Prices continue to fall and time on the market continues to increase. It's a good time to buy a home.

Prices in the market for real estate in Maryland counties have dropped approximately 5% for 2007 over 2006. Ask your Homefinders agent about competitive prices for homes that you like and would consider buying. CMAs are NOT just for sellers. We provide our buyers with CMA information.

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Q. Do I have to sign anything before I an agent can show me homes?
A. No. Homefinders.com agents can show homes without a written agency agreement. However, under the law, agents cannot evaluate property, negotiate or write contracts without an agency agreement IF the agent is representing themselves as a "BUYER'S AGENT" on the Contract of Sale.

Q. Can I buy a new home already completed in Maryland?
A. Yes. Some builders construct "spec" homes in Maryland to have homes ready for new buyers.

Q. What is the advantage of building from scratch?
A. You, our buyer, will have control over the colors of counter tops, cabinet selection, flooring, etc.

Q. Do I need an attorney to buy a home in Maryland?
A. No. The Maryland contract form, written and approved by attorneys, is prepared by your agent.

Q. Will an attorney be necessary to settle or close the sale?
A. No. Maryland permits "title companies" to conduct real estate settlements. This saves buyers and sellers money at closing.

Q. Can I select the homes listed for sale that I wish to see?
A. Yes. You can tour homes for sale at http://www.homesdatabase.com/lennharley
Select the homes you wish to see and send the list with your phone number and name to EMAIL HOMEFINDERS.COM

Q. Will I have to have a Homeowner Association if I buy a town home?
A. Expect to have a Homeowner Association for any home, town home or condominium that has common areas. Maryland requires maintenance for multiple home communities to pay for certain services, i.e. grounds maintenance of common areas, tot lots, etc.

Q. Will I know about the Homeowner Association before buying?
A. Yes. Maryland requires that buyers be provided a copy of the Homeowner Association Documents prior to settlement and the buyer has 5 days to rescind the contract if they object to any of the disclosure in the documents. The buyer's earnest money will be refunded.

Q. Is it a good idea to have a home inspection of a resale home in Maryland?
A. Yes. Only a home inspection by an experienced home inspector will discover defects that a home buyer cannot see when looking at homes to buy. Only a home inspection can give a home buyer information about the condition and expected costs of maintenance or future repairs.

Q. What is the cost of a home inspection?
A. Based on the market value of homes, the home inspection will cost approx. 0.00085% of the sales price. Properties with acreage will be higher than town homes or single family homes or condominium homes on small lots.

Q. How much are closing costs in Maryland?
A. Closing costs vary from county to county. Maryland closing costs are higher than many states because the state and some counties use the transfer of title as a source of revenue. Estimate approximately 3-4.5% of the purchase price for closing costs plus down payment. Your Homefinders.com buyer's agent will provide you with a Buyer's Closing Cost Estimate when your contract is written. Your lender will provide a Good Faith Estimate when you make loan application.

Q. Are there many homes on the market in Maryland and Northern Virginia.
A. YES. The inventory for homes listed is about 24% higher this year than last year.

Q. Which is the better buy? Resale or new homes.
A. In 2007, new homes are a far better buy than resale homes. Builders are smart and have lowered prices to meet market demands. Resale homes are still priced higher than most buyers will pay.