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Showing posts with label Whitehall Condominium. Show all posts
Showing posts with label Whitehall Condominium. Show all posts
9/13/13
OPEN 9/22 1-4!! Well maintained 2BR condo with balcony & 24-hr desk, just steps from Metro & all Bethesda offers!
7/31/13
For Rent! Beautifully furnished condo in downtown Bethesda, everything you need.
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4/3/13
When to DIY and When to Hire a Pro
Doing maintenance jobs yourself can be a smart way to save money, but choose the right DIY projects or you’ll end up paying dearly.
Why pay someone to do something you can do yourself? Because sometimes doing it yourself costs more than it saves.
More than 100,000 people injure themselves each year doing home improvement jobs. So add medical bills to your DIY budget, and you ending up spending the same, or more, than if you hired a pro. We’re not suggesting that you call a plumber each time you need to plunge a toilet. But think twice about what DIY might really cost you. Here’s how to decide.
Stick to routine maintenance for savings and safety
Seasonal home maintenance is ideal work for the weekend warrior because you can tackle these jobs when your schedule permits. Because these are routine maintenance projects, your savings will add up. Mowing your own lawn, for example, saves $55 to $65 a week for a half-acre lawn. The bigger the lot, the bigger the savings: with two acres, you’ll pocket around $150 per week.
When it pays:
Become your own general contractor
If you’re more comfortable operating an iPhone than a circular saw, you could act as your own general contractor on some home improvement projects. That means you hire, schedule, and pay the carpenters, plumbers, and other tradesmen yourself. You’ll save 10% to 20% of the job cost, which is the contractor’s typical fee.
When it pays: If it’s a small job that requires only two or three subcontractors, and you have good relationships with top-quality professionals in those fields, consider DIY contracting.
When it costs: When you don’t have an established network of reliable workers, time to supervise, construction experience to spot problems, and the skill to negotiate disputes between subcontractors, your project and budget are at risk.
Invest sweat equity on big jobs
Contribute your own labor to big jobs being handled by a professional crew and cut hundreds, even thousands, off construction costs. For instance, tear out kitchen cabinets and appliances before the contractor gets started, and you might knock $800 off the cost of your remodel. Make sure you negotiate cost savings with your contractor before pitching in.
When it pays: Jobs that are labor-intensive but require relatively little skill make perfect sweat equity jobs. Perform minor interior demolition, such as pulling up old flooring, daily job site cleanup, product assembly, and simple landscaping.
When it costs: If you get in the crew’s way, you may slow them down far more than you help. Make your contributions when the workers aren’t around; mornings before they arrive, or nights and weekends after they’ve left.
Add finishing touches
Unlike the early phases of a construction job—which require skilled labor to frame walls, install plumbing pipes, and run wires—many finishing touches are comparatively simple and DIY-friendly. If you paint a basement remodel yourself, for instance, you can save up to $1,800.
When it pays: If you have skill, patience, or an experienced friend to teach you, setting tile, laying flooring, painting walls, and installing trim are good DIY jobs.
When it costs: The downside to attempting your own finish work is that the results are very visible. Hammer dents in woodwork, or sander ruts in hardwood floors will annoy you every time you see them. So unless you have a sure eye and a steady hand, don’t perform the tasks that only a skilled tradesperson will get right.
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| Look for maintenance jobs that are relatively easy and need to be done regularly, so you can hone your skills over time. |
More than 100,000 people injure themselves each year doing home improvement jobs. So add medical bills to your DIY budget, and you ending up spending the same, or more, than if you hired a pro. We’re not suggesting that you call a plumber each time you need to plunge a toilet. But think twice about what DIY might really cost you. Here’s how to decide.
Stick to routine maintenance for savings and safety
Seasonal home maintenance is ideal work for the weekend warrior because you can tackle these jobs when your schedule permits. Because these are routine maintenance projects, your savings will add up. Mowing your own lawn, for example, saves $55 to $65 a week for a half-acre lawn. The bigger the lot, the bigger the savings: with two acres, you’ll pocket around $150 per week.
When it pays:
- Snow removal
- Pruning shrubs
- Washing windows (be careful on that ladder)
- Sealing decks
- Painting fences
- Fertilizing lawns
- Replacing air conditioner filters
- Cleaning gutters
Become your own general contractor
When it pays: If it’s a small job that requires only two or three subcontractors, and you have good relationships with top-quality professionals in those fields, consider DIY contracting.
When it costs: When you don’t have an established network of reliable workers, time to supervise, construction experience to spot problems, and the skill to negotiate disputes between subcontractors, your project and budget are at risk.
