Just Listed

5710 Parkway Dr, Laurel, Maryland

Not a short sale or a foreclosure but a regular resale by the Owner! Lovingly maintained, Colonial style home in Laurel, Maryland in Montgomery County. This home is in move-in condition and close to Route 29 and I95 freeway.

Features include:

• large family room
• sliding doors to deck
• large deck
• cul-de-sac location
• huge master bath
• vaulted ceiling in mater suite
• top of the line washer & dryer convey ($2500 value)
• custom made bedroom closet ($2000 value)
• full finished basement

Area schools include Burtonsville Elementary, Benjamin Banneker Middle School and Paint Branch High School. Includes the following appliances: dishwasher, disposal, drayer, over/range, refrigerator, washer. Don't wait, this one won't last.

For more details on this home.

What Does the Prepared First Time Home Buyer Look Like?

I have been asked many times what makes a buyer better prepared than someone that is just cruising around hoping they find a good house.   Here is what I think makes a first time homebuyer prepared.

• They are pre-approved or have the cash with proof of funds from a lender or bank.
• They know their budget and what the bank will loan and can tell their Realtor© what they want their absolute maximum price is.
• They know what they needs and wants are when it comes to the home.  They need to have a list for the Realtor© that says “We need these things” and “We would like to have these things”.
• They’ve done their research online and have a good sense of what the market is doing.  They still need a reality check from a Realtor©, but they have educated themselves about the market.
• If they found houses on the internet that interest them, the email them ahead of time to the Realtor© so that the property can be checked out.
• They insist the Realtor© preview homes ahead of an appointment with them, so that the Realtor© does not waste their time looking at properties that don’t meet the “Need” list.
• The prepared buyer asks good questions, and plenty of them. They know they need information, and seek it out from their Realtor©. They listen to what their agent has to say, ask for clarification, and share their thoughts and opinions with the Realtor©.
• A prepared buyer typically makes decision quickly.   If you have the above then you know whether or not the property is for you.
• A prepared buyer tends to be organized. They keep paperwork in order. Perhaps they bring a clipboard, camera, measuring tape, etc. when they look at homes.  They know what information they have, but also what information they need.
• They tend to respond quickly, with answer to questions, asking questions, signing documents, and making decisions. If they are serious, they make their home buying a priority and work with their Realtor© to meet deadlines and keep things moving.
• They have fun in looking for their first home.
• They have done the prep work and now can enjoy the hunt.

Although the list above could be used for any home buyer, I think it helps 1^st time home buyers the most.

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in Silver Spring, Maryland and the Washington, DC Metroplex. Team EMA’s 25-point marketing strategy customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors© in Montgomery County, MD.

Disputing Errors on Your Credit Report

It is not unusual to find creditors reporting items incorrectly on a Credit Report.  That is not the kind of thing a first time home buyer wants. When one of these things pop up you can dispute it yourself or you can hire a company that disputes these for a fee.  There are many of these companies on the web, be careful and do your research. 

If an item needs to be corrected the change to the credit data must be done by Equifax, Experian, or TransUnion in order for the correction to be made and the credit score to be affected.

• Equifax
• Experian
• Transunion

You will need to send them the proof that the item is reporting incorrectly and they file the dispute free of charge.

• You will need to write a letter of dispute to the credit reporting agency regarding the information being reported incorrectly. The letter needs to include the Trade Line, Account Number(s), and why it is reporting incorrectly. You will need to do this for each credit reporting agency that is reporting incorrectly.
• Under the Fair Credit Reporting Act, each credit reporting agency must contact the creditor or person that the dispute is being filled against, within 5 days of the receipt of the request. The creditor or person that the dispute is filled against then has to give a written reply back to the credit reporting agency within 30 days of the date that the dispute was originally filled.
• The credit reporting agency then has 5 days from receipt of the creditor's or person’s written reply, to provide you with a written report with their findings. They will also need to provide you with a copy of a revised credit report if changes were made.

There are 3 possible scenarios for outcome:

• No response from the creditor or person that the dispute is filled against.  If this happens the bad data is removed.
• The creditor or person that the dispute is filled against shows proof that they are correct.  If that is the case the data remains.
• The creditor or person that the dispute was filled against acknowledges that they were wrong or partially wrong and they make the correct changes to the data.

