Hill Slowinski • Real Estate: Blog

In Brookmont, at the C&O Canal

111 Valley Road, Bethesda, MD  20816  MLS # MC9375221

Offered for $675,000   Virtual Tour

Open House:  Sunday, July 25, 1-4 PM

In nature's setting with all the upgrades! Along the Chesapeake & Ohio Canal National Historic Park (near Lock 6), close to High Island in the Potomac River near Little Falls, the old tow path, hiking and biking trails, and the Old Conduit Road. Former home to two Olympic Kayakers. Reno-vated kitchen and bathrooms, refinished floors. Rock patios, pathways, stairs, and terraces surround this diamond in Brookmont - ½ mile to shopping, and 1 mile to the DC line.

 Located in the Brookmont community known for its affinity to nature, hiking, kayaking, and outdoor appreciation, this home is within throwing distance to the access to the National Park along the Potomac River. The home was built in 1928 in a natural hillside setting.

This two bedroom, two full bath Colonial includes the open living room with large windows, brick wood-burning stove/fireplace with flagstone hearth. The breakfast area and kitchen look out to tree-height views of the park. The new kitchen is highlighted by granite counter-space, new cabinetry, new appliances, and a country pantry.

The second level back door opens outside to a gracious stone patio, stone retaining walls, terracing and natural gardens, and sweeping stairways to lower level terraces and garden areas.

Renovations and updating were made during 2006-2008. The hardwood flooring throughout the house has been refinished to its natural tones, and the windows have been replaced and updated.

For more information, see: www.HillSlowinski.com.

Current Program Extended and Revised; Expanded to Repeat Home Buyers

Despite the many rumors, projections, and hopeful expectations presented in the press in very recent weeks, the final legislation for the tax credit afforded home purchasers has several new features and requirements that distinguish this program from the one which is due to expire November 30. 

Here are important requirements of the new plans, signed into law November 6.

The $8,000 First-time Home Buyer Tax Credit

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up/Repeat Home Buyer Tax Credit

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010 However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Available for ANY Home at ALL Income Levels

How do you buy a house in need of repair and finance the repairs all at the same time? 

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.  A high cost interim loan is often used to finance repairs or renovations. Now there is an alternative.

Now it is possible to for anyone to finance a new home purchase and needed renovations in one settlement transaction.  FHA 203K financing and renovation loans are designed with renovation in mind. They can be streamlined (under $35,000) or standard (over $35,000) and can be secured with one application, executed in one closing, and repaid with one monthly payment.  The benefits include:

• Great way to leverage financing of homes with potential
• Buyers can make progress where seller s (or banks for REO properties) cannot make repairs
• Buyers can create potential equity in promising properties                

The loans can provide up to 110% of home purchase price (up to the after-improvement appraisal value).  Examples of qualified improvements include:  roof, HVAC, plumbing fixtures, painting, new windows, disabled access, moving non-load-bearing walls, carpet, tiles, floors, waterproofing, septic system, wells, and lead paint stabilizing.  No major rehabilitation no new construction, no landscaping.

203K Streamlined Loan is a limited repair program - a cosmetic improvement based loan.  It applies to owner occupied purchase of 1-4 units only.  Total renovation amounts of up to $35,000 (including approximately $1500 of administrative costs) are available.  Renovations must enhance livability, health, and safety of the owner and can improve cost effective energy conservation.  No luxury items can be funded.  Renovations must meet HUD and FHA requirements.   No HUD consultant is required and there is no minimum repair amount.  Work must start within 30 days of closing

The 203K Standard Loan is available for work with a $5000 minimum and a total over $35,000.  This loan  allows structural changes and requires 10%-20% as a contingency reserve. HUD compliance is required and one Inspection must occur before withdrawals.  Properties must be at least one year old and have been completed all at one time, and not part of a stalled or incomplete development.  Work must begin within 30 days of settlement and be completed within 6 months.

Contact me for more information on the benefits and advantages this financing can provide. 

For more information, see: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Hill Slowinski, serving clients in DC, MD, and VA

W.C. & A.N. Miller Realtors, A Long & Foster Company

4701 Sangamore Road,  Bethesda, Maryland  20816

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-229-4000

Email: hslowinski@longandfoster.com or Hill@HillSlowinski.com

Recession Hit the Region in a Big Way in ‘08, Driving Down Sales and Prices

By Alejandro Lazo, Washington Post Staff Writer, Saturday, March 28, 2009; F01

 [An interesting overview of the Greater Washington Metropolitan Area market at the end of 2008.  Excerpts for the close-in DC area follow...]

Home sales fell throughout the region as credit dried up and buyers fearful of an increasingly uncertain job market sat on the sidelines. No local jurisdiction except the District was spared from falling home prices, and some of the hardest hit Zip codes in the suburbs had declines of more than $100,000. ...

Region-wide, the median sales price for single-family houses and townhouses fell 8 percent, to $382,500 from $417,000, in 2007, according to a Washington Post analysis of government sales records. The median price for condominiums also fell 8 percent, to $268,000 from $289,900. The median is the point at which half the homes cost more and half cost less.   ...

District of Columbia

- The District fared the best out of all the jurisdictions in the region, according to The Post's analysis. While sales volume slid 30 percent, to 2,239 homes from 3,212 in 2007, the median home price rose 8 percent, to $520,000, from $480,000.   ...

Virginia

- In Fairfax County, the median home price fell 14 percent, to $445,000 from $520,000, and volume declined to 9,852 homes sold from 10,851. Several Zip codes had six-figure drops.

- In Alexandria, the median home price fell 5 percent, to $550,000 from $580,000, while the number of homes sold fell to 832 from 1,315. It remained the region's priciest jurisdiction.

- In Arlington, the median home price fell 7 percent, to $543,000 from $581,000, while the number of homes sold fell to 1,375 from 1,713. ...

Maryland

- Montgomery County experienced the steepest drop in home prices among the suburban Maryland jurisdictions, a sharp reversal for a county that had otherwise withstood some of the worst of the housing bust. The median home price fell 11 percent, to $440,000 from $495,000, and sales volume plummeted to 7,195 from 8,598.

- The housing market in Prince George's County continued to erode. The median home price fell 7 percent in the county, to $314,910 from $340,000, while sales volume fell to 3,831 from 7,993 in 2007.

- In Charles County, the median price fell 5 percent, to $309,990 from $325,000. There were 1,170 sales, down from 1,918.

- In St. Mary's County, the median price fell 7 percent, to $285,000 from $305,000. Sales fell to 899 from 1,080. ...

For Full Article and for link to County-By-County breakdowns, see: http://www.washingtonpost.com/wp-dyn/content/article/2009/03/26/AR2009032604075.html

 Hill Slowinski

WC&AN Miller Realtors, A Long&Foster Company

4701 Sangamore Road,  Bethesda, Maryland  20816

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-229-4000

Email: hslowinski@longandfoster.com or Hill@HillSlowinski.com

Web Site: www.HillSlowinski.com