David Abramson Has Been Named a Top Agent by Top Agent Magazine

David Abramson Top Real Estate Article

David has been recognized as one of the top agents with Long and Foster Real Estate and has earned Top Producer and Gold Team awards, the highest honors for a Realtor. David was recently interviewed by Top Agent Magazine, a national and international Real Estate publication.  Top Agent has named David one of the Top Real Estate Agents in Maryland and Washington DC.
Please click on the link to read the full article

 

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5615 Joan Lane

SOLD 5615 Joan Lane

 

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1014 Copperstone Court

SOLD
1014 Copperstone Court

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Comparative Data on Montgomery County and Fairfax County

Montgomery County and Fairfax County are cited frequently as regional peers and competitors. The two jurisdictions are often compared and contrasted, and each is separately touted as the “best” place to live and work in the Washington, D.C. metropolitian area.

The Office of Legislative Oversight report responds to the Montgomery County Council’s request to compile comparative data that evidence some key similarities and differences between Montgomery County and Fairfax County. Following a review of the data, the Council will identify a number of specific comparisons for staff to research and analyze in more detail. This initial report contains indicators for Montgomery County and Fairfax County across the following topic areas:
– Demographics
– Housing
– Tax Rates and Budget Information
– Education
– Economic Development
– Public Safety
– Transportation
– Public Health and Vital Statistics

To read and review the entire comparison, Click Here to download the entire report:
Comparison of Montgomery County and Fairfax County

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Very Interesting Home Insurance Facts

Everyone wants to make sure their assets are safe (relatively speaking). For those times when accidents happen we have Insurance. People who own a home need Homeowners Insurance, but how much insurance and what is covered by your plan is a whole new ball of wax.
Michael Herson from Liberty Mutual sent over some interesting Home Insurance facts that I wanted to share with you. If you have any questions about Home Insurance, want someone to check your coverage to make sure all of your assets are covered, call Michael Herson.

Click to Download Interesting Home Insurance Facts

For all of your Insurance needs, give Michael Herson a call:
Michael Herson
Liberty Mutual Group
Personal Insurance Agent
Life, Annuities, Home, Auto, Umbrella, Renters, Group Savings Plus
6101 Executive Blvd Ste. 100
Rockville, MD 20852
Tel: (301)881-9300 ext. 51558
Cell: (240) 271-0167 Fax: 301-816-9094
Michael.Herson@Libertymutual.com
http://www.libertymutual.com/michaelHerson

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Cashing in on rental property


(MONEY Magazine) — Most of the news lately about real estate has been dismal: Home prices are swooning, foreclosures ballooning. There is, however, one bright spot: the rental market, where demand is up and rents are rising. That’s partly because those foreclosures have turned more than 4 million former homeowners into renters, but also because many other prospective homeowners, worried about losing their jobs or housing prices falling a lot further still, are reluctant to buy now.

As with many investments, the best time to get in is when most others are sitting on the sidelines. To figure out whether you can benefit by investing in rental property, here’s what you need to know.

THE CASE FOR BUYING NOW
Many factors make this a great time to invest. Mortgage rates are at a 40-year low, and homes in many areas are ultra-cheap. Meanwhile, demand for rentals has risen in more than 500 cities, according to recent Census data. That, in turn, has enabled landlords to charge more. Hotpads.com, a real estate research firm, reports that rents nationwide jumped 11.6% in 2010, to $1,320 a month. You’ll need that rental income to tide you over until home prices bounce back; in fact, the typical investor today plans to hold for 10 years, according to a survey by the National Association of Realtors.
If you can hang on that long, you’ve got a good shot at solid gains, especially if you’re financing the home purchase. “Whereas leverage is dangerous when buying stocks, it can be a good long-term strategy with real estate,” notes real estate investor and Columbia University adjunct finance professor Marshall Sonenshine. The big catch: “Can you afford to hold the property that long and not need the equity for your kid’s college fund?” says Sonenshine. Or whatever other pressing need might crop up. You’ll also face some tough financing rules. Most banks now require a down payment of at least 20% to 25% and evidence you have enough cash to cover six months’ worth of mortgage, tax, and insurance payments.

