I'm going to toot my own horn this time because I am very proud of this designation. I have joined the movement of professionals pushing the real estate market toward energy-efficient, sustainable, and healthier features in homes and buildings. With national surveys indicating that 9 out of 10 consumers consider energy efficiency and the environmentally sound aspects of a home to be almost as important as interior finishes, Certified Eco-Brokers are simply in a better position to serve the savvy green-minded real estate consumer.
Please take time to read my article and keep me in mind to help you purchase a more energy-efficient home or market your home as such.
My name is Lisa Longest and I work for Exit Gold Realty. I specialize in Stevensville Md and surrounding cities. Feel free to contact me at 443-786-4200 or email me at lisalongest@exitgoldrealty.com
Showing posts with label exit gold realty. Show all posts
Showing posts with label exit gold realty. Show all posts
Friday, May 27, 2011
Wednesday, May 25, 2011
Avoid 3 Common Remodeling Mistakes
The road to bad remodeling is paved with good intentions. Anyone tackling a major project wants his home to look and work better--and to get a reasonable return on investment. But renovations are packed with so much stress and emotion that it's easy to go wrong.
With that said, let's learn how to keep from falling into these 3 common mistakes.
1. Being a slave to fashion: The more up-to-the-minute your project is today, the more out-of-date it will seem in 5-10 years. So, go with classic choices that match the house's original style.
2. Skimping on the design: Make sure your renovation project is well thought out. If you are doing, let's say, building an addition or moving interior walls, spend the $1000-$5000 to hire an architect (to draw a plan, not project manager)
3. Over-investing in the kitchen: Yes, great kitchens sells houses! But there is a limit to what you can recoup for granite countertops and commercial-grade appliances. Kitchens represents anywhere from 5%-15% of a home's value, so limit your kitchen renovation budget to that range.
So, go ahead with your well prepared plans of renovating. Count your costs and have a blast.
My name is Lisa Longest and I work for Exit Gold Realty. I specialize in Stevensville, Md and surrounding cities. Feel free to contact me at 443-786-4200 or email me at lisalongest@exitgoldrealty.com
With that said, let's learn how to keep from falling into these 3 common mistakes.
1. Being a slave to fashion: The more up-to-the-minute your project is today, the more out-of-date it will seem in 5-10 years. So, go with classic choices that match the house's original style.
2. Skimping on the design: Make sure your renovation project is well thought out. If you are doing, let's say, building an addition or moving interior walls, spend the $1000-$5000 to hire an architect (to draw a plan, not project manager)
3. Over-investing in the kitchen: Yes, great kitchens sells houses! But there is a limit to what you can recoup for granite countertops and commercial-grade appliances. Kitchens represents anywhere from 5%-15% of a home's value, so limit your kitchen renovation budget to that range.
So, go ahead with your well prepared plans of renovating. Count your costs and have a blast.
My name is Lisa Longest and I work for Exit Gold Realty. I specialize in Stevensville, Md and surrounding cities. Feel free to contact me at 443-786-4200 or email me at lisalongest@exitgoldrealty.com
Tuesday, May 17, 2011
Housing Inventory in Queen Anne County-Stevensville MD
So you have a house on the market in Queen Anne County on the beautiful Eastern Shore of Maryland and can't figure out why it's not selling. Well, there really could be a variety of reasons, however, I am going to discuss just one possible reason: INVENTORY!
The absorption rate of your area is very important to know when pricing your home to sell it. If you really want to sell to move on, you may consider the absorption rate before considering market value. You may want to consider a selling price based on the absorption rate.
Not sure what the absorption rate is? I will tell you. It is an estimate of the rate at which a particular classification of properties for sale can be successfully marketed in a given area. An absorption rate must be developed to analyze supply and demand.
Let me give you an example:
This is a current example:
Active Listings in Queen Anne County: 707
Now divide the active listings with what has SOLD:
In the last 6 months: 189 = 3+ Months
In the last 3 months: 106 = 6+ Months
In the last month: 37 = 19+ Months
Now you know how much inventory is currently on the market as of this past month in Queen Anne's County....over 1 1/2 yrs. This is what you are competing against. And this statistic is constantly changing as properties are listed or sold. So, this makes it imperative, as an agent, to keep your clients informed.
Now you just found out how to decide whose market it is:
* Sellers' market conditions-Absorption rate is 1-4 months.
* Normal market conditions-5-6 months.
* Buyers' market conditions-7+ months
Has your agent gone over this bit of information with you? I hope so. If not, ask them to. This example is a generalized absorption rate. Perhaps you want one done with specific data that corresponds to your particular market.
My name is Lisa Longest and I work for Exit Gold Realty. I specialize in Stevensville Md and surrounding cities. Feel free to contact me at 443-786-4200 or email me at lisalongest@exitgoldrealty.com
The absorption rate of your area is very important to know when pricing your home to sell it. If you really want to sell to move on, you may consider the absorption rate before considering market value. You may want to consider a selling price based on the absorption rate.
Not sure what the absorption rate is? I will tell you. It is an estimate of the rate at which a particular classification of properties for sale can be successfully marketed in a given area. An absorption rate must be developed to analyze supply and demand.
Let me give you an example:
This is a current example:
Active Listings in Queen Anne County: 707
Now divide the active listings with what has SOLD:
In the last 6 months: 189 = 3+ Months
In the last 3 months: 106 = 6+ Months
In the last month: 37 = 19+ Months
Now you know how much inventory is currently on the market as of this past month in Queen Anne's County....over 1 1/2 yrs. This is what you are competing against. And this statistic is constantly changing as properties are listed or sold. So, this makes it imperative, as an agent, to keep your clients informed.
Now you just found out how to decide whose market it is:
* Sellers' market conditions-Absorption rate is 1-4 months.
* Normal market conditions-5-6 months.
* Buyers' market conditions-7+ months
Has your agent gone over this bit of information with you? I hope so. If not, ask them to. This example is a generalized absorption rate. Perhaps you want one done with specific data that corresponds to your particular market.
