Before I answer this question, let's quickly review what the earnest money deposit actually is. When you put in an offer on a property in Silver Spring, MD and beyond you will have to provide details about your earnest money deposit - on the very first page of the Residential Contract of Sale. The earnest money is expressing your commitment to the seller and is a show of good faith. It communicates that you are ready and able … (3 comments)
silver spring: Silver Spring, MD Buyer FAQ: What's the final walk-through for?
- 08/29/14 10:27 AM
Silver Spring, MD Home Buyer FAQs: What's the final walk-through for? How soon can we go? According to the Maryland Residential Contract of Sale the buyer reserves the right to inspect the property within the five days prior to closing. I always advise my clients to schedule the final walk-through at least a day or 2 in advance and not to wait until the last minute. But in the event the seller has not moved out all their belongings, it is best to wait until he has. The final walk-through serves 3 purposes: 1. We want to make sure that the … (2 comments)
silver spring: When the listing agent is MIA
- 07/14/14 08:21 AM
I love working with Silver Spring, MD home buyers. I enjoy the process, the hunt and the moment when we have found the one. What I don't enjoy is having to track down the listing agent because he's gone MIA. It doesn't happen very often but it happens. When it does it can be very frustrating for my buyers and myself, too. We want to get more information and review the disclosures but those are neither uploaded to the MLS nor quickly emailed to me. The listing agent just doesn't respond. There's no reply to emails. No call back. Just … (8 comments)
silver spring: Silver Spring, MD Seller FAQ: What is the absorption rate all about?
- 07/11/14 12:12 PM
Silver Spring, MD Seller FAQ: What is the absorption rate and how can it help me? As REALTORS® we use a lot of Real Estate lingo that makes sense to us but not always to our clients. Many of us have an alphabet soup behind our name or use abbreviations in our market reports and neighborhood spotlights. One of the terms frequently used is absorption rate. But what is it exactly? And how can knowing it help you prepare? The absorption rate is a measure that shows us how quickly Real Estate inventory moves. Calculating it gives us 2 important factors: … (2 comments)
silver spring: Silver Spring, MD Buyer FAQ: How will I know if it's the right house?
- 07/11/14 06:45 AM
Silver Spring, MD Home Buyer FAQ: How will I know if it's the right house for me? How will I know if it's the one? This is a question frequently on the mind of First Time Maryland Home Buyers. It's the first time they are going through the process, thus it's very understandable. They are often on information overload, want to make sure they are getting a good deal and are not missing out on something better. They may have heard (horror) stories or received too much well-meaning advice from too many different sources. The answer is quite simple actually: you just know. … (4 comments)
silver spring: Silver Spring, MD Real Estate Market Report Second Quarter 2014
- 07/06/14 06:04 AM
Here's a quick look at how the Silver Spring, MD Real Estate Market performed during the second quarter of 2014 All properties Number of sales: 796 compared to 778 during the second quarter of 2013 Average SOLD price: $358,368 which is about 2.1% higher than during the 2nd quarter of last year List-to-sold-price-ratio: 99% DOMP (days-on-market property): 43 which is about the same number of days it took on average to sell a property during the 2nd quarter of 2013 Detached single-family homes only Number of sales: 491, up slightly from the 2nd quarter of 2013 Average SOLD price: $437,740, up … (5 comments)
silver spring: Silver Spring, MD Buyer FAQ: Do the appliances come with the house?
- 06/23/14 12:02 PM
Silver Spring, MD Home Buyer FAQ: Do the appliances come with the house? How about the shed? Window treatments? Ceiling Fans? These are all examples of personal property which typically convey with the house in the State of Maryland. When the seller executes a listing agreement with his agent he also fills out a Property Inclusion/Exclusion Addendum. The listing agent makes (or should make) this information available to the buyers and buyer's agent, it often is included in the seller's disclosure packet. Buyers can see exactly which fixtures and personal property is included and whether or not there is anything that … (4 comments)
silver spring: Just Listed For Rent: 2824 Strauss Ter, Silver Spring, MD 20904
- 06/13/14 11:10 AM
Just Listed For Rent in the Fairland Park subdivision in 20904 Silver Spring, MD Are you looking for more space? This lovely townhome has plenty, more than 2,000 square feet on three finished levels. There is room for a breakfast table in the kitchen, a full-sized dining room, 3 bedrooms up- and 1 downstairs, a family-room with cozy wood-burning fireplace and a great deck to boot.
