gaithersburg real estate
Are you searching online for a new home? Odds show that if you have even thought about buying, you began your house hunt online. Percentage wise, more 90% of all home buyers begin the process on their computer. As a Realtor who meets a large number of his clients on The Choice Real Estate Teams website, I am very familiar with the online search process.
One of the most common questions I receive on an initial inquiry is, “What is the status of this home”. While searching online is clearly a great resource and easy way to do it yourself, it may not always give you the most recent status. Despite what most people believe, the market is actually very hot right now and if a home is priced well in Montgomery County it doesn’t last long. Especially in lower prices ranges where first time home buyers are scrambling to utilize the $8000 tax credit.
All third party sites are synchronized off of the Multiple Listing Service which licensed agents only have access to. Often times it takes a few days to have the correct status update on a property. My suggestions: If you’re a serious buyer, contact a real estate agent in order to have an automated Multiple Listing Service search set up. This way you will receive new listing within minutes of them going on the market and all status updates will be correct.
Ben White-Montgomery County Realtor
Category : Blog
A lot of people moving to or within Montgomery County inquire about school assignments. Elementary, middle and high schools are broken down into specific clusters. On the Montgomery County Public Schools website http://gis.mcpsmd.org/gis/facilityinformation.asp you can search for schools by putting in the exact address of your property or the general area you are looking to buy in. You can find information and maps depicting the service areas and school locations for the elementary, middle and high schools that compose a specific areas cluster.
Despite common belief, clusters are not always assigned to areas you would assume them to be. They do not necessarily include neighborhoods and towns closest to them. Clusters are determined by demographics, population, bus routes, etc.
If you’re moving to Montgomery County or changing locations within it, and schools will play a major part in the decision, then the MCPS website will be very helpful. When working with your Realtor they should refer you to the website because school service areas change often.
Category : Blog
In this day and age, many buyers are looking to buy a home in a newer, planned mix use community. In Montgomery County and to be more specific, Gaithersburg & Rockville, there are three very good options. King Farm, Falls Grove, and the Kentlands.
All boast different styles of homes built within the last decade and sooner. In each community you have the option of a detached home, townhome, or condo. Each have easy access to I-270 and All communities have restaurants, grocery stores, and a few bars amongst other nice amenities such as parks and paths to run, walk, or take your dog out for a stroll. What sets them apart?
The biggest advantage in all of the communities is Kings Farms proximity to the Metro. The last stop on the red line, Shady grove, is within walking distance for pretty much all of King Farm. King Farm has some great common areas and parks/playgrounds continue to be built. There is a great and new Safeway to shop at along with a few restaurants, coffee shops, and salons.
Falls Grove is only about a mile away from some parts of King Farm, but the walk to the Metro would not be an easy one. The smallest of the three, Falls Grove has less shopping than any others, but borders the Potomac area that is very sought after and offers more upscale shopping and restaurants. It is the newest of the three and offers all the same amenities, just not on such a large scale.
Finally, the Kentlands & Lakelands is by far the largest and most well planned mixed use development. The community has been widely recognized and many planners model their new neighborhoods on the Kentlands model. Set in between Great Seneca highway, Quince Orchard Rd. and route 28 (Darnestown Rd), the Kentlands and Lakelands have a wide variety of styles of homes. Some mirror the Victorian style, other go for a classic colonial historic feel, and even some “New Orleans Style” homes can be found. Beautiful pools, playgrounds, lakes, and paths are all prevalent. As well as nice basketball and tennis courts. Kentlands also has a Whole Foods and a restaurant for pretty much any cuisine. Personally, I run into a large number of relocating buyers who specifically request the Kentlands or Lakelands and are not interested in any other areas.
So, while all three are similar and will give a buyer looking for a community with everything in walking distance, they all have their perks.
Ben White Agent, Rockville & Gaithersburg Specialist
Category : Blog
Have you ever wondered about the crime rate in a town where you want to find a home?
Or, what the school cluster of a certain home is?
Here are the answers: http://www.crimereports.com/
http://www.montgomeryschoolsmd.org/
Crime Reports allows you to search in a CITY, TOWN, STATE, even ZIP CODE, for every form of crime that may have been committed in a specific area – even underage drinking is listed.
The added bonus is the fact that you can also view Registered Sex Offenders specific location when you have that option checked off. The report is displayed over a google map that is very interactive and allows you to scroll through the area you are searching in and click on specific listings to view more information about it.
The School site offers a number of links and options to find out what you want to know about a certain school or what school your potential home would feed into.
You must know that a real estate agent cannot legally comment on crime so this is one of the best places to research. As an agent we must also refer you to the public school site because we cannot guarantee that the cluster won’t change.