My name is Lisa Longest and I work for Exit Gold Realty. I specialize in Stevensville Md and surrounding cities. Feel free to contact me at 443-786-4200 or email me at lisalongest@exitgoldrealty.com
Tuesday, February 15, 2011
First Time Buyers Demand Move-In Ready Starter Homes
In the day, when you used the phrase "starter home", you would think of a little home or an entry level home, that might need a little TLC, and was affordable for a first-time home buyer. Then, once they get their foot in the door of purchasing a home, they could, through the years upgrade to larger, move-in ready homes.
In today's market however, with the abundance of home choices, current first-time home buyers want places that are move in ready. According to the National Association Of Realtor (NAR), first-time home buyers accounted for half of the market in 2010.
So, as a seller of a house in this market, you may want to consider these few points regarding first-time home buyers:
1. The market afforded them the opportunity to buy a home sooner than later.
2. They are finding their home in a more desirable neighborhood than expected.
3. They are able to get a home at a better price than expected.
4. Got more space than expected.
5. Able to lock in lower interest rates than expected.
What does this tell you, the seller? The condition and quality of their home matters a great deal. They can be choosy about what appeals to them and are recognizing the benefits of the low prices and wide selection of homes in many areas. They are in no hurry to purchase. They are taking their time and doing their homework. They know what they want, shopping on average of 11 homes before making a decision.
So, if you, as a seller, want these first-time home buyers to consider your home, one big thing you may want to make sure of is that your home is priced competitively. Also, along with price, consider the condition of your home. Remember, they want move-in ready homes.
My niche in the real estate business is working with first-time home buyers. I love being able to walk them through the processes of purchasing their first home. And in Stevensville and surrounding areas, we have a nice selection of homes that would be perfect for you as a first-time home buyer. What I like about the Stevensville area is location, location location. It is convenient to shops and services, close to work, even if you are a commuter across the bay Bridge, and near schools. So, get in touch with me, Lisa Longest, and allow me to get you started down the path of home ownership.
In today's market however, with the abundance of home choices, current first-time home buyers want places that are move in ready. According to the National Association Of Realtor (NAR), first-time home buyers accounted for half of the market in 2010.
So, as a seller of a house in this market, you may want to consider these few points regarding first-time home buyers:
1. The market afforded them the opportunity to buy a home sooner than later.
2. They are finding their home in a more desirable neighborhood than expected.
3. They are able to get a home at a better price than expected.
4. Got more space than expected.
5. Able to lock in lower interest rates than expected.
What does this tell you, the seller? The condition and quality of their home matters a great deal. They can be choosy about what appeals to them and are recognizing the benefits of the low prices and wide selection of homes in many areas. They are in no hurry to purchase. They are taking their time and doing their homework. They know what they want, shopping on average of 11 homes before making a decision.
So, if you, as a seller, want these first-time home buyers to consider your home, one big thing you may want to make sure of is that your home is priced competitively. Also, along with price, consider the condition of your home. Remember, they want move-in ready homes.
My niche in the real estate business is working with first-time home buyers. I love being able to walk them through the processes of purchasing their first home. And in Stevensville and surrounding areas, we have a nice selection of homes that would be perfect for you as a first-time home buyer. What I like about the Stevensville area is location, location location. It is convenient to shops and services, close to work, even if you are a commuter across the bay Bridge, and near schools. So, get in touch with me, Lisa Longest, and allow me to get you started down the path of home ownership.
Friday, February 11, 2011
Stevensville MD- Tenants Rights During Foreclosures/Short Sales
Okay, so you're not a homeowner. You have been renting for several years and now the landlord tells you that he/she is going through foreclosure, but for right now he is going to agree to a short sale of the property. (A short sale is an agreement with the bank to allow you to sell your house for less than is owed on the mortgage).
So you're wondering "Are there any special protections for me as a tenant of a house going into foreclosure/ or short sale?"
Well, there is a federal law, the Protecting Tenants at Foreclosure Act, which gives additional rights to tenants living in a property that changes ownership due to foreclosure. This law requires a minimum of 90 days' notice to month-to-month tenants after the foreclosure has been completed. Tenants who have a bona fide lease are entitled to remain until the lease expires.
Now, it's different with short sales. You have no foreclosure act available to you because the foreclosure was never completed. So, the new owner taking title of the house by means of the short sale now becomes the landlord and can decide to continue your tenancy or terminate it. And yes, he would still have to follow the usual 30-60 day notice period if you have been a tenant for more than one year.
So there you have it in a nut shell. If you find yourself in this situation and need to find another place to lease, I will be glad to assist you. I specialize in the Stevensville and surrounding areas and have access to rentals in the area. Feel free to contact me, Lisa Longest,at 443-786-4200 or at the office located at 1241 Shopping Center Rd, Stevensville, MD. 21666
So you're wondering "Are there any special protections for me as a tenant of a house going into foreclosure/ or short sale?"
Well, there is a federal law, the Protecting Tenants at Foreclosure Act, which gives additional rights to tenants living in a property that changes ownership due to foreclosure. This law requires a minimum of 90 days' notice to month-to-month tenants after the foreclosure has been completed. Tenants who have a bona fide lease are entitled to remain until the lease expires.
Now, it's different with short sales. You have no foreclosure act available to you because the foreclosure was never completed. So, the new owner taking title of the house by means of the short sale now becomes the landlord and can decide to continue your tenancy or terminate it. And yes, he would still have to follow the usual 30-60 day notice period if you have been a tenant for more than one year.
So there you have it in a nut shell. If you find yourself in this situation and need to find another place to lease, I will be glad to assist you. I specialize in the Stevensville and surrounding areas and have access to rentals in the area. Feel free to contact me, Lisa Longest,at 443-786-4200 or at the office located at 1241 Shopping Center Rd, Stevensville, MD. 21666
Monday, February 7, 2011
Stevensville, MD: Carpet or Hardwood Best for Condo Resale?
Okay, everyone knows we have quite a few condo's and townhouses in Stevensville and surrounding areas. So, I'm getting this question asked often: I am looking to remodel my condo for resale. What is the best for resale value? Hardwood/Laminate, carpet, a little of both?
