Tag Archives: Bethesda Homes for sale

Buying a Home This Fall?

Buying a Home This Fall?

autumn-homes

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Buying a Home This Fall?

Spring might be the most popular time to buy a home, but there’s a real case to be made for fall: It’s cooler, so you’ll have less competition at the open houses. Because it’s considered the off-season, you’re more likely to get (or make) a deal. And, with the season’s variable weather, you can get a good idea of what the home’s like in hot and cool times alike.

After all, you’re buying a home that will fit your needs in every season—even if you can only scope it out during one.

That means you need to look for things “that aren’t as noticeable in the fall as they might be in the winter or summer months,” says Realtor® Andrea Davitt of Lauer Realty Group in Madison, WI.

Want to make sure that amazing autumnal escape continues to be fantastic year-round? Keep these six things in mind.

1. Check out the air conditioner

First: Does the place even have an air conditioner? This might be easy to spot if you’re house hunting during unseasonably warm temps. But if the weather’s already turned, heed this: The air might be cool now, but it won’t be forever. And with summer nine (long!) months away, it’s easy to forget to check.

If the home does have AC, you’ll want to give the unit a thorough inspection. Your inspector will likely examine the system to make sure it’s functioning, but it never hurts to run a few tests yourself—or even call an HVAC specialist.

Davitt recommends first checking to see if the AC’s filter has been recently changed. Then try turning down the thermostat and see if the unit runs. Meanwhile, make sure air is blowing through all the vents—it’s better to find blockages now, with time to fix them, than at the beginning of summer when sweat’s starting to pool. Check out the outdoor condenser, listening for any strange sounds, and make sure the condensation line in the evaporator coil—likely found in the furnace—is flowing smoothly. Last, examine the ductwork, looking for any rusting or poor fittings.

2. How’s the drainage?

Gutters are the obvious thing to check, Davitt says. In the interlude between the rainy and snowy seasons, don’t forget to check the drainage. In the yard, look for areas where water is accumulating in small puddles, which could indicate a leak in buried pipes or grading problems that need to be addressed before the rainy season.

If it looks like the sewer might be clogged, bring out a professional sewer inspector to do a camera inspection of the line. That can reveal problems that could cause a backup—as well as a world’s worth of annoyances later. Better to know before you buy.

3. Note the surroundings

What’s nearby? Look across the street, behind you, and next door. Are there bulldozers and cranes? Empty lots awaiting brand spankin’ new homes? Ask your neighbors about seasonal street construction nearby—there’s nothing worse than having a peaceful, quiet home all winter until work begins with a literal bang in the spring.

Double up on the investigative work if you’re near a large intersection, or if your home is directly connected to a major road. Going door to door is not only a good way to meet your future neighbors—it’s also a novel way to find out what seasonal surprises lay ahead.

4. Look for slopes

How steep is your driveway? Sure, it’s easy to navigate now—but will it be when it’s covered in ice?

A less-than-ideal driveway shouldn’t automatically disqualify a home, but it’s better to know in advance if late-winter parking is going to be a challenge.

Similarly, Davitt recommends checking out the landscaping’s pitch around your new home’s exterior. Are there any steep hills that might cause water runoff and flooding? What about the area around your basement? If land slopes toward your basement, it could indicate potential flooding.

5. Check out standing water

At the end of the summer, we’re all just happy that the mosquitoes have died or moved on to bother poor souls elsewhere. But they’ll be back—and you should know in advance where they’ll be hanging out.

“We’ll look for anything that holds standing water,” Davitt says.

Most of these are movable: trash cans, buckets, birdbaths. But if your home is located on a lake or small pond, there’s not a whole lot you can do besides prepare yourself mentally and invest in bug spray and citronella.

If you’re buying in fall or winter, when bugs are hiding, keep in mind the potential ramifications of living on the water.

6. Examine the windows

If the windows in your potential home are older (or don’t even open), you’ll want to replace them immediately—otherwise you risk wasting energy or even breaking them in a freeze.

But if winter is coming quickly, there might not be time. In those cases, Davitt recommends putting plastic over the windows until you’re in a position to replace them.

