touch.

“For many people right now who have the money and who qualify [for a mortgage] it’s a great time to purchase a home. The inventory is high, prices are low and mortgage rates are low,” says Elizabeth Mendenhall, 2011 vice president and liaison to committees for the National Association of Realtors.

But don’t be fooled by a fresh coat of paint and updated countertops. Throwing copious amounts of cash at a series of unfortunate events is hilarious when it’s Tom Hanks and Shelley Long, but going broke on unexpected home repairs isn’t funny when it happens to you.

It’s time to put down the cookies and check for cracks. Here are some tips on how to avoid purchasing a money pit:

Read the full article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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Realtors' take on Maryland home prices

From the Baltimore Sun Real Estate Wonk:

Realtors’ take on Maryland home prices

We can be pretty certain that a lot of home buyers and sellers don’t see eye to eye on values, or else the average sale price wouldn’t be 11 percent lower than the asking price. But where do real estate agents stand in the debate?

Well, 85 percent polled in Maryland say sellers think their homes are worth more than they — the agents — believe it is, according to a new survey by real estate site HomeGain.

Most of that difference is pretty big.

Half the Maryland agents surveyed say their average clients think their homes are worth 10 to 20 percent more. Eleven percent say average clients think their homes are worth in excess of 20 percent more…..

Read the rest of the article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

A Price Worth Paying – Realtor.org

Buyers will be pinched by FHA’s new rules.
By Robert Freedman | March 2010

No one likes it when changes to mortgage underwriting make it harder for working households to secure safe and affordable home financing.

But in the case of the FHA’s tightened lending requirements announced in late January, the end may justify the means. The policy changes are designed to shore up the FHA’s capital reserves and help the agency do a better job of managing risk.

“These changes, while serious, are reasonable,” says John Anderson, CRS®, GRI, a 30-year real estate veteran who chairs the NATIONAL ASSOCIATION OF REALTORS®’ Federal Housing Policy Committee. “I think the FHA is doing the right thing.”

Nonetheless, Anderson, broker-owner of Twin Oaks Realty Inc. in Crystal, Minn., acknowledges that many households will be adversely affected. Buyers will have to either spend more to secure financing or scale down what they buy.

Among other things, the FHA is raising its upfront mortgage insurance premium to 2.25 percent from 1.75 percent, boosting the minimum down payment to 10 percent for borrowers with a credit score of 580 and below (it stays at 3.5 percent for everyone else), and reducing permissible seller concessions from 6 percent to 3 percent.

The FHA also will seek legislation to raise the annual mortgage insurance premium to a level above the current cap of 0.55 percent. The agency already has authority to institute the other changes.

“Striking the right balance between managing the FHA’s risk, continuing to provide access to underserved communities, and supporting the nation’s economic recovery is critically important,” FHA Commissioner David Stevens said in a statement.

Read the rest of the article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350