In every scenario you must be notified by the credit reporting agency of the results. But there is one little twist to the first scenario. If the creditor or person that the dispute is filled against does not respond within the required time period, and the data is removed, it can still show up later if the creditor at a later date reports the data again. So if the data comes off as a result of the creditor or person that the dispute was filled against did not respond, you must continue to monitor your Credit Report, because it could show up again at a later date.

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in Silver Spring, Maryland and the Washington, DC Metroplex. Team EMA’s 25-point marketing strategy customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors© in Montgomery County, MD.

Counter Offers and First Time Home Buyer

One of the things you are likely to encounter in this market after you make your offer is a counter offer.

A counter offer is a response from the seller, in writing where the seller proposes a change in your offer such as a different purchase price, excluding something you ask for or a different closing date.  They may even ask for more earnest money. 

Sometime other terms and conditions that the seller may propose changing are inspection time frames, choice of title and Escrow Company will be, who pays for the home inspection or demand for proof of funds.

The terms and conditions in your offer remain in effect if they are not addressed in the counter. As in the original offer that the seller counters, you have the right as the buyer to accept the new terms and conditions, make other terms and conditions, or even end the negotiations. You can counter offer back to the seller with a new counter.  Remember if you don’t agree with the sellers counter, don’t sign it.

The counter offer process continues until both parties agree on all the terms and conditions and all the offer documents and counter offer forms are signed, or you agree to end the negotiation.

A verbal counter really means nothing.  The terms and conditions must be in writing and signed by both parties to the contract.

Strategies

Your best strategy is discussing your counter offer with your Realtor©.   The Realtor© has a fiduciary duty to represent your interest.  Your interest is to buy your first time home at the lowest price.  If the asking price was $330,000, and I offer $300,000, I may get a counter of $325,000 from the seller.

What most people do is keep splitting the difference. In other words, most people would find the midway point between the $325,000 counter offer and my original offer of $300,000, which is $312,500. The seller would then counter with a number between their last counter ($325,000) and my counter ($312,500), or $318,750. Typically, this is where the action would stop. Most Sellers have the capacity to do two counter offers or perhaps three, but usually no more.

Instead of the split the difference strategy, I would suggest raising the offer price by $3,000. Each subsequent counter would find me giving less each time. This tells the seller that I’m getting close to the highest price I’m willing to pay.

I would also consider timing.  If you counter immediately upon hearing back from the seller on each of the counter offers, the seller is in control.  The seller has all the incentive in the world to keep dealing, because the negotiation is not producing any stress.  So the goal is to leave the seller on the edge of their seat waiting for your reply.  Let the seller wait until the last few hours of what the contract says a reply must be made.

 If you use and work with your Realtor©, you should have great success in negotiating a counter offer.

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in Silver Spring, Maryland and the Washington, DC Metroplex. Team EMA’s 25-point marketing strategy customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors© in Montgomery County, MD.

New Home Buyer Information - Steps in the Mortgage Process

Usually you will be started off with a mortgage application and a credit report will be pulled. The credit report will help the lender identify whether you are a good candidate for a home loan. If your credit is not very stellar, you may have to take some action to improve it before you start the process. So you may want to get your credit scores to see where you stand before you begin.  You can do this at any of these places:

• Equifax
• Experian
• Transunion

Perhaps you already have great credit score next comes the hard part.  Don’t be surprised with what you will have to give the mortgage specialist in documentation. You will really feel violated, but remember they need this information before they can give you any money.  So don’t fight it, just go with the flow and tell them the truth at every step. Give the mortgage specialist what they ask and do not volunteer information they do not ask for, it may only complicate things.  They will ask you to prove everything, so don’t make statements you can’t back up.

Once you fill out the mortgage application there are things you need to be careful of so you don’t sabotage the application process. It’s amazing the decisions people made after the application that disqualified them.  Here is a list of things not to do:

1.       Don’t shop around at a lot of places for a mortgage, every time someone pulls your credit report it looks to the bank like you are applying for loans all over town and that you may have gotten a loan on something that is not on the credit report.

2.       Don’t buy anything on credit.

3.       Don’t buy a new car on credit.

4.       Don’t lose your job or an income source.

Be patient, your mortgage specialist will help you see how much you qualify for that home loan.  This will be based on what is called your “Debt to Income” ratio.   After that your mortgage specialist will give you a “pre-approval” letter to give to your Realtor©, so the Realtor can look for a home in you price range. 