Invest sweat equity on big jobs
When it pays: Jobs that are labor-intensive but require relatively little skill make perfect sweat equity jobs. Perform minor interior demolition, such as pulling up old flooring, daily job site cleanup, product assembly, and simple landscaping.
When it costs: If you get in the crew’s way, you may slow them down far more than you help. Make your contributions when the workers aren’t around; mornings before they arrive, or nights and weekends after they’ve left.
Add finishing touches
Unlike the early phases of a construction job—which require skilled labor to frame walls, install plumbing pipes, and run wires—many finishing touches are comparatively simple and DIY-friendly. If you paint a basement remodel yourself, for instance, you can save up to $1,800.
When it pays: If you have skill, patience, or an experienced friend to teach you, setting tile, laying flooring, painting walls, and installing trim are good DIY jobs.
When it costs: The downside to attempting your own finish work is that the results are very visible. Hammer dents in woodwork, or sander ruts in hardwood floors will annoy you every time you see them. So unless you have a sure eye and a steady hand, don’t perform the tasks that only a skilled tradesperson will get right.
Will you hire a pro for the next home maintenance project or will you DIY? If hiring a professional, we would be more than happy to get you in touch with one of our preferred contractors. And, as always, contact me, Mynor Herrera, for expert advice on everything real estate. I am licensed in DC, MD & VA, and I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.
Source: houselogic.com
Source: houselogic.com
2/4/13
Mynor & Associates Giveaway!
Congratulations to Vanja for winning
this month's giveaway: A Beach Condo Stay in Ocean City, MD.
Thanks for
liking our Facebook Page: Mynor & Associates!
We will continue to offer exciting giveaways every time we get 50 likes on our Mynor & Associates Facebook Page. Stay tuned to find out who the next winner will be!
As always, please contact me, Mynor Herrera,
for expert advice on everything real estate. I am licensed in DC, MD
& VA, and I specialize in Bethesda and Chevy Chase, as well as the
subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and
Whitehall Condominium.
1/24/13
8 ways the housing market has changed for 2013
The real-estate recovery is now in full effect in most areas, and that means more of you are hopping off the fence to buy or list a home. Do you know what you're in for?
The housing market is a different place than it was just six months ago, with new issues, rules and opportunities — even for those who are planning on staying in their house for a while. We will fill you in on eight ways the housing market has shifted since last spring's peak selling season and what these changes mean for you: the buyer or seller.
1. Homes are more expensive — but not much more.
An improving economy and low interest rates have boosted buyer demand in most markets, decreasing supply and raising prices. Indeed, the national median home price increased 10.1% in November to $180,600 from the same period a year earlier, according to the National Association of Realtors. November marked the ninth consecutive month of home-price increases.
This year, the gains should be more restrained, says Alex Villacorta, director of research and analytics at Clear Capital. "2013 should be interesting for the housing market, where national gains should continue to see upward growth, but likely at a more modest growth,” he says. Clear Capital expects prices to rise just 2.1% nationally this year.
2. Loans are getting pricier.
After bouncing along at record lows in 2012, interest rates are expected to rise slightly in 2013. Just how much is really anyone's guess. However, Greg McBride, senior financial analyst with Bankrate.com, says he wouldn't be surprised if rates hovered between 3.5% and 4% for much of the year, barring any big changes in the overall economy.
Moreover, the costs associated with securing some loans are rising, as well. The Federal Housing Administration last spring once again increased its one-time upfront mortgage insurance premium for minimum down-payment loans to 1.75% of the loan, while raising its annual monthly premiums to 1.25%.
Still, McBride says he doesn't expect small increases to deter many buyers from the FHA's low down-payment loans. Many people, he says, just don't have enough cash tucked away for a conventional loan.
3. Inventory is bottoming out.
Rates are great, but not a lot of houses are for sale.
The inventory of existing homes for sale at the end of November was down 3.8% from the previous month to 2.03 million. That represents a 4.8-month supply at the current sales pace and is the lowest supply since the go-go market of fall 2005. Listed inventory is down 22.5% from a year ago, when there was a 7.1-month supply.
The dearth of listings should begin to change sometime this year, analysts say, as pent-up demand, historically low interest rates and slightly higher home prices prompt more move-up buyers to list their home.
However, for the foreseeable future, if home shoppers see a desirable property, they should move quickly, because in this tight market they can be sure that someone else will.
4. A new mortgage rule will protect buyers from shady lenders.
To head off another financial crisis, the government's consumer watchdog, the Consumer Financial Protection Bureau, recently announced a new rule to ensure that prospective buyers are actually able to repay their mortgage.
