In the heart of Southern Maryland, Waldorf offers real estate home buyers convenience and value. Once a rural community, now a vibrant county with exciting residential communities of moderate to luxurious homes on large lots in locations convenient to Washington, D.C. and employment centers in Prince George's and Anne Arundel Counties. Route 301 goes directly through Charles County, across the Potomac River in to Northern Virginia, making Waldorf, Charles County an alternative residential real estate area. Residential real estate development is centered in and around Waldorf. Communities like Waldorf contribute to the variety of home style and features sought by today’s home buyers in Maryland.
With a land mass of 461 acres and a population of just over 120,000, Charles County has considerable real estate available for development. New home communities have been developed in St. Charles which has been in development since the 1960s and surrounding areas. The county seat of La Plata retains it's rural atmosphere since most development is located closer to the Prince George's County border with close proximity to employment centers in Upper Marlboro, Washington, D.C. and Andrews AFB. Military employees and service personnel working at the Pentagon also find Waldorf and Charles an affordable alternative to the high cost housing in Northern Virginia.
As of the census of 2000, there were 22,312 people, 7,603 households, and 5,991 families residing in the Waldorf. The Community of St. Charles is a separate CDP with an additional population of over 33,000 according Census 2000. Since then, the county (Charles County, Maryland) has experienced over 12% growth, putting the current population of Waldorf at over 60,000. For the Waldorf CDP alone, the population density was 674.1/km² (1,746.0/mi²). There were 7,827 housing units at an average density of 236.5/km² (612.5/mi²). The racial makeup of the CDP was 61.11% White, 31.98% African American, 0.54% Native American, 2.59% Asian, 0.02% Pacific Islander, 0.88% from other races, and 2.88% from two or more races. Hispanic or Latino of any race were 2.91% of the population.
There were 7,603 households out of which 45.5% had children under the age of 18 living with them, 58.6% were married couples living together, 15.5% had a female householder with no husband present, and 21.2% were non-families. 14.8% of all households were made up of individuals and 2.2% had someone living alone who was 65 years of age or older. The average household size was 2.93 and the average family size was 3.24.
In the CDP the population was spread out with 30.6% under the age of 18, 7.5% from 18 to 24, 36.4% from 25 to 44, 20.7% from 45 to 64, and 4.8% who were 65 years of age or older. The median age was 33 years. For every 100 females there were 94.4 males. For every 100 females age 18 and over, there were 90.8 males.
The median income for a household in the CDP was $68,869, and the median income for a family was $71,439. Males had a median income of $45,293 versus $35,386 for females. The per capita income for the CDP was $24,728. About 2.7% of families and 4.4% of the population were below the poverty line, including 6.4% of those under age 18 and 2.2% of those age 65 or over.
Preparing Your Home For Sale
Whether you're ready to sell now or just curious about the process, we can help. Many homeowners begin thinking about selling long before they are really ready to move!
The sale of property in Maryland involves legalities that even a For Sale By Owner must conform to. We provide the following services in preparing your home for sale.
- Provide a free, no obligation market evaluation for your property.
- Recommend that you consult with your favorite real estate attorney.
- Provide an estimate of your cost of sale and your net equity based on your property.
- Inform you of village ordinances which may apply to your property.
- Explain Fair Housing Laws.
- Provide you with a copy of the MD Seller Disclosure Act form.
- Explain why offering a home warranty for your property may be in your best interest.
- Help you decide if your property should be inspected by a certified home inspection service.
- Locate your real estate property index number.
- Help you determine which repairs are necessary and which are not.
Garage Sale Time
Now is a great time to get rid of all those unnecessary things you accumulated - things you no longer want or need - and bring in a little extra cash at the same time.
A garage sale is not hard to prepare for and can be fun! Enlist the help of the whole family in organizing and pricing your merchandise. Perhaps you could arrange a joint sale with a few neighbors. Advertise the sale in your local paper and with signs placed around the neighborhood. Be prepared to bargain and drop prices, if necessary, to clear out your inventory. Make arrangements with a local charity to collect all the leftover items after the sale.
Tax Deductible Moving Expenses
Many of the expenses connected with moving may be tax deductible, if the move is job related. Some of these include:
- The cost of moving your household goods.
- Expenses incurred while house-hunting.
- Travel expenses during the move for you and your family.
- The cost of meals and temporary lodging for up to 30 days after you get the new job.