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in Silver Spring, Maryland and the Washington, DC Metroplex. Team EMA’s 25-point marketing strategy customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors© in Montgomery County, MD.

How to Choose a Home as a First Time Home Buyer

The day when you decide that an apartment or roommates are no longer an ideal living situation and you're ready to make the step to become a first time home buyer is a very powerful feeling! Now the decision has been made to buy a house, however, it's time to figure out what kind of house that you want to buy, the location and the style. These are a few things that will need to be at the top of your check list!

Finding out what type of home you want is very important as a first time home buyer. Who is going to be living there? Just you, your partner, pets and children? Reaching a decision if you want a single family home, multi family home, condo and co-op is going to be key in what type of home you purchase. Knowing this information is going to help you along with choosing of  how large you want your first home to be so it can accommodate all the occupants that will be living there.

After deciding the type of home you want to purchase, it's now on to deciding how old you want the home to be. Something newer or older can make a difference in the purchasing price of the home. Realtor.com recently suggested that first time home buyers should consider short sales, forecloses and fixer uppers. These types of home can be purchased at a value to a first time home buyer.

But if you are a busy person maybe a home that is in newer condition and doesn't need that much maintenance is a better choice for you or if you would like to fix up the
home to your fix your tastes then a fixer upper might be the way to go for you.
Always consider all options as you might be surprised what you and your Realtor
will find!

Consider the resale value of your home. There is always a chance in the future that you will sale your home. You might need something bigger, smaller or maybe moving but
whatever the case may be having an idea of the resale value of your first home is necessary. This is something that your Realtor will be able to assist you with by using local reports and data.

Purchasing your first home is an exciting moment in your life! Having an experienced Realtor is going to provide you support and aid while going through the process of looking and buying your first home.

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in in Silver Spring, Maryland and the Washington, DC Metroplex.  Team EMA's  25-point marketing strategy  customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors in Montgomery County, MD.

Single Story For Sale in Cherrytree Park

SPACIOUS & LARGE 4-BDRM HOUSE

• 14,244 sq. ft., 5 bath, 4 bdrm single story - MLS $649,987

Cherrytree Park, Laurel (Howard County)  -  MUST SEE THIS "SPACE GALORE" (4 LARGE BEDROOMS + LARGE DEN WITH CLOSET IN LOWER WALKOUT LEVEL TO FENCED REAR YARD, LARGE OFFICE/LIBRARY ON MAIN LEVEL, 4.5 BATHS, LARGE FAMILY ROOM W/ F'PLACE LARGE COUNTRY KITCHEN) TO APPRECIATE IT. SERENE NEIGHBORHOOD & CONVENIENT LOCATION NEAR I-95 & ROUTE 29 MAKES IT "A MUST" LEASE. $50/ADULT OR $60/COUPLE NON-REFUNDABLE PROCESSING FEE. HOA FEE INCLUDED IN RENT

Property information

What Can You Afford as a First Time Buyer?

We all imagine the day when we sign the papers to our dream home, the home on the corner or in the cul de sac with the great views or spacious master bedroom. Being a First Time Home Buyer is one of best feelings in the world! However, before you sign those papers to your new dream home you need to take the time to consider what can you afford as a first time home buyer? Today we provide you some tips on getting your financial house in order before you sign those mortgage papers.

Your credit score is a huge factor in when looking at what you can afford as a first time home buyer. Knowing your credit score is critical before you start looking at homes. Mortagematch.com reported that 35% of buyers didn’t even know their own credit score when they were shopping for a home.

This is a big no no as your credit score is going to provide you with an idea of what you can afford for your first home. Knowing your credit score from all three credit bureaus provides you and your lender an idea of where you stand.

A down payment is a must as a first time home buyer. If your credit score isn’t up to par then this is essential as a first time home buyer. With at least a 25% to 30 % down, most lenders will be able to overlook blemishes on your credit. Some lenders even offer a zero down mortgage program but that is only if you qualify. Generally, with a larger down payment you can afford a more expensive home but you want to make sure that you can afford it as a first time home buyer. Speaking to your local Realtor, he or she can provide you an idea of what you need to have saved up to purchase a home in your price range.

The closing fee on a home is usually a cash deal. This is why it’s ideal to have money saved up so you can pay for this cost when it comes to closing on your new home. Depending how motivated the seller is, you might be able to get your Realtor to talk the seller into writing the closing costs in the contract so you don’t have to come out of pocket at that time. Most of the time sellers will take care of a certain % of the closing costs but then again this is something you can ask your Realtor to work on as he or she is the expert in negotiations.

