1/27/14

No More Bubbles!


Wingwire.com
If you can recall the housing bubble that took place around 2007, many people went after the American dream. The house with the grandiose marble staircase and the luxurious swimming pool became possible to attain because lenders were allowing consumers to borrow the money that was necessary to obtain these gilded desires. However, many lenders neglected to make sure that an individual could afford to pay the money back. Consequently, homeowners that were initially qualified to receive those loans were left in a position where they could no longer afford to repay them. This caused a ripple effect throughout out the entire financial industry and led to the collapse of certain financial institutions.

Now that the market is somewhat recovered, congress is making lenders learn from their past mistakes by implementing the Dodd-Frank Wall Street Reform and Consumer Protection act. The Consumer Financial Protection Bureau issued these new guidelines to mortgage lenders with goals of bringing down foreclosures and preventing future housing bubbles from being created or expanded. The CFPB focused specifically on Regulation Z. This deals with the Truth in Lending Act which directly impacts a consumers ability to purchase a home.

The regulation prohibits lenders from creating a loan without considering the borrowers ability to repay and enforces parts of the Dodd-Frank Act. Regulation Z also prohibits lenders from penalizing borrowers who pay off their loans early and makes lenders retain information that they have been following through on the new guidelines for three years.

Now potential homeowners will receive honest feedback regarding their financial stability and the kind of home they will be able to afford with their loan. Lenders have to make a thorough assessment of a homebuyers' financial income, debt to income ratio and any assets that they may have to determine their ability to repay the loan. For more information about the Dodd-Frank regulations visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov

Source: The Consumer Financial Protection Bureau

Unsure about how to navigate today's unpredictable real estate market? Let us help you make an informed decision and deal with any concerns you have about purchasing the home of your dreams.


Mynor and Associates
Keller Williams Capitol Properties
License 611201301-473-1622
For Sale by Agent/Broker





1/23/14

A Playdate with Rocknocerous!

Mynor and Associates is proud to team up with the Ohr Kodesh Early Childhood Center PTA and other local organizations to sponsor a live concert with the famous children's band Rocknocerous. The event is going to take place at the Ohr Kodesh Congregation in Chevy Chase, MD on Sunday, January 26th at 10:30 am. Come and rock out to some great tunes and enter the raffle drawing to win a variety of prizes including a week long getaway to Ocean City MD, New York City! 

Proceeds from this event will help support the Ohr Kodesh Early Childhood Center.

Other Sponsors:
Happy Family Foods
Kol Foods
The Lee Goldstein and Dina Paxenos Team - Evers and Co
Nails Home Partners LLC
Rock Creek Sports Club 

For more information about the event or to purchase raffle tickets by check or cash contact Jennifer Taransky here:

Purchase tickets online

Learn more about the even on Facebook here:

January 2014 Market Report: A Bigger Inventory equals More Settlements

2013 ended with higher home prices in the District of Columbia and Montgomery County, with homes spending less days on the market than in 2012. Settlements increased for condos and single-family homes in both jurisdictions, but inventory was higher compared to December 2012


Washington D.C.

The average number of days on the market was down 37.9% compared to December 2012. The median price for condos was up 7.5% and single family homes saw a 13.2% increase. Condo and single family inventory increased in December with a 11.9% increase for condos and a 1.5% increase for single family homes. Condo contracts dropped slightly, 2.7%, but condo settlement activity 23.3% increase over December 2012. Single family contracts also dropped slightly, 1.5%, but single family settlements rose 16.8% over December 2012.

Montgomery County

The average number of days on the market was down 13.1% from December 2012. Median condo prices saw a 5.7%, with the price of single-family homes increasing by 8.2%. The amount of available inventory increased in December with a 21.1% increase for condos and a 8.1% increase for single-family homes compared to December 2012. Condo contracts decreased 1.9% in December but the number of single-family contracts saw a slight increase of 0.8%. Condo settlements increased 13.6% and single-family settlements increased by 8.4% compared to December 2012. 

District of Columbia
December 2013
December 2012
Change
Average Days on Market: Condo & Single-Family Homes
36
58
-37.93
Condo Median Price
$408,500
$380,000
7.5%
Condo Total Active Listings
554
495
+11.9%
New Contracts This Month
216
222
-2.7%
Condo Settlements this Month
318
258
23.3
Condo Absorption Rate (Total Active Listings/New Contracts)
2.56
2.22
15.3%
Single Family Median Price
$599,900
$530,000
13.3%
Single Family Total Active Listings
534
526
-1.5%
New Single-Family Contracts This Month
257
261
-1.5%
Single Family Settlements This Month
355
304
16.8%
Single Family Absorption Rate (Total Active Contracts/ New Contracts)
2.08
2.02
3.0%

