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Why do sellers pay the buyers’ closing costs?

Crofton Real Estate Q&A

Q. My closing costs for selling are already close to 10%.  Why do I have to pay buyers’ closing costs, too?

A. The buyers’ closing costs are just that… the buyers’ closing costs.

Who pays what at closing is more a matter of custom and agreement than law, with the exception being for some items which buyers are prohibited from paying for certain types of financing – most notably, VA and FHA.

I’m guessing someone has mentioned this to you in the context that many of today’s home sellers are paying some or all of the buyers’ closing costs… am I right?  Let me explain.

This is a buyers’ market, i.e., a market that favors buyers over sellers.  Buyers know they are few and far between, so they enter negotiations with a home seller from a position of strength. They often ask for the sun, moon and stars – in other words, offering a low price or asking for concessions such as closing help.

In many cases, sellers do agree to a lower price and/or closing help in order to get their home sold. Some sellers offer closing help up front, knowing this is the case.

Whether or not you pay any of the buyers’ closing costs is a matter of negotiation when you receive an offer.  In the Crofton area, I find that many home sales do NOT include a subsidy.

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Posted by Margaret Woda | Discussion: Comments Off on Why do sellers pay the buyers’ closing costs?

Crofton Real Estate Market News

Crofton MD Real Estate Market Update
February 2012

Metropolitan Regional Information Systems (MRIS) has just released the sales statistics for February, and the news is more good  than bad for the Crofton, Maryland, real estate market.

Median and Average prices for homes sold in Crofton last month were higher, whether you look at the numbers for last month (January 2012) or last year (February 2011).  That’s good news!

Less favorable:  Sales units were down and average days on market were up when you compare year on year and month on month statistics for Crofton.

To put these figures in better perspective, I created this chart of real estate activity in the 21114 zip code for 5 years:

3-12-2012 10-22-54 PM

The most striking number for February 2012 is the 23 contingent contracts, up from 5 for three previous years and 10 in 2008. Combined with the 11 new non-contingent contracts, there were 34 new contracts altogether vs. 31 new listings.  It’s always good news for home sellers when demand for homes exceeds the supply of new listings being added to the inventory.

In fact, the number of active listings was only 60 in February, down from triple digits in February of the four previous years.  I’m thinking this will be a very hot Spring for home sellers in the Crofton real estate area, if this continues for a few months.

Crofton Homes for Sale Learn about the Crofton Community

Posted by Margaret Woda | Discussion: Comments Off on Crofton Real Estate Market News

Loan costs will increase in April 2012

Crofton MD Real Estate Questions

Q.  Interest rates seem to be relatively stable, so what is the rumor I hear about mortgage costs going up in April?

A.  The U.S. Department of Housing and Urban Development has issued a letter outlining higher costs for all FHA loans initiated after April 9, 2012.

Mortgage Application.jpgIf you don’t find and buy a home in time to apply for your loan prior to April 9, your upfront mortgage insurance will increase from 1% to 1.75%.

Example:  If you obtain a $250,000 FHA loan BEFORE April 9, your upfront mortgage insurance will be $2,500.  AFTER April 9, this cost will be $4,375.

Don’t wait to find and buy a home in time to apply for your loan before April 9, unless you want to pay an extra .75% in closing costs! Most Crofton home buyers would rather spend this money on moving costs, home improvements, or new furniture for their home.

There are other changes, as well, including the monthly mortgage insurance, which is going up. An exception to this is streamline refinancing for existing FHA loans endorsed on or before 5/31/2009 – the MIP will decrease from 1% to .1%.

To view the official HUD letter, dated March 6, 2012, which publishes these and other changes, click on FHA Loan Changes Effective 4/9/12.

Another rumored change, which was not included in this letter, is the reduction of closing cost help allowed for an FHA loan. For now, sellers can still pay 6% of the buyer’s closing costs, if they’re willing and able to do so. Industry insiders expect this to change soon, however.

To search for a home in Crofton or the surrounding areas of Annapolis, Bowie, Gambrills, and Odenton at your own pace and convenience, click on Search for Homes and contact me to look at any properties that interest you.

