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November 15, 2022
Could Washington D.C. Be on the Brink of Another Housing Market Crash?
The housing market is looking very different today than it did a few months ago. Earlier in the spring, Washington D.C.’s housing market was ‘supercharged.’ Housing inventory was low and interest rates were competitive, hovering between 3 and 4 percent during the months of March and April. Fast forward to November, and the current interest rates in D.C. are 7.3 percent for a 30-year fixed and 6.47 percent for a 15-year fixed.
With the market changing quickly, some experts predict a housing market crash that’s worse than 2008! Could this be possible, or is this just unnecessary hype? Let’s explore the facts we have now and your options for selling if you need to sell fast in D.C.
Could We Be on the Brink of Another Housing Market Crash?
In a matter of months, the pandemic housing boom has turned into a bust. Some reports even show that home prices are falling faster than they did during the start of the 2008 financial crisis. According to an article in Seeking Alpha, here are some of the things we know today:
The number of privately-owned housing units under construction is at an all-time high of 1.7 million. However, the prices on these homes continue to decrease. Prices are falling as much as 4 percent in some areas!
With so many houses being built, experts wonder who is going to buy all of these properties at a 7.3 percent interest rate. With the current prices, these properties are already out of reach, which means they need another price cut.
Housing demand is much less than what it was, and the supply of homes is about to soar. Real-time housing prices are falling faster than in 2008.
One of the best indicators of future sales is the number of mortgage applications coming in, and even these are down 42 percent from last year.
Experts say the Feds waited too long to hike rates during the housing boom and now need to lower home prices, especially with over 1 million new properties about to hit the market. This exceeds 2006 numbers.
Knowing all of this information and looking back to the 2008 housing market crash, it’s possible that another crash is in our future. However, it’s hard to say what it will look like and how it will compare to 2008.
I Need to Sell My House in Washington D.C. What Should I Do?
If you have a property to sell in D.C., you’re probably wondering what options you have. You can always try to sell your home with a realtor and see what happens. You might get several offers, or you might get none. It all depends on where your home is located, its condition, its price and other factors.
If your property needs some TLC, you’ll either have to invest the money to fix it up or sell it as-is. With new properties coming onto the market and increasing interest rates, most buyers aren’t looking for a fixer upper. For the money they’re going to pay, they want something new and nice.
4 Brothers Buy Houses is a Washington D.C. home buying company. We offer many benefits to the home selling process, including:
We’ll buy your house as-is. Don’t worry about having to make improvements, repairs, updates, etc. We’ll take your house in the exact condition it’s in. Save this money for your new home/rental!
We’ll offer you a fair price. We want the deal to work in both our favors. That’s why we will present you with a fair cash offer that you get to keep, as there are ZERO commissions or fees.
We’ll close in two weeks. Because our buyers pay in cash, there are no banks to wait on. We can typically close in about two weeks, and we pick up most closing costs.
If you have a property to sell and you don’t want to wait for the market to change in your favor, consider selling it for cash! Get in touch with 4 Brothers Buy Houses to see what we’ll pay for your house. Selling today can help you avoid the potential crash and get more for your property!
November 5, 2022
Can I Sell a Fire-Damaged House in Woodbridge VA?
House fires are more common than people often realize. According to the National Fire Protection Association (NFPA), an average of 358,000 homes experience a structural fire each year. These fires not only take away people’s homes and belongings but also their lives. More than 3,000 Americans die in fires each year, and at least one child dies every day from fires inside the home.
If you recently suffered a house fire, or you’re in possession of a property that did, the most important thing is that you and your family are safe. But now comes some important questions. What do you plan to do with the property? Do you plan to fix it up and live in it? Or do you feel most comfortable selling the property and moving on?
For many people who suffer a house fire, they feel it’s best to close the chapter on their fire-damaged home. There might be too many bad memories associated with the house, or they might not care to invest money into costly repairs. Fortunately, selling your Woodbridge VA house with fire damage could be the best option!
Is it Possible to Sell a Fire-Damaged Home in Woodbridge?