There are many factors to consider when purchasing a home as a first time home buyer; however, having a local Real Estate Agent who is gainful experienced in these types of transactions is what is going to assist you in acquiring your dream home! Their goal is to make sure that you get the house that you want at the price that is right.

Emcee Arah and his team of professionals have a comprehensive understanding of the current real estate market in in Silver Spring, Maryland and the Washington, DC Metroplex. Team EMA’s 25-point marketing strategy customizable to each Buyer, is one of the signature tools for their twenty-two years of exceptional customer service in real estate. The mark of excellence combined with a reputation for integrity has earned his team distinction amongst the most trusted Realtors in Montgomery County, MD.

Colonial For Rent/Lease in Rose Hill Falls

Gorgeous & Spacious 3-Bd T/home for Rent

• 1,892 sq. ft., 4 bath, 3 bdrm colonial - MLS $2,850.00 Monthly | For Rent - Immediate Occupancy

Rose Hill Falls, Rockville  -  Spacious three bedroom, three and a half bathroom brick-front Townhome with three-level bump-out located in the sought-after Rose Hill Falls Approximately one miles from Rockville metro. Features include huge master bedroom with sky-lighted sitting area/bump-out, walk-in and walk-in closet, two-person jetted Jacuzzi and separate shower, fireplace in large living room with hardwood floors, family room and sunroom off kitchen with granite countertops to deck, den off large lower level to maintenance-free fenced rear yard.

Property information

Other For Sale in Woodland Village (Ellicott City, MD)

Cozy Condo In A Secure Neighborhood

• 2 bath, 2 bdrm other - MLS $209,889 - New Price

Woodland Village (Ellicott City, MD), Ellicott City  -  Cozy, well-maintained and secluded ground floor condo located in highly sought-after Woodland Village offers open plan, hardwood floor in living room, w-to-w carpets in both bedrooms that backs to woods, two full bathrms (sooking tub in master bedrm), nice view from front patio with storage shed, etc. Move-in ready w/ low condo fees that incl. community pool and tennis courts for fitness.

Property information

First-Time Home Buyers Decrease in the DC metro area

 First-Time Home Buyers Decrease in the DC metro area / Image Credit: David Castillo Dominici / FreeDigitalPhotos.net

The market share of home purchases by first-time buyers decreased 8 percent nationwide between 2011 and 2012 [Wall Street Journal].  So where have all the first-time home buyers gone?  There are a number of variables contributing to this decrease, such as tightened lending standards, consumer insecurity, a recent increase in home prices, etc. 

In the past several years, it has become significantly more difficult to get qualified for a home loan.  Lenders aren't just concerned with credit scores and income, they are conducting a more comprehensive analysis of a borrowers' complete financial picture.  Some banks have even done away with interest-only loans due to this program's high-risk assessment. 

Consumer confidence is still wavering across the board.  It doesn't matter if you live in one of the strongest real estate markets, like the DC metro area, or one of the weakest.  Some people are simply too afraid to make that leap, regardless of the fact that rents are increasing substantially while mortgage rates remain historically low.

And finally, some opportunistic first-time buyers feel that because home values have increased continuously over the past year, buying now means they'll be overpaying.  Personally, I feel this group makes up a tiny percentage of the overall group.  Having said that, there are still amazing values to be had, and waiting will only ensure that you pay more (not less) for a home in the DC metro area.

If you're ready to search homes in the DC metro area, contact Emcee Arah and the EMA Real Estate Group.  They are dedicated to providing a quality experience through a stress-free, step-by-step system of real estate services that have been specifically designed to ensure a smooth relocation process.  To begin this exciting process, you can call Emcee directly at 301.452.5252 or visit www.LowPaymentHome.com.

Let's Connect!

Emcee M. Arah

RE/MAX Excellence Realty

10230 New Hampshire Ave, Suite 100

Silver Spring, MD 20903

(301) 452-5252

http://www.DeeCeeRealEstate.com

Events in Montgomery County, MD Beginning January 11, 2013

Events in Montgomery County, MD Beginning January 11, 2013 / Image Credit: Salvatore Vuono / FreeDigitalPhotos.net

There’s always a variety of family events in Montgomery County, MD to choose from every weekend!  Scroll down for a list of things to do and enjoy in the area.