In my personal and professional opinion, I would chose hardwood flooring. This is why. Most people will replace carpet when they purchase. Plus, carpet seems to wear so poorly, so I'm actually seeing less and less.
I never recommend running tile/travertine/stone throughout a home either, because I think it makes a home cold, in general. Yes, use it in bathrooms, kitchen, and entry way, but that's it. And on this matter, I'm seeing houses with the larger tiles, such as the 24x24 inch,that has a lot of character and looks amazing being used.
So, what kind of wood floors are being used? Wide plank distressed floors, and the stain would depend on how light or dark your home is. In the bedrooms, I believe the wood floors add warmth, as well as value to the home. Don't forget to throw down a throw rug so your toes have something soft to step onto.
I hope this helps. So, if I can be of further assistance, just give me a call, Lisa Longest at 443-786-4200 or stop in and see me at Exit Gold Realty, located at 1241 Shopping Center Rd, Stevensville, MD. 21666. I am a certified Residential Specialist, specializing in the Stevensville, Md and surrounding areas. So let me help you sell your home quickly and for top dollar. Or, if you just want a FREE market analysis, I can do this as well.
In my personal and professional opinion, I would chose hardwood flooring. This is why. Most people will replace carpet when they purchase. Plus, carpet seems to wear so poorly, so I'm actually seeing less and less.
I never recommend running tile/travertine/stone throughout a home either, because I think it makes a home cold, in general. Yes, use it in bathrooms, kitchen, and entry way, but that's it. And on this matter, I'm seeing houses with the larger tiles, such as the 24x24 inch,that has a lot of character and looks amazing being used.
So, what kind of wood floors are being used? Wide plank distressed floors, and the stain would depend on how light or dark your home is. In the bedrooms, I believe the wood floors add warmth, as well as value to the home. Don't forget to throw down a throw rug so your toes have something soft to step onto.
I hope this helps. So, if I can be of further assistance, just give me a call, Lisa Longest at 443-786-4200 or stop in and see me at Exit Gold Realty, located at 1241 Shopping Center Rd, Stevensville, MD. 21666. I am a certified Residential Specialist, specializing in the Stevensville, Md and surrounding areas. So let me help you sell your home quickly and for top dollar. Or, if you just want a FREE market analysis, I can do this as well.
Sunday, January 30, 2011
Pre-Sale Renovations: Do's and Don'ts
To get right to it...in today's market, expensive pre-sale renovations, for the most part, are not worth it! According to the National Association of REALTORS, the numbers bear this out: "In general, a home remodel will cost quite a bit more than you'll get back when you sell; remodels done in 2010 will only recoup 60% of their price when the house is sold".
What are the two areas that often are remodeled before selling? Right, the kitchen and the bathroom. So lets talk about what to do and what to avoid when considering a pre-sale renovation.
KITCHEN:
DON'T...Put in expensive professional-grade cook's appliances. How do you know the buyer is a cook? They might be take-out addicts.
DON'T...Replace your cabinetry, well not completely. People have different tastes.
DON'T...Go granite crazy. Or marble. Or etched-Murano-glass-accented tile. Get the point yet...People's tastes are different. It's impossible to find one that pleases most people.
DO...Service the appliances you have. If you do have to replace some seriously outdated appliances, replace with those that are $1000 or less. However, if there are any appliances that you don't have that most buyers feel are a must, for example, a dishwasher, then it would make sense to buy one.
DO...Invest in cabinet refacing, IF they are seriously outdated. Many refacing companies will give you a fresh face for well under $2000.
DO...Hire a professional cleaning company to come in and make what you have sparkle, for example, tile floors. The company will not magically make the tile look magazine-worthy, but it will certainly help with discoloration that has occurred from age.
A few more kitchen tips:
Declutter your counter tops. I know from many years of experience, that if the buyers come in and see clutter...they can not look past it, which means they will shake their heads no and move on.
Keep your pantry and cabinets clutter free. Can you imagine a buyer opening a cabinet and something falls out on their head? No thank you....
Give your kitchen table or breakfast bar some life please. It's simple...placemats, a colorful vase, flower arrangement, something
to reinforce the idea that the kitchen is the heart of the home.
BATHROOM:
DON'T...do expensive tub/shower repairs or replacements. Just like the kitchen, this is going to be a matter of taste
DON'T...Replace your smallish vanity with a new, built-in model. It can be quite beautiful for sure, but it's also risky and again, a matter of taste.
DO...Replace dated bath and shower fixtures because this can be done relatively inexpensively. For example, your shower head. If you have a 30-year old, tiny little shower head, do replace that. You can replace it with a large, rainwater-style model that has a subtle spa-like quality without costing a lot.
DO...Freshen up the vanity area. Invest in a big mirror with lights above it. And a few hundred dollars spent on a nice faucet is well worth it also.
A few other tips for the bathroom:
Do you want to add a little life to the walls? Try floating shelves with a few candles. It creates an elegant, boutique touch without the cost.
Want to add color? Throw down a colorful floor mat to add a little warmth.
Please, clear clutter, even your beauty essentials. They should not be left on the counter, especially during an open house.
So, here we have it. It's all about basics. In most homes and markets, this is all you really need to update. Just focus on these items. If you do these few simple tips, they will help in the sale of your home. Of course, you have to have your house priced correctly as well. So, if your ready to put your home on the market, follow these steps and then give me a call. I specialize in Stevensville and surrounding cities. I am a certified residential specialist. Allow me to provide you the skills needed to assist you to sell your home quickly and for top dollar. I'm waiting...Lisa Longest, 443-786-4200. Or visit me at 1241 Shopping Center Rd, Stevensville, MD 21666
What are the two areas that often are remodeled before selling? Right, the kitchen and the bathroom. So lets talk about what to do and what to avoid when considering a pre-sale renovation.
KITCHEN:
DON'T...Put in expensive professional-grade cook's appliances. How do you know the buyer is a cook? They might be take-out addicts.
DON'T...Replace your cabinetry, well not completely. People have different tastes.