Will you need storm windows? Find out in advance.

“If you’ve only lived in an apartment, you don’t know you have to change out your screens,” Davitt says.

That can be an added expense and stressor, and one that’s better to know in advance.

Don’t let fall’s peaceful, chilly weather lull you into a false sense of security. When you’re buying a home, examine everything that can go wrong—even if the rainy winter or spring seem far away.

By
Jamie Wiebe Realtor.com

 

11053371_383914575115047_8548886157930102220_nTracy Tkac Evers & Co Real Estate 301-437-8722

 

Getting Ready To Sell

A home sale typically comes as a result of a life change or a major decision. These decisions don’t usually happen overnight, providing homeowners with years to plan for a successful home sale. By using your time wisely, you will maximize your home’s value when you want to list and sell.

On your way to this point, you should be open to spending money in getting ready to sell. Investing in strategic home improvements will help facilitate a quicker and more profitable sale.

Selling a home is a large financial and emotional transaction — likely the largest in a lifetime. This makes strategic planning and counsel vital. Here are some steps you should take a year or more before you plan to list your home.

Connect with a local real estate agent

Real estate agents shouldn’t just show up, list a home, hold an open house and move on. Instead, they should be valuable assets to you years before listing. Connecting with a local agent and developing a relationship well in advance allows you to start learning the market and transitioning from the mindset of a homeowner to that of a seller.

A good agent will provide helpful information, advice and assistance on an ongoing basis, in hopes of working with you on the eventual sale. Work with an agent who can connect you to local resources like inspectors, painters and other service providers.

An agent can also assess your home’s condition and suggest small to medium-sized improvements that will help boost your home’s value. Prioritize these projects for the months or years leading up to the sale.

Have a formal property inspection

For a few hundred dollars, you can have a licensed property inspector assess the home’s major systems and components. You can take this step up to two years before you will list your home.

Why would you want to have someone come and point out your home’s flaws before selling? Because it’s better to know about any issues upfront so you can address them before your potential buyer discovers them.

Additionally, you can put a financial plan in place to pay for any needed fixes. Dry rot on your back deck could cost $500 to remedy now, but you’d be better off handling it now than having a buyer see it as a major decking/structural issue and request $5,000 when you are weeks away from closing and your back’s against the wall.

home_disclosure-300x195

Make improvements

A year before you will list, spend the extra time and money ensuring that your home both appeals to mainstream buyers and passes a potential buyer’s property inspection.

If your agent suggests cosmetic fixes like laying new carpet, painting cabinets or cleaning the yellow grout in the bathroom, put a plan in place to tackle each of the projects. Waiting to the last minute will be too stressful, plus you won’t get the enjoyment out of the cosmetic fixes.

If you know your roof is at the end of its life, it might be more economical to replace it so that you can advertise a new roof. Today’s buyers want homes that are move-in ready. They don’t have the time or resources to take on projects. The more issues you can resolve for them, the more successful your sale.

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Get a home warranty

A home warranty is like a one-year insurance policy that addresses your major (and minor) appliances and most systems. If something breaks, you can call the home warranty company, not the appliance repair technician or plumber. For a small co-pay, they will come out and repair or replace the item swiftly.

If your home has some issues, a home warranty is a great way to address them without having to spend weeks or months shopping around, getting bids for work and seeing through each repair. A warranty works well when you list the home and are too busy to call around getting bids.

Moving is tough, in and of itself. Add prepping a home for sale and your move becomes more emotional and stressful. Planning ahead can help you address issues in advance.

Don’t wait until the last minute, or you risk leaving money on the table. Meet with an agent early on and put a timeline in place to get the most of your home’s sale — fast.

 

Tracy Tkac
301-437-8722

Tracy@eversco.com
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

 

BY BRENDON DESIMONE Zillow

 

 

Bethesda Home For Sale

 Bethesda home FOR SALE Single Family House

$1,795,000 4 Beds, 3.5 Baths

Description


Beautifully restored residence by the craftsmen of M.H. Holahan Builders. Extraordinary kitchen & family room space. Dazzling owner’s suite with spa bath, private office, expansive closets! Elegant finishes throughout. Crisp, fine detailing. Exceptionally special lot that is deep, lush, private & flat! The street & neighborhood are peaceful. Highly desirable Walt Whitman High School cluster!

