All Things Frederick - A Real Estate Blog

How Smart is your thermostat?

Probably smart enough to let you program temperature settings based on the weather and household activity for the week.  But now, there is a thermostat that is smart enough to let you perform these functions via the Internet.

A “smart thermostat,” (also known as a digital programmable thermostat), lets you customize temperature settings in real time.  The ecobee Smart Thermostat, currently available for purchase online, refines this idea by adding a wireless Internet connection, so you can remotely monitor and control your home temperature from a personalized web portal.  And since heating and colling a home accounts for 70% of a home’s energy consumption, this function can help reduce energy usage and lower utility bills.

The Internet interface can be helpful to raise or lower the temperature a few degrees before family members return home from work or school.  And it can be even more useful for controlling and monitoring temperatures while the family is away on vacation.

The ecobee Smart Thermostat allows homeowners to program their thermostat easily using its touch screen, or over the Internet, in seconds.  It connects to a homeowner’s standard WiFi (wireless network), which provides remote access to their thermostat settings.  A ‘wizard’function acts as a step-by-step guide through the programming process using simple commands.

While an ecobee thermostat is $385, the ecobee website demonstrates that the device will pay for itself in energy cost savings within 18 months.

David Goldberg  -  Home Inspector                                                                     
phone:  301-913-9213
fax:  301-774-4554                                       
Reliable Home Services, Inc.
      PO Box 5159
  Laytonsville, MD 20882
 ASHI Member #101584
   MD License #29322                            

                      *          *          *          *          *
If You have a remodeling project in mind, contact us for a list of professionals we’re proud to recommend.

Yes, I said 100% financing.  (Other than a VA loan)  If you meet the requirements, there is an opportunity to get 100% financing through the USDA Rural Development Program.  If you are buying a home in Frederick County, outside the city limits and excluding a few other areas, either single-family, townhouse or condo, you may be eligible for a grant from the USDA.  (Click on the Property Eligibility Page to find out which areas comply) 

There are certain stipulations:

• There are income limits:  $92,000 for a 1-4 person family,  $121,450 for a 5-8 member family. 
• There is no mortgage insurance, no down-payment
• Closing costs and prepaids can be financed if supported by the appraised value.
• There is a Rural Development guarantee fee of 2% which is collected at settlement, but…
• The maximum loan Amount is the appraised value plus the one-time guarantee fee of 2%, making the entire loan up to 102%
• There is no maximum purchase price, although there is a maximum income, determining the amount the buyer qualifies for.
• The Qualifying ratios are strictly adhered to:  Maximum housing ratio of 29% of income, Maximum total debt ratio of 41%.  (Ratios may be exceeded only with compensating factors: which may include Credit scores, Good credit history, a previous 12-month history of similar housing payment, potential earnings increase.)
• The purchased home must be primary residence.
• No prepayment penalty.
• Conventional Conforming loan limits

Eligible borrowers must be US Citizens, or have a social security number and be eligible to work in the US, and be a qualified alien with proper documentation.

There is eligibility information on the USDA website, as well as income adjustments in the form of deductions.  Applicants must have dependable income, usually with a 2 year history.

Gift income is acceptable for closing cost assistance.  All funds, including prepaids, paid by the seller are included in the maximum seller contribution of 6%. 

Credit scores above 620 do not require a credit explanation from USDA, those below 620 require a waiver and may not be acceptable.

Wells Fargo Mortgage is an approved lender with USDA.  This information provided by Vickie Weldon from Wells Fargo.

 Contact the Frederick County and Washington County Offices of USDA for more information.

The first-time Home Buyer’s Tax Credit has been effective in stimulating the housing market this Spring.  Most of the housing markets in the US are reporting significant increases in sales and pending sales, most in the first-time price range.  Many economic experts are still saying that housing will lead us out of this economic recession. 

Many lawmakers, however, don’t believe that it’s enough, have proposed an expansion of the tax credit to include all home sales, and an increase to $15,000.  The current first-time home buyer tax credit is due to expire on December 1, 2009.

• Senator Johnny Isakson, GA, co-sponsored by Chris Dodd, Senate Banking Committee Chairman, introduced a bill this month to expand the tax credit to $15,000 regardless of income.
• Last month Kenny Marchant, Texas introduced a bill in the House to extend the tax credit to June 2010, and to provide a $3000 credit to homeowners who refinance.
• Eddie Bernice Johnson, Texas, introduced a bill that would extend the tax credit through 2010.

These bills are all in discussion and many believe there is bi-partisan support for some kind of continued stimulus to the housing market.  I’ll be posting updates as they occur.

To see foreclosures on the Frederick real estate market, use our free MLS search, and click the “foreclosures” tab.

                                          The Highland Real Estate Group
                                      Chris & Karen Highland *   301-831-9947
                                                 Real Estate Teams, LLC
                                             email us: isell4u2@msn.com 

Here’s a few great articles I’ve read online this week:

Mortgage Interest Rate Trends - A graph of the last three months’ interest rates from Fair Loan Rate

How Debt Settlement Works - Jim Wang at Bargaineering, a personal finance blog.

Beware of Free Credit Report Ads - CNN Money.com

3 Ways to Dodge Rising Credit Card Fees - CNN Money.com

New Student Loan Laws - Fair Loan Rate - You May be able to renegotiate your student loan payments.

Federal Tax Brackets and Law Changes for 2009 - Important information from Fair Loan Rate.

Have a wonderful weekend!

Contact us for more information, or use our free property search. 

To see foreclosures on the Frederick real estate market, use our free MLS search, and click the “foreclosures” tab.

                                          The Highland Real Estate Group
                                      Chris & Karen Highland *   301-831-9947
                                                 Real Estate Teams, LLC
                                             email us: isell4u2@msn.com 

Here’s our best tip for Frederick buyers:  if you find a house you like in the price range you’ve decided on, don’t hesitate…pull the trigger.  Spring & Summer 2009 is turning out to be a brisk market in Frederick real estate.  We’re seeing multiple offers on traditional sales, not just foreclosures.  We’re seeing the inventory go down and the sales go up.  We’re seeing days on market decrease.  Yes, we’re having a mini-boom.  These are transitional times and the Frederick real estate market is changing rapidly.

If Buyers hesitate, thinking that the market will languish on while prices decrease another 10%, they might find that someone beats them to the draw.  We’re seeing buyers missing out because they’re waiting for the sellers to drop the price some more.  But when a seller has 3 offers coming in, they don’t need to drop the price any more. 

When it comes to real estate, its all local.  In Frederick, the market has done the work, sellers have been severely thrashed, values have declined more than 30% since the high water mark of October 2005.  Buyers who try to lowball in a competitive situation will loose.  If you find your home of choice, don’t hesitate.

Contact us to learn more about our local Frederick real estate market.  Or use our free MLS search:

                       The Highland Real Estate Group
                            Chris & Karen Highland *   301-831-9947
                                        Real Estate Teams, LLC
                                     email us: isell4u2@msn.com