2014 Real Estate Predictions

What does this year have in store for you?
If you’ve been waiting to sell your home, 2014 might be the perfect opportunity!


AskHomesale.com provides real estate advise and information for home buyers, home sellers, and homeowners alike. Askhomesale.com is part of the Prudential Homesale Family. The Homesale Family of Companies is the leading real estate company serving the Baltimore, Maryland, South Central and Southeastern PA real estate markets.  Prudential Homesale has more than 25 offices with over 1,000 REALTORS®. Prudential Homesale’s footprint includes Maryland real estate offices in Baltimore City, Federal Hill, Fells Point, Westminster, and Timonium.  Pennsylvania real estate offices include York, LancasterWyomissing, Chambersburg, Gettysburg, Harrisburg, and Schuylkill Haven.

2014 Real Estate Predictions

Tips to Help You Save Money NOW!

Saving money can be a constant challenge, so having the right impression is important. keep in mind that a budget is not a form of punishment, but a key step in helping you improve your financial well-being. When you are ready to make a large purchase such as a new home, you’ll have the financial resources at your very own finger tips. Follow these simple tips and before you know it you will be well on your way to saving money for the things that are important to you!

Don’t know how much money you need to save in order to buy a new home? Try our mortgage calculator to help you find out how much you will need to purchase a new home. Have you already saved up enough money for a new home? Search homes for sale on our real estate website today. Prudential Homesale helps home buyers and sellers through Maryland & Pennsylvania find the new home of their dreams!

Tips to Help You Save Money NOW!

Down Payment Tips

Many people dream of owning a home but don’t think it’s possible because they lack the resources for a down payment and closing costs. Here are tips for securing that down payment.

1) Borrow from your retirement account: Many people have been investing in a 401(k) plan or traditional IRA for years and first-time homebuyers may borrow up to $10,000 for their down payment without incurring a penalty. For those self-employed or if your employer allows it, you also can borrow up to $50,000 from your current 401(k) and pay yourself back over five years at a low interest rate.

2) Ask family: Sure, you may be too proud to ask for money, but if relatives can help you and your family move into that dream home, isn’t it worth it? If you do get help from a family member, the lender will ask you to sign a gift-letter form, attesting to the relationship. The lender may also require your relatives to explain where they got the money and prove that they are financially able to make such a gift.

3) Look for down payment assistance grants: Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers, low-income and moderate-income individuals and families who wish to own a home.

4) Come to a lease/purchase agreement: Homeowners who can’t sell their homes in this market may consider a lease/purchase agreement, where you rent the home you want to buy and a percentage of your rent is applied toward the down payment. If you go this route, make sure you get a contract outlining all the details so both parties are protected.

5) Add it to the wedding registry: Several mortgage companies allow those getting married to set up a down payment registry. This is a great way to celebrate the joining of two people in matrimony.

6) Cut back and save: If none of the other ways will work for you, there’s always the old fashioned “saving for a rainy day.” Try putting aside 10% of each paycheck and make your meals instead of going out for them. If you’re married, save the money you would spend on birthday, anniversary and Christmas presents and put it toward your house. You also may need to forget that vacation this year.

These sacrifices may seem significant but they will be worth it once you’re inside your own home. Check out our article on Renting vs. buying for more info on why it might be better for you to own your own home.

Prudential Homesale Services Group is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
Down Payment Tips

Plan Ahead for Homeownership

Studying for your college courses? Focusing on athletics? Starting your new career? Even if you’re not quite ready to buy your first home, it is important to position yourself so when you decide to take the next step, you are completely ready.

Start with:

1.    Building good credit
Sign-up for a credit card but pay it off every month.  If you’re renting, use your name for the lease, utilities, and other bills but make sure these bills are paid on time.

2.    Saving for a down payment & closing costs
Open a savings account so you can start putting money aside and acquire more interest.  In addition to a down payment, buyers also need cash for closing costs.  There are loans that don’t require a down payment; however, most buyers choose to buy using cash upfront because more money down means a lower monthly mortgage payment.

3.    Researching where you want to live
Learn more about your area’s cost of living, taxes, utilities, and other housing costs.  Talk to a local Realtor and get an estimate on the monthly payment that fits your budget.  This information will help you create a financial plan so you can determine what is affordable.

Plan Ahead for Homeownership