Parking
Garage / 1 Space
Year Built
1957
Sq Footage
2604 sqft.
Lot Size
0.28 Acres

Beautiful Property!

Bethesda Home For Sale

Tracy Tkac 301-437-8722

tracy@eversco.com


$1,795,000

5813 Lenox Rd

Bethesda, MD 20817

 

FOR SALE Single Family House

$1,395,000 5 Beds, 4 Baths

Over $200K of new upgrades! Enjoy the best of indoor & outdoor living in this extraordinary residence. Sophisticated designs; NanaWall bifold glass doors, Phantom screens, radiant floor heating in the sleek, expansive kitchen & great room, whole house state-of-the art audio system, exceptional large, lot with amazing entertaining spaces all in a tranquil setting. You will be amazed!!

MC8600614 - Exterior (Front) MC8600614 - Exterior (Rear)MC8600614 - Exterior (Rear)MC8600614 - Family RoomMC8600614 - Family RoomMC8600614 - Living RoomMC8600614 - Kitchen11053371_383914575115047_8548886157930102220_n

The Home Buying Process

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The Home Buying Process

Basic guidelines for the first time home buyer and the home buying process, simplified.

by Tracy Tkac

Even when you love the house, making an offer to purchase it can be intimidating, it’s a big commitment that will require a chunk of your financial resources. It’s also exciting and wonderful! You will be building equity and getting tax breaks for mortgage payments, but importantly , you will have a place of your own to do with what you wish. When you make  improvements to your home, you will likely make a return on your investment while you enjoy living in your home. Most of all, your home will be the place where you will build memories and entertain friends and family. You will make your house into your lovely home. Below are the basic guidelines and the home buying process simplified.

 Making an offer

Even though it’s early in the buying process, you still must sign a legally binding contract. With your signature, you’re committing to moving ahead with the seller. Keep in mind you can add contingencies to many real estate contracts. For example, most real estate buying offers will be contingent on a property inspection, radon inspection, loan approval, appraisal and sometimes other matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop up.

 Disclosures

In most states, sellers are legally required to provide buyers with disclosure documents including any know defects, lead based paint information, real tax bills from the current year and the estimated property tax bill for the next year. In addition, sellers must disclose any known issues that might affect the property’s value or habitability. Usually, in a transfer disclosure statement, sellers must answer a series of “yes” or “no” questions about the property, and provide the neighborhood homeowners association/ or condo information. If there have been leaky windows,  work done without permits or plans for a major nearby development, the seller must disclose them. You will have the opportunity to view the areas master plan and the will be provided with a list of nearby airports. The disclosures will need to be signed by the purchaser and will become part of the offer to purchase and then after all terms are agreed to, they will be part of the contract.

The appraisal

Most buyers put a certain amount of money down toward the purchase price. The balance will come in the form of a bank loan (usually). But a bank isn’t going to hand over that money without due diligence. An appraisal is the financial institution’s way of making sure the contract price is the right price. So the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or change the terms.If a property does not appraise, the contract price can be renegotiated or contract voided.

Inspections

As part of the real estate contract, you have the right to a property inspection The most common is a “general” property inspection, in which the inspector checks the home from the foundation to the roof and investigates all major systems and components. As the buyer, you should follow along with the inspector to learn more about the property. For example, you’ll want to know about the components (such as the water heater) and have a plan in place for maintenance.

After the general property inspection, the inspector may suggest having a specialist come out. This could be a roofer, electrician, HVAC specialist or even an engineer. Listen to the inspector and have any recommended follow-up inspections. Remember: This is your one chance to approve the property from top to bottom. If issues arise, you may be able to negotiate repair or a buyer credit.  If something major arises and it’s not what you signed up for, you can void the contract via your inspection contingency.

