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Leonardtown : Real Estate Advice

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  • Local Info0
  • Home Buying3
  • Home Selling3
  • Market Conditions0

Activity 8
Mon Aug 29, 2016
Ken Diggs asked:
I'm trying to post pictures to my house listing on your site. (MLS #: SM9751561)
There is a link to the virtual tour but there is not any pictures showing up when you bring up the…
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Wed Aug 26, 2015
Amelia Robinette answered:
First contact a Realtor in Jacksonville to give you a realistic sale price and ask him/her to give you a breakdown of all the costs involved, transfer taxes, etc. Looking at sold properties online won't give you the full picture. Then you'll know how much you need to bring to the table to close the sale.

Then contact a mortgage lender who can walk you through each of your options on the MD house - here's a good one in MD

Home Equity Line - usually a variable rate, pretty low rates right now, but if you're going to keep it for a while the variations should be considered. If you're going to pay it off quickly, then not such a big deal.

Cash out refinance - if this lowers your rate significantly for the entire mortgage, or keeps it close, this is a viable option. If it raises your rate on your primary residence or pushes you into needing Premium Mortgage Insurance (PMI) probably not your best option, but worth looking at.

Second mortgage - my understanding is that stand alone fixed 2nd mortgages are hard to come by these days, but there may be a good option if it's available to you.

It's a pain to be a landlord, but talk to the FL realtor about trends and how values are increasing. If values are increasing, then you may want to also consider holding onto the rental for another 5+ years, then sell or hold onto it indefinitely as an investment.

You have a lot of factors to consider, make sure you work with people who are willing to walk you through all your options and all the details.

Best of luck!
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Mon May 4, 2015
Barbara Stellway answered:
The market in Southern Maryland has improved quite a bit in the last 30-60 days. Now that that the winter weather is behind us and interest rates are still very attractive, the market seems active. We should have a good spring and summer season with prices firming up. ... more
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Tue Jul 23, 2013
Miekeba Jones answered:
Hi Melissa!! Did you find the home that you like. You can contact me and I will send you listings that are available in the area.
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Tue Jul 23, 2013
Miekeba Jones answered:
Hi Melissa, have you tried map quest? You could type in the street name and click the magnifying glass to get a look at the neighborhood. May I help you find your new home? Contact me and I will help you. ... more
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Thu Feb 10, 2011
Patrick Dugan answered:
spring, In October the owner had the home withdrawn form the multiple Listing service. According to tax records it has not been sold.
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Sun Apr 13, 2008
MaryAnne Crewse answered:
First, you want to know if the home is priced above, at or below market value. You'll need to see all the comps for the last year for the homes that SOLD in that neighborhood and within about 5 miles that are similar (sq. footage, amenities, lot size, etc.). With the current market, listing agents are refusing to allow Sellers to overprice their homes. 90% of the homes currently on the market are priced where they should be. Secondly, determine what your closing costs are going to be and what you'll need to put down. Lender requirements change week to week these days. Sellers are more likely to help you with your closing costs if you don't "lowball" them with the sales price. If your agent did their homework and knows the home you want is priced correctly...offering less than asking price and asking for closing help is a one way road to a rejected offer. The old school method of offering a certain % under the list price is gone.
Make your agent pull the Sold Comps and all the Active Listings to see where your dream house falls out...then you can make a well informed offer and have it accepted. No matter what the market conditions are, people still have to buy and sell homes and the best homes (price, location, schools, etc.) SELL regardless.
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Wed Aug 15, 2007
J Lo answered:
For the family that has outgrown it's current abode - & is in dire need of a larger space - Most definitely. You will be able to take advantage of your current equity to step into a much better home at a great price point.

You may give up a little on the percentage when selling - but what you gain will come back at you once the market recovers... (I don't have a crystal ball for when that will happen - but it's not too far in the future).

To answer your direct question "will it ever"? Yes. It always does. We have cycles just like any other industry. There was a time when the wireless companies went from $40 per share to under $4: they have rebounded and are stronger than ever.

The housing market must right itself - and pay for the sins of the past. Once we get back to reality and the market catches up with itself we will all benefit. I wouldn't look for the 10% annual appreciation - I do believe those days are done (hopefully).

Remember the tortoise and the hare? Slow and steady gets you there....
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