Residential home prices rose in June compared to the same period of 2017, according to Maryland REALTORS. Average home prices rose by 2.9 percent for the fifth month in a row, while median prices increased by 4.0 percent as compared to the same time in 2017. "Average and median residential home sale prices continued to trend up for a fifth month, while the months of available inventory remained steady compared to 2017," said Maryland ..
Homebuyers that have been struggling to raise their credit score enough to qualify for a mortgage may be in luck. Major credit reporting firms have overhauled how they handle reporting negative credit information, and this change is resulting in millions of consumers experiencing a boost in their credit score. The credit boost is a result of a 2015 settlement between 31 state attorneys general and Experian, Equifax, and TransU ..
Real Estate Report: Freddie Mac announced a new program aimed to help keep rents affordable for working families without any federal, state or municipal subsidy. Freddie Mac’s new Mezzanine Loan pilot provides favorable pricing and additional debt capital in exchange for multifamily property owners voluntarily keeping a majority of rents at levels affordable to low- and moderate-income families, while limiting rent growth throughout ..
Real Estate Report: There are many positives that surround an improving real estate market, but there is a downside--housing costs in many areas begin to exceed the financial reach of some low-to-moderate wage earners. This is especially felt here on the shore, where there are numerous service sector employees, such as restaurant and retail, and even entry-level positions in education, police and fire. Marylandhomeownership.com, ..
Real Estate Report: In Worcester County, homeowners may utilize the zoning use called the Accessory Structure to gain additional living quarters. The purpose is to allow no more than one accessory apartment per lot of record through conversion of existing residential structures or construction of new residential facilities. The intent behind this use is to provide the opportunity and encouragement to meet the special housing needs of per ..
Real Estate Report: Millennials, age 18 to 35, are now the largest group of homebuyers, according to the National Association of Realtors. With this in mind, it’s important to know what it is they are looking for in a home. At the top of the millennials’ wish list is a separate laundry room. In fact, 55% of respondents in a recent survey from the National Association of Homebuilders (NAHB) said they wouldn’t buy a new home if the la ..
Most people want to own their own home—it gives a sense of security and stability. It also allows for more flexibility in personalizing and renovating your home to make it your own. Most importantly, it allows the ability to build wealth as your equity grows. But, can you afford to buy? Here are a few important things to consider that will help answer that question: 1. Do you qualify for a mortgage? The first step when th ..
Real Estate Report: Title Insurance Most commonly used in the state of Maryland to protect a buyer, and ensure that title to a property is clear and marketable in a real estate transaction, is the purchase of a title insurance policy. Title insurance provides the policyholder protection from losses that may arise from defects in the title. The Maryland Association of Realtor Contract of Sale calls for title to property to ..
Real Estate Report: An important inspection for homes, especially those on a private well water supply, is the water quality test. This test usually covers bacterial, chemical and lead testing in our area. These water tests include results on: coliform, e-coli, nitrates/nitrites, sand, turbidity, pH, chlorine, iron, and lead. It is not common to find lead in the water supply, but it is possible. Lead is a naturally occurring bluish-g ..
Real Estate Report: A new multiple list service (MLS), called Bright MLS, is gearing up to take effect in the Delmarva area that will cover the entire state of Maryland and Delaware. In total, the new regional MLS is comprised of 43 Realtor associations from parts of 6 states— Delaware, Maryland, New Jersey, Pennsylvania, Virginia (it does not include the eastern shore of Virginia) and Washington, D.C. This trend to consolida ..
- LWB Real Estate Report: Market Update
- LWB Real Estate Report: Credit Reporting Change
- LWB Real Estate Report: Freddie Mac Rent Control
- LWB Real Estate Report: Housing Opportunity Certification
- LWB Real Estate Report: Accessory Structure
- LWB Real Estate Report: Millennials
- LWB Real Estate Report: Can I Afford to Buy?
- LWB Real Estate Report: Title Insurance
- LWB Real Estate Report: Water Test Lead
- LWB Real Estate Report: Bright MLS
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