Loan approval or commitment

In addition to making certain the property appraises at no less than the contract price, the bank will want to fully approve your credit, debt and income history. The bank will also want to approve the property’s preliminary title report to make sure there are no liens recorded against the property that might affect its value. The bank can take up to 30 days to complete its review, which should result in a loan commitment or full loan approval. Once that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one step closer to closing.

Final walk-through

Just before closing, you will do a final walk through in the property to make sure it’s in the condition it was when you last saw it. Make sure the seller didn’t remove any fixtures, make modifications or leave behind garbage or debris. You also want to be sure any fixes you negotiated with the seller have been completed.

The closing

Depending on the market, the last step of the home buying process, the closing or the settlement, may happen at an attorney’s office or at a title company. In some situations, the buyer and seller don’t ever meet. Each goes in to sign their closing papers separately. In others, the buyers and sellers sign the closing documents together. Regardless of how a closing happens, if you’re a buyer and getting a loan, plan on signing dozens of documents at closing. You’ll need to show photo ID, as your signature will be notarized. Prior to the closing, your real estate agent or attorney should send over a closing statement to review. The statement details your final closing costs and the money you need to bring to the closing. The funds can be wired in or paid with a cashier’s check on closing day. Be sure to ask for the statement early, so there aren’t any last-minute surprises.

The home buying process will go more smoothly when guided by an experienced real estate professional.

 

Pricing Your Home To Sell

Pricing Your Home To Sell

For The Most Money Possible In The Shortest Time Frame

      GetMedia-46

 

By Tracy Tkac

Evers & Co.

www.washingtonhg.com

 

The single most important factor to consider when selling a house is pricing the house correctly; it’s choosing the right list price: how much your house is worth. Over pricing the house will cause it to sit on the market and lose the freshness of the home’s appeal after the first two to three weeks of showings. After a month on the market, demand and interest can wane and after that a listing can become stale to potential buyers. It is a tough concept, because no one wants to chance leaving money on the table, but pricing the home just below fair market value will often cause a seller to receive multiple offers, which will then drive up the price to market price or above. Pricing is all about supply and demand. It’s part art and part science. Beware of the realtor that advises a list price way above the range of sold home prices in your neighborhood, choosing to list with that agent may be setting you up for the delay or even failure to sell your home.

 

Pricing your home to sell may not be as simple as you think. Looking at what similar homes in your immediate neighborhood that have sold for in the past 6 months to a year will give you some, but not all of the data you will need to calculate the list price. It is important to compare apples to apples when looking at the comparable recently sold homes. Compare and consider not just how many bedrooms or bathrooms, but also is the basement finished, is the yard nicely landscaped, how many garage spaces are offered? Look at homes’ sizes (square feet), style, condition and if updates and renovations have been done. A good real estate professional will format all of the information for you and help you to make the comparisons to come to the right listing price that will get you the most money possible for your home sale.

 

Using a real estate professional can save you money in the end by helping in pricing your home to sell quickly and for the best sale price. A good agent will assess what improvements should be made prior to putting your house on the market. Many times the first step is to de-clutter; when selling your home, the less-is-more concept is the way to go. Your agent should be honest and direct in telling you what needs painting and repair or replacing before making your listing “active on the market”. You only have one chance to make a good impression, and that goes for the list price and your homes presentation.

 

New Mortgage Rules

Some Builders Like New Mortgage Rules, But Toll Calls Them “Dumb

A Pulte home being built in Phoenix.
Getty Images

Some home builders are heralding federal regulators’ move this week to ease mortgage-qualification standards  as a key to reviving the entry-level market but at least one is panning it as a return to dangerous lending.

The Federal Housing Finance Agency indicated this week it will expand mortgage availability with changes such as allowing borrowers to make a down payment of 3% of a loan’s value rather than the typical 20% for a high-quality mortgage.

On Thursday, two national builders reporting quarterly results touted the change as key to bringing first-time buyers back into the market. First-time buyers accounted for an average of 29% of new home sales from 2001 to 2011, according to the National Association of Home Builders. But this year that figure has dropped to an estimated 16% , because of tepid job and wage growth, mounting student debt and tight lending standards.

