How do we know it’s a good time to sell?

No matter how difficult it is in the real estate market now, homeowners and realtors can still find their silver lining. And it’s not imaginary. According to Dian Hymer, all we need to do is read the signs that would tell us “it’s about time to sell a home.” In her article, we can learn that our real estate market has shifted its predictability.

Gone are the days when seasons or specific months of the year were the solid indicators of the best time to sell. Years ago, real estate opportunities during spring months are expectedly high compared to dark wintery months – but that’s not the case anymore. Weather patterns nowadays are as volatile as our economy. 

It is hard for sellers to prepare their houses for the market when there is non-stop raining and bad weather, so as much as we would want to take these natural occurrences which we cannot control as deterrent factors, we simply can’t. The weather does have an effect on home-selling.

Last year, real estate had its meltdown when both natural and economic disasters affected the selling rates immensely. When a big quake hit Japan, it caused unimaginable effects on almost all industries economically – Greece on the verge of bankruptcy and European Union’s future in question. 

Headlines about these economy-affecting occurrences have lowered consumer-confidence. They rely on news and economic development to jump in on a huge decision to buy a house, which is a major responsibility.

To state the obvious, it’s a great time to sell when the economic news are mild, interest rates become low, consumers’ confidence are in the upswing and the law of supply and demand is in the positive slope. It is best to start selling competitively when there are increased demands for home in your local niche as to the supply of homes for sale.

These factors can certainly affect the real estate market but when really is the best time to sell? When your instincts tell you it’s the RIGHT time to sell. The decision always has to come from you despite the odds.

As a top Realtor, I have more ways than one in determining when is the best time to sell your home. I can help you deal and convert these factors into something beneficial. If you have questions,  feel free to call me, Mynor Herrera, I can also give you expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium. 

LYNBROOK: Proposed site for the new middle school middle school

Choosing Rock Hills as the building site for the new Bethesda-Chevy Chase middle school met some apprehensions from people behind the project so certain things had to be reconsidered.

During the board meeting, the Planning Staff made a convincing presentation. They also took a lot of testimony from the audience. It was then heard that a possible school at Lynbrook, viewed with the same specifications used for Rock Hills, will fit quite well with some important factors being considered.

One of the things thought to be advantageous having Lynbrook is that the adjacent park will lose the closed and unused "activities building" and the park will get an additional tennis court, with no impact to the rest of the local park. Playground remains intact.

With regards to racial boundaries, it was apparently voiced out that there would be potential problems about it because of the place’s accessibility. Additionally, and this is most important, there will be no slowing down the process due to agency refusal or community lawsuits. Lynnbrook school is owned by BOE, so they become masters of their destiny and MNCPPC has already said they will absolutely work together with BOE to make the Lynnbrook Middle School site a reality. There will be no hold up with the mandatory and binding Tree Conservancy review for Rock Creek Hills.

If you draw a circle around Lynnbrook, there are many households that could walk to the new school or even bike on the soon to be built bike and hike trail as well as the coming PL. Less busing, more walking and a school in a community that values walkable community schools.

It seems to me from every goal and perspective, a Bethesda site would be the best. If a new elementary school is needed down the road there is the Rollingwood property, which is near Candy Cane City and nearing the end of their lease, possibly an excellent place to house the current 3 dozen MCPS adminitrative workers once they vacate Lynnbrook.

Let us hope cooler heads prevail at the BoE, and that they at least agree to a joint meeting to examine the possibility.

Would you like to work with a Realtor who offers valuable information and provides the highest level of customer service to his clients? Call me, Mynor Herrera, 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 sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium. 

Summer Cooling Tips

There's no better way to help our environment but lessen our energy consumption and while doing that, we need not suffer this summer. The following are helpful hints from a trusted home inspector.

As summer sets in, so does the increase to our energy bills because A/Cs are often turned on so we all need to find new ways to keep the house cool without wasting energy. You can save money and conserve energy by keeping your home naturally cool without using air-conditioning. Here are some helpful tips to keep your home cool during the hot season.

Let the Cool Air In - When the day cools off, open doors and windows to allow the cool air to circulate through the rooms of your home. Turn on fans to create a cross-breeze, circulating the cool night air. Keep the kitchen cabinets open all night because they can store heat in your home.

Keep Out the Heat - As the temperature climbs during the morning, close doors, and shut your blinds and curtains to block out the sun. This way you keep the cooler air in and prevent hot air from entering. Close doors quickly when entering or exiting your home.

Insulate - One of the most effective ways to keep a home cool is to install adequate insulation. Insulation keeps the home cool in summer.

Seal Drafts - Seal holes, cracks and openings in your home to stop the flow of hot air seeping in through the walls and ceiling. Weather stripping and weatherizing your home greatly reduces the amount of cool air that escapes.