When selling a property that has fire damage, you have two main options: You can sell the house as-is or make the repairs. Selling is the easiest option in most cases. You don’t have to hire contractors, manage the construction process or live through it. However, expect to get a smaller offer than if your property was repaired.
If you want full price for your home, you’ll need to make the repairs. Most buyers are overwhelmed by the thought of rehabbing a home, and fire damage can scare people away. If you plan to go this route, be aware that you’ll have to hire contractors to do a full renovation. You can’t just pick and choose small projects and expect the house to sell at full price.
Bottom line: Yes, it is possible to sell a fire-damaged property in Woodbridge. However, expect to take a big cut or make the repairs on your own.
Have a Woodbridge House with Fire Damage? Sell it to Our Cash Buyers!
4 Brothers Buy Houses is a home buying company that buys properties in Woodbridge VA. We take properties in ANY condition – fire damage doesn’t scare us! In fact, we’ll likely offer more than other buyers because we already have a team of contractors to do the work.
To get a free cash offer for your fire-damaged house in Woodbridge, contact the cash buyers from 4 Brothers Buy Houses. Our home buying services cost nothing – there are no fees or commissions – and we pick up most closing costs!
October 26, 2022
Do You Keep All the Money When You Sell a House in Gaithersburg MD?
No matter how good the housing market is, selling a home in Gaithersburg MD is still a complicated process. And one of the most difficult to understand is the money aspect. On paper, it might seem simple. You sell your home, the buyers write you a check and the transaction is closed. But keeping money after the sale of your house is not automatic. Often, homeowners still owe on their loans and have to pay off their balance.
Let’s learn more about what costs are associated with selling a house in Gaithersburg and how to beef up your profits.
How Much Does it Cost to Sell a House in Gaithersburg?
Whether you’ve had your house for five years or 25 years, you’ve been paying down the mortgage ever since you signed the papers. Your mortgage is made up of the principal, taxes, interest and insurance, so your monthly payment is split between all four. When you go to sell your property, you will have paid down some of your mortgage.
However, keeping the money from the sale of your house is not always the case. Your profits come from how the money is divided among the following:
- Remaining loan balance. If your home isn’t paid off, you still have a loan and will need to pay this off.
- Closing costs. The average closing costs in Maryland are around 3.5 percent of the home’s final sale price. Closing costs are typically more for buyers, but sellers pay them, too.
- Real estate agent commission. If you hire a real estate agent to sell your house, you’ll need to pay them for their work. Realtor fees in Maryland are between 5 and 6 percent.
- Necessary repairs. Unless you sell your property as-is, you may need to make certain repairs. You may know of these repairs already, or they may turn up in your inspection report.
- Property taxes. Maryland home sellers are required to pay property taxes on the days they’ve owned their home in the calendar year. Taxes are split between the buyer and seller.
Can I Sell My Gaithersburg House AND Keep the Money?
Depending on your situation, you can walk away with a lot of money in your pocket – or barely any. The most cost-effective way to sell a property is to sell it for cash. While you are likely to take a smaller offer, you can close in two weeks and avoid realtor fees and commissions.
4 Brothers Buy Houses will make you a fair cash offer – and you get to keep it all! There are no fees or commissions, and we typically pick up closing costs. This eliminates the need to pay for a realtor, repairs, updates, etc. Everything is negotiable! Contact our cash buyers in Gaithersburg to get a free cash offer on your home!
October 18, 2022
Top 5 Rental Scams Every Landlord in D.C. Should Know
The D.C. housing market is changing, forcing more people to hold onto their properties. If you are one of them, the idea of becoming a landlord and renting out your home might seem attractive. You can generate passive income and move onto the next chapter of your life while waiting for the housing market to improve.
However, being a landlord isn’t all fun and games. Here are some of the most common tenant scams you’ll want to be aware of as a landlord. This way, you can protect your investment and choose a qualified tenant to rent out your home in D.C.
Fake Checks for Rent and Security
Typically, written checks that appear to come from a reputable bank don’t raise a red flag. But when the landlord goes to cash them, they realize these funds are invalid. Now, they have to try and collect the money and/or evict the current tenant, both of which are not easy to do. To avoid this, the FDIC and BBB have listed several ways to spot fake checks.