DON'T...Go granite crazy. Or marble. Or etched-Murano-glass-accented tile. Get the point yet...People's tastes are different. It's impossible to find one that pleases most people.
DO...Service the appliances you have. If you do have to replace some seriously outdated appliances, replace with those that are $1000 or less. However, if there are any appliances that you don't have that most buyers feel are a must, for example, a dishwasher, then it would make sense to buy one.
DO...Invest in cabinet refacing, IF they are seriously outdated. Many refacing companies will give you a fresh face for well under $2000.
DO...Hire a professional cleaning company to come in and make what you have sparkle, for example, tile floors. The company will not magically make the tile look magazine-worthy, but it will certainly help with discoloration that has occurred from age.
A few more kitchen tips:
Declutter your counter tops. I know from many years of experience, that if the buyers come in and see clutter...they can not look past it, which means they will shake their heads no and move on.
Keep your pantry and cabinets clutter free. Can you imagine a buyer opening a cabinet and something falls out on their head? No thank you....
Give your kitchen table or breakfast bar some life please. It's simple...placemats, a colorful vase, flower arrangement, something
to reinforce the idea that the kitchen is the heart of the home.
BATHROOM:
DON'T...do expensive tub/shower repairs or replacements. Just like the kitchen, this is going to be a matter of taste
DON'T...Replace your smallish vanity with a new, built-in model. It can be quite beautiful for sure, but it's also risky and again, a matter of taste.
DO...Replace dated bath and shower fixtures because this can be done relatively inexpensively. For example, your shower head. If you have a 30-year old, tiny little shower head, do replace that. You can replace it with a large, rainwater-style model that has a subtle spa-like quality without costing a lot.
DO...Freshen up the vanity area. Invest in a big mirror with lights above it. And a few hundred dollars spent on a nice faucet is well worth it also.
A few other tips for the bathroom:
Do you want to add a little life to the walls? Try floating shelves with a few candles. It creates an elegant, boutique touch without the cost.
Want to add color? Throw down a colorful floor mat to add a little warmth.
Please, clear clutter, even your beauty essentials. They should not be left on the counter, especially during an open house.
So, here we have it. It's all about basics. In most homes and markets, this is all you really need to update. Just focus on these items. If you do these few simple tips, they will help in the sale of your home. Of course, you have to have your house priced correctly as well. So, if your ready to put your home on the market, follow these steps and then give me a call. I specialize in Stevensville and surrounding cities. I am a certified residential specialist. Allow me to provide you the skills needed to assist you to sell your home quickly and for top dollar. I'm waiting...Lisa Longest, 443-786-4200. Or visit me at 1241 Shopping Center Rd, Stevensville, MD 21666
Friday, January 28, 2011
Tips For Buying Foreclosures
You know that there are many foreclosures on the market, but you may not know or understand some practical rules that could save you money if you are interested in buying one.
I'm going to list just 5 tips you may want to consider:
1. Work with an agent who has access to foreclosure information. Don't assume that all agents have access to foreclosures, because they don't. Ask the agent if they have experience with them.
2. Bank owned properties generally close faster than short sales. That's because banks will prioritize foreclosures over short sales. They have already repossessed the foreclosed home, thus the name "bank owned". They want to liquidate these properties, which brings us to
3. Always offer less than the asking price. The price listed on a foreclosure price is the same as the asking price for most properties for sale...that is the asking price. Don't assume the prices are firm. Most banks will consider a lower offer.
4. Ask the bank to pay your closing costs. Why not? The worst that can happen is that they will say no. Like I said, the banks want to liquidate these properties, so you may find that they are very accommodating.
5. Get pre-approved from the right bank. If you are making an offer on a bank owned house, it would be good if you could be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.
So there you have it. I hope this helps you in your decision. If I can be of further assistance, please contact me, Lisa Longest, at 443-786-4200 or visit me at Exit Gold Realty 1241 Shopping Center Rd, Stevensville, Md. 21666. I am a short sale and foreclosure representative who specializes in Stevensville and surrounding cities.
I'm going to list just 5 tips you may want to consider:
1. Work with an agent who has access to foreclosure information. Don't assume that all agents have access to foreclosures, because they don't. Ask the agent if they have experience with them.
2. Bank owned properties generally close faster than short sales. That's because banks will prioritize foreclosures over short sales. They have already repossessed the foreclosed home, thus the name "bank owned". They want to liquidate these properties, which brings us to
3. Always offer less than the asking price. The price listed on a foreclosure price is the same as the asking price for most properties for sale...that is the asking price. Don't assume the prices are firm. Most banks will consider a lower offer.
4. Ask the bank to pay your closing costs. Why not? The worst that can happen is that they will say no. Like I said, the banks want to liquidate these properties, so you may find that they are very accommodating.
5. Get pre-approved from the right bank. If you are making an offer on a bank owned house, it would be good if you could be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.
So there you have it. I hope this helps you in your decision. If I can be of further assistance, please contact me, Lisa Longest, at 443-786-4200 or visit me at Exit Gold Realty 1241 Shopping Center Rd, Stevensville, Md. 21666. I am a short sale and foreclosure representative who specializes in Stevensville and surrounding cities.
Tuesday, January 25, 2011
Tax Time
As tax time approaches, the more prepared you are to file, the better. So I'm giving you 6 facts the IRS wants you to know about dependents and exemptions that will help you file you r 2010 tax return.
Exemptions reduce your taxable income: There are two types of exemptions: personal exemptions and exemptions for dependents. For each one you can deduct $3650 on your 2010 tax return.
Your spouse is never considered your dependent: On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim spouse only if they had no gross income, are not filing a joint return and were not the dependent of another taxpayer.
Exemptions for dependents: Generally, you can take an exemption for qualifying children or qualifying relative. You must list the social security number of any dependent you claim.
If someone else claims you as a dependent, you may still be required to file your own tax return: This depends on several factors including the amount of your unearned, earned, or gross income, your marital status, and special taxes.
If you are a dependent, you may not claim an exemption: Period.
Some people cannot be claimed as your dependent: They must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children.
