REAL ESTATE IS LOCAL

Many of you probably are confused by the news and many real estate articles circulating in the various newspapers giving mixed reviews to the real estate and mortgage industry as a whole. But one thing that you have to keep in mind is that REAL ESTATE is local. What is happening in Austin, TX or in New York, New York is not the same as here in the DC, Maryland, and Virginia real estate market.

You have to keep an open mind that the industry as a whole is not suffering but rather certain pockets of our industry. A perfect example of this is the subprime woes and how it has affected the economy as a whole. The first thing you have to keep in mind is that the subprime market is only about 20% of the total loans originated and most of the people who got subprime loans probably should not have bought in the first place because of their poor credit rating and lack of money. Banks in the past made it so easy for anybody to get a loan that now they are suffering the consequences and have since tightened their guidelines to the detriment of many perfectly qualified applicants. Why do I say this? Well there are some people that are self employed and make a lot of money but unfortunately do not document it. Therefore a stated-stated loan would be ideal for them since we don't have to verify the income BUT nowadays these loans have almost dissapeared and if they are still around the interest rate would definitely discourage anyone to get into these loans.

Since late 2005 we have seen a downturn of the DC, Maryland, and Virginia real estate market as well as other aregions. This was inevitable. Our market cannot sustain this type of growth for a prolonged period of time. No one would be able to afford a house and that is why we have what analysts are calling a "CORRECTION".

Prices since late 2005 have plummeted as much as 10-20%. This is good for buyers and the economy as a whole. After several years of sellers demanding above asking price and demanding that home inspections be waived the tables have turned and buyers are in charge. Buyers are reducing even further asking prices and asking for concessions left and right, and you what, they are getting them!

So lets put this into perspective and if you are in the market to sell your home understand what you are getting yourself into. Price your home accordingly, be ready to negotiate, and have it in model home condition! Buyers you can probably ask for just about anything and get it, but let's be realistic and fair just like the sellers were a couple of years ago.

Good luck on your house hunting!

Posted by Darwin Romero pricipal broker of ACCENT Realty Corp. For more information on the writer and the company please visit the following website: http://www.accentrealtycorp.com/

ENTERING MY THIRD DECADE

It seems like it was yesterday that I was an eager teenager ready to conquer the world and now that I turn 30 I look back at what my life has been and I thank God for evey moment he has given me.

I am proud that I have served my community in Montgomery County, Maryland as a realtor for tha last seven years. Thank you all for your support and confidence in me. I also would like to thank my family, sisters karla, katherine and victoria, little brother Daniel and my parents for all their support. And of course to my beautiful wife Marina and two wonderful sons Ulises and Lucas. I love you all and I look forward in sharing my life with all of you for many years to come.

COMING SOON: NEW FICO SCORING METHOD

Recently the Fair Isaac Corporation (FICO), the most well known and widely used credit score model, has issued a press release indicating that starting in September of this year there will be a new scoring system.

The most affected by this change will be authorized users and people with fairly new credit scores. In the past, consumers were given the benefit of the doubt and there score originally appeared in the high 700's, but now with the new scoring system this will probably not be the case.

The new scoring system will take into account two important factors in the credit score: 1) the length of time these accounts have been opened and 2) that these accounts actually belong to the consumer applying for credit.

We know that our credit score is largely determine by the following factors:

1)35% by how we have paid in the past
2)30% by the balances we carry
3)15% length of history
4)10% by the different types of credit used
5)10% by the recent search for credit

As we can see only 15% of the score is determined by the length of credit history. Probably most consumers will not be affected after all. What do you think?

Graph provide by http://www.myfico.com/CreditEducation/CreditScores.aspx?fire=5.

LARGE RAMBLER AT AN UNBEATABLE PRICE- $450,000

Who says you can't have it all? This wonderful home offers plenty of space to grow in a serene
environment. It has four bedrooms and three full baths, two kitchens (one on the main level and the other in the fully finished basement), three additional rooms in the basement that can be used for just about anything.

Imagine having the Cross Creek golf course be your front yard and a wonderfully landscaped backyard provides more than enough space for those summer cook outs. In addition to the large lot this home has plenty of parking with its double wide concrete driveway that is partially covered- it can easily accomodate 4-6 cars. The home has been recently updated with fresh paint, refinished hardwood floors, new carpeting in the basement, updated bathrooms, and newer appliances.

Enjoy entertaining guests and family in your very own formal dining room and preparing those sumptious dinners in your country kitchen. The competition doesn't even come close to this one. For more information please contact the listing agent at darwin@accentrealtycorp.com

COMMERCIAL PROPERTY FOR SALE IN DC- $1,199,999

Have you been looking for a commercial property in DC? Well search no more. This space is large, approximately 3,450 square feet, and on a main artery of DC: Georgia Ave. Currently it is being used as a church and has an occupancy permit for 137 people. This space would be suitable for another church to come and occupy but it can also be used for a restaurant, grocery store, laundromat, etc. because of its wide open space. Just use your imagination! This property also offers additional space in the basement with its very own kitchen and bathrooms. It is close to shops, public transportation, and metro. Contact Darwin regarding this property before it's too late or visit us at our website at www.AccentRealtyCorp.com and go to the property search tab and then to our listings. Good luck!

LARGE 1 BEDROOM CONDO-$147,000

Entrance Foyer
This condo has a formal foyer to greet your visitors!

Dining Area
This space can easily accomodate a dining table for 6!

Table Space Kitchen
Plenty of space for the cook and the little helpers.

Inviting and Sunny Living Room
This space lends itself for entertaining. Your guests can enjoy the balcony off of the living room with its wonderful view.

Spacious Bedroom
A tranquil retreat.

You won't believe the space this condo offers-it's bigger than most 2 bedrooms! This condo is found on the 5th floor of a mid size secure building in Adelphi, MD. It is conveniently close to the University of Maryland College Park, shopping centers, and public transportation. Easy commute to Baltimore, MD from here just take I-495 north and you are there in 30 minutes or less. This condo has 1 bedroom and 1 full bath. It is in move in condition and has a wonderful balcony with a great view. Plenty of parking space available.

For a private showing contact Darwin at 301-252-5939 or email him at darwin@accentrealtycorp.com.

WONDERFUL CAPE COD AT A GREAT PRICE- $399,900!

Get it while you can! This spacious cape cod has just been listed in Silver Spring, MD. It boasts 6 bedrooms, 2 full baths, a living, and a dining room with hardwood floors throughout.

The kitchen and bathrooms have been renovated within the last three years! Newer cabinets, countertops, ceramic tile, and newer appliances. The property has a fully finished basement and is walking distance to the Glenmont Metro (red line going towards DC)! The location is great since it is en route to many major cities such as Rockville, Olney, Downtown Silver Spring, DC, and Baltimore.

For a private showing contact D Romero at 301-252-5939 or email me at darwin@accentrealtycorp.com.