Turn off heat sources - Avoid using the stove and oven as much as possible. Instead, use the microwave to quickly heat food without raising the temperature of the kitchen, and set your dishwasher to use its non-heated drying cycle. Incandescent light bulbs also create heat - switch to compact fluorescents instead. Turn off lamps, electronics, and computers when not in use.

As a top Realtor, I can give you more tips on how you and your family can enjoy summer at home . If you have questions,  feel free to call me, Mynor Herrera, I can also give you expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium. 

Rock Creek EXTREME Cleanup

A letter was sent to me regarding the annual Rock Creek Extreme cleanup at the Fenwick and Blair Tributaries. It is for a great cause so I invite everyone to join and have fun giving back to our environment. This Saturday will be a fantastic day! We will start on North Portal and East Beach drives near the Kalmia Road Bridge from 9AM and if things go according to plan we will be done by noon. 

What We Will Do

We will pick up litter and debris and bag in either a trash or recyclables bag. We will also keep a running tally of the types of items collected and record this on a tally sheet. We will place the bags and items along the curb and shoulder of the road for collection by DC Department of Public Works, Rock Creek Park, and the Maryland State Highway Administration. This record-keeping has played a significant role in getting the area bag laws enacted.  

Volunteer staff from the Towers Companies and the Blair Apartments will help us to focus on the north end of the Fenwick Branch, which needs attention due to its proximity to East-West Highway, encampments, and dumping. Scouts are helping us along the Blair Tributary. Is anyone interested in the remaining political signs?

Clothing and Equipment

Dress in layers since the temperature will change throughout the morning. Long sleeves and pants will protect your arms and legs from shrubs and branches. If you have work gloves, bring them. If not, we will loan a pair to you. The terrain is varied and includes slopes down to the streams as well as wet grass so wear appropriate shoes. Sunglasses will protect your eyes not only from the sun, but from stray tree branches as well. Do not forget to use sunscreen. Bring a refillable water bottle if you have one. You may want tobring a camera so that you can capture pre-cleanup conditions and the results of your labor. Please upload your pictures to the Rock Creek Conservancy Facebook page or email them to RCC at bbumpers@rockcreekconservancy.org .

This Corner of Rock Creek Park

Before urban development this area was part of the estates of the Blair and Fenwick families. These landowners have lent their names to the two local tributaries to Rock Creek. The historic North Boundary stone,which demarcates the DC/MD line, is located here. The Silver Spring, which lends its name to this area of Montgomery County, is a few blocks to the east.  

The Post Script

Volunteers are invited to the Post Cleanup Trash Bash that will be held at 12:30 – 3:00 p.m., at Rock Creek Park Grove #13, which is on Glover Road next to the Nature Center.

As a top realtor in the area, I am an advocate of making our environment a better place to live in and how can we achieve that - by cleaning it up. Our kids and family will benefit from this so if you have any questions about the project, call me, Mynor Herrera. You can also reach me for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.

How to Save Money on Airfare

Would you like to work with a Realtor who offers valuable information and provides the highest level of customer service to his clients? Call me, Mynor Herrera, 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 sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.

Taxation of Forgiven Indebtedness and The Mortgage Forgiveness Debt Relief Act of 2007

A trusted title company recently sent me some great info on the taxation of forgiven debt. Read below for the details.


Taxation of forgiven debt

Generally, if you owe a debt to a lender and the lender cancels or forgives that debt, the cancelled amount may be taxable. The theory is that the money you received when you borrowed it was not included in your income and was not taxed because you were obligated to repay it.  When that obligation is forgiven, the amount you received as loan proceeds becomes reportable as income because you no longer have an obligation to repay the lender.  The lender is usually required to report the amount of the canceled debt to the taxpayer and the IRS on a form 1099-C, Cancellation of Debt.  Simple example:  You borrow $50,000 and default after paying back $25,000. If the lender forgives and does not seek to collect the unpaid debt from you there is a cancellation of $25,000 of debt which is generally taxable to you as ordinary income.

Is Cancellation of Debt income always taxable?