George Li

When:  January 12

Where:  Strathmore at 10701 Rockville Pike, North Bethesda, MD

What:  You know you’re hearing about a prodigy when critics from The New York Times and the Boston Phoenix use terms like “sizzling,” and phrases like “as virtuosic as Lang Lang”.  The Washington Post also raved, “There is no question 16-year-old pianist George Li has prodigious talent. No wonder the New York-based Young Concert Artists organization sponsored him in his debut – he combines staggering technical prowess, a sense of command and depth of expression.”  Discover this astonishing young talent for yourself as he performs classics like Beethoven’s “Waldstein” Sonata, and various works by Bach and Chopin. 

> > More Events in Montgomery County, MD Beginning January 11, 2013

Events in Montgomery County, MD

Events in Montgomery County, MD

If you're looking for things to do with the family, you've come to the right place.  Scroll down for a list of events in Montgomery County, MD this weekend.  Enjoy!

Cinderella

When:  January 4 - 13

Where:  Olney Theatre Center at 2001 Olney-Sandy Spring Road ,Olney, MD

What:  A Musical Tale of Magical Proportions! Cinderella dreams of adventure and romance and unwittingly calls upon her fairy godmother with a wish to attend the Princes Ball. Through this enchanting fairytale we learn that the impossible is possible and dreams truly can come true. 

> > More Events in Montgomery County, MD

Invest in Your Future with Montgomery County, MD Real Estate

Montgomery County, MD Real Estate Image Credit: evgeni dinev FreeDigitalPhotos.net

There are so many different ways one can invest his/her money: stocks, bonds, business ventures, etc.  However, the soundest and most secure investment to date remains Montgomery County, MD real estate. 

Despite the setbacks real estate values have endured over the past several years, these values eventually return as the housing market cycles back into recovery.  Economic woes will always have an impact on this industry, but this is also one of the most (if not, THE most) resilient industries in the nation.

Homeownership has become synonymous with the "American Dream," and even though access is more limited now than it has been in prior years, it's still very attainable - and highly appealing.  Think about it - what other investment can provide you with:

• Financial Security

While the housing market will always experience ups and downs, your home is still one of the safest places to invest your money...

• ROI

...And while these ups and downs may cause temporary losses, over time you will experience a return on your investment.

• Personal Pride

You cannot put a price on the confidence and sense of personal pride one feels through homeownership.

• Independence

Owning a home allows you certain freedoms that renting simply cannot provide.

• Generational Wealth

You can pass this wealth onto your children, grandchildren, etc.

• Physical Shelter

We tend to take this for granted, but the fact is that not everyone has this or can afford this.

• Stability

Being able to put down family roots and call a place "home" is invaluable.

When you're ready to make a move, be sure to work with an experienced Realtor in Montgomery County, MD who understands the homebuying process in today's market.  Emcee Arah and the EMA Real Estate Group are dedicated to providing a quality experience through a stress-free, step-by-step system of real estate services that have been specifically designed to ensure a smooth relocation process.  To begin this exciting process, call Emcee directly at 301.452.5252 or visit www.LowPaymentHome.com.

Let's Connect! 

Emcee M. Arah

RE/MAX Excellence Realty

10230 New Hampshire Ave, Suite 100

Silver Spring, MD 20903

(301) 452-5252

http://www.DeeCeeRealEstate.com

New Year's Eve Events in Montgomery County, MD

2013 is almost here!  Have you made plans yet?  If not, don't worry.  There's plenty of New Year's Eve Events in Montgomery County, MD to choose from!

 

New Year's Eve Beer Dinners

Dogfish Head Alehouse in Gaithersburg will be featuring a Hawaiian-themed dinner with beer pairings, a pig roast, music and a midnight toast.

Dogfish Head Alehouse 800 W. Diamond Ave., Gaithersburg, MD

 

New Year's Eve at Jackie's Sidebar

The Sidebar will be open for cocktails, whether you want to make a reservation for the open bar, which runs from 9 p.m. to 1 a.m. and costs $50, or order food and drink a la carte. DJ Drifter spins dance music in the Back Room, an event space with its own bar, all night.

Jackie's Sidebar 8081 Georgia Ave., Silver Spring, MD | 301-565-9700

 

> > More New Year's Eve Events in Montgomery County, MD

 

New Year's Eve Events in Montgomery County, MD / Image Credit: Idea Go / FreeDigitalPhotos.net