For more info on exemptions and dependents, you can call 800-829-3676 or see IRS Publication 501.
Now, that I showed you how you might bring home extra money, why not use that money as a deposit on a new home, whether it's your first home, or you're ready to upgrade or downsize.
I would love to be able to assist you in this. So either give me a call at 443-786-4200, stop by Exit Gold Realty, or visit my website at www.mdeasternshorerealtor.com
Exemptions reduce your taxable income: There are two types of exemptions: personal exemptions and exemptions for dependents. For each one you can deduct $3650 on your 2010 tax return.
Your spouse is never considered your dependent: On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim spouse only if they had no gross income, are not filing a joint return and were not the dependent of another taxpayer.
Exemptions for dependents: Generally, you can take an exemption for qualifying children or qualifying relative. You must list the social security number of any dependent you claim.
If someone else claims you as a dependent, you may still be required to file your own tax return: This depends on several factors including the amount of your unearned, earned, or gross income, your marital status, and special taxes.
If you are a dependent, you may not claim an exemption: Period.
Some people cannot be claimed as your dependent: They must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children.
For more info on exemptions and dependents, you can call 800-829-3676 or see IRS Publication 501.
Now, that I showed you how you might bring home extra money, why not use that money as a deposit on a new home, whether it's your first home, or you're ready to upgrade or downsize.
I would love to be able to assist you in this. So either give me a call at 443-786-4200, stop by Exit Gold Realty, or visit my website at www.mdeasternshorerealtor.com
Tuesday, December 21, 2010
How To Rebuild Your Credit After Foreclosure
How To Rebuild Your Credit After Foreclosure
If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again. The answer is yes, but it will take a while.
A foreclosure is a major hit to your credit history and stays on your credit report for seven years.
Foreclosure is one of the FICO seven deadliest, regardless of the back story— whether it’s a job loss, rate reset, underemployment or other reasons.
So, after a foreclosure, your priority has to be rebuilding your credit. You’ll have some time to do so, because mortgage giants Fannie Mae and Freddie Mac impose strict rules on how long it will take before you’re eligible for another mortgage.
For example, borrowers with a prior foreclosure and extenuating circumstances—such as a job loss, divorce or medical issues—must wait three years before they can qualify for a Fannie Mae-backed loan. For all other borrowers, the waiting period is seven years.
At Freddie Mac, those who can prove extenuating circumstances must wait three years before applying for a new mortgage; everyone else must wait five years. But that will change in February, when the waiting period for those whose foreclosure was caused by their own financial mismanagement will increase to seven years.
Here’s what you need to do to rebuild your credit to qualify again for a mortgage:
Pay your bills on time: Make sure you consistently pay your bills on time. Demonstrated that you are now capable of owning a home and paying the bills, and have recovered from whatever circumstance caused the original foreclosure?
Review your credit report: You’re entitled to a free credit report once every 12 months. You should get a copy and check it for any inaccuracies.
To get your free credit report, go to http://www.annualcreditreport.com. Make sure that debts older than seven years have rotated off your report, as these could be dragging your score down unnecessarily.
Check your mortgage: You want to be sure that you don’t still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.
Make sure there is a zero balance reflected, and if you are responsible for a shortfall, make arrangements to repay the remaining balance.
Many lenders are willing to settle that “deficiency judgment” for less than what’s owed because it’s better than getting no money at all.
Apply for credit: In particular, apply for different varieties of credit. Have some revolving accounts, typically credit cards, and some installment fixed-payment loans. But be careful. Don’t apply for too much credit at once.
Don’t fall prey: Watch out for credit repair companies that promise to clean up your credit report after paying a fee for the service. The truth is, that no one can remove accurate, negative information from your credit report. It’s illegal. Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.
When it comes to repairing your credit, there are no quick fixes, the experts say. What lenders want to see is responsible financial behavior over time.
Know that time is your friend, as the farther you move away from the financial distress, the less negative impact it has. Follow with responsible behavior with your new credit, and you’ll soon have a solid credit file.
If you are upside down or behind in your mortgage, don't worry. I am a default resolution specialist. Just call me, Lisa Longest at Exit Gold Realty and we will will work together through this. Call me at 443-786-4200.
If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again. The answer is yes, but it will take a while.
A foreclosure is a major hit to your credit history and stays on your credit report for seven years.
Foreclosure is one of the FICO seven deadliest, regardless of the back story— whether it’s a job loss, rate reset, underemployment or other reasons.
So, after a foreclosure, your priority has to be rebuilding your credit. You’ll have some time to do so, because mortgage giants Fannie Mae and Freddie Mac impose strict rules on how long it will take before you’re eligible for another mortgage.
For example, borrowers with a prior foreclosure and extenuating circumstances—such as a job loss, divorce or medical issues—must wait three years before they can qualify for a Fannie Mae-backed loan. For all other borrowers, the waiting period is seven years.
At Freddie Mac, those who can prove extenuating circumstances must wait three years before applying for a new mortgage; everyone else must wait five years. But that will change in February, when the waiting period for those whose foreclosure was caused by their own financial mismanagement will increase to seven years.
Here’s what you need to do to rebuild your credit to qualify again for a mortgage:
Pay your bills on time: Make sure you consistently pay your bills on time. Demonstrated that you are now capable of owning a home and paying the bills, and have recovered from whatever circumstance caused the original foreclosure?
Review your credit report: You’re entitled to a free credit report once every 12 months. You should get a copy and check it for any inaccuracies.
To get your free credit report, go to http://www.annualcreditreport.com. Make sure that debts older than seven years have rotated off your report, as these could be dragging your score down unnecessarily.
Check your mortgage: You want to be sure that you don’t still owe anything on your old mortgage. Sometimes proceeds from a foreclosure sale aren’t enough to cover what’s owed on the mortgage, which would leave you owing the difference.
Make sure there is a zero balance reflected, and if you are responsible for a shortfall, make arrangements to repay the remaining balance.
Many lenders are willing to settle that “deficiency judgment” for less than what’s owed because it’s better than getting no money at all.
