June 2017

Not quite ready for "show-time" in the process of staging & cleaning, give Marjorie a call  240-731-8079 for a "pre-market" preview.

Updated & expanded Tudor with 5 bedrooms & 5 1/2 baths. Entry foyer & sitting room with bay windows, living room with stone fireplace, formal dining room, gourmet kitchen & breakfast area, great room with wall of windows opens to large, maintenance free deck, private garden & detached garage. Close to restaurants & shops.

Visit www.4550Klingle.com for architectural photos and color floor plan.

Please stop by...OPEN 3-5pm Saturday, July 1st & 1-4pm Sunday, July 2nd

4601 North Park Avenue #409

Spacious one bedroom at the sought after Elizabeth condo. Updated kitchen, wood floors & great closet space. Luxury high rise at Metro with reserved parking, 24-hour front desk, beauty salon/ barber shop, convenience store, exercise room, library, meeting room, newspaper service, party room, indoor pool, sauna spa.

$888.67 per month includes water, sewer, heat, electricity, trash removal, snow removal, professional managmenet, maintenance, lawn care, master insturance policy, reserve fund and all amenities.

Some Highlights:

• Existing Home Sales reached their third highest mark this year in May.
• Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines.
• NAR’s Chief Economist, Lawrence Yun had this to say: “Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”

Thinking about buying or selling? You probably have questions. CLICK the link below for a free, confidential 17 minute conversation... LET'S TALK! 

The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”

The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.

Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s Chief Economist, had this to

We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the premium home market, an over-abundance of inventory has started to see prices come down and put buyers in the driver’s seat, creating the beginning of a buyer’s market.

Last week, the National Association of Realtors released their Existing Home Sales Report which shed some additional light on the impact of inventory levels on sales in each price range.

The chart below shows the year-over-year difference in sales at each price range.

The under $100K range has shown declines in recent years due to the shortage of distressed homes available for

When you make an offer on a home, is it a good idea to add an escalation clause? Sometimes they work out but sometimes both the buyer and the seller get burned.

Welcome to another episode of “What’s Working Now!”

Sometimes, buyers will include escalation clauses when they make an offer. Today, I’ll go over the good, the bad, and the ugly when it comes to offers with an escalation clause.

An escalation clause is when the buyer says, “Mr. and Mrs. Seller, I will pay this amount more than any other buyer, but I won’t go higher than this amount.”

What’s the good thing about an escalation clause? As a seller, you may be able to get them up to that higher number.

What about the bad news?

Let’s say that a buyer offers $1.3

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you

In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.”

Myth #1: “I Need a 20% Down Payment”

Buyers overestimate the down payment funds needed to qualify for a home loan. According to the First Quarter 2017 Homeownership Program Index (HPI) from Down Payment Resource, saving for a down payment was the barrier that kept 70% of renters from buying.

Rob Chrane, CEO of Down Payment Resource had this to say,

“There are many mortgage-ready renters today, but they don’t know it. Often, homebuyers remain sidelined for years due to the down payment.”

Many believe that they need at

4601 North Park Avenue #409

Spacious one bedroom at the sought after Elizabeth condo. Updated kitchen, wood floors & great closet space. Luxury high rise at Metro with reserved parking, 24-hour front desk, beauty salon/ barber shop, convenience store, exercise room, library, meeting room, newspaper service, party room, indoor pool, sauna spa.

$888.67 per month includes water, sewer, heat, electricity, trash removal, snow removal, professional managmenet, maintenance, lawn care, master insturance policy, reserve fund and all amenities.

Some Highlights:

• Historically, the choice between renting or buying a home has been a tough decision.
• Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious.
• Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!

Thinking about buying or selling? You probably have questions. CLICK the link below for a free, confidential 17 minute conversation... LET'S TALK!