The Ability to Repay rule, which officially takes effect in January 2014 but will be put into place by most lenders sometime this year, protects consumers from risky practices such as "no doc" and "interest only" features that contributed to so many people losing their home in recent years.
The new rule, spurred by 2010's Dodd-Frank financial-reform law, requires that borrowers' financial information — employment status, income, assets and debt – be supplied and verified by lenders, thereby eliminating no- or low-doc loans. That information, including debt-to-income ratio, must be used to prove that the borrower has the ability to pay back a loan.
5. Home-equity loans are back.
Low mortgage rates may have stolen all the headlines last year, but rates on home-equity loans have been falling, too, making those long-overdue home remodels more attractive to people who have been in their house for some time.
The average rate on a fixed-rate home-equity loan fell to 6% in early January from 6.3% at the beginning of November, according to Bankrate.com. That average ran as high as 8.5% during the financial crisis in 2009.
Why did these loans get so pricey? Home-equity loans became much riskier for lenders in recent years, as home values declined and huge waves of people began defaulting on their mortgage. Equity lenders get paid only after the primary mortgage lender gets its money, so many lenders were taking losses on these loans as distressed-property sales failed to recoup enough to satisfy these second liens. Many got out of this business, McBride says.
Now, however, with home values rising, more lenders are willing to make these loans.
6. There are fewer distressed-home bargains to buy.
The mortgage crisis is starting to fade into memory, and so are those cheap foreclosure deals. While the number of distressed homes is still fairly high at 2.3 million units, according to CoreLogic, fewer of these homes are getting a for-sale shingle.
One reason: Almost half of those 2.3 million homes are still seriously delinquent but haven't been taken back by the bank because of a backlog in processing.
Moreover, a large number of the properties being repossessed by lenders are being sold off in portfolios to investors, rather than listed for individual buyers. When they make it back onto the market with a little face lift, they aren't such a bargain anymore.
In addition, many portfolios of single-family bank-owned homes are being auctioned as rental properties. These big portfolios of homes are attracting the big guns, including national real-estate investment trusts (or REITs) that are expected to buy tens of thousands of properties over the next several years.
That's great news for sellers, who have seen their neighborhood property values hammered by bargain-basement bank sales. But it's meant rising prices for buyers as inventory has dwindled.
7. More new construction is coming.
Existing homes are in short supply, but there will soon be many more new homes to add to the mix.
While housing starts fell slightly in November on delays related to superstorm Sandy, the number of building permits for new single-family homes and condominiums rose 3.6% from the previous month alone and a whopping 27% from the same time last year.
Record-low interest rates and an uptick in hiring spurred the increased activity by builders. New-home sales are up 15.3% over the past year, hitting an annual rate of 377,000 in November, according to Census Bureau data.
New-home prices, however are moving up faster than prices for existing homes. The median price of a new home in the U.S. rose to $246,200 in November, a 15% increase from the previous year. Greater supply in the months ahead, however, could ease the pace of future price increases.
8. The luxury market suffers a hangover.
Sales of homes over $1 million surged 51% in November, as high-net-worth owners rushed to list their existing homes and buy new ones to avoid the capital-gains tax hikes in January that were part of the fiscal-cliff deal.
Under these changes, high-income earners would pay $88,000 less in taxes if they made a $1 million profit on their home in 2012 rather than in 2013. So, out went the for-sale signs, and down came the inventory of luxury homes in the last quarter of 2012.
Publicly traded Toll Brothers, which specializes in the luxury-home market, saw its sales contracts jump 60% in the fourth quarter from the same period last year — the highest level since the red-hot market of 2005. "We enjoyed resurgent activity across all of our product lines and in most of our geographic regions," said Douglas C. Yearley Jr., Toll Brothers' chief executive officer.
However, due to the dwindling supply of luxury homes in many markets and the huge number of buyers who took the plunge last year, experts predict a bit of a slowdown in luxury-home sales during the first part of this year.
For those shopping for a high-end custom home, it means less to choose from, but also a lot less competition. Of course, the drop-off in demand probably won't last long. More and more big-budget international buyers are continuing to invest in U.S. real estate, particularly along the coasts.
After so many years of decline, American real estate remains quite the bargain.
Source: MSN Real Estate
In what other ways do you expect the housing market to change this year? How will these changes affect buyers and sellers? If you would like to discuss, call me, Mynor Herrera, for expert advice on everything real estate. I am licensed in DC, MD & VA, and I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.
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