Apply for credit: In particular, apply for different varieties of credit. Have some revolving accounts, typically credit cards, and some installment fixed-payment loans. But be careful. Don’t apply for too much credit at once.
Don’t fall prey: Watch out for credit repair companies that promise to clean up your credit report after paying a fee for the service. The truth is, that no one can remove accurate, negative information from your credit report. It’s illegal. Only the passage of time can assure that negative, but accurate, information on your credit report will be removed.
When it comes to repairing your credit, there are no quick fixes, the experts say. What lenders want to see is responsible financial behavior over time.
Know that time is your friend, as the farther you move away from the financial distress, the less negative impact it has. Follow with responsible behavior with your new credit, and you’ll soon have a solid credit file.
If you are upside down or behind in your mortgage, don't worry. I am a default resolution specialist. Just call me, Lisa Longest at Exit Gold Realty and we will will work together through this. Call me at 443-786-4200.
Smart To Buy A Vacation Home Now
Lately, you've been thinking alot about investing strategies. You have a small nest egg that needs to grow, but frankly, you don't trust the stock market. And while real estate has been somewhat a rocky road in recent years, it's still a solid long-term investment strategy-and clearly we are in a buyer's market. But you aren't interested in being a landlord. So what can you do?
Purchase a vacation home and rent it out to travelers! Vacation homes are almost always a good investment. Why? Vacation properties have the ability to pay for themselves, and owners often earn a profit in rental income. Also, the investment comes with the desirable perk of having a place at the beach or in the mountains to call your own.
Here is why there's never been a better time to go vacation house hunting:
1. There's never been so many properties on the market. Once you have pinpointed the vacation rental market that is right for you-the coast, the mountains, ski resort area- you will likely have a lot of properties to choose from.
2. Prices aren't going to get much better. In fact, they're the lowest they've been in five to ten years.
3. Interest rates are very favorable for purchasing. Take advantage of them while they last.
4. You have access to the best real estate professionals. Anyone connected to the housing market who managed to survive the housing crash had to be at the top of his or her game. That means the agents left standing are possibly the best of the best.
5. It's never been easier to rent your vacation home. More and more consumers are choosing to stay in cozy condos, cabins,and chalets instead of cramped, impersonal hotel rooms when they travel.
6. If you buy now, you can be ready for the 2011 peak season. Experienced vacation homeowners often find that the rental fees generated during the twelve weeks between Memorial Day and Labor Day pay their mortgages for an entire year-and most inquiries come between January and March.
So, if you're ready to make the move on buying a vacation home, give me a call, Lisa Longest, with Exit Gold Realty to start the search. Call me at 443-786-4200 or my office at 410-643-4111
Purchase a vacation home and rent it out to travelers! Vacation homes are almost always a good investment. Why? Vacation properties have the ability to pay for themselves, and owners often earn a profit in rental income. Also, the investment comes with the desirable perk of having a place at the beach or in the mountains to call your own.
Here is why there's never been a better time to go vacation house hunting:
1. There's never been so many properties on the market. Once you have pinpointed the vacation rental market that is right for you-the coast, the mountains, ski resort area- you will likely have a lot of properties to choose from.
2. Prices aren't going to get much better. In fact, they're the lowest they've been in five to ten years.
3. Interest rates are very favorable for purchasing. Take advantage of them while they last.
4. You have access to the best real estate professionals. Anyone connected to the housing market who managed to survive the housing crash had to be at the top of his or her game. That means the agents left standing are possibly the best of the best.
5. It's never been easier to rent your vacation home. More and more consumers are choosing to stay in cozy condos, cabins,and chalets instead of cramped, impersonal hotel rooms when they travel.
6. If you buy now, you can be ready for the 2011 peak season. Experienced vacation homeowners often find that the rental fees generated during the twelve weeks between Memorial Day and Labor Day pay their mortgages for an entire year-and most inquiries come between January and March.
So, if you're ready to make the move on buying a vacation home, give me a call, Lisa Longest, with Exit Gold Realty to start the search. Call me at 443-786-4200 or my office at 410-643-4111
Pro's and Con's Of Open Houses
This has always been a dilemma. Do we or don't we hold an open house?
Here are a few things to consider:
Pro's: Home sellers who allow their Realtor to hold an open house benefits from greater exposure, and the open house allows agents to bring in clients over a 3 or 4 hour period instead of scheduling an appointment. The seller would rather vacate the premises for a single event, rather than every time the agent schedules a showing.
Con's: Agents could be focused on meeting potential new clients rather than focusing on selling the home. Items could be stolen by unscrupulous visitors, and a large volume of traffic in and out could result in damage or wear and tear on the floors.
So if you are a seller who is willing to hold an open house, you should leave with their pets during the open house time frame, ensure the home is neat and clean, use lighting and temperature to create a comfortable atmosphere, and remove any fragile objects or valuables.
Presented by Lisa Longest, Exit Gold Realty. Specializing in home sales in Stevensville Md and surrounding areas. Contact me at 443-786-4200
Here are a few things to consider:
Pro's: Home sellers who allow their Realtor to hold an open house benefits from greater exposure, and the open house allows agents to bring in clients over a 3 or 4 hour period instead of scheduling an appointment. The seller would rather vacate the premises for a single event, rather than every time the agent schedules a showing.
Con's: Agents could be focused on meeting potential new clients rather than focusing on selling the home. Items could be stolen by unscrupulous visitors, and a large volume of traffic in and out could result in damage or wear and tear on the floors.
So if you are a seller who is willing to hold an open house, you should leave with their pets during the open house time frame, ensure the home is neat and clean, use lighting and temperature to create a comfortable atmosphere, and remove any fragile objects or valuables.
Presented by Lisa Longest, Exit Gold Realty. Specializing in home sales in Stevensville Md and surrounding areas. Contact me at 443-786-4200
Home Staging Tips
Selling a home in any market can be competitive. It's essential that you follow some simple, yet important tips to help you make your home more salable.