- The expenses, of selling your house and buying a new one.
To substantiate your claim, keep an accurate, detailed account of your moving expenses, including all receipts.
Special Care for Pets & Plants
Moving companies are not allowed to handle the shipment of pets, so you you will need to explore your alternatives.
Shipping animals by air is the fastest and most convenient method. Most airlines are familiar with the care and handling requirements of animals.
If you must take your pet with you in the car, call ahead to make sure pets are allowed at your overnight stop. Check with your veterinarian for hints that could make the trip more enjoyable for both you and your pet. Before moving, be sure licenses and all vaccinations are up-to-date.
House plants do not travel well in the dark interior of moving vans. Plants are difficult to pack and may have to survive several days without light and water. Moving companies will not guarantee the condition of plants that are shipped and some states will not allow you to bring plants across their state line due to the possible transportation of harmful insects or diseased vegetation. Check ahead before bringing plants with you to ensure that you will be allowed to cross state borders with them.
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Buying a home is one of the most important personal and financial decisions you'll ever make. That's why CENTURY 21 Comstock Earnest wants you to have this step-by-step guide to help you find and buy your first home. We're also here to answer your questions along the way. We want your first real estate experience to be both hassle-free and rewarding.
The following Guide explains the real estate process in plain English. What you're about to read is an overview of the procedures normally followed in a typical home purchase. Read on and see how finding and owning your dream home can be easier than you think with help from CENTURY 21 COMSTOCK EARNEST.
Preparing to Find and Buy a HomeKnowledge Is Power ... Accurate Information Is Essential
Before you start looking for a home, become an educated consumer. Knowledge is power and misinformation gets in your way. First, learn about the process and requirements for buying a home. Common misconceptions include ? renting is always cheaper than buying ? you have to be a Permanent Resident of the United States to buy a home ? and you have to have a huge down payment to qualify for a mortgage.
Here are the facts. You only need a work permit to buy a house. And in some cases, the starter costs of renting may be about the same as a house down payment. As you start your search to find a home, keep informed. Talk with people who've gone through the home-buying process ... attend home-buying seminars ... and visit with the knowledgeable real estate experts like those at CENTURY 21 COMSTOCK EARNEST.
Choosing Your Real Estate Professional
Deciding to find and buy a home is one of the most important decisions of your life. It combines your personal hopes and dreams with wanting what's best for you and your family. It means making changes. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live. When you choose a CENTURY 21 Comstock Earnest Agent, you're dealing with an experienced professional who understands your concerns and will provide you with the personalized service that makes all the difference. CENTURY 21 is in 42 countries, 7,800 offices, 104 languages, and represented by 143,000 agents who understand the life changes that real estate decisions can bring. What should you expect in your first meeting with a real estate agent? A CENTURY 21 Comstock Earnest agent typically will talk to you about the neighborhood where you want to live, home prices, schools, transportation, and the surrounding commercial and residential areas. Before you find a home, your agent can also assist you in talking with a mortgage representative about getting a "mortgage pre-approval". It's helpful to get pre-approved before you find a home so you'll know how much money you have to spend. You also can calculate how much you can afford in monthly payments. CENTURY 21 Comstock Earnest has online financial calculators to help you.
Establishing Credit
Having an established credit history plays an important role in the home buying process. It's never too soon to start building a good credit history. Start by diversifying how you pay for things; don't pay for everything with cash. Pay your bills on time, limit your debt, reduce the number of credit cards you have, and use them responsibly. Your goal is to show that you are financially responsible and a "good credit risk."
It's also important to review your credit report. This is a record of past and current debt that states when, how and if you paid. Make sure that the information contained in your credit report is accurate. By reviewing your credit report now, you'll have the opportunity to correct any errors. Your CENTURY 21 Comstock Earnest Agent can help you get a copy of your credit report to review. Don't wait until you've found a home to do this. Do it now.
Why is this so important? Your credit history is one of the documents that give the mortgage lender confidence in you. The better your credit history, the better your credit score. And the higher your credit score, the more likely your mortgage lender will offer you more mortgage options with better terms.
You're smart to think ahead. The best approach to buying a home with few financial surprises is to learn how homes are financed, find out how and where to get financial assistance, and understand all the costs involved in addition to the cost of the house. What follows is a brief explanation of (1) Mortgage Pre-approval, (2) Down Payment, (3) Mortgage Options, and (4) Closing Costs.
