Maryland Real Estate Home Improvement Tips Part 1

January 23, 2012 By Maryland Real Estate Leave a Comment

Do you know that home improvement can be addictive? It’s understandable because home owners want to create the best home possible, and many times, they get carried away, investing heavier and heavier into the project. When you undertake a home improvement project, it’s important to keep your eye on the final outcome, and consider how the additions or renovations can add to the value of your property. Here are some essential home improvement tips to help you along.  

Determining the Budget

Before anything else, determine how much you are prepared to spend on the project. The cost of a remodeling or renovation job can range from hundreds to thousands of dollars. For DIY enthusiasts, the budget will provide a guide on the selection of materials, and other related matters. For home owners who are using contractors, a workable budget will take away a lot of the guess work.

Hiring a Contractor

There are enough horror stories about irresponsible or unscrupulous contractors so you should be extra careful in the selection procedure. As a general rule, it’s best to choose a contractor who has been in the business for at least 5 years. At the interview stage, pay special attention to the contractor’s experience and track record. If you find that you cannot trust the contractor, you should strike the person off your list. 

In the next post, we will provide even more home improvement tips for home owners in Annapolis real estate, and elsewhere.

Filed Under Home Maintenance Tips Tagged With Home Maintenance Tips

Buyer’s Advantage in Maryland Real Estate

January 20, 2012 By Maryland Real Estate Leave a Comment

Everybody knows that the recession has caused the prices of homes to stagnate, resulting in a rather bleak real estate landscape for home sellers. On the other hand, the situation presents fantastic opportunities for home buyers. Since interest rates are lower, prices of homes are stable or lower, and income needed to qualify for home mortgages has fallen drastically, the advantage clearly swings to the side of home buyers.

According to the Washington Post study, homes have become more affordable across the State of Maryland. In 2011, there are only two Zips that require an income of over $200,000, down from 14 Zips in 2007. Four years ago, there’s only one Zip for home buyers with income of less than $50,000 but today, there  are 37 Zips with home affordability income of below $40,000. In the suburbs of Maryland and Virginia, there are some 36 Zips where the home affordability income has fallen by a whopping $55,000 in just four years! Home purchase interest rates have fallen from 6.58% in 2007 to 4.62% in 2011. For a single family home, the median price has fallen from $424,000 in 2007 to $329,990 in 2011. The income needed to purchase a home has fallen from $103,776 in 2007 to $65,088 in 2011.

As you can see, these are major drops, representing a significant advantage for home buyers. If you have an eye on your dream Dunkirk real estate, now’s the time to strike, fast!

Filed Under Real Estate News Tagged With Real Estate News

How Much Maryland Real Estate Can You Afford?

January 18, 2012 By Maryland Real Estate Leave a Comment

Perhaps, you have been thinking about owning your own home, and you have started to look at some property listings around the area, trying to find the perfect property. Certainly, the hunt can be quite exciting, especially for first-time home owners but without the right focus, you may be wasting time and money. Before anything else, it’s important to know how much home is affordable to you. Here’s a very simple way to make the calculations.

Almost all home owners buy their property by acquiring mortgages, and the loan amount is determined by income, debt, expenses, among other factors. Obviously, the higher your income, the more home you can afford. In the Ginnie Mae Affordability Calculator, simply enter your gross income and monthly debt information to find out how much real estate you can buy. Then, you will get estimated figures for FHA Regular, VA Regular, and Conventional loans. You can also use the worksheet to get a more detailed explanation about income, savings, debt, and monthly expenses. Always remember that home ownership is a big responsibility, and your expenses will be higher in the long run. Some of these additional expenses include mortgage payments, home maintenance cost, and property tax so it’s best to cut yourself some slack. 

If you are interested in Anne Arundel real estate and you need some professional assistance, you can contact John Day, one of the best REALTORS in Maryland.

 

Filed Under Buyers Tagged With Buyers

Why John Day is More Equal Than Other Maryland Real Estate Agents

January 16, 2012 By Maryland Real Estate Leave a Comment

It’s no secret that John Day is one of the best REALTORS in Maryland but what makes him more equal than others? A consistent top producer at Long & Foster, John has extensive experience in the Maryland real estate landscape. When you look at his Report Card, you realize that his clients are not just happy with his services but thankful as well. Why?

Obviously, the main reason is that John Day produces results, and that’s the fundamental point but more than that, it’s the way by which he uses his vast experience to bring the best deals for his clients. If you are looking to sell your home, it’s highly beneficial that you spend some time to view John Day’s “Sell Your Home Fast for More” training video. In a little more than 7 minutes, John lays out the main points of his Expedite program and you will see how his ideas can boost the value of your home, right away. In the example for the preparation stage, John explains why the wallpaper has to be replaced, and how the color of the carpet or the wall needs to be improved. These suggestions are based on a deep understanding of the real estate market, cultivated by many years of keen and passionate observation.

Are you looking for the best Anne Arundel REALTOR? Contact John Day today and find out how he can help you sell your home for more, faster.

 

Filed Under Prepare Your Home To Sell Tagged With Prepare Your Home To Sell

An Annapolis REALTOR Avoids Misrepresentation, Concealment or Exagerration of Pertinent Facts

January 13, 2012 By Maryland Real Estate Leave a Comment

Last week, we touched on Article 1 of the REALTORS Code of Ethics and this week, we shall look at Article 2, focusing on some of the Standards of Practice. For many people, the home is their biggest investment so it makes perfect sense to go with a REALTOR, rather than just any real estate agent. Why? 

Article 2 of the NAR Code of Ethics says:

“REALTORS shall avoid exaggeration, misrepresentation, or concealment of pertinent facts relating to the property of the transaction.”  

Generally, real estate agents are not viewed in such a positive light by most people because some of them will go to the extent of misrepresenting, concealing or exaggerating pertinent facts, in their eagerness to close a deal. The National Association of REALTORS addresses these concerns and set up stringent codes to uphold the integrity of the profession so you should know, a REALTOR is a real estate agent you can trust. Most buyers are dependent on real estate agents for pertinent information so it’s the duty of a REALTOR to uphold Article 2. REALTORS have the obligation to disclose and discover adverse factors in their areas of expertise, according to their real estate authority. On the other hand, REALTORS have no obligation to be an expert in other technical or professional disciplines.

If you need to contact a top Annapolis REALTOR, John Day is the best. Go ahead, make your day with John, today!

Filed Under Real Estate Terms Tagged With Real Estate Terms
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