No, there are some exceptions which render cancelled debt non-taxable, the most common of which are as follows:

• Bankruptcy: debts discharged through bankruptcy are not considered taxable income
• Non-recourse loans: A loan for which the lender's only remedy in case of default is to repossess the property used as collateral does not create forgiven debt income if the debt is not paid
• Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts exceed the value of all of your assets
• Qualified principal residence indebtedness:  This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners (see below)

Mortgage Forgiveness Debt Relief Act of 2007

• Generally, the Act allows for the exclusion of income realized as a result of the lender's forgiveness of indebtedness on your principal residence, resulting from loan modification, short sale or foreclosure sale
  
• ONLY applies to forgiven or cancelled debt used to BUY, BUILD OR SUBSTANTIALLY IMPROVE your principal residence or to refinance debt incurred for these purposes
• The maximum amount of debt that qualifies for this exemption is $2 million, if married, filing jointly, or $1 million, if filing separately
• This Act applies to principal residence debt forgiven in calendar years 2007 through 2012(unless extended by Congress). NOTE THAT THIS FORGIVENESS PROVISION WILL EXPIRE 12/31/12 UNLESS EXTENDED BY CONGRESS!
• If forgiven debt is excluded from income it must be reported on Form 982 and this form must be attached to your tax return.

 

For more detailed information go visit this website.

As a top Realtor, I can give you more insight regarding this article. If you have questions,  feel free to call me, Mynor Herrera, I can also give you expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium. 

Does your home have a curve appeal?

We've all heard the old adage "you never get a second chance to make a first impression." This is especially true when it comes to your home. If you're thinking about selling, there's no more important audience to attract than potential buyers, who are highly influenced by how a home looks the first time they get a glimpse of it. Even if your goal is just to impress your neighbors and guests you should pay close attention to the first impression your home in making. Here are a few simple tips and techniques that can positively affect your home's "curb appeal" and perhaps even its value.

Clean Up and Repair:
The most useful chores to tackle first are basic maintenance and repairs before moving onto larger projects. Clean windows and siding, make sure outdoor lights are working, stow away yard tools and equipment, and clean up dead branches and leaves. Make sure that fences, walkways, and the driveway are in good repair too - a home that looks well taken care of is always more attractive to buyers.

Landscaping:
A full landscape overhaul may not be necessary, but your yard, especially in the front, should look neat and well maintained. Trim any overgrown shrubs, remove weeds, and tidy up planting areas. If the season is right, add some colorful flowering plants to brighten up areas around walkways and the front entrance. It's an easy and inexpensive way to create an instantly welcoming feeling.

The Entrance:
The front door is another key element of that all-important first impression, and should reflect the style of the home. If replacement is cost-prohibitive, consider reviving a tired, faded door with a fresh coat of paint in a great accent color and swapping out the hardware.

Paint It New:
Brighten up the exterior of your home with a new paint job. Driving around your neighborhood may inspire some ideas of what may be flattering to your home. If you're planning to sell your home, it's usually best to go with colors that have widespread appeal so that potential buyers won't be put off by unusual colors or combinations. Painting the exterior can add significantly to the home's value.


For more tips on how to ready your home for sale, please contact your local Pillar To Post office.

Do you want to impress your neighbors and friends? As a top-producing Realtor who sold a lot of beautiful homes, I have more tips for you on how to make yours look amazing. Feel free to call me, Mynor Herrera, I can also give you expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.

HUD Secretary Shaun Donovan to be the Luncheon Keynote Speaker

Shaun Donovan has devoted his career to ensuring access to safe, decent, and affordable housing, and has continued that effort in the Obama Administration. Secretary Donovan believes that America's homes are the foundation for family, safe neighborhoods, good schools and job creation.   

Read his Bio here.

 

His tenure as HUD Secretary has reflected his commitment to making quality housing possible for every American. Sworn in at a time when the foreclosure crisis had devastated American families, under Secretary Donovan’s leadership HUD has helped stabilize the housing market and worked to keep responsible families in their homes. The agency has instituted reforms that have solidified the Federal Housing Administration’s financial position and protected the taxpayer against risk, while still preserving FHA’s mission of providing responsible access to homeownership.

DATE: Monday, May 7, 2012 TIME: 8:00 AM - 3:30 PM

LOCATION: Bethesda North Marriott Conference Center

Individual Registrations Click Here

Click here for luncheon table registration form

Exciting Awards Presentations:

Paul Sarbanes Community Service Award

Break the Barrier to Home Ownership Awards

Architectural Awards for New Construction and Renovation

We are proud to celebrate 21 years of creating, expanding and improving affordable housing options in Montgomery County – through education and collaborative work with our visionary partners. Sponsorship opportunities are available.  

Who should attend?

•Architects

•Bankers

•Builders

•Community Development specialists

•Developers: Nonprofit & For-profit

•Government Agencies – Local, State and Federal

•Housing Advocates

•Management Companies

•Mortgage Lenders

•Realtors •Service Providers

Contact Lise Tracey at 301-520-1587 or

ltracey@affordablehousingconference.org for more information. As a member of the Board of Directors for the Affordable Housing conference, I can answer your questions regarding this article. Call me, Mynor Herrera, I can also give you expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.