(1) Mortgage Pre-approval
A pre-approval is a simple calculation done by a mortgage lender that tells you (a) the amount you'll be able to finance through a loan and (b) what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Contact your CENTURY 21 COMSTOCK EARNEST Agent for help in getting a mortgage pre-approval.
Once you know the amount the bank will lend you, the next step is to determine how much to save for your down payment. This will help you define the types of homes within your budget. Keep in mind the monthly costs associated with home ownership include not only your mortgage payment, but also real estate taxes, homeowner's insurance and utilities.
You may not realize it but when it comes to getting mortgage financing, you have options. Which one's right for you? To figure out how much you can afford use our Calculator. A CENTURY 21 Comstock Earnest agent is happy to help you make sense of both the financing process and your financing options.
(2) Your Down Payment
A down payment is the money you pay up front toward the purchase of your new home. Typically, the larger your down payment, the less you pay each month on the mortgage, and the lower the interest costs will be over the life of the mortgage.
How large should your down payment be? Many people make down payments of 5%, 10% or 20% of the sales prices of the homes they buy. There are also loans available for buyers with down payments of under 5%. However, the right percentage for you depends on many factors. Talk to a CENTURY 21 Comstock Earnest to learn more about your mortgage options and which is the right fit for you.
(3) Your Mortgage
Your options for financing the home you find depend on your personal financial situation and your unique needs. Check with a CENTURY 21 Comstock Earnest agent for guidance about contacting mortgage lenders and getting a Mortgage Pre-approval. This will help you gauge how much you can afford to spend on a home and the financing options available to you. Here's an overview of typical financing options available:
- Adjustable Rate Mortgage (ARM): This is a mortgage in which the interest rate is tied to a specific economic index and may adjust at specific times. Overall, your monthly payment may go up or down at intervals specified in the disclosure associated with this type of mortgage, depending on the current interest rate.
- Fixed Rate Mortgage (FRM): This is a mortgage with an interest rate that does not change during the entire term of the loan. This means the monthly payments for principal and interest are also fixed for the life of the loan.
- Conventional Mortgage: This is mortgage that is not part of a government-housing program, typically has a limit of $322,700, and is not insured by the federal government.
- Jumbo Mortgage: This is a mortgage that typically exceeds $322,700 and is not insured by the federal government. These loans usually have higher interest rates.
- Government Backed Loans: There are two types of government-backed loans -- FHA and VA. FHA loans are insured by HUD (the Department of Housing and Urban Development of the United States) and VA loans are insured by the Veterans Administration.
(4) Closing and Other Additional Costs
After you find a home and receive mortgage approval, the closing is when ownership of your new home officially transfers from the seller to you. In some cases, sellers pay the closing costs. If not, you need to be prepared to pay this additional cost. This can add another two to five percent to the home purchase price. These costs also can vary from state to state. For specifics, ask your CENTURY 21 Comstock Earnest agent. Other additional costs may include:
- Good faith deposit: This deposit reassures the sellers you are genuinely interested in buying their home and are willing to make them an offer. A good faith deposit can vary between 1% and 10% of sales price depending on the market and can be applied to the down payment.
- Mortgage application and credit report fees.
Finding A HomeYour Search
Where do you start when you're ready to find a home? Narrowing your home search based on how much you can afford is one factor.
You'll want to have an idea of the features you "want" versus "need" in a home to help your CENTURY 21 Comstock Earnest agent guide you in a successful home search. Then the fun begins! Your CENTURY 21 Comstock Earnest agent will provide you with information on houses for sale and take you to visit the ones that interest you. You'll have the chance to discuss the pros and cons of each house with someone who has real estate knowledge and experience. And don't be afraid to ask questions. Remember, one of these houses you visit could be your future home and a major financial investment.
Throughout the process, your agent will help you fine tune your search criteria to find the home of your dreams. As part of the search, you'll probably visit "Open Houses." Visiting an open house includes personally touring a house that's for sale to get a first-hand view of the home and property. You may want to visit open houses on your own or with your agent. Either way, it's a chance to get a better feel for the market, neighborhood, and styles of homes available.
With each house you tour, ask yourself these questions:
- What features are most important to me? Number of bedrooms? Number of bathrooms?
- Does it have special features like a garden, a fireplace, a yard or a garage?
