Jim Welk

Here is Washington County, Maryland there seems to be a flurry of activity as first time home buyers realize that "time is running out" if one is going to make a purchase by the scheduled deadline. I sent 10 listings to a new client on Monday and as of this morning 4 of those listings are now under contract. In an earlier blog, I mentioned about an alternative loan type; A USDA (FmHA) loan type is selectively available in our area. It appears that our local government person responsible for approving/disapproving these loans is back logged. A memo came out for those applying for the USDA loans in MD, that additional time is now needed to process. I had a closing two weeks ago that got delayed because it could not be processed in time. We built in 60 days from the time we wrote our offer to go to settlement. Everone was ready to go to the closing table except the approval letter from the USDA processor. This is a great type of loan if you are eligible. There is no monthly PMI and no downpayment (unlike FHA which requires 3.5% and a monthly PMI payment). The "$8000 tax credit" is a huge incentive for most people and now is the time to move forward if interested in making a purchase. Even though there is still some inventory out there, there seems to be significantly less choice.

Making the decision to purchase a home should not be taken lightly and no one should feel pressured, but the reality is: "time is running out on the $8000 tax credit". If this program does not get extended and you hold off until it is too late, what would you have done with the $8000 tax credit? A potential buyer needs to focus on one's goal and if a purchase is part of one's reality, find the right house and just do it...

The Leitersburg MD Ruritan Club will be celebrating its 30th annual "Peach Festical" . This year it will be held on August 8 & 9. Leitersburg MD is a great little community north of Hagerstown, MD and south of Waynesboro, PA. One of the wonderful pleasures of summer are the many local events in the Washington County, Maryland area. One section of this event is obviously devoted to food. One can only imagine with a "Peach Festival", how many variations on a theme one will find. I wonder if anyone will be selling peach fritters? In another area, numberous vendors will be selling a wide variety of non-food items. I, along with a colleague are having a booth this year. The excitement surrounding the Leitersburg MD "Peach Festival" is already building momentum.

The "Peach Festival" is a geat place to meet and greet your neighbors not only from Leitersburg MD, located in Washington County, but from neighboring counties. It is my understanding that the "Peach Festival" draws a crowd in excess of 10,000. Visitors should be able to locate our red tent with the dozens of helium balloons and our RE/MAX banner. We will have an area dedicated to children of all ages; we will have a table for drawing one's dream house. We will be giving away balsa planes and crayons. Another area for adults will have information from four of our contributors. An insurance agency, Wright-Gardner will be represented; two lenders, JP Morgan Chase as well as Greystone Mortgage. Our fourth contributor will be Olde Towne Title. Each of our contributor's have donated give away items. In addition, they have each donated a $50 gift certificate. To be eligibile for the gift certificate, a visitor will have to completely fill out the sign up sheet. At the end of the "Peach Festival" we will be drawing four names. Don't miss out on this opportunity to get out during this weekend and visit a great little pocket in the country: Leitersburg MD.

The last area of our tent will have information about Denise and me. We will be sharing information with potential buyers and sellers and have a hand out with information helpful for first time home buyers. There is still time to purchase a property and receive the $8000 tax credit. For more information about buying or selling, please feel free to contact me by calling RE/MAX Achievers at 301-739-4800 or e-mail with your questions at jimwelk@remax.net. No one sellers more real estate than RE/MAX.

Many "first time buyers" have been riding the fence for the past year or so. Since 2007 potential buyers have been watching prices continue to slide with inventory building. Since January-February 2009 and the introduction of the stimulus package, many of those fence riders have decided to make a leap; also, the Hagerstown Maryland market for many "first time buyers" seems to have a somewhat limited inventory. The last offer I wrote the other day was a full price offer with no seller assistance and we did not get the contract, but we are the back-up contract.

Many of my "first time buyers" having been using FHA financing. We are very lucky in the Hagerstown Maryland market because we also have available to us a program called FmHA or USDA. Similar to FHA, this loan program requires NO MONEY DOWN and, one can negotiate for the the sellers to contribute some if not all of the closing costs. Unlike FHA, there is no monthly PMI. It must pass a home inspection and, pretty much has the same requirements like FHA (no peeling paint, broken windows, missing railing, etc., etc., etc.). I have used this program so many times I pretty much know all of the areas that are eligible for USDA financing. I always do a double check and so can you. Anyone can look up a property by googling USDA eligibility. Follow the few required steps and you can find out immediately. This program, if the area is in the eligibiliy zones, has increased most of my clients loan options. I always recommend that a "first time buyer" or any buyer check with their lender to see if the lender offers the USDA loan and if the client meets the requirements.

If you are interested in additional infomation on properties or if you are a "first time buyer" in the Hagerstown Maryland area of Washington County MD, please feel free to contact me at RE/MAX Achievers at the following number: 301-739-4800 or click here to check out current listings to begin a preliminary search of the area.

If you are interested in land listings only in the Hagerstown Maryland area, click here.