It's a great time to buy in the Washington DC area!!!  And below are the reasons why:

 

• Washington, DC area homes continue to appreciate 4-6% per year, building future equity.  This is not the case in other parts of the country; great time to invest! 
• Foreclosures and bank-owned properties provide buyers with a very unique opportunity to buy a home well below market value; great time to have instant equity!
• Because of the changed market, there are fewer competitive multiple contract situations; better chance of making a realistic offer!
• Interest rates remain low unlike back in the 1980s; it's a great time to buy!
• The Housing and Economic Recovery Act of 2008 provides a tax credit for first-time homebuyers; giving you a tax credit!
• First-time homebuyers can borrow funds from their 401K/retirement accounts towards the purchase of a home; borrow with no penalty!
• As a homeowner, you will bring more $$$ in your paycheck because you can change your withholdings now that you can write off the interest on your mortgage; affording you greater buying power!
• Home buyers can also take advantage of the Homestead Tax Credit as another home buying assistance tool; lowering property taxes!
• There are numerous first-time homebuyer mortgage loan programs available, which can also help with closing costs; more assistance!
• There is an ~300% rise in active listings for buyers to choose from, affording a buyer to find their home of choice; better choices!

Homeowners, who use their property as their principal residence, may receive a property tax assessment notice from the Department of Assessments and Taxation containing a Homestead Tax Credit Application for the first time this year.  One-third of property owners were sent this application on December 28, 2007.  Homeowners whose properties were not in that one-third, can wait until their property is assessed in 2009 or 2010, and then submit their application at that time. 

New purchasers of properties will be mailed a homestead application by the Department. 

The Homestead Credit limits the amount of assessment increase on which a homeowner will pay property taxes in that tax year on the one property actually used as the owner's principal residence. 

If you received a property tax assessment this month, you can file the Homestead Tax Credit Application online by going to the Department's website located at http://www.dat.state.md.us/.  Each property owner's sent application has a unique 8-digit access number for submitting the application online.  Or, the Department provides a postage paid return envelope for the application form.  The Homestead Tax Credit Division may also be reached at 1-866-650-8783. 

Because of the current real estate/mortgage lending market, and with the holidays fast approaching, it is the best time to purchase real estate anywhere within the Washington, D.C. Metropolitan Area. 

With more pre-foreclosures, foreclosures, short-sales, and bank-owned properties on the market than in over a decade, it's a great time to buy!  No other commodity brings a higher rate of return on investment than real estate!  Rates remain extremely low and most major banks still have great mortgage programs in place. 

Now is the time to buy versus waiting for a resurgence to a market whereby buyers are competing with 10-12 other buyers, multiple contracts, and a home sells for $50,000+ over the asking price. 

And, for sellers in this changed market, aggressive marketing and pricing strategies are more important than ever before! Make sure that you have the best marketing strategies in place for selling your most important investment, your home...!

 

Real estate sales in Potomac, Maryland are still hot compared to the national market.  Sales prices are up ~28% over this time last year and there has been a ~4.8% increase in sales from just last month.  With less pending inventory due to the holiday season, the demand for housing in Potomac, Maryland will increase and drive prices even higher.  Spring should be a great market for Potomac, Maryland.  Now is the time to buy if you are looking to live in the neighborhood! 

* Successful real estate agents have solid technology skills and strong market knowledge; * Successful real estate agents have the proper tools in place for effective and responsive communication; * Successful real estate agents understand their clients needs and receive referrals from a satisfied client base; and * Successful real estate agents show compassion to their clients who are enduring this stressful market.

Because of Weichert's U.S.-wide relocation network, I can put you in touch with a top agent anywhere in the U.S. to sell your current home! And, I will find you the home of your dreams here in the Washington, DC Metropolitan Area! Christine Sherrod, Realtor Weichert, Realtors 7821 Tuckerman Lane Potomac, MD 20854 301-718-4100 x126 (office) 301-908-8747 (cell) Equal Housing Opportunity Licensed in MD, VA, & DC

Everyone has heard the media go on and on about the downhill housing market.  Before another rent check is written, point out to your buyers that:  (1) Owning a home is a solid long-term investment; (2) The IRS gives big tax breaks to homeowners; (3) Home values are still rising (~3.5% across the country); (4) The average annual appreciation rate is still 6%; (5)  Nationwide housing slump is national, not local!; (6) Mortgage rates remain historically low; and (7) More houses on the market, more choices for buyers and better price negotiations!. 

Now is the time to buy!  Go beyond the headlines and make a smart investment! 

 

Attention Maryland First-Time Homebuyers!!! Montgomery County, Maryland has a great program for first-time Maryland homebuyers. This program is through the Montgomery County Housing Opportunities Commission (HOC) and mortgages can be obtained through this program for any property in Montgomery County MD, except cooperatives. Bank of America has some other great first-time homebuyer programs as well, including the Acorn Program. But if you meet the qualifications, the Montgomery County HOC Program has the best interest rate..... affording you GREATER buying power!!! The step interest rate for the HOC Program starts at 4.7%! You can even purchase a property jointly with someone in this Program, not necessarily a spouse! With 100% financing available and a low interest rate, you could take advantage of this tax-savings program. Because you will have a write-off with the IRS as a homeowner, you will be bringing more $$$ home in your paycheck. There is an additional program through the HOC Program that will even help you with the down payment!!! Also, as a first-time Maryland homebuyer, you can borrow against any retirement or 401K funds you may have, without any penalty. And, you will automatically get a break in taxes at settlement as a first-time Maryland homebuyer. To get information on a particular school district go to http://mcps.k12.md.us/schools/ and go under "Find a School" and then "School Locator" and then type in a property address. You can also get some more information at http://www.montgomerycountymd.gov/. Also, the link for the MetroRail System in Montgomery County, MD is: http://www.wmata.com/default.cfm. Have a great day! :-) Christine Christine Sherrod, Realtor Weichert Realtors 7821 Tuckerman Lane Potomac, MD 20854 (301)656-2500 x126 (301)908-8747 (cell) csherrod@mris.com (email) Equal Housing Opportunity

 

The Bethesda, Maryland market is still a hot commodity!  Homes in this area are not staying on the market long compared to other areas of Montgomery County and multiple offers on Bethesda area properties are normal!

-Christine Sherrod, Realtor