“I don’t think anybody is a proponent for going back to what happened in 2006 or 2007 at all, but a little common sense goes a long way,” said Larry Nicholson, chief executive of builder Ryland Group Inc., in a conference call with investors Thursday, adding, “I do think it helps the entry-level buyer with the 97% (loan-to-value) program. I think that will get some people off the fence.”

Richard Dugas, CEO of builder PulteGroup Inc., called the proposed changes “a positive statement” during his quarterly conference call with investors on Thursday. “Over time, as some of these ideas get put into practice, it certainly has the potential to affect activity, particularly for the entry-level category,” Mr. Dugas said.

But a different view was expressed Wednesday by Robert Toll, founder and executive chairman of luxury home builder Toll Brothers Inc., during remarks at a Urban Land Institute conferencein New York. He called the proposed loosening of credit standards “a really dumb-ass idea.”

“Yeah, we have a slow recovery, but it appears to be going to continue,” Mr. Toll said, adding, “Why do we want to go do what got us into this problem in the first place? … Three percent down doesn’t make any sense.”

Mr. Toll concluded that lenders have required a 20% down payment on top-rated mortgages for decades “and we had a hell of a housing program.”

Mr. Toll has a little less at risk than do other homebuilders. His company caters to affluent buyers, selling homes at an average price of $717,000. Pulte and Ryland, by contrast, serve more entry-level buyers than Toll, though they sell to others as well.

Quarterly results released by Pulte and Ryland on Thursday reflected a new-home market that remains stuck between neutral and slow growth. Pulte reported inking 3,779 sales contracts in its third quarter, flat from the year-ago period when analysts expected a gain of 5%. Ryland posted a 7.2% increase in orders to 1,707 when analysts expected a double-digit gain.

Ryland’s average selling price registered $331,000, up 11.1% from a year earlier after gains in the high teen percentages earlier in 2014, according to Raymond James & Associates analyst Buck Horne.

Toll, for its part, reported in September a 6% decline in orders in its latest quarter, which ended July 31.

Your home: It pays to keep up with the Joneses

Your home: It pays to keep up with the Joneses

By Amanda Gengler  @Money

houseLetting your house slip behind your neighbors’ could lower your home value and cost you when you sel
(Money Magazine)

Is your home the neighborhood slacker? If you’ve lived there for years without making many improvements, there’s a good chance your house is starting to fall out of sync with the others on your block.

“You never want to exceed the neighborhood norm, but you definitely want to stay up with it,” says John Bredemeyer, an appraiser in Omaha.

Must-haves and deal breakers
Home shoppers have strong opinions about what they do — and don’t — want in a house.
BUYERS WHO WANT
Laundry room 93%
Bathroom linen closet 90%
Eat-in kitchen 85%
BUYERS WHO DON’T WANT
Wine fridge 42%
Game room 31%
Outdoor kitchen 31%
Source: National Association of Home Builders, 2013
.

Bringing your home up to speed doesn’t have to mean a massive, six-figure renovation. Small-scale projects that address some typical flaws of older homes can do double duty: They’ll make your home more attractive when it’s time to sell, and turn it into a more comfortable place for you to live.

These three upgrades all cost $5,000 or less.

Expand your closets. Homes built before the mid-1970s often share a frustrating problem: nowhere to put stuff. Small, one-rod closets are a prime offender and a big turnoff for buyers, says Rockaway, N.J., realtor Ellen Klein. Make the most of these spaces by installing an organizing system equipped with additional rods, shelves, baskets, and more, available at big-box home stores (starting at $50 per closet). For those who would prefer to use a pro, firms like California Closets handle the installation, starting at $500 or so.

Calculator: Was my home a good investment?

Look for places to add closets or other storage areas. Building a closet into the existing footprint of a room usually costs less than $2,000. If you have a bedroom with a centered window, Jason Gettum, a design and remodeling contractor in Indianapolis, suggests installing a closet on each side and creating a window seat between them.

No extra room in the bedroom? You may be able to break through the wall into a smaller room or an unused space that can be converted into a closet. Expect to spend at least $2,500.

