Last week, we discussed the current sellers’ market and how it is difficult to get offers accepted when facing multiple offer situations.
Buyers are looking for ways to strengthen their offer in this competitive seller’s market.
The state of Maryland offers a unique program called Maryland SmartBuy, which can help buyers with student debt attain homeownership.
According to the National Association of Realtors®, existing-home sales declined in February, following gains in both January, 2021 and December, 2020. However, all four U.S. regions recorded year-over-year gains.
Lack of inventory, rising prices, multiple offers on new listings—all confirmation that we are indeed in a sellers’ market.
Finding a homeRead more
Most people are familiar with the VA Loan, which is a loan program through the Department of Veterans Affairs.
The year 2020 in real estate ended very strong. Here’s an “at a glance” recap of some of the various market stats.
• The average sales prices varied monthly throughout the year, but June had the highest sales price average increase for Worcester county at 20 percent higher than last year,Read more
There are so many advantages to owning your own home, and even with prices on the rise, affording a new home may be easier than you think due to continued record-setting low interestRead more
When it comes to restrictions that local governments impose on property, there are avenues such as a variance or a special exception that owners can pursue to request changes, but the two areRead more
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 findRead more
In a strong real estate market with lower inventory, we are experiencing numerous multiple offer situations, especially on the lower price point category of homes that first-time homebuyers would be seeking.
So how can a first-time homebuyer strengthen their chances of beating out other buyers?
This is one of the hardest, butRead more
Cash may be king in a sellers’ market, but buyers need to understand that the same is not true with financial institutions.
With “for sale” inventory limited in many price points, sellers may be able to ask more for their home.
The National Association of Realtors Chief Economist, Lawrence Yun, released a video report that dissects the latest homes sales numbers, talks about what could make the market even stronger, and forecasts what’s aheadRead more
The National Flood Insurance Program’s authority to provide flood insurance is currently scheduled to expire on Sept. 30.
The National Association of Realtors is making every effort to secure a long-term reauthorization of theRead more
At the beginning of the summer, we reported that demand has been very strong in the Ocean City market and surrounding areas since the end of April.
When listing a home for sale, sellers should make sure they really “come out of the gate running.”
With the recent Tropical Storm Isaias impacting our coastal area, the importance of having a plan in place for storm events to protect your property is top of mind.
Below is the final summary of the 2020 legislative session of the Maryland General Assembly on items that were passed and put into legislation affecting the real estate industry as it relates toRead more
With low inventory in our market, and a high buyer demand, we are experiencing many multiple-offer situations on properties.
The appraisal of a home is an important step in the real estate process, one that can certainly make or break a deal.
Demand has been very strong in the Ocean City market over the past month due to both being in our spring market (although somewhat postponed due to covid-19) and historically low interest rates.<> Read more
Some of the biggest misconceptions in buying a home are related to down payments and closing costs.
Purchasing a new home is normally the biggest investment you’ll ever make and once you’ve bought a home, it’s a decision you can’t easily reverse. Contracts of sale offer various contingency clauses that allow you to negotiate the contractRead more
In the 2016 session of the Maryland General Assembly, legislation under House Bill 1192 was passed that alters the contents of required disclosures, authorizes additional fees, and sets limits on the fees that may be charged to a seller by a condominium council of unit owners forRead more
Purchasing a condominium differs from buying a single-family home in more ways than the obvious. Of course, condo ownership offers buyers the convenience of maintenance free living since you don’t have to worry about cutting the grass or shovelingRead more
The Maryland Association of Realtors (MAR) makes great efforts in legislative advocacy at the state level, with a focus on supporting and developing legislation that helps the real estate industry and supports the business interests of real estate professionals.
In a recent news release from MAR, itRead more
Many buyers are aware of both FHA 3.5 percent down loan and the USDA 100% financing loan. Both of these loans require upfront mortgage insurance fees as well as monthly insurance premiums that can really push up the monthly cost of their loan, which reduces purchase power.Read more
Real Estate Report: Real Estate Rebound Buyers
There is a contingency of buyers referred to as "rebound buyers" or "boomerang buyers"--these are the people who lost homes in foreclosures or short sales during the housing bust who are striving to be homeowners again.
It is estimatedRead more
Real Estate Report: Important first steps to buying a home
With affordability on the rise, and interest rates at all time lows, more people are asking the question—should I rent or buy? The most important firstRead more
2nd Quarter Worc. County Housing Statistics.
The MD Association of Realtors released their housing statistics for the 2nd quarter of 2012 and the numbers show some mixed blessings for Worcester County. The housing statistics report for April – June, 2012 shows that overall sales volume took a hitRead more
Changes Affecting Home Buyers and Sellers:
Various legislative changes and industry modifications are made throughout the year that can affect both homebuyers and sellers. Here are two of the more significant changes in 2012.
FHA Fees Change: Effective April 1, 2012 there will be an increase toRead more
Buyers looking to purchase a home with an FHA backed loan will continue to have more leeway to purchase directly from banks or investors with a recent decision by the Federal Housing Administration to extend its waiver on property anti-flipping rules through 2012.
FHA rules typically prohibitRead more
- Options exist for homebuyer looking to waive inspections
- Waiving appraisal effective strategy for select buyers
- Maryland SmartBuy 3.0 program discussed
- Home sales slip in February after gains in months prior
- Tips to improve chances in challenging sellers' market
- VA Loan obtainable through mortgage companies, banks
- Real estate market closes strong despite 2020 chaos
- Record-setting low interest rates benefit home buyers
- Property restrictions special exception or variance option
- Water quality test important for homes with private wells
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