- Do I want a newly constructed house or a house that has been lived in before?
- Is it most important that the house be near a specific school, my job, or public transportation?
- What is the school district like?
- Are there kids in the neighborhood who are the same age as my own?
- Does this house need a lot of repairs?
Making An Offer
When you find a home you want to buy, you'll make the seller an offer in writing. Your offer is typically the first step toward negotiating a sales contract. That's why determining how much to offer is more complex than simply determining a price. Because of the large amount of money involved, both the buyer and the seller need to protect their investments and limit their risk. This is why when you make an offer, you not only specify the price you are willing to pay, but also the other details of the purchase such as:
- How you intend to finance the home
- Amount of the down payment
- Who pays the closing costs
- What inspections will be performed
- Whether or not personal property is included in the purchase
- Terms of cancellation
- Any repairs you want done
- Date you will take physical ownership and possession of the property
- How to settle disputes should they occur
Contingencies:
Contingencies generally allow you to anticipate potential problems so if something goes wrong, you can cancel the contract without penalty. If you cancel a contract without having agreed upon conditions and contingencies, you could find yourself forfeiting your good faith deposit and money spent to inspect the property, as well as other damages. For this reason, it's recommended you retain an attorney. Your attorney will advise you about what to include in your offer to protect yourself.
Before making an offer, thoroughly evaluate the property (including but not limited to the following):
- Property Conditions
- Your agent can tell you how the property compares with the rest of the neighborhood.
- Home Improvements
- Take note of what the previous owners have done to the house to determine if these improvements warrant the asking price and/or were done correctly.
- Market Conditions
- If the market is "hot," it's often considered a "seller's market." This may give you, the buyer, less room to negotiate your ideal price because there may be other people willing to pay more for the home.
- If the market is "slow," then it's considered a "buyer's market." In times like these, houses often sit for longer periods of time without receiving acceptable offers. When reasonable offers do come in, sellers may be more willing to negotiate.
- Seller Motivation
- If an individual needs to sell quickly due to his or her personal situation, he or she may be more willing to negotiate.
- Once you find a home and submit your offer, you then wait for the seller's response. The seller can accept, reject or counter your offer with one for a higher amount. This begins the process of price negotiation that continues until both parties either agree on a price or decide to go their separate ways.
Your Good Faith Deposit
Along with your offer, you'll provide a "good faith" deposit that demonstrates to the seller your serious interest in buying. This is one of the additional costs mentioned earlier. This money is deposited only once the offer has been negotiated and accepted by both parties.
The Home Inspection
After you find a home and make an offer, a house inspection is often ordered. The seller should have the property available for inspection by a professional.
In a typical inspection, experts examine the existing conditions of the property. Inspections may be required by law with the elements inspected varying by region, state, and/or your agreement.
The most common type is the General Home Inspection. A home inspector can provide you with a complete service that covers from the basement to the attic, as well as the exterior of the home, walls, chimneys, and fixed appliances such as refrigerators and stoves. Other specific elements that can be included: (not a complete list)
- Termite Inspection
- Plumbing
- Water Quality
- Lead
- Radon
- Septic Tank
- Asbestos
- Electricity
Indispensable Insurance
Before a mortgage company will approve your lending arrangement and allow you to close on your new home, they will typically ask you to show proof of title, title insurance, and homeowner's insurance. Your CENTURY 21 Comstock Earnest agent or your mortgage representative can explain the details. Your real estate attorney can also provide counsel on title issues and title insurance.
The Final Walk-Though
Before the closing and property ownership is transferred, you and your CENTURY 21 Comstock Earnest agent will want to visit your future house. This "walk-through" is an opportunity to ensure that the house has been left in the expected condition.
You should make sure that all the items the owner agreed to leave are still there, such as kitchen appliances. This may also include furniture and accessories listed in the final sales contract. If there are problems, discuss them with your agent and attorney. In some cases, you can ask for a discount or credit at the closing to cover missing items or last-minute damages to the property.
The Closing
To be knowledgeable and prepared, ask your agent and attorney to go over the details of the closing with you beforehand. The closing process can vary by area of the country and even within the same state.
Generally, the seller is required to provide clean title to the property at closing. Your CENTURY 21 Comstock Earnest agent, mortgage lender representative, and real estate attorney/legal counsel can help you make sure all documents are provided and steps followed.
For more information on the purchase of your new home contact us today!
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