East Bethesda Citizens Association – January Newsletter

Hello to my friends and neighbors in East Bethesda! If you want to be in-the-know on what’s happening in your neighborhood, please check out the newest EBCA Newsletter.

This month, you’ll read about:

·         Results of School Boundary Study

·         Parks Clean-Up on April 30, 2011

·         Notes from the EBCA President

Thanks for being involved and caring members of your community!

Contact me today for expert help buying or selling in the DC, MD, & VA area! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.

To Make It Sell, Fix It Up: Part 3

In the final installment of this blog series, we’ll look at the four final things you can do to help your house be the “Cinderella” of those on the market. And those of you in DC, East Bethesda and the surrounding neighborhoods know there can be lots of competition for buyers’ attention.

Again, these are from a recent Washington Times article that quoted me and cited my experience in this area.

·   Get Your Documents in Order – Potential buyers will want to see these to get a feel for how the house has been maintained and how expensive it is to operate. These items include:

o   Your title insurance policy.

o   Most recent statement of any outstanding mortgages. This helps the agent calculate estimated net proceeds for seller after expenses.

o   Detailed list of home improvements, with installation dates and brand names of any new systems or appliances.

o   All manuals and warranties for systems/appliances in the home.

o   Utility costs for most recent year.

o   List of colors for paint, carpet, and tiles installed. Extra samples/pieces of these are also helpful to have.

o   Homeowner Association contact information, if applicable.

o   Any other info on the home’s features to help in marketing it.

·   Update – Out of date colors or fixtures scream “older home!” And this can turn buyers off.  If you’re not sure what to do, consider hiring a professional stager for help. But there are very simple updates that everyone can do such as:

o   Change a backsplash or refinish surfaces.

o   Update countertops.

o   Paint cabinets.

o   Replace older light fixtures with newer ones.

o   Put up lighter, airier window treatments to let in more light.

o   Use high-wattage bulbs in rooms without much natural light.

Focus updates on kitchens, master suites, and baths, as these—even more than location—are what sell homes. Kitchens, especially, seem to move a buyer one way or the other. Even a ten-year-old kitchen might be out-of-date for today’s buyers.

·   Check the Outside – You can’t do much in winter in some areas, but once the weather warms place some colorful plants and flowers out front.  Also keep the lawn mowed and weeds pulled. You won’t get the buyer over the threshold if they don’t like what they see on a drive-by.

·   Remember the Unseen – This includes things like electrical, heating and cooling systems, plumbing, and the structural quality of remodeling projects like additions or decks. Remember that repairs in these areas take longer than other fixes, so talk to a contractor well before a pending sale.

Even a little fix-up is better than nothing when it comes to selling a home, and you are your home’s Fairy Godmother.  Work with what you have, make whatever improvements you can, and you’ll likely see that “Sold” sign out front in short order.

Contact me today for expert help buying or selling in the DC, MD, & VA area! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.

 

East Bethesda Citizens Association General Meeting

On Wednesday, January 19, the East Bethesda Citizens Association will hold its General Membership meeting.  This is a great forum to learn what’s going on in the community and to meet some of your neighbors. They will also be selling East Bethesda t-shirts!

Location:      Bethesda Chevy Chase High School, Room C-102

Time:           7:00 p.m.

For more information check out the Association web site at http://www.ebca.org/.

To Make It Sell, Fix It Up: Part 2

Our first blog, taken from a recent Washington Times article where I was quoted, listed several basic things you as a homeowner can do to get your house spiffed up so it catches the eye of a potential buyer. They don’t have to be expensive or fancy—just enough to make your house stand out from the crowd.

Now we’ll drill down into the details of four of those actions, saving four final items for next time.

·         Repaint – In contributing to the article, I commented that a fresh coat of paint can make a big difference. And while lots of Realtors recommend neutral colors, I believe there’s also value in something unique, especially if your home is much like others in the neighborhood. Specifically, I stated that, “It may not be the worst thing to have a red or yellow wall so that the property stands out. It’s just wall paint, so it’s not an expensive fix if the homebuyer doesn’t like it."

·         Redo Floors and Floor Coverings – If the floors under your carpets are in good condition, pull up and toss older rugs. Or consider a new tile or laminate floor, which is a quick and inexpensive fix.

·         De-clutter and Depersonalize – Pack away collections and absolutely clean out the closets. Too much stuff makes your house seem smaller and keeps the buyer from visualizing how his or her possessions would fit in. You want the buyers to picture themselves and their things in the house.

·         Repair if Needed; Replace if Necessary – Clogged gutters and roof leaks would be better taken care of now versus having to pay potentially big money later so you don’t lose a sale. But according to Jim Molinelli, an architect with ARDO Contracting in Columbia, MD, you don’t have to go overboard. “If the new homeowner plans on being there 10 or 15 years, they are going to want to redo things their way anyway,” he states.

Try to remember the last time you bought a house and what you looked for that made the sale.  If that was a very long time ago, just try to think like a potential buyer.  Chances are you’ll discover many more ways to implement the steps above.

In our final blog next week, we’ll cover four final actions in detail: Getting Your Documents in Order, Updating, Fixing up Outside, and Remembering the Unseen.

Contact me today for expert help buying or selling in the DC, MD, & VA area! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.

YOU’RE INVITED TO A FREE MARKET UPDATE SEMINAR

Please accept my invitation to attend this very timely event. Joe Worthington of Weichert Financial will share valuable information for homeowners and potential homeowners, including Tax Credit Extension and Expansion, Advantages of Home Ownership, Loan Approval Process, and How to Buy and Sell at the Right Price.