Rent Overpayment
If your soon-to-be tenant offers to pay more than what you asked, this is a red flag. Scammers overpay on purpose and then ask for a refund. On your end, it might look like the funds are available, but it can take a few days for the money to clear. If you refund the balance and then notice that the check didn’t clear, you’re now out the money. The best way to prevent this from happening is by not accepting rent overpayment.
False Employment Records
Always do your due diligence when qualifying a tenant. It’s not uncommon for tenants to provide a fraudulent employment history and ask friends or family to act as their employer. Tenants do this because they may not have steady income streams. Don’t just take their word for it – follow up with the employer and ask for other information to verify employment like pay stubs, bank statements and a letter of employment.
Fake Credit Reports
Another thing that some tenants will lie about is their credit score. While a good credit score can indicate financial responsibility, it’s still a good idea to dig deeper into the tenant’s payment history. Always conduct your own credit and background checks. Don’t take the tenant’s copy – this could be a fake.
Renting on Behalf of the Owner
Subleasing a property to a new third party isn’t illegal, providing it’s allowed within the terms of your lease. However, your tenant must notify you of this. Otherwise, they might collect months of payment upfront from the third party and never transfer the funds to you. By the time you find out and go to collect the money, the new tenant is there and has already paid their rent to the leaseholder.
Unfortunately, this is not an exhaustive list of scams that happen to landlords. There are many things that can turn your investment strategy into a headache – and a money pit. If you’re on the fence about renting out your D.C. property, contact 4 Brothers Buy Houses. We’ll provide you with a free cash offer, and you can choose which path is right for you!
October 11, 2022
Is it Possible to Sell a House in Alexandria VA with Water Damage?
If you own a home in Alexandria Virginia, there’s a chance that you may live near the Potomac River, which does flood from time to time. Aside from this, there are many other things that can cause water damage in the home, such as faulty drainage systems, clogging drains, broken pipes and malfunctioning appliances.
About 40 percent of homeowners have experienced a loss from water damage. If water isn’t completely removed from the home, it can lead to mold, mildew and wood rot. If you’re currently dealing with this situation, you might assume that you’ll be unable to sell your home and start fresh.
While it is definitely harder to sell a home with water damage, it is not impossible. In fact, 4 Brothers Buy Houses will buy your house from you – water damage doesn’t scare us! We have the resources to stop and repair water damage in your house. And because we pay cash, we waive the inspection, appraisal and most closing costs.
Do You Need to Disclose Water Damage History to Buyers in VA?
Whether you’re selling your house for cash or with a realtor, you should disclose water damage to the buyers. Virginia is not as strict as other states when it comes to disclosing information, but it’s still in good taste to let the buyers know.
Virginia is a caveat emptor state, meaning “let the buyer beware.” It’s one of the oldest states and still follows this old English common law concept. If you compare the disclosure form to other states, you’ll see that Virginia has a short and simple form. There are national disclosure requirements, however, such as lead paint.
Nevertheless, we always recommend being honest and upfront about your property and its issues. The inspection will still turn up any issues with water damage or mold, so being honest reduces the chances of the buyers backing out.
Benefits of Selling a Water Damaged House for Cash
If you know that your house has water damage, and you don’t care to deal with picky buyers or be held liable later down the road, you can sell your property for cash. At 4 Brothers Buy Houses, we have no problem buying properties with water damage. Whether the water damage is old, new or ongoing, we have the resources to deal with it.
Our cash buyers in Alexandria VA buy properties in as-is condition, which means we take them in their current condition. We will not ask you to address a leaky appliance, a clogged toilet or mold. We will offer you a fair price, while taking into consideration the cost of the repairs.
Additional benefits to selling a water damaged house in VA for cash are:
- No inspections or appraisals
- Most, if not all, closing costs covered
- Quick process – close in just two weeks
- No need for banks, financing or loan approvals – we use cash
- No repairs, updates or maintenance required
Get a Fast, Free and Fair Cash Offer
To see what our cash buyers will pay for your Alexandria house, contact 4 Brothers Buy Houses today. There is no obligation to continue, so see what we’re willing to offer on your property!
