Maryland Mortgage Loans

  Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and  low housing supply  are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a home is one of the most  important  transactions in your lifetime, and  it’s critical to keep your best interests in mind.  Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road. Home Appraisal The home  appraisal  is a critical step for securing a mortgage on your home. As  Home Light  explains: “. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon pay

Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the  National Association of Realtors  (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply.  That places today’s market firmly in the  sellers’ market  category . That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year  (see graph below) : Because of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home.  That means your house could provide an oasis for  buyers  thirsty for options  – and it could increase the chances of buyers entering a bidding war for your home. The latest  Realtors Confidence Index Survey  from NAR shows houses are  receiving an average of 3.8 offers . A multiple-offer scenario lets you select the b

  A recent survey from  LendingTree.com   found there are multiple reasons why Americans would choose to purchase a home instead of   renting . Some of the most popular   non-financial   reasons given include: The flexibility to make the space your own The pride homeownership offers The sense of stability In the same survey, 41% of respondents say they’d rather own a home than rent because of the unique way  homeownership  builds wealth  over time. And experts agree – the home you own is an important tool for building your net worth.  Here’s what many of those experts have to say about building long-term financial stability through homeownership. According to the  National Association of Realtors  (NAR): “Homeowners who purchased a typical single-family existing-home 30 years ago at the median sales price of $103,333 with a 10% down payment loan and who sold the property at the median sales price of $357,700 in 2021 Q2  accumulated housing wealth of $349,258 , . . . ” Mark Fleming, Chi

Even in a hot  sellers’ market  like today’s in which homes are selling so quickly, it’s still important to make a good first impression on potential buyers. Taking the time upfront to prep your house appropriately can bring in the greatest return on your investment. Here are four simple tips to make sure you maximize the sale of your house this  fall . 1. Price It Right One of the first things buyers will notice is the price of your house. That’s why it’s important to  price it right . Your goal in pricing your house is to draw attention from competing buyers and let bidding wars push the final sales price up. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. Your trusted real estate advisor can help you find the price for your home that reflects the current  market value . Lean on your agent to help you with this crucial first step. 2. Keep It Clean It may sound simple, but keeping your house clean is key to making

In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle. Things Are Different Today Today’s housing market is anything but normal. According to the  National Association of Realtors  (NAR), homes today are: Receiving an average of  3.8 offers Selling in just 17 days Homes selling quickly and receiving multiple offers highlights how competitive the  housing market  is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more. Selma Hepp, Deputy Chief Economist at  CoreLogic ,  explains  how these stats can impact buyers: “The imbalance between

  If you’ve been in your home for longer than five years, you’re not alone. According to recent data from  First American , homeowners are staying put much longer than historical averages ( see graph below ): As the graph shows, before 2008, homeowners  sold  their houses after an average of just five years.  Today, that number has more than doubled to over 10 years.  The housing industry refers to this as your tenure. To really explore tenure, it’s important to understand what drives people to make a move. An article from  The Balance  explores some of the primary reasons individuals choose to  sell  their houses. It says: “People who move for home-related reasons might need a  larger home or a house that better fits their needs , . . .  Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity .” If you’ve been in your home for longer than the norm, chances are you’re putting off addressi

  If you’re on the fence about whether or not you want to sell your house this year, there’s good news.   Real estate professionals   are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the   National Association of Realtors   (NAR),   puts it : “The pandemic has confirmed to all of us in the industry that  technology will continue to transform real estate .” Below is a closer look at some of the  new tools  real estate professionals are using to better serve sellers. New and Existing Technology Are Impacting the Process In the  2021 Realtor Technology Survey , NAR asks real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months. The graph below highlights the top five tools those agents said are true game-changers: Tools  th