Category : Blog
When buying a property with a HOA there are a few things a buyer must know. The most important being the rules of reviewing the HOA documents. The state of Maryland allows a buyer five days to review the HOA documents/resale package that must be provided by the seller prior to settlement. Once under contract the seller will order the package. Some seller may have already ordered it, but it must be recent. The docs must be no more than 60 days old. Upon review of the docs the buyer can terminate the contract and has no obligation to give an explanation.
The information will include all the rules, covenants, and regulations of the neighborhood amongst other valuable information about the community and the property. Personally, I have had a buyer terminate the contract because the HOA docs did not permit the owner have a satellite dish bigger than a standard TV dish on the property. This particular buyer had a job that required a large satellite be constructed in the back yard. Once he found out that this was not allowed, he had to terminate the contract. Other reasons may include parking regulations, pet regulations, or even gardening regulations. They HOA will usually mandate certain exterior colors be used and any exterior changes to the house or yard must receive approval as well.
Also, you will pay a fee for the HOA. You must include this in your estimated monthly payment, because it must be paid or a lien can be filed. The HOA fee does have it’s positives though. What the fee covers will vary, but the may include lawn maintenance, snow and trash removal, general maintenance or certain amenities like pools & playgrounds etc.
When looking to buy be sure to have your real estate agent look into the community and obtain your re-sale package asap. You will also want your loan officer to include the HOA fee in your Good Faith Estimate. Be sure you review the docs thoroughly and are prepared to make the required payment.
Ben White, Gaithersburg Real Estate Agent
Category : Blog
Ever since the real estate market took a turn for the worst(or better depending upon who you are), we have seen a huge influx in cash buyers/investors. While cash can be enticing for many reasons, it is not as powerful a negotiating point as some buyers believe.
True, the mortgage market is less guaranteed and there is a chance a loan could fall apart. Adversely, there are no concerns about that with a cash offer. However, if the list agent and/or seller do their due diligence, you can often times be 99% sure that a potential buyer obtaining a loan will make it to closing and obtain the financing. So, if the seller is confident in the financing of a buyer, why would they want to take significantly less just because another buyer has cash?
I speak with a lot of of investors who would like to offer sometimes six figures less than the actual list price and market value just because they are making a cash offer. Low cash offers still must be reasonable because the seller will get the money one way or the other. The only time an extremely low cash offer is even relevant is if the property is in a total state of dis-repair and would not be approved for financing. Still, due to the large number of distressed properties, the “renovation loan” has become very popular again. A renovation loan is when a distressed property has an estimate done by a contractor for repairs needed and the scope of that work is included in the actual loan. Thus, allowing a non-cash buyer to purchase a property that would typically not be approved for a standard loan. This has made the low cash offers even less respectable or considerable.
In conclusion, if you’re an investor with cash or a buyer with a loan, you need to understand the actual bottom line for the seller. This is usually when can settlement occur and how much money will they net from the sale? A cash buyer may try to entice the seller with a fast settlement, but most sellers already need or want 30-45 days to settle. Which is the same amount of time a loan will take to close. If a seller and their agent review a buyers financial information and speaks to the loan officer for the buyer than you should be able to determine whether or not the loan application/pre-approval is strong or not. This is especially true if the property is in decent shape and would not have any inspection and/or appraisal issues. If you’re considering a cash offer keep all of this in mind and have a Realtor investigate the situation on the property and if there are competing offers. Cash is not as enticing as some see to think.
Ben White Montgomery County Realtor
Category : Blog
Throughout the years the winter season has been looked at as a slow time for real estate, new purchases, and refinances. The cold weather, school schedule, and holidays typically deter many home buyers. Most of the buyers and sellers decide to hold off until the spring. However, tis the season, because homes are still selling at a fast pace and low interest rates continue to influence more refinances.
On the real estate side, there are a number of factors that are helping the market stay active and strong. The largest still being the tax credit for first time home buyers which was extended from November 3oth, 2009 to April 30th, 2010. For any first timers who missed out on the opportunity the initially, they now have a second chance at free money and are taking it! The credit was also expanded to include move-up/repeat buyers. The Worker, Home ownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). Those two incentives alone are an extra push to influence buyers to make the move now, despite the season. Consequently, sellers know this and more homes are being listed. The number of foreclosures and short sales are still high too so many people want to get the good deal and tax credit.
On the lending side, the rates still remain incredibly low and attainable. Obviously that is another incentive to buy now, but it also keeps people refinancing their current loans in to more affordable loans where the lower rate will save them money on a monthly basis. Loan officers and lenders have not seen a winter like this since the housing bubble and the feeling is mutual from Realtors.
So, while usually many buyers and sellers would hold off until the spring, thus is not the case this year. Tis the season to buy or sell your home!
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Ben White — search Rockville MD homes — 240-848-3322
Category : Blog