There are also 3 full bathrooms: one for the upper 2 bedrooms and one attached to the master bedroom which features dual vanities, a separate shower and soaking tub! The third one is on … (5 comments)
silver spring: THREE BIG MISTAKES FOLKS MAKE WHEN THINKING ABOUT A HOME PURCHASE
- 06/11/14 11:35 AM
What are the most common mistakes Silver Spring, MD area home buyers make? Bridget "Maryland Mortgage Mama" McGee sums it up nicely: 1. Looking at homes before knowing what price-range one can qualify for. 2. Not considering that loan approval and comfort level can be two very different numbers 3. Failing to budget and bank account overdrafts If you are considering buying a home in Montgomery or Howard County, MD, contact Bridget McGee to assess your financial readiness and to establish a price-range. If you have some work to do first, don't be discouraged, Bridget offers excellent guidance. When … (2 comments)
silver spring: Snow pictures in June?! It's time to hire another REALTOR®!
- 06/10/14 11:39 AM
This morning, as I was browsing through new and updated listings in one of my primary markets, 20905 Silver Spring, MD, I stumbled upon one that had me do a double-take at the calendar. Yes, it really is June and 80+ degrees out. You would never know it looking at the main picture in the listing however because it's stuck in February. It looked similar to this picture. I can't copy the original since MLS photos are copyrighted but believe me when I tell you that the amount of snow was about the same, if not more. If your Silver Spring, … (10 comments)
silver spring: Silver Spring, MD Buyer FAQ: Why should I not ask the listing agent?
- 05/17/14 07:50 AM
One of the the biggest (and most persistent) myths in Real Estate is that home buyers will get a better deal when buying the house directly through the listing agent. Try as I might, I just cannot figure out the reasoning behind it! Silver Spring, MD Buyer FAQ: Why should I not just ask the listing agent to help me? The listing agent is the seller's agent and as such he/she has a fiduciary duty to the seller. Any information that you, the buyer, disclose to the listing agent can and will be used against you in negotiations. Buying a home … (5 comments)
silver spring: Shopping small & local at the Fenton Street Market, Silver Spring, MD
- 04/28/14 01:59 AM
Last Saturday was opening day for the Fenton Street Market in Downtown Silver Spring, MD. You know I love to shop small and local (and vintage) and just had to clear my schedule to attend! The Fenton Street Market is all about local vendors many of whom sell handmade items, from jewelry to pottery, clothes to soaps, paper crafts to home & garden decor. Throw some free parking, live music and a couple of food vendors into the mix and you get one vibrant community-oriented street market. Among the vendors we visited and shopped at were: Fast Snail®: Creative Greetings and Design by Liz … (4 comments)
silver spring: Silver Spring, MD Real Estate Market Report First Quarter 2014
- 04/14/14 10:57 AM
Here is a quick look at how the Silver Spring, MD Real Estate Market performed during the first quarter of 2014 All properties Number of sales: 495 compared 527 during the 1st quarter of 2013 Average sales price: $345,547 which is 21K higher than during the 1st quarter last year List-to-sold-price ratio: 98.4% DOMP (how many days a property was active on the market): 52 Detached single-family homes only Number of sales: 296 compared to 316 during the 1st quarter of 2013 Average sales price: $436,011 compared to $402,637 1st quarter last year List-to-sold-price ratio: 98.5% DOMP: 53 A 1935 Colonial … (4 comments)
silver spring: In Silver Spring, MD & beyond, there is a coach for that
- 04/10/14 08:48 AM
Are you thinking about becoming an entrepreneur? There is a coach for that. Are your kids ready to apply for college but you don't know which is the right one? There is a coach for that. Does your home and life lack organization? There is a coach for that. Are you trying to reenter the workforce but are not sure where to start? There is a coach for that. It does not matter where you are at in life and what obstacles you are confronted with, there is a coach for that. Below is a list of coaches in Silver … (4 comments)
silver spring: Selling your Silver Spring, MD home? Leave the marketing to a REALTOR®
- 03/21/14 11:09 AM
Over the last few years I received a number of contact requests from Silver Spring, MD area home sellers who were already working with a REALTOR® and had a signed listing agreement in place. Selling your Silver Spring, MD home? Leave the marketing to your REALTOR®! In most cases these home sellers thought they would help their agent market the property. They googled Silver Spring, MD REALTORS® and looked through agent profiles on 3rd party websites and called or emailed some to tell them about their home. If your home is properly marketed, that is not necessary! When I represent buyers I … (2 comments)
silver spring: Silver Spring, MD Seller FAQ: Should I allow the blogging feature?
