Lori S. LaRue, Keller Williams Preferred Properties

Prince Georges is bringing in lots of new businesses. That means jobs. All while still being a very affordable place to buy a home.

Prince George's has the most new businesses of any Maryland county - what's behind the surge? - Maryland Matters By James Matheson Prince George’s County has long been considered the poor step-sibling of the Washington area’s more affluent and business-savvy counties. But that image is starting to change as the county becomes an increasingly attractive location for new companies, including many that are de...

Here is a Snap Shot of how the Washington, DC real estate market is performing. It looks like the beginning of the Spring Selling Season is moving very nicely. We don't want it to move too slow, move too fast - we want it to move Just Right! Seeing New listings increase 19.6% is just fantastic!

Grants for home renovations in DC. We’ll explore this further soon. Great info.

Renovate Space: Washington DC Homeowner Grants in 2024 Looking to enhance your DC home? Discover how Washington DC homeowner grants can turn your property dreams into reality.

Interesting. Researching for clarity. You may be due a refund from HUD for over payment of MIP (Mortgage Insurance Premiums).

HUD sued over alleged failure to refund mortgage insurance premiums - HousingWire The agency is being sued over accusations that it failed to refund nearly $385 million in premiums over a period of more than 20 years.

Under Contract in Takoma Park DC!!!!

4 Bedrooms, 3 Full Baths, 3 Levels, 10K + Square Foot Lot, Beautiful Screened Deck, Driveway for 4 cars, PLUS Bonus Space in a Outbuilding which may be appropriate as home office, art studio, music studio, cottage industry space or anything else you'd like it to be!!

Contact me to see just how much more you may earn when you sell your home!

Real Estate Statistics for January 2024 - Washington, DC
Looks like we're going to roller coaster our way through 2024. Big take away: Look at the number of closed sales in 2023 and then slide over on the chart to 2023. This gives us a little peak into 2024. The number of homes for sale continues to be very low. Until some more houses come to the market we'll continue to see prices climb. Supply ⬇ leads to Prices ⬆

Fannie Mae announces a $2500 credit for buyers who utilize the HomeReady Program. This credit will be available to purchasers who close March 1, 2024 - Feb 1, 2025.

Fannie Mae updates HomeReady, provides temporary $2,500 credit - HousingWire Another step the GSE took was to enhance the best efforts commitments on HomeReady

Just a reminder that it's free and easy to Freeze Your Credit Reports. You can quickly unfreeze your reports when you need to apply for credit. You must freeze each report individually. Don't let scammers have access to your credit!

How to Freeze Your Credit - NerdWallet Learn how to freeze and unfreeze your credit at the three major credit bureaus to help prevent identity theft and fraud.

OK, It's Back!!! It has been 4 years since this program has come to the DC area. When it was here in 2018 I was able to get 6 buyers through a highly competitive process to receive a $20K grant! The grant this year is $10K. Email me at [email protected] to get on the list for updates on the process. There are usually several steps to participate so be on the list for details!

Wells Fargo’s new down payment grant program offers $10K to eligible buyers Wells Fargo's Homebuyer Access grant program is available to those who have a combined 120% or less of the area median income (AMI). It's available in eight metros across the country.

This is an incredible graphic (if correct. And I think it is. 42% have no mortgage at all.

Among U.S. mortgage borrowers...

26% have a rate under 3.00%

70.7% have a rate under 4.00%

91% have a rate under 5.00%

96.3% have a rate under 6.00%

via

Lance Lambert on Twitter “Among U.S. mortgage borrowers... 26% have a rate under 3.00% 70.7% have a rate under 4.00% 91% have a rate under 5.00% 96.3% have a rate under 6.00% via ”

Airbnb is going through some things.

This graphic would indicate that revenue is dropping at a rapid pace. I'm working on pulling the DC and nearby suburbs data. However what trends in the western US tends to come our way. Some owners will likely move to long term yearly tenants. However others are highly leveraged, won't be able to make the payments with one long term tenant and (hopefully) will come to the market for sale. Let's see where this is going.

"The Airbnb collapse is real.
Revenues are down nearly 50% in cities like Phoenix and Austin.
Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse."

Nick Gerli on Twitter “The Airbnb collapse is real. Revenues are down nearly 50% in cities like Phoenix and Austin. Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse.”

Well this explains a few things! Instead of reporting that you actually paid your credit card balance DOWN (which the algorithm would pickup as a good behavior and reward you with additional credit score points) some banks are just reporting that you met the minimum payment requirement on time. Not at all the same thing. The CFPB is warning banks to stop suppressing actual payment data on credit reports!

https://www.consumerfinance.gov/about-us/blog/why-the-largest-credit-card-companies-are-suppressing-actual-payment-data-on-your-credit-report/

This is what is happening with DC Real Estate - and the country as a whole. Year over year we have fewer listings, fewer sales and fewer closed sales. I'm afraid that if homeowners who want to move up or downsize aren't willing to let go of their lovely 3.0% interest rates - we are going to have continued price increases due to the lack of inventory. Let's see if the April data shows some improvement in inventory - that report will be out in a few days.

