Today's Real Estate Market Update

Facing Foreclosure?

2010-02-26T15:38:00.000-08:00

         (New!)
 
 Facing Foreclosure: What to Do Right Now
 If you're facing foreclosure, don't panic: There are steps you can take right now to save your home or at least lessen the blow of its loss. Read
  
 
 
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 Copyright 2010 NATIONAL ASSOCIATION OF REALTORS

Too Much Snow Lately?

2010-02-26T15:20:00.000-08:00

(New!)

Preventing Ice Dams

During the colder months, preventing ice dams should be a primary concern. Here’s how to protect your home from damage. Read

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5 Tips to Buying a Home on Deadline and How the Tax Credit Extension Can Help

2010-02-15T12:00:00.001-08:00

Sharon Curtiss, REALTOR with Hileman Real Estate, Inc. in Berlin, Maryland shares these 5 Tips for buyers interested in claiming the home-buyer tax credit?

Below are five tips:

1. Don’t procrastinate. Start searching for a home now. Getting an early start will give you a better chance of finding the right house before the credit deadline. Before you start house hunting, get pre-approved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker, and do a realistic assessment of what you can afford. Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.

2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.

“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.

3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.

4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.

5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.

What's so short about a Short Sale?

2010-02-15T11:56:00.001-08:00

Did you ever wonder, what's so "short" about a Short Sale?

It's no wonder that so many consumers are confused about the home buying process today with terms like, REO, bank-owned, pre-foreclosure, foreclosure, and the now infamous "Short Sale".

Most consumers that are ready, willing and able to purchase these days are looking for a great buy and want to close on the property quickly, so when they see "Short Sale" in the advertisement for the property they naturally think it is going to be quick.

Wrong. The only thing short about the "Short Sale" process is that the seller's pocket book is "short" since they don't have enough money (assets) to pay off what they owe to their bank (lender).

Now I don't know about you, but if someone owes me money and they don't have enough to pay it off, I'm going to need some time to think about it. That is exactly what is going to happen with the bank when their borrower comes to them with a contract from a prospective buyer wanting to buy the home for less than is actually owed.

I found a really nice site which explains the Short Sale Process in detail. Just click the link to read more. When you are ready to begin your home search in the Ocean City, MD area, feel free to call Sharon A. Curtiss, Associate Broker/Sales Manager with Hileman Real Estate, Inc. at c/p: 410-726-4260 or Office: 410-208-9200.

You can also visit my website at www.sharoncurtiss.com to view other Buyer and Seller reports. I will happy to provide you with a free list of foreclosure properties in the area.

Mortgage Rates going up?

2010-02-13T16:09:00.000-08:00

If you have been thinking about buying a property while the prices are still low, don't wait too much longer. When the Fed stops buying mortgage bonds, the rates are going to go back up from the artificially low to the historical average of 6 - 7%. Take a look at this video which analyzes the anticipated rates and what your dollar will be able to buy if you are planning to finance your purchase.

You will get less for your money.

If you want a list of home/condos for sale in the Ocean City area, please feel free to contact me. I will be happy to set up a link for you to all the properties that meet your needs.

Press the play button to watch the video.