October 2, 2022
How to Sell an Arlington VA House Fast in a Slow Market
The housing market is slowing considerably in Virginia. Earlier this summer, home sales were down nearly 20 percent from the year before. This was the sharpest decline in more than two years. Still, there are plenty of people looking for homes, and the market is still favoring sellers. But this can flip at any time, which we’re already seeing in other parts of the country.
If you’re planning to sell your Arlington VA house in the near future, you could be working with a limited buyer pool. Winter is coming, house prices are soaring and interest rates are increasing. This is forcing many people to pause their home search. And, if your house isn’t in perfect, move-in ready condition, this can make it even more difficult to sell.
To help you prepare, here are our best tips for selling a Virginia house in a slow market.
Price the House Just Right
The key to selling any house in a slow market is pricing it just right. While you want to get the best price for your property, setting the price lower will drive in more traffic and help you sell your house faster. To determine what to price your house at, you’ll have to do some research. Look at what comparable homes in your area have sold for and use this as a benchmark.
Sweeten the Deal
Anything that you can do to incentivize potential buyers can help you sell your property faster. As a seller in a slow market, it’s your job to make sure that buyers feel like they’re getting the best deal. So, think about some of the ways you can make the deal sweeter, such as by covering some closing costs or offering a home warranty.
Make Sure Your Home is Always Show-Ready
Another way to make sure you don’t miss out on any potential sales is by making sure that your house is always ready for a showing. Keep it clean and picked up, and be flexible with showing times. This way, you can be sure that everyone who wants to see the house has the opportunity to do so.
Ensure Your House is Move-In Ready
Your Arlington VA home should also be move-in ready. People don’t want to buy a house and then have to put a bunch of work into it. This is especially true in a buyer’s market when there are more houses than buyers. Address issues with the property and consider making improvements, such as replacing the carpet or repainting the walls.
Optimize Your Online Listing
Many people start their search for houses online, so make sure you have a great digital footprint. This includes a staged home with professional photographs, an interactive video tour and a detailed description of your property and its area. If you’re still not getting traction, you may need to enhance your marketing with an open house or paid advertising.
Want to Sell Your Arlington VA House Fast? Sell it for Cash!
If these suggestions don’t make sense for you, consider selling your house for cash! Not everyone has the time or money to fix up a house, pay for staging, pick up closing costs, cover realtor commissions and more – and that’s okay! 4 Brothers Buy Houses will pay cash for your Arlington property, and we’ll buy it in as-is condition. Contact us today for your free cash offer.
September 25, 2022
Fall 2022 Housing Market Trends in Washington DC
Whether you’re planning to buy or sell a house in Washington DC, it’s helpful to know the trends and what you can expect from the housing market. This will help you prepare accordingly while also developing realistic expectations for the process ahead.
If you haven’t been following the trends, you might be surprised to learn that the housing market has changed dramatically since the start of the year. Below is everything you need to know about the housing market trends for Washington DC this fall and winter.
What is the Washington DC Housing Market Like Today?
According to Redfin data, Washington DC home prices have gone down 1.5 percent since last year, selling for a median price of $650K. On average, homes in the DC area are selling in about 37 days, compared to 32 days last year. Also, 710 homes were sold in August this year, compared to 895 last year.
The Washington DC housing market is still competitive. Some properties are still seeing multiple offers, and hot homes on Redfin sell for about 1 percent above the listing price and go pending in about 13 days. So, if you have a move-in ready home in a great area, you should have no problem selling your property.
Nevertheless, the housing market in DC is slowing down. As we head into the fall months, we’re already seeing prices drop and homes sitting on the market longer. Buyers have more choices, and this is giving them more leverage, too.
Are People Still Looking for Homes in DC?
Home sales have slowed, but buyers are still looking. Through the first eight months of 2022, the number of home sales fell by 17.3 percent from the same time a year ago. While this number may sound significant, keep in mind that the 2021 housing market was historically busy.
This article also points out that people are starting to look at close-in communities again, which was different from the start of the pandemic. At this time, there was more buyer interest in areas on the outskirts because people were working and attending school from home. But now that things are returning to normal, there’s an increased demand for homes in the District and closer-in suburban markets.