Copyright 2012. All rights reserved. Margaret Woda

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The purpose of this blog is to provide the latest community and real estate information to relocating home buyers and residents of the greater Crofton area. Please contact me with real estate questions or news about your local organization or business.  I’m happy to share them with other readers of Focus On Crofton.

Posted by Margaret Woda | Discussion: Comments Off on Loan costs will increase in April 2012

Bank-Owned Homes in Crofton, Maryland

Crofton MD Real Estate
Questions and Answers


Q. In order to get the best possible deal, I want to purchase a home that has already gone to foreclosure.  Are there any bank-owned homes in Crofton?

A. While there are seventeen Crofton homes listed as bank-owned on Realist.com, only one is currently on the market: 1715 Gaffney Court in the Crofton Town area, inside Crofton Triangle.

You just can’t be lured in by anyone who promise you a list of Crofton foreclosures.  Some of these go back as far as 2010.  If you see a home that appears to be a foreclosure, check with me.  In most cases, I can quickly determine its current status.

  1. 1726 Dana St (Contract)Crofton Gate Fall Leaves cropped
  2. 1910 Encino Dr (Sold)
  3. 1456 Blockton Ct (Sold)
  4. 2092 Lake Grove Ln (Sold)
  5. 2206 Montauk Dr (Contract)
  6. 1814 Crofton Pkwy (Contract)
  7. 1780 Aberdeen Cir (Sold)
  8. 1707 Foxdale Ct (No Status Available)
  9. 1615 Fendall Ct (Contract)
  10. 1131 Charing Cross Dr (Sold)
  11. 1741 Leisure Way # D (Sold)
  12. 2058 Happy Ln (Under Contract)
  13. 1715 Gaffney Ct ($202,000)
  14. 2488 Revere Ct (Under Contract)
  15. 1400 Stoneham Rd No Status Available)
  16. 1508 Marlborough Ct (Under Contract)
  17. 2508 Lesh Ct (Under Contract)

1715 Gaffney Ct. is a Levitt-built townhome, located off Urby Drive. It is an “Enfield” model, with 3 bedrooms, 1.5 baths, no basement, brick front, fenced patio area, corner fireplace, and hardwood floors.

If you would like to see this home, please let me know.  It probably won’t last long at this low price.

All Crofton Homes Currently for Sale

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The purpose of this blog is to provide the latest community and real estate information to relocating home buyers and current residents of the greater Crofton area. Please contact me with real estate questions or news about your local organization or business.  I’m happy to share them with other readers of Focus On Crofton.

Posted by Margaret Woda | Discussion: Comments Off on Bank-Owned Homes in Crofton, Maryland

This is Annapolis Restaurant Week

Annapolis Restaurant Week began yesterday and will run through Sunday February 26. Forty two of the city’s eating establishments will participate, offering three-course dinners for $32.95, two-course lunches for $15.95, and even two-course breafasts for $12.95.  Since many people have a day off work for President’s Day on Monday, it’s an ideal opportunity to enjoy an outing to Annapolis.

Carroll Creek Cafe ViewCheck out the website for Annapolis Restaurant Week to view a complete list of the participating eateries to find out which meal(s) they’re offering as part of this event.  There just aren’t enough days in the week to try them all, so pick your favorites – or maybe some you’ve never tried before – and head East to Annapolis. Parking will be plentiful and free, and the Annapolis Circulator Trolley will make it easy for you to get around the city at no cost.

Enjoy a scenic view of Annapolis from many of the restaurants, such as this one from Carroll’s Creek Cafe. After dinner you can enjoy live performances on stage at Rams Head on Stage or the Ballet Theatre of Maryland, but you should visit their websites in advance for details about performances, times, and tickets.

In addition to a great meal at a great price, you’ll also receive a Plates & Perks Card that entitles you to exclusive perks and privileges offered by retailers, attractions and restaurants in Eastport, Historic Annapolis and West Annapolis throughout the entire month of March. 

This is the fourth year for Annapolis Restaurant Week, and it just keeps getting bigger and better.  Don’t miss it!

Originally published by the author at Activerain.com

 

Posted by Margaret Woda | Discussion: Comments Off on This is Annapolis Restaurant Week

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