DC/Montgomery Statistics for December 2022. The number of transactions are down but prices are holding.

Here are the Home Sale Statistics for December 2022. In general it's not as bad as many would project. Here's the summary for Prince Georges County:

🏡 The number of Units Sold for the month of December went down 34.2%. So the increase in interests caused many buyers to step back and regroup.

🏡 The Average Sale Price went up 4.0% and the Median Sale Price went up 2.5%. So prices are dropping as the evening news would have you believe.

🏡 Pending Inventory of homes went down by 9.3%. This isn't that bad considering December is a low inventory time of year.

🏡 Number of Days On The Market (Days until the home gets a ratified contract) went from 11 to 18.

🚨 It's that time. The signs that inflation is easing are here. Interest Rates will ease a bit. So it's time to start your Home Buying or Home Selling Journey. It's that old saying:

You Have To Get Ready BEFORE You Are Ready

Inevitably there are things you will have to do to Get Ready. So start the process ahead of time to make sure you have all of your Ducks In A Row.

Get Into Action Today - Contact me for a Home Buyer or Home Seller Consultation.

This is interesting. Single women make up a large part of my homeowner database. NAR states that Single Women's homeowner ship rate is 61% and exceeds Single Men's home ownership rate. So don't worry - single women may not have much wealth on the front end. However they are building their wealth with home ownership. Home Equity is the largest financial asset for middle income households. Just keep going ladies. The wealth will come.

NOTE: This chart if from 2019 (pre-pandemic). However the Home Equity has only increased in the meantime.

https://twitter.com/morroweric/status/1564993145187827714?s=20&t=YTcJEgt0DNbeS7e8j3qEqg

Eric Morrow on Twitter “Flabbergasted by this chart https://t.co/SdRBFWqtHz”

So the doom posters are going in on Bank of America. And I understand why. However let me say that the BOA Community Affordable Zero Down Program is an excellent program.

There are loads of people with low/no credit scores for reasons that have nothing to do with the usual bad credit reasons. No Score because you were raised not to use consumer credit (credit cards, etc). Just pay as you go. Low scores because you have a variety of medical collections, a charge off for something from 6 years ago that happened when your company closed (could be rent, could be anything). If you don't purposefully rehabilitate your credit it just hangs there in the balance.

Purchasers will qualify using the usual qualifying ratios and will have NO MORTGAGE INSURANCE (this is HUGE). This could save them a couple of hundred dollars a month or more. So it is NOT 2008 all over again. Let me say that this is not the first Zero Down program. In the early 90's Citibank ran a $500 down program and I RUSH several clients through it before it closed. You still had to qualify. However your down payment was considerably less.
This BOA Zero Down program is not in the DC area yet. However you can still benefit from the Bank of America Grant Program which gives you up to $10K for down payment and up to $7500 for closing costs. This is excellent and I have 2 more clients in application this week. Great program - I have folks in their homes right now from this program. Contact me directly for details.

https://www.bankofamerica.com/mortgage/affordable-housing-programs/

Down Payment Grants and Loan Assistance Programs for First-time Homebuyers Bank of America's Community Homeownership Commitment™ can help make homebuying more affordable for modest-income and first-time homebuyers. Get information on down payment grants and up to $7,500 toward closing costs that could help put a new home in reach.

DC Residents: Please read your property tax bill carefully! Your property may have been misidentified as Vacant when it is not. The result is a skyrocketing property tax bill. As much as 10X the regular property tax rate. Check on your elder relatives and neighbors because they could be targeted.

https://dcist.com/story/22/08/15/dc-homeowners-face-massive-vacant-housing-tax-bills/

Some D.C. Homeowners See Skyrocketing Property Tax Bills After Houses Declared Vacant The homeowners say D.C. mistakenly classified their houses as vacant, leading to huge jumps in their twice-yearly property tax bills.

DC HPAP has increased the maximum assistance for home purchasers to $202,000. Identify the number of people in your household across the top of this chart, move down the column to your total household income, the look to the left Maximum Assistance column to find your potential assistance. Time to get pre-approved, get your HPAP approval, and be ready for when this goes into effect for loans closed after Oct. 1st, 2022.

Contact me to get your Home Purchase Journey started contact.

THE DC TAX SALE AUCTION IS JULY 19th and 20th which is just days away. CHECK THE LIST FOR YOUR RELATIVES. Particularly relatives who are on a Reverse Mortgage because it seems to me many of them have a separate tax bill and may not be able to pay it.