A quicker home sale can be reached by keeping in mind the needs of the home's most likely buyer and creating a fresh inspiring look just for them. The difference between a "For Sale" and a "SOLD" sign often boils down to effective staging a home to appeal to either the young singles, families, or empty nesters- the 3 largest customer segments that are likely to make an offer, and, since everyone likes an updated home, here are a few simple refreshes that can and should be done:
For all groups: A technology overhaul. Flat screen TV's, laptop computers, iPods with docking stations, and wireless technology have eliminated the need of large bulky entertainment centers, and massive desks designed to hide wires.
An absolute must is color! Most sellers are instructed to use neutral colors when repainting. However, adding the right color to accent walls can create depth, enhance kitchen cabinets, or bring a dull bathroom to life. Or you use colors in simple accessories, like throw pillows, canisters, or flowers.
However, use caution with your color choices. Be aware of their sensory impact:
RED: Stimulating
ORANGE: Happiness
YELLOW: Uplifting
BLUE: Calming in softer tones; Clarity in deeper tones
GREEN: Fresh and Rejuvenating
PURPLE: Compassion
AQUA: Restful
For Singles: Singles spend alot of time in the bedroom and the living room, which are their sanctuary from the outside world. So there is no need to set up a dining room with such things a s place settings. Instead, focus on the flat screen TV on a simple stand and candles in the bedroom and bathroom.
Families: Include age appropriate bedding, linens, and towels. A bright rug near play areas, and toy chest with an open lid. And don't forget the garage when staging your home for this group of buyers. Organize children's toys and sports equipment to showcase the garage's storage capacity without compromising functionality.
Empty Nesters: Upgrading the bathroom with accessories or decorative hanging lights will make an impact. If the budget allows, upgrade the refrigerator, stove and dishwasher. Lighting is also important to this group of buyer. Living spaces should maximize natural light, or add lamps or ceiling fans with light fixtures.
So experiment and put yourself in the buyer's shoes. Ask a friend or relative to be brutally honest of the before and after you have staged your home. You may be surprised how little changes, with a little budget, can make a huge difference to a buyer.
So, if you are ready to list your home, or buy one, in the Stevensville Md or surrounding areas, contact Lisa Longest, Exit Gold Realty to assist you. Or if you have questions regarding staging your home, feel free to contact me at 443-786-4200.
A quicker home sale can be reached by keeping in mind the needs of the home's most likely buyer and creating a fresh inspiring look just for them. The difference between a "For Sale" and a "SOLD" sign often boils down to effective staging a home to appeal to either the young singles, families, or empty nesters- the 3 largest customer segments that are likely to make an offer, and, since everyone likes an updated home, here are a few simple refreshes that can and should be done:
For all groups: A technology overhaul. Flat screen TV's, laptop computers, iPods with docking stations, and wireless technology have eliminated the need of large bulky entertainment centers, and massive desks designed to hide wires.
An absolute must is color! Most sellers are instructed to use neutral colors when repainting. However, adding the right color to accent walls can create depth, enhance kitchen cabinets, or bring a dull bathroom to life. Or you use colors in simple accessories, like throw pillows, canisters, or flowers.
However, use caution with your color choices. Be aware of their sensory impact:
RED: Stimulating
ORANGE: Happiness
YELLOW: Uplifting
BLUE: Calming in softer tones; Clarity in deeper tones
GREEN: Fresh and Rejuvenating
PURPLE: Compassion
AQUA: Restful
For Singles: Singles spend alot of time in the bedroom and the living room, which are their sanctuary from the outside world. So there is no need to set up a dining room with such things a s place settings. Instead, focus on the flat screen TV on a simple stand and candles in the bedroom and bathroom.
Families: Include age appropriate bedding, linens, and towels. A bright rug near play areas, and toy chest with an open lid. And don't forget the garage when staging your home for this group of buyers. Organize children's toys and sports equipment to showcase the garage's storage capacity without compromising functionality.
Empty Nesters: Upgrading the bathroom with accessories or decorative hanging lights will make an impact. If the budget allows, upgrade the refrigerator, stove and dishwasher. Lighting is also important to this group of buyer. Living spaces should maximize natural light, or add lamps or ceiling fans with light fixtures.
So experiment and put yourself in the buyer's shoes. Ask a friend or relative to be brutally honest of the before and after you have staged your home. You may be surprised how little changes, with a little budget, can make a huge difference to a buyer.
So, if you are ready to list your home, or buy one, in the Stevensville Md or surrounding areas, contact Lisa Longest, Exit Gold Realty to assist you. Or if you have questions regarding staging your home, feel free to contact me at 443-786-4200.
Home Staging Tips
Selling a home in any market can be competitive. It's essential that you follow some simple, yet important tips to help you make your home more salable.
A quicker home sale can be reached by keeping in mind the needs of the home's most likely buyer and creating a fresh inspiring look just for them. The difference between a "For Sale" and a "SOLD" sign often boils down to effective staging a home to appeal to either the young singles, families, or empty nesters- the 3 largest customer segments that are likely to make an offer, and, since everyone likes an updated home, here are a few simple refreshes that can and should be done:
For all groups: A technology overhaul. Flat screen TV's, laptop computers, iPods with docking stations, and wireless technology have eliminated the need of large bulky entertainment centers, and massive desks designed to hide wires.
An absolute must is color! Most sellers are instructed to use neutral colors when repainting. However, adding the right color to accent walls can create depth, enhance kitchen cabinets, or bring a dull bathroom to life. Or you use colors in simple accessories, like throw pillows, canisters, or flowers.
However, use caution with your color choices. Be aware of their sensory impact:
RED: Stimulating
ORANGE: Happiness
YELLOW: Uplifting
BLUE: Calming in softer tones; Clarity in deeper tones
GREEN: Fresh and Rejuvenating
PURPLE: Compassion
AQUA: Restful
For Singles: Singles spend alot of time in the bedroom and the living room, which are their sanctuary from the outside world. So there is no need to set up a dining room with such things a s place settings. Instead, focus on the flat screen TV on a simple stand and candles in the bedroom and bathroom.