- 03/14/14 01:10 AM
What is the blogging feature and should I allow it? is another question frequently asked by Silver Spring, MD home sellers. The question comes up when we discuss the listing agreement and the required Montgomery County Addendum to the listing agreement. The addendum covers multiple questions concerning online marketing, one of them is the blogging feature. What is the blogging feature? It's the publication of *unedited content in regards to your listing. It allows your REALTOR® to market online above and beyond the Multiple Listing Service and publish blog posts that will hopefully pique the interest of home buyers and drive (more) … (6 comments)
silver spring: Silver Spring, MD Buyer FAQ: What happens to my earnest money deposit?
- 02/22/14 09:07 AM
When you submit an offer on a home in the Silver Spring, MD area it is customary to include a copy of your earnest money deposit check. Just a copy .. your REALTOR® will hold on to the check until you either have a ratified contract or continue looking for your new home. If the latter is the case, the check will be returned to you promptly. If your negotiations are successful and the Residential Contract of Sale is ratified, your earnest money deposit has to be put into an escrow account within 7 business days of ratification. More often than … (9 comments)
silver spring: How much did the Silver Spring, MD Real Estate market change in 2013?
- 02/14/14 02:52 AM
The big turn around for the Silver Spring, MD Real Estate Market came in the fall of 2012. Practically overnight - or so it seemed - the housing market had done a 180, from a buyer's market with plenty of inventory to a seller's market with an inventory shortage. Suddenly, buyers had to act fast if they wanted to submit an offer, open houses seemed like a zoo, multiple offers were no longer an exception, homes were flying off the market and escalation clauses were included in many offers again. This frantic activity lasted well into the Spring of 2013, up until … (6 comments)
silver spring: Silver Spring, MD Home Seller FAQ: Why shouldn't I sell my house as-is?
- 12/28/13 09:59 AM
Silver Spring, MD Home Seller FAQ: Why shouldn't I sell my house as-is? When you are getting ready to put your Silver Spring, MD home on the market, quite a few decisions have to be made: from choosing a brokerage & listing agent to showing instructions, from whether or not to allow listing syndication and 3rd party evaluations to filling out the property disclosure or disclaimer, from staging to whether or not you should list your home as-is. As-is means that what the buyer sees, is what the buyer gets. You won't be replacing that 40 year old furnace or that … (2 comments)
silver spring: The best paycheck for a REALTOR®
- 08/18/13 09:31 AM
The best paychecks in Real Estate are the ones without dollar signs... Last Friday I went to closing with another First Time Maryland Home Buyer who found the perfect home in the Deer Park subdivision in 20904 Silver Spring, MD. We spent a few months house-hunting, looked at about 50 properties, wrote three offers and solved a last-minute-crisis through true team work. It was a Happy Closing Day indeed! Seeing my Silver Spring, MD area home buyers and sellers all happy at the closing table is always such a special moment - one that I find most rewarding! The … (6 comments)
Andrea's blog is about (g)local Real Estate, family-owned businesses, Main St USA, neighborhood info and happenings in MoCo & HoCo and (far) beyond.
It's sprinkled with sound advice and a candid perspective, sweetened by her vintage soul and topped off with her passion for Real Estate, travel, running, and the 2 most important people in her life. Andrea is an ABR (Accredited Buyer's Representative), bilingual, and holds the distinguished Certified International Property Specialist designation.
Buying a home in Silver Spring, MD and beyond - FAQ:
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