Open up the kitchen. Today’s kitchens serve as a favorite spot for families and guests to congregate, but that hasn’t always been the case. “Previously the only thing that happened in kitchens was cooking,” says Bredemeyer, noting that in older homes the room is often small and closed off.

Related: Cut the cost of home maintenance

Say you’re already planning to renovate or at least freshen up your kitchen with new countertops or appliances; you may want to expand the project to include removing the wall between the kitchen and dining or living area.

Assuming you don’t need to move pipes or build new structural support, the removal will most likely add $2,000 to $5,000, including the cost of refinishing the affected floor, ceiling, and walls.

Some kitchens may already have an opening into the next room, often created by a “peninsula” countertop that extends from one wall. But when this area is lined with overhead cabinets, the room can still feel boxed in. Having these cupboards removed is relatively simple and should cost only $500 to $1,000. Worried about losing storage space? Max out your remaining cabinets by installing dividers or roll-out drawers, says Bredemeyer.

Guidelines for Selling Your House

 Guidelines for Selling Your House

Preparation and timing can help you get the best price for your home.

Consult the large real estate sites, like Realtor.com,Zillow.com and HomeGain.com to see how similar homes are priced in your neighborhood. Many newspapers also list the selling and asking prices of recent sales, plus how long the houses were on the market. Note the prices for your neighborhood during the last several months.

Check how sales were running, say, a year ago, so you get an idea of whether the market is heating up, cooling down, or staying put for guidelines for selling your house . This exercise should give you a sense of what your home is worth.

Selecting an agent

You may decide that you can sell your home without an agent. It’s an attractive thought, since you would save the 6% of the selling price that a broker typically collects. But balance that against the work involved in advertising a house and being available at all hours to show it.

If you do decide to work through an agent, ask for referrals from friends or check the Web and local newspapers for advertisements. Don’t simply accept any recommendation. Make an appointment with an agent and interview him or her for the job.

Evaluate the person as though you were a buyer: Is he or she professional and personable? Does he say the right things to make you want to see the home? Also, since the agent will likely be able to advise you on a selling price, how well does his or her price jibe with the homework you did on your own? Don’t be fooled by an agent who is merely flattering you with an inflated price. Go by what you already know about your house and the current housing market.

Ask whether he or she will be the agent actually showing the house. Some brokers have specialists whose main duty is to win the listing. Then another of the broker’s agents takes over.

The lowdown on commissions

Once you find an agent you like, you have to formally sign a listing agreement. This is a contract, laying out the specifics of your arrangement, including how long you will let the agent represent your home and what the compensation will be.

Many agents prefer an exclusive listing, meaning you agree to pay a commission regardless of whether the agent is actually responsible for finding the seller. You should commit for no longer than three months (one month, in a hot market). In case you find the agent lacking in enthusiasm, you don’t want to be locked into a bad situation.

When you discuss the listing agreement, discuss other issues as well. For instance, if there are certain times when you want the house off-limits for walk-throughs, let the agent know.

Also, consider negotiating the commission. If your house is expensive, an agent might not flinch if you suggest 4 or 5% instead of the usual 6. Conversely, if you know it’s a buyer’s market, consider offering the incentive of a higher commission if the agent can land you a sale within 5% of your asking price.

After you’ve signed a listing agreement, you may want to give your lawyer a call to notify him or her that you’re selling your house and will need help reviewing bids and contracts. If you don’t want to pay for a lawyer, your agent should also be able to guide you through this process.

Getting ready for an open house

Whether you sell on your own or work with an agent, you’ll want to spruce up your house before it goes on the market.

Take an objective look at it: Is it cluttered? A little worn and tired? Consider a new paint job. Tidy up. Move unneeded furniture into the attic, basement or rented storage. Remove some of your personal items, like family pictures and knickknacks. Mow the lawn. Plant flowers, if it’s the right season. These seemingly insignificant details can add many thousands of dollars to your eventual sales price.

If you’re no good at this kind of thing, consider hiring a home “stager,” someone with experience preparing homes for showings. Their fees can be more than offset by quicker sales and higher selling prices.