Families: Include age appropriate bedding, linens, and towels. A bright rug near play areas, and toy chest with an open lid. And don't forget the garage when staging your home for this group of buyers. Organize children's toys and sports equipment to showcase the garage's storage capacity without compromising functionality.
Empty Nesters: Upgrading the bathroom with accessories or decorative hanging lights will make an impact. If the budget allows, upgrade the refrigerator, stove and dishwasher. Lighting is also important to this group of buyer. Living spaces should maximize natural light, or add lamps or ceiling fans with light fixtures.
So experiment and put yourself in the buyer's shoes. Ask a friend or relative to be brutally honest of the before and after you have staged your home. You may be surprised how little changes, with a little budget, can make a huge difference to a buyer.
So, if you are ready to list your home, or buy one, in the Stevensville Md or surrounding areas, contact me, Lisa Longest at Exit Gold Realty to assist you. Or if you have questions regarding staging your home, feel free to contact me at 443-786-4200.
A quicker home sale can be reached by keeping in mind the needs of the home's most likely buyer and creating a fresh inspiring look just for them. The difference between a "For Sale" and a "SOLD" sign often boils down to effective staging a home to appeal to either the young singles, families, or empty nesters- the 3 largest customer segments that are likely to make an offer, and, since everyone likes an updated home, here are a few simple refreshes that can and should be done:
For all groups: A technology overhaul. Flat screen TV's, laptop computers, iPods with docking stations, and wireless technology have eliminated the need of large bulky entertainment centers, and massive desks designed to hide wires.
An absolute must is color! Most sellers are instructed to use neutral colors when repainting. However, adding the right color to accent walls can create depth, enhance kitchen cabinets, or bring a dull bathroom to life. Or you use colors in simple accessories, like throw pillows, canisters, or flowers.
However, use caution with your color choices. Be aware of their sensory impact:
RED: Stimulating
ORANGE: Happiness
YELLOW: Uplifting
BLUE: Calming in softer tones; Clarity in deeper tones
GREEN: Fresh and Rejuvenating
PURPLE: Compassion
AQUA: Restful
For Singles: Singles spend alot of time in the bedroom and the living room, which are their sanctuary from the outside world. So there is no need to set up a dining room with such things a s place settings. Instead, focus on the flat screen TV on a simple stand and candles in the bedroom and bathroom.
Families: Include age appropriate bedding, linens, and towels. A bright rug near play areas, and toy chest with an open lid. And don't forget the garage when staging your home for this group of buyers. Organize children's toys and sports equipment to showcase the garage's storage capacity without compromising functionality.
Empty Nesters: Upgrading the bathroom with accessories or decorative hanging lights will make an impact. If the budget allows, upgrade the refrigerator, stove and dishwasher. Lighting is also important to this group of buyer. Living spaces should maximize natural light, or add lamps or ceiling fans with light fixtures.
So experiment and put yourself in the buyer's shoes. Ask a friend or relative to be brutally honest of the before and after you have staged your home. You may be surprised how little changes, with a little budget, can make a huge difference to a buyer.
So, if you are ready to list your home, or buy one, in the Stevensville Md or surrounding areas, contact me, Lisa Longest at Exit Gold Realty to assist you. Or if you have questions regarding staging your home, feel free to contact me at 443-786-4200.
Friday, July 9, 2010
BRAC movers will receive mortgage assistance
July 8, 2010 - Military workers moving to Maryland as part of a Department of Defense relocating effort will be offered mortgage assistance.
After a five year wait, the Base Realignment and Closure process in Maryland is coming to fruition, meaning that thousands of military workers will be moving to the area in the coming months and years. Some of those workers could be eligible to receive state assistance and lower mortgage rates, announced Lieutenant Governor Anthony Brown.
Maryland has set aside $100 million in mortgage assistance funds and will cut the rate on state-provided home loans to 4.5 percent, an all-time low, said Brown.
"With this new initiative, we are rolling out the red carpet to welcome these new families to Maryland by providing access to affordable homeownership opportunities through the state's low-interest, fixed-rate mortgages," he said.
Homes in ten Maryland counties will be eligible for the state assistance, including Anne Arundel, Baltimore, Baltimore City, Carroll, Cecil, Frederick, Harford, Howard, Montgomery and Prince George's. The state's Department of Housing and Community Development expects to provide about 625 mortgages.
The Maryland Mortgage Program has been in existence for 30 years and provides affordable loans through over 50 private lenders across the state, said the DHCD.
So, contact Lisa Longest, Exit Gold Realty to help you find a home that qualifies for this assistance.
After a five year wait, the Base Realignment and Closure process in Maryland is coming to fruition, meaning that thousands of military workers will be moving to the area in the coming months and years. Some of those workers could be eligible to receive state assistance and lower mortgage rates, announced Lieutenant Governor Anthony Brown.
Maryland has set aside $100 million in mortgage assistance funds and will cut the rate on state-provided home loans to 4.5 percent, an all-time low, said Brown.
"With this new initiative, we are rolling out the red carpet to welcome these new families to Maryland by providing access to affordable homeownership opportunities through the state's low-interest, fixed-rate mortgages," he said.
Homes in ten Maryland counties will be eligible for the state assistance, including Anne Arundel, Baltimore, Baltimore City, Carroll, Cecil, Frederick, Harford, Howard, Montgomery and Prince George's. The state's Department of Housing and Community Development expects to provide about 625 mortgages.
The Maryland Mortgage Program has been in existence for 30 years and provides affordable loans through over 50 private lenders across the state, said the DHCD.
So, contact Lisa Longest, Exit Gold Realty to help you find a home that qualifies for this assistance.
Thursday, July 1, 2010
Recent Housing Market Disappointing
The treasury and mortgage markets have been on a steady climb as of late. There continue to be signs that the economic recovery and housing, in particular, have hit some bumps in the road. Home sales in May were very disappointing after big gains were seen in March and April as a result of the home buyer tax credit. Some housing analysts are predicting further dips in home prices ahead. European woes and reported slowing growth in China have added to the strength of the treasury market. If you have any questions or concerns for our local market in Queen Anne County or surrounding counties, feel free to contact me.
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