I might have a small clinic to help affected parties. However you have to move now to get it resolved in advance of the sale in order to avoid ADDITIONAL fees and penalties.
https://otr.cfo.dc.gov/sites/default/files/dc/sites/otr/page_content/attachments/Webpage_Tax_Sale_List_6.30.2022.pdf

otr.cfo.dc.gov

Waldorf in Charles County now holds that title.

https://www.washingtonpost.com/business/2022/06/29/dept-of-data-prince-georges-richest-black-county/?fbclid=IwAR1SJylyKHVHr6eBCtorzBCWX4u5B6BbkHM0vkjFje7e2A4Wg6_Ja8pMsog

Analysis | Is Prince George’s still the richest majority-Black county in America? The best data shows neighboring Charles County has become majority-Black in recent years, and incomes there are much higher than in Prince George's County.

Let's see how this gets implemented into the mortgage application process.

Freddie Mac will factor on-time rent payments into loan purchase decisions; this will help people who lack a credit score or have limited credit history.

https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-takes-further-action-help-renters-achieve

Freddie Mac Takes Further Action to Help Renters Achieve Homeownership | Freddie Mac Company will factor on-time rent payments into loan purchase decisions MCLEAN, Va., June 29, 2022 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) announced that it will increase homeownership opportunities for first-time homebuyers by considering on-time rent payments as part of the company’s loan

Coming Soon! Storefront commercial space on the U St. Corridor just across from the U St. Metro Station. 2 story building. First floor includes reception, working space, restroom and exit to rear yard/patio. Upstairs has two OPEN work spaces and one closed door office space. Small weekday open coming soon for interested parties. Check in with me for details.

True! Across the board lack of affordable homes is the biggest obstacle to purchasing a home.

The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but other obstacles to homeownership varied by race/ethnicity according to a new report released today by the National Association of Realtors®. NAR partnered with Morning Consult for its latest study, 2022 Obstacles to Home Buying, which explores current obstacles to home buying broken down by race/ethnicity.

If you utilize a space in your DC home as a short-term rental please register your space. There is one last grace period.

****"As Nena Perry-Brown wrote earlier this year, business entities will not be able to license short-term rentals and other third parties will not be able to license short-term rentals on properties they do not own. Condo and co-op owners, or homeowners subject to a homeowner's association, will need to certify that their by-laws permit short-term rentals, and applicants must meet minimum liability insurance requirements and obtain a "Certificate of Clean Hands" from the Office of Tax and Revenue. The total application cost for the short-term rental license is $104.50."****

https://dc.urbanturf.com/articles/blog/dc-hosts-have-a-little-bit-longer-to-apply-for-the-citys-new-short-term-ren/19483

DC Hosts Have a Little Bit Longer to Apply for the City’s New Short-Term Rental License DC's Department of Consumer and Regulatory Affairs announced Tuesday that enforcement of the new short-term rental license will now begin on June 9, 2022.

STUDENT LOAN FORGIVENESS:
I am so thrilled that I advised a client to apply for student loan forgiveness through the Borrower's Defense To Loan Repayment program. If you attended a school which misled or engaged in other misconduct (think For Profit schools we've seen running endless commercials on TV) you may qualify. I advised client to apply, and guess what - his loans have been zeroed out!! Forgiven! Credit Score Increased! Additionally, the Biden Administration has made student loans free of any tax consequences (normally you'd be taxed on the forgiven amount). So this is fantastic!!!

So this brings me to another point - As your Real Estate Consultant I am guiding you through this process! My job begins LONG BEFORE I open up so much as one door to a house for you. There is often work to improve credit scores, employment statuses, advise on how to accumulate cash to close, guidance on Home Buyer Programs and so much more! This is why I am usually in a signed representation agreement with clients months ahead of actual purchase. And this market requires a LOT of preparation before you step foot into any homes. And when we get a great result I am more than thrilled!

Here is the link to the Borrower Defense Loan Discharge Page. Take a look around! There is also Public Service Loan Forgiveness so consider that too if you think you qualify.

Federal Student Aid

Let's see how this works out!

https://www.cnbc.com/2022/03/18/credit-bureaus-to-strip-70-percent-of-unpaid-medical-debt-from-credit-reports.html

70% of medical collection debt will soon be removed from credit reports—and it could boost your credit score Soon your medical collection debt will no longer appear on credit reports if that debt has already been paid, or if it's under $500.

FHLB Grant Program opening up on Monday. I will provide more information this afternoon regarding application process, income limits and more.

Beginning this month Equifax will add your “Buy Now, Pay Later” accounts to your credit report. This may affect your credit score. If you are looking to buy a home this year you will need to do a bit of work to make sure this doesn’t affect your credit score.

How to Prepare for Buy-Now-Pay-Later Purchases Showing Up on Credit Reports Starting today, Equifax will record “pay-in-four” installment loans in credit reporting. If you use these services, here’s how to keep your credit score intact.