What’s Ahead for DC Buyers and Sellers
Buyers will be happy to know that the changing market conditions will leave them with more leverage and more options. House prices and interest rates might still be higher than usual, but buyers won’t be forced to make offers unseen. They’ll also have more time to get inspections, appraisals and even a home sale contingency.
Sellers will definitely have to be more willing to work with buyers and possibly even adjust their price expectations. They may also be waiting longer to sell their homes, especially if they need to address problems that turn up during the inspection. But, this doesn’t mean that they won’t be able to find a buyer.
Why Selling for Cash Might be Best
If you want to sell your Washington DC house fast but missed the mark, you can still walk away with a strong offer when you sell your house for cash. The best part about this opportunity is that you can sell your house in its current condition, meaning you’re not responsible for repairs, maintenance or upgrades. For a house that needs a lot of work, this is a great alternative!
To get your free cash offer from 4 Brothers Buy Houses, contact our team of cash buyers in Washington DC today.
September 15, 2022
My Pasadena MD Home Isn’t Selling. What are My Options?
Pasadena Maryland is a great place to live, with home prices increasing and more people moving to the area. Compared to some other parts of Maryland, Pasadena is quiet and has good schools, lots of parks and quick accessibility to restaurants and the Chesapeake Bay. Most sellers have had no trouble selling their homes.
However, now that the market is cooling off, you might find that your house isn’t selling. This can be especially true if your house isn’t in the best condition. As buyers have more options and leverage, they’re not as willing to make offers on houses that need work. This means that you might have to address issues that you wouldn’t have had to last year.
If your house in Pasadena MD isn’t selling, here are some of your options and the things you can do.
Try to Understand the Problem
The best way to come up with a strategy for selling your house is by understanding why it’s not selling in the first place. Be objective. Most of the time, the pricing is the problem. Look at comparable homes in your area to determine if yours is priced accordingly.
Some of the other reasons why your house might not be selling are:
- Poor curb appeal
- Repairs and maintenance needed
- Outdated kitchen and bathrooms
- Bad marketing and advertising
- Located in a changing neighborhood
Lower the Price
One of the first things you can do is lower the price. Be strategic about your pricing, as many people will use filters on their searches that could exclude your home. For example, if you lower your price to $452K, buyers who are capping their search at $450K won’t see your home. To get more buyers, it’s better to price it at $449K so it turns up in more searches.
Focus on the Areas that Need Attention
Whether your home could benefit from improved curb appeal, new carpet or repainted walls, now is the time to address these issues. Pay attention to the feedback that potential buyers are leaving – most are honest about what they like and don’t like about the property. Focus on the areas that are turning people away, such as dirty carpets or old appliances.
Try New Channels
If you’re currently working with a realtor, consider some other marketing channels that can help get your property in front of more eyes. Your online listing should be thorough and include professional photos, an online video tour and a descriptive listing. You can also post your property on social media or talk to your realtor about putting up a ‘for sale’ sign and hosting an open house.
Sell Your House for Cash
If you don’t have time to waste, consider selling your property for cash. 4 Brothers Buy Houses will pay cash for your property. We buy houses in as-is condition, meaning that we will not ask you to make any repairs or updates. All you need to do is move out! We waive the inspection and appraisal, and we cover most closing costs.
To get a free cash offer for your Pasadena MD property, contact 4 Brothers Buy Houses today. We can close in just two weeks, and you can walk away with the full cash offer.
September 8, 2022
Who Pays Overdue HOA Fees at Closing?
If you’re planning to sell a property that is part of a homeowners association, you’ll need to consider a few things. The HOA is an important part of the community, as it directly influences quality of life within the neighborhood. HOAs enforce rules in a subdivision, maintain grounds and manage recreational facilities.
In exchange for taking care of a community, residents pay their HOA a fee each month. Average fees are around $350 a year, though this can vary widely depending on where you live, the size of the community and the responsibilities of your HOA. When it comes time to sell your property, your HOA fees will need to be paid up. If they’re not, this will make it more difficult to sell.