Montgomery County
December 2013
December 2012
Change
Average Days on Market: Condo & Single-Family Homes
53
61
-13.11
Condo Median Price
$220,900
$208,225
5.7
Condo Total Active Listings
419
346
+21.1%
New Condo Contracts This Month
159
162
1.9%
Condo Settlements this Month
209
184
13.6%
Condo Absorption Rate (Total Active Listings/New Contracts)
2.64
2.14
23.4%
Single Family Median Price
$460,000
$425,000
8.2%
Single Family Total Active Listings
1330
1230
+8.1%
New Single-Family Contracts This Month
483
479
0.8%
Single Family Settlements This Month
622
574
8.4%
Single Family Absorption Rate (Total Active Contracts/ New Contracts)
2.75
2.57
7.0%

Source: Greater Capitol Area Association of REALTORS

Want a team of Realtors that keep up with the latest market information about the D.C. and Montgomery County housing market? Contact Mynor and Associates to help you find your dream home!

Mynor Herrera

Keller Williams Capitol Properties
License 611201301-473-1622
For Sale by Agent/Broker


1/16/14

Readers' Pick for Bethesda Magazine

Every year Bethesda Magazine picks the best businesses and restaurants to feature for its annual Best of Bethesda issue. This year, Keller Williams Realty earned the top vote getter for best real estate agency in the 2014 Best of Bethesda issue of Bethesda magazine! We are so honored that readers in this area voted for our agency as one of the best in the area!

Want to know more about what makes us the best real estate agency? Hopefully you will find out why when you contact us to help you find your dream home today!

Mynor Herrera
Keller Williams Capitol Properties
License 611201301-473-1622
For Sale by Agent/Broker



1/13/14

Cutting Carbon Footprints with DIY Construction



Wintertime can make for great memories and awesome parties despite dropping temperatures and unpredictable winter weather. After New Years Eve, people escape the cold by hibernating into the warmth of their homes while dreading the amount they have to pay in heating and energy bills.  People also begin to make their resolutions to get healthier, save more money and spend less. Aside from cutting up credit cards and paying off debt, going green is also a great way to save money. By investing in greener appliances and replacing old fixtures and windows, a homeowner can reduce overall household costs and save more money in the long run.

Recycling and reusing more often is a great place to start, but bigger savings are possible when home improvements are made to replace energy draining appliances and upgrade less expensive items such as toilets and faucets. Before making any home improvements, it is a good idea to see where your house currently stands with an energy efficiency audit. On EnergyStar.gov, there is a checklist called the energy saver yardstick that helps homeowners determine how green their house based on location and a years worth of energy bills (gas, water, heat, etc). There are also auditors available through local energy companies that can come out and do an energy assessment on a homeowner's property. Once an assessment has been made, a homeowner can embark on the home improvements necessary to make their property more energy friendly. 

A good place to start when making your house green would be with the heating and central air system in your house. According to an info graphic about heating costs on Energy.gov, space heating is the largest energy expense in the average U.S. household. So upgrading the heating system would make a big difference in overall household costs and lower energy bills significantly during the winter. Before making such a large purchase, try to make minor fixes that cost less. For example, seal spaces that allow air to seep through and replace old doors and windows to keep the cold air out during the winter and keeps the heat out during the warmer months. 

Water is also a big household expense and takes up a large portion of household bills. Frequent water usage for laundry cycles, cooking and bathing definitely add up when the bills are due. However, the home improvements that can be made to conserve more water cost less to upgrade or replace. HouseLogic.com reports that high efficiency toilets save more money by reducing how much water is used during each flush cycle. Another growing trend is the waterless toilet. Instead of flushing traditionally into a city water system, waste is disposed of or reused by the owner. While this can sound unsettling, avid gardeners may enjoy not having to spend money on compost by using what is left to decompose. Swapping out old leaky faucets and shower fixtures can also help conserve water by controlling how much water cycles through the fixture during each use and providing auto shut off features that are specific to how much an individual wants to conserve. Using less hot water during laundry cycles and taking shorter showers will also save money in terms of water usage. High efficiency water heaters also allow homeowners to save money by using less energy to heat up hot water. They also have a longer life expectancy whereas traditional water heaters are more vulnerable to the elements and have a lesser life expectancy.



Updating a home to be more green can very costly, but there is a huge gain to be had during tax season for replacing energy wasting appliances with more efficient ones. Not only are there federal tax credits for investing in greener home improvements but there are state rebates that can be granted for homeowners in the DMV area. For information about which tax rebates are available, go to Energy.gov's and select your state underneath the savings and rebates banner on the right hand side.

Looking for a realtor that can help you find the perfect home that will help you find the perfect eco friendly property? As the top 1% in the nation, we can help you find the home with all high efficiency upgrades that can help you shrink your carbon footprint and lead a more eco friendly lifestyle. I am licensed in Maryland, Virginia and Washington D.C. with a focus on selling homes in the Chevy Chase and Bethesda area. We also work with the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and White Hill Condominiums.

Contact us today!

Mynor Herrera
Keller Williams Capitol Properties
License 611201
301-437-1622
For Sale By Agent/Broker