Space is limited, so RSVP now to reserve your spot.

Event: FREE MARKET UPDATE SEMINAR

Date:  Saturday, January 22 – 11:00 a.m. to Noon

Location:

Weichert, Realtors Bethesda Chevy Chase Office

7200 Wisconsin Avenue

At the corner of Wisconsin & Bethesda Avenues; former Montgomery Grill

Parking behind the Farmer’s Market)

To register or get more information, contact me at mynor.herrera@gmail.com.

Contact me today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisons of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.   

To Make It Sell, Fix It Up

If you’re thinking of putting your home on the market this spring, there’s an easy way to give yourself an advantage in this tough selling environment: spruce up.  According to a recent Washington Times article, something as simple as a new front door or a cleaner kitchen can get and hold a buyer’s interest. Having great pictures to show online is the first step that gets people to your home.

Your home’s location will often determine what you need to spend. When asked to contribute to this article, I stated that “in certain neighborhoods, some homes need a little help to make them stand out. That’s especially true in places like Germantown or Gaithersburg, with many similar homes on the market.”

How much you end up doing can also depend on the age and condition of your home, its value, and—of course—your budget.

Homes valued in the $500,000 range usually require between $5,000 and $8,000 of upgrades; a $200,000 condo, from $1,000 to $1,500. But it pays off. Shelling out for an upgrade rather than just small fix-ups can raise your home’s selling price by $10,000 to $15,000.

This year, you’ll recoup about 60 percent of what you pay for improvements, which is down from the 63.8 percent returned last year. So if your home has lost some of its value, it may not be worth the investment.

Regardless of all the other factors, below are some basic things you can always do to attract a buyer’s attention.

·         Get your house documents in order.

·         Declutter and depersonalize.

·         Repaint.

·         Redo floors and floor coverings.

·         Repair if needed and replace if necessary.

More details on these will be presented in the next blog. In the meantime, feel free to get started on any items in the list that you feel are needed for your home.  Anything you do, even a small change, can work in your favor with buyers.

Contact me today for expert help buying or selling in the DC, MD, & VA area! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, & Whitehall Condominium.

Chevy Chase PTA’s Making (Up) the Difference

Not so long ago, the Chevy Chase-area Parent Teacher Association worked on fun events for the community.  Now, as the school system tightens its belt, local PTA’s are more often contributing to the cost of basic school supplies and operations.

This year, PTA funds will help purchase computer carts for Chevy Chase Elementary to help with computer instruction classes.  Since the computer lab had to be closed, the carts will carry computers and become mini computer labs that are shared among classrooms. They’ve funded two carts so far, at $6,000 each, with a goal of three or four more.

At North Chevy Chase Elementary School, the PTA dished out $1,300 for the teachers’ educational magazines that the county said it could no longer afford. When the county cut the bus for students in the after-school tutoring program, the PTA stepped in and paid that bill, too—about $1200.

The PTA at the Rosemary Hills Primary School has brought in over three times as much money as in past years, to the tune of about $60,000.  About $36,000 of this will purchase six more interactive white boards for the school, which currently has four. The balance of the money is for PTA programs.

Area PTA’s are bringing in more money not only through fundraisers but through other inventive means, including simply asking for it. They’ve found willing donors in parents, community members, and some local governments.  It seems that people would rather write a check and know specifically where their money is going rather than contribute to wrapping paper sales or other fundraisers with vague definitions.

Last December, several Chevy Chase villages contributed to the neighboring Rosemary Hills PTA, simply because they were asked—and found the cause worthy.

As municipal budgets continue to be cut, the PTA expects to continue making up the difference so that local schools (and school kids) have what they need for a quality education.

Contact me today for expert help buying or selling in the DC, MD, & VA area!

A Different Way to Lower Mortgage Payments

Whether you live in Bethesda, San Francisco or New York, refinancing for a lower mortgage payment is always appealing. But the fees and credit requirements can be burdensome.

According to a recent New York Times article, there is another, lesser-known option called “recasting” or “re-amortization” that can work just as well.  Basically, you lower your principal with a lump sum of cash and then reset your monthly payments based on the original interest rate and loan terms. Because your principal has been reduced, your monthly payments decrease and you save on your total interest for the loan. The larger the lump sum you can provide, the more you save. Just making extra payments without recasting only shortens the length of the loan.  It doesn’t reduce your monthly cost.

However, there are some stipulations. Finding a lender that even offers this service can be challenging, and those that do can have restrictions. Many lenders exclude FHA and Veterans Affairs loans. Lenders who do offer this service often require a minimum payment toward the principal and charge a fee. At JPMorgan Chase, the required minimum is $5,000 with a $150 fee. In addition, interest-only and adjustable-rate loans generally aren’t eligible, and a borrower must be current with all mortgage payments.

Lenders aren’t obligated to recast mortgages, and most don’t advertise it.  But in an effort to be more customer-service-focused, they will consider requests on a case-by-case basis.

This scenario typically works well for those who might not qualify for refinancing due to bad credit or self-employment.  It’s also good for anyone with extra cash like a year-end bonus, a tax refund, or proceeds from the sale of another property. It doesn’t make sense for anyone with interest rates of 5 percent or lower, since the extra cash would yield more being invested in something with a higher return.

Whether you choose refinancing or recasting, make sure it’s the right decision for your current situation. Don’t rob Peter to pay Paul just to get a lower interest rate.

Contact me today for expert help buying or selling in the DC, MD, & VA area!