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Sellers WANT you now, after years of shunning VA buyers!

It's true, home sellers are eager to accept your offer on their home, even though your choice of financing may cost them more than a conventional buyer.  'Truth is, they may even pay some or all of your closing costs.  Home sellers felt quite different, just two or three years ago, as two or ten or more home buyers competed to see who could win a seller's favor in the recent sellers' market.  Cash purchases and conventional loans ruled then. 

Home buyers rule now!  As the home market has tightened on sellers, buyers have been flexing their muscles, and VA loans have been making a comeback.  In Anne Arundel County, Maryland, where my office is located, the percentage of VA loans is up for the fifth consecutive month:

VA loans

Source:  Metropolitan Regional Information Systems, Inc. (MRIS)
 

Why use a VA loan to buy a home?  From my perspective as a real estate agent and a VA-financed homeowner myself, there are three primary reasons:

  1. Little or now down payment
  2. Ease of qualifying
  3. No pre-payment penalty

I could write at least a paragraph to clarify each of these reasons, but it would be better for you to consult with a mortgage lender.  I do want to make one important point, however - you may be eligible for a VA loan even if you have had one in the past, even if you have one now on another home.

Find out if you are eligible for a VA loan.

Since you can realistically expect to use your VA eligibility to buy a home in this market, you should visit the website for U.S. Department of Veterans Affairs - maybe even before you choose a lender or real estate agent.  Here a few links you may find helpful:

 

Home Sellers, find out How VA Can Help You Sell Your Home.

RELATED LINKS: 

 

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Crofton Maryland Real Estate

Find a Home and learn about Real Estate Market Conditions in Crofton and Anne Arundel County, Maryland.  Check out Today's Rates, use the free Mortgage Calculator, and watch a brief video about the Power of RE/MAX.  These consumer-friendly real estate tools are provided by Margaret Woda for you to use at your own pace. 

When you're ready to go from "just browsing" to "let's get serious", contact Margaret online or call her at RE/MAX Vision in Crofton Maryland. 410-451-1900 

Copyright 2006-12.  All rights reserved.

  DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
__________________________________

Margaret WodaMargaret Woda, REALTOR and Associate Broker
Direct:  (301)346-2923 or click on EMAIL

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6 Comments on Good News for VA-Eligible Home Buyers in Maryland!

DEC
15
2007
1,480,143 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Margaret, good post!  I'm noticing that sellers are considering a lot of options that would have been non-starters a couple of years ago.
10:58am • #1
543,247 Points 39 Featured Posts Outside Blog

Margaret,

Nice post...And this could be the best part for someone selling in the future: An assumable mortgage.

Thanks,   Fran
11:40am • #2
733,589 Points 136 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Patricia, isn't that the truth!  In my market area, VA can really make a difference, with so many military families.

Fran - Very true, and that will be a big factor for helping people sell when interest rates go up again.
1:00pm • #3
DEC
16
2007
240,793 Points 29 Featured Posts Localism Sponsor Outside Blog
There you go with those charts again. :)  I don't include it now, but should probably include those financing stats in my quarterly market reports.  More inspiration... Enjoy the weekend!
6:23am • #4
1,254,806 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
Margaret- What I nice series that you are doing that will get those military people calling you! Katerina
9:09pm • #5
733,589 Points 136 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Jesse and Kathy - This is the first time I've used info about financing - it's really a separate topic, in my mind, from the market studies.  I do think it's intersting, though to see that the actual # of VA loans has been pretty consistent all year, but the percentage has gone up as as # of sales has gone down.

Katerina - For some reason, it just dawned on me that this is one of the ways I generated a lot of business the last time we had a market like this.  People who can't sell their homes to pull out equity, MAY be able to buy VA, making them non-contingent (except for a lease on their current home). 

9:22pm • #6

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Margaret Woda, Maryland Real Estate & Military Relocation Services

Crofton, MD

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Long & Foster Real Estate, Inc., Crofton, MD

Address: 2191 Defense Hwy., #120, Crofton, Bowie, and Davidsonville, MD, 21114

Office Phone: (410) 721-1500

Cell Phone: (301) 346-2923

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Real Estate and community information for homebuyers, sellers, and rookie agents in Bowie, Crofton, Crownsville, Davidsonville, Fort Meade, Gambrills, Odenton, Millersville, and the U.S. Naval Academy in Annapolis. Proven systems - combining local expertise, professional experience, and technology - to give you a competitive edge when you buy or sell a home.

EHO



Margaret Woda




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