Speaking of which, you’ll need to settle on an asking price. In doing so, forget what you originally paid for the house, how much you’ve spent on renovations or remodeling, and even how much money you need to move on to your next home. When it comes to pricing your property, the only yardstick that matters is what comparable homes are selling for in your neighborhood now — which may be more, or less, than you sank into it.

Your research will already have given you a good idea of how the market is faring. Your agent should also provide you with comparable sales and discuss why your house should be priced higher or lower.

Timing is the key

Also note how long the homes were on the market. If you’re in a seller’s market, with listings moving in a week or two, think about adding a premium to the asking price.

In a buyer’s market, it’s especially important to get the price right. The critical selling time is within the first month after your home hits the market. If the price is too high, you’ll turn off potential buyers and agents and then have a hard time attracting them back, even if you lower your sights later.

When you receive a bid via your agent ask for guidance in how to respond. This will depend on how you priced the house, what the housing market is in your area and your urgency to sell or wait for a better price.

Make sure your lawyer or agent reviews the contingency clauses included with the bid. For example, it’s generally not a good idea to agree to sell your home with the contingency that the buyer must first sell his or her own home.

Also make sure that all the buyer’s contingencies are restricted within specific amounts of time. For instance, if the deal is contingent upon the home passing an inspection, then the inspection must occur within a week to 10 days of an accepted bid. The same is true of the closing date: Make the buyer commit to a reasonable date, usually 45 to 60 days from acceptance.

 

 

5 Smart Moves for a First Time Buyer

5 Smart Moves for a First Time Buyer

GetMedia-47Tracy Tkac

Washington Homes Group

www.WashingtonHG.com

301-437-8722

To get you started in the right direction, and this is just a start, here are a few tips that you should consider.

Get lender-qualified and find a good real estate agent

To start off, keep in mind that there are  5 smart moves to consider for a first time buyer should  in the Maryland, Virginia and Washington, DC real estate market.

Make sure to get qualified by a lender or loan officer to see what price range you can realistically afford. It will waste your time and you may be disappointed to learn that a home is out of your budget after you fall in love with it.

Talk with some real estate agents to find the right person to represent you in your transaction. It is in your best interest to sign with a buyer- broker agent, it does not cost you anything as the seller pays all commissions. Your agent can recommend a couple of good lenders to speak with.Your realtor will be your guide and partner though-out the process, make sure they are committed to you fully and knowledgeable about the area’s in which you are looking and the process. There are many procedural deadlines and paperwork that must be kept to date on, any slack could cost you money.

Once you’re qualified and have your price range estimate in hand, you’ll be able to spend your time shopping in neighborhoods that you can afford. But remember: Just because the bank says you can qualify for a certain amount, that doesn’t mean you should spend that amount. Make sure you can actually afford the monthly payment, along with all your other bills.

For real estate sales professionals, you should get referrals for a full-time agent or broker who sells at least five or more properties per year and is well-educated on the process and location where you plan to live. You should call references, check that the agent’s state sales license is up to date and interview them to make sure you’ll be comfortable working with them.

Make sure you plan to be a long-term owner

Once you know your price range and have looked at some properties, it’s time to make sure that you believe you can find a property that you will own for a minimum of a few years or can rent out if circumstances change.  The truth is, long-term real estate ownership can be a great way to earn wealth, but short-term ownership may or may not be a wise investment depending on where  you are buying and market conditions. The most important thing you can do, is educate yourself.  Do your homework: Talk to go to first-time buyer seminars, check out online material and read some books to learn what to avoid in the buying process. The more you educate yourself, the better the chances you have of buying a good investment and a  wonderful place to live!

Know the Process

Your agent should tell your exactly what you can expect from viewing property, making an offer, negotiating terms, important contingencies to include in your offer, inspections, repairs, loan process, appraisal, walk through and finally settlement.

Take your time

Make sure you have a full understanding of what the marketplace has to offer in your price range and that you know what you’re doing and even though buying a home can be stressful, that you are as comfortable as possible with your decision.

 

 

301-437-8722/ 202-364-1700 Real Estate Professional Licensed in Maryland, Virginia & Washington, DC