Because many communities throughout MD, VA and Washington DC are part of an association, it’s important to know about these fees, what happens if you don’t pay them and whose responsibility they are at closing.
What are Homeowners Association Fees?
HOA fees, association dues, HOA assessments, etc. are all fees that homeowners must pay to the association for the services it provides. Only those who live in a homeowners association pay these dues. Whether you plan to buy or sell a house in an HOA, it’s important that you understand how these fees work.
Here are some of the amenities that HOAs typically cover:
- Maintenance services
- Common area utilities
- Security expenses
- Insurance premiums
- Property management
- Grounds management
- Gyms, lounges and pools
- Parks, playgrounds and trails
What Happens if You Don’t Pay HOA Fees?
Each household is responsible for paying their HOA fees on time. If people stop paying, this will affect your community as a whole. Your HOA won’t meet its budget, and this can cause your neighborhood to degrade. For example, your swimming pool or playground might not get repaired.
Fortunately, HOAs usually don’t sit around and wait for this to happen. They fine homeowners and may even put a lien on the property. Even lawsuits are possible. This is why it’s important that you pay your HOA bill each month.
In fact, any remaining HOA debt is your personal liability. In most cases, you won’t be able to sell your property until the debt is cleared. Usually, this means using the money from your sale to pay the overdue fees. If the issue isn’t resolved before closing, the HOA can still attempt to collect their debts.
Sell Your House – Even with Overdue HOA Fees
If you’re planning to sell your home in MD, VA or Washington DC, 4 Brothers Buy Houses can help. We have solutions for all types of real estate problems, including outstanding HOA fees.
Because we pay cash for houses, you can use the cash from your sale to pay off these debts and walk away from your property free and clear. To discuss your options for selling a house with HOA debt, contact 4 Brothers Buy Houses today.
September 1, 2022
Why Does the Maryland Housing Market Slow Down in the Fall?
The housing market in Maryland has slowed significantly over the last couple of months due to many factors, including rising house prices, increasing interest rates and low inventory. In July 2022, home prices in Maryland were up 5.4 percent compared to last year, selling for a median price of $407,800.
Currently, Maryland is a neutral market, which means it’s not a seller’s market or a buyer’s market. This is actually good news, considering that many areas are starting to see things shift toward the buyer. And, with limited inventory in the state, it’s possible that prices will go up even further.
But there’s another thing that’s slowing down the market, and that’s the fall season. Historically, autumn is when the housing market cools off. Let’s learn why this is the case and why selling your Maryland property now might be the best fit.
The Kids are Back in School
The spring and summer are popular times to buy a home because the kids are either out of school or almost done with school. Families prefer not to change schools in the middle of the year, so they start looking at homes in the spring, with the goal to close sometime in the summer. This way, they can move their family into their new home and have time to settle in before the new school year starts.
There’s Less Flex Time
Another perk to buying a MD home in the summer is that people tend to have more flexible schedules. They’re more likely to take time off in the summer for vacations and family time. And some employees are naturally off in the summers, like teachers! With more free time in their schedules, prospective buyers have an easier time making it to showings and working with a realtor.
The Weather is Not as Nice
Maryland gets cold, rainy and snowy in the fall and winter, which means it’s not an ideal time to move. Summer may be hot, but there’s a far less chance of rain or snow during this time of year. Not to mention, the spring and summer are growing seasons, when trees and flowers are at their peak. This can help buyers see the best in their potential new neighborhoods.
Harder to See the Neighborhood in Action
More people are out in the spring and summer. Neighbors are working in their yards, kids are out riding bikes and families are walking their dogs. This makes it easier for prospective buyers to meet their new neighbors and get a feel for the community. Once fall hits and school is back in session, there are far less people out and about.
Selling Your MD House in the Fall
If you missed the mark and want to sell your house before winter hits, now is a great time to do so! It’s hard to know what the market will be like in a few months, and you can get a good price for your MD property today.
4 Brothers Buy Houses will pay cash for your property. With our house buying services, you can eliminate an appraisal, inspection and home improvements. We buy properties as-is, and we take care of most closing costs. And, there are NO commissions or fees! Contact us today for your FREE cash offer!