HOW TO FIND A GOOD DEAL
Investment real estate is like produce: It’s best bought locally. “Buy something you can get to in 10 minutes,” says Seattle real estate investor Bill Snyder. Familiarity with the neighborhood also limits nasty surprises like a noisy bar or a nearby development competing for renters. Work with a local realtor who has experience with rentals and can help you assess how attractive a given home will be to tenants. And while prices on multifamily dwellings haven’t dropped as much as they have on single-family homes, don’t ignore plexes: Intake from a few rents instead of just one will boost your cash flow; a single vacancy won’t hurt as much; and you could benefit from economies of scale for things like appliances and painting. But stick to buildings with four units or fewer to avoid stricter financing requirements, such as a bigger down payment and higher mortgage rates. Once you’ve identified candidates, crunch the numbers. The goal: to make sure your rental income will at least cover your loan payments, plus a 20% cushion to handle repairs, vacancies, and property management. To figure out what you’ll garner in rent, ask sellers for recent leases, says Snyder, and double-check their numbers by perusing sites like Rentometer and Craigslist for similar rentals in the neighborhood. Assume your mortgage rate will be at least a half-point higher than rates on owner-occupied properties. Factor in insurance and property taxes, and bank on a 5% vacancy rate. Otherwise, “one empty month can kill you,” says Ellie Berlin, a broker with Houlihan Lawrence in Larchmont, N.Y.

KNOW WHAT YOU’RE IN FOR
Brush up on your people skills: Owning rentals also means responding to tenant complaints, like the 2 a.m. phone call about a broken toilet. Want to palm off the grunt work? You can hire a handyman (around $45 an hour) or a management company (8% to 10% of monthly income plus a half-month’s rent for filling vacancies), but the luxury will eat into cash flow. To find your own tenants, creative ads on Craigslist are your best bet. Run credit and reference checks (National Tenant Network, at ntnonline.com, can help). And invest in small touches to make your place stand out, such as cool lighting fixtures or antique door hardware. Those will pay off when it’s time to sell too.

Source: CNN Money

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Best Wedding Gift Ever: A House Via the FHA Bridal Registry


Fantastic article written and reported by Tara-Nicholle Nelson on TimeMoneyland

Little-known HUD program allows couples, graduates and expectant parents to amass cash gifts from friends and family into a down payment on an FHA mortgage.

When I told my father I was getting married, he wrote me a check and said: “If you use this on a wedding, it’ll be the last check I ever write you.” And with that, I drew up a guest list of about seven people and used the money for the down payment on my first home. This, at a time when my friends were routinely dropping six figures on weddings with 200 or 300 attendees.
Apparently, the federal government has long, if quietly, tried to help newlyweds-to-be take a similar course, facilitating the application of their families’ wedding gifts toward their down payments via the FHA Bridal Registry Program. With home prices as low as they are today and down payment assistance programs scarce, it would seem that many a newlywed would rather have 100 $100 gifts (which would make the FHA required 3.5 percent down payment on a $275,000 home) than have 100 items like blenders, dust ruffles and knife sets they’ll have to put in storage until they can scrape up the cash to move out of their apartment.
The FHA Bridal Registry works like a traditional registry but is even more flexible. The bride and groom visit their choice of FHA mortgage lender and set up what is essentially a custodial savings account for the dedicated purpose of funding their down payment. Then they provide the details to friends and family. In turn, the couple’s benefactors can deposit funds directly into the account, or can simply hand cash or checks to the couple for deposit into the account.
These arrangements offer additional flexibility beyond the traditional down payment gift rules applicable to FHA loans, which require that gift funds (vs. money the couple saved up from their own income) be “sourced,” meaning borrowers must document their family relationship between themselves, show where the giver got the funds from and produce a letter from the giver stating that the funds are a gift and not a loan. It simply wouldn’t make sense for borrowers to jump through these traditional gift funds hoops for 50 or 100 different small, cash gifts. With the FHA Bridal Registry Program, they don’t have to provide anything more than “lender and borrower certification of the funds.”

From a reading of a 1997 Department of Housing and Urban Development bulletin clarifying the contours of the then-newly launched program, it seems that the FHA Bridal Registry might have been intended more as a marketing tool for FHA lenders than a tool for buyer and borrowers. However, the program’s utility for consumers is its flexibility, which does create expanded possibilities for all sorts of buyers trying to break into this bargain-priced buyers market without having to wait the months or years it can take to save up a down payment.
In 2001, 68 percent of home buyers were married couples; last year, that number had dropped to 58 percent, according to the annual National Association of Realtors Profile of Home Buyers and Sellers. Accordingly, in one example of the program’s flexibility, HUD allows the program to be used before the wedding, by as-yet-unmarried couples. In fact, the program can even be used outside of a wedding gift context, on what HUD’s letter of explanation described as “other legitimate occasions where substantial gifts are typically received by an individual or individuals that may in turn be applied toward the purchase of a home.” So those planning unions in states where same-sex marriage is not yet legal, college graduates and parents expecting a baby should all explore the possibility of using the FHA Bridal Registry to parlay their well-wishers’ gifts into a down payment on a home.

Read more: http://moneyland.time.com/2011/08/10/best-wedding-gift-ever-a-house-via-the-fha-bridal-registry/#ixzz1VDL1Sq9V

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Open House Sunday October 16, 12-2PM – 14626 Bauer Drive #4 in Rockville


14626 Bauer Drive #4
2 Bedrooms
1 Bathrooms
1049 Square feet
Price: $179,900

**OPEN SUNDAY October 16, 12-2PM BRING OFFERS* A Must SEE! Beautifully maintained* freshly painted* Bathroom recently renovated* Nice size rooms, 2 WALK-IN CLOSETS in each room* Large balcony w/ 2 sliding glass doors. Laundry room in building, 6 steps from front door* Plenty of Parking! Easy access to metro, I-270, Rockville Pike, Shopping center nearby with Safeway, Starbucks, Caribou Coffee,CVS

Convenient to Interstate 270, Minutes to Metro’s Red Line at Rockville Metro. The condo comes with 1 assigned parking space! Pets are allowed.

Want to write an offer on this gorgeous condo? Contact David Abramson, Bethesda’s Real Estate Agent.

David Abramson, Bethesda Real Estate Agent
240-475-5001

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Debt Ceiling increased, Mortgage Rates Drop!

Mortgage rates plummeted last week and continue to drop this week.

The 30-year fixed rate, usually the most popular choice for prospective homeowners, dropped to 4.45% from 4.57% last week, which represents its lowest point since last November, according to the Mortgage Bankers Association.

According to the website BankRate.com the overnight average of a 30 year fixed rate loan is 4.37%.  This is significantly lower from last weeks average of 4.52% (Which is still incredible!!!)

The perennially less-popular 15-year fixed rate dropped to a new record low of 3.52%, down from 3.67% a week prior.

The drop in interest rates send total mortgage applications — both for purchases and refinancings up by about seven percent, compared with a week earlier, Michael Fratantoni, the Mortgage Bankers Association’s vice president of research and economics told CNN Money. Though that increase may seem substantial, he notes that applications are still far below last year’s level.

“Refinance application volume increased, but even though 30-year mortgage rates are back below 4.5 percent, the refinance index is still almost 30 percent below last year’s level. Factors such as negative equity and a weak job market continue to constrain borrowers,” he noted.

Greg McBride, Bankrate.com’s chief economist, told CNN Money that mortgage rates are following bond yields on their own downward spiral.

Low rates and home prices that have fallen over 30% from their peak mean that there’s never been a better time to buy a home.

“Time is of the essence,” McBride cautioned, offering a caveat. “The loan limits (for Fannie/Freddie mortgages) drop on October 1 so acting now for closing by September 30 is important for buyers in the upper price levels.”

If you are looking at purchasing a home, now is the best and most affordable time to purchase a home.  If interested in purchasing a home in the DC Metropolitian area, call David Abramson for a free list of homes.

David Abramson, Licensed Realtor in Maryland and DC
240-475-5001
4733 Bethesda Avenue
Bethesda, MD 20814

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JUST SOLD!!! 1511 Fair Oak Drive

1511 Fair Oak Drive

List Price $359,900
SOLD for $360,000!!

AA7604842
1511 Fair Oak Drive, Hanover, MD 21076
3 Bedroom, 3.5 Bathrooms
Nearly 3000 finished square feet

Represented the Seller and found the buyer as well! In order to sell this house I relied heavily on internet marketing which is where the buyer found this house and contacted me.  This was an incredibly smooth transaction for both parties and a quick sale.

You are going to fall in love with this end-unit townhouse. Gorgeous kitchen w/Granite Counters, stainless steel appliances, Hardwood floors in kitchen & family room, gas fireplace, deck. Huge Master bedroom w/english soaking tub in bath. Large bedrooms and closets. Huge basement with office. Walk out basement to patio. Community Pool, playground, near shopping ctr, BWI, Arundel Mills etc MUST SEE…

Click to Watch Video Tour

If interested in a similar home as this one contact David for a list of similar homes.

240.475.5001
David.Abramson@LNF.com

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