As you can see from the above chart comparing home sales in Greenbelt Md from last Septermber 2008 with this September 2009, there have been some changes.
In September 2008 the Average Sold Price for a home was $243,981. In September of 2009, the Average Sold Price for a home was just $187,041. That is over a 23 % decrease in price.
Comparing the Median Sold Price over the same time period, we see a drop from last September with this September 2009 of over 25%! In September 2008 the Median Sold Price was $242,000, but in September 2009 the Median Sold Price was just $180,000. That is over a $60,000 price drop.
All buyers should be considering Greenbelt Md for the purchase of a home. The city is in a great location with Interstate 95 and the Baltimore Washington Parkway nearby.
The above chart displays a comparison between this Speptember 2009 and last September 2008 of home sales in Columbia Maryland 21045.
The statistics abover are consistent with many areas of Maryland real estate. Total Sold Dollar Voume is up about six percent. Both the Average Sold Price and the Median Sold price for Columbia Md 21045 have declined about 12% and about 13% respectively.
The Average list price for Solds has dropped over ten percent from $344,803 to $307,862. This lower listing price has probably helped the number of sales in Columbia Md increase by twenty percent from 40 to 48 houses.
September 2009 as compared to September 2008 was very different for two local Maryland cities.
For Burtonsville Md real estate the numbers this September look good compared to September 2008. Total Sold Dollar Volume was up almost 80 percent and the total units sold doubled! Sellers were getting a little more of their list price than the previous September.
However, for Laurel Maryland in Howard County, the numbers are a little different. September 2009 was not as good as September 2008. Total Sold Dollar Volume down almost 40 percent. The number of homes sold dropped from 28 to 18, a 35% decline.
What is strange is that these two communities border each other. Burtonsville Maryland is in Montgomery County and Laurel Maryland 20723 is in Howard County.
Why did one community seem to have a better September than the other?
I am not sure.
However, if we take a look at the Average and Medium Sold Price categories, they may offer a clue.
Laurel Maryland Medium price for sold homes, dropped almost 15% to $269,000. Burtonsville Md Average Sold Price had a much smaller drop to $260,000.
My experience with buyers indicates to me that a significant portion of first time home buyers, are much more comfortable with the lower price point. As we say sales, there are a lot more fish in that lower price range. Burtonsville, was already there and was good alternative for some buyers.
Burtonsville Maryland borders Laurel Maryland. While most of Laurel is in Prince Georges County, all of Burtonsville is in Montgomery County Maryland.
Home Sales in Burtonsville Md increased significantly this September as compared to last September 2008.
Despite declining prices, the total dollar volume of homes sold almost doubled in September 2009 as compared to September a year ago. Total sold volume of Burtonsville Md homes went from just over two million dollars in homes last year to almost four and half million dollars a year later.
This increase was also marked by the number of homes sold increasing 100% over last September. In September of 2008 in Burtonsville Md, ten homes were sold. However, in September of 2009 twenty homes were sold in Burtonsville.
This increase was helped by the ten percent decrease in prices of homes for sale Burtonsville Md., this Septemeber as compare to last. Governement incentives and aggressive loan programs also helped sales in Burtonsville Md.
The above chart is a comparison of home sales this September with September of 2008 in Prince Georges County Maryland. Laurel Md real estate is located in Prince Georges County.
As you can see, the trend of falling prices in Prince Georges home values continue. Both the Average Sold Price of $225,976 and the Median Sold Price of $212,925, have fallen about 20 percent from last September. This has been the trend for most of 2009.
Also consistent with the trend of 2009 is the increase in the number of homes sold in Prince Georges County Maryland. Home sales in Prince Georges this September increased over 20 percent from last September. One of the big reasons for the increase in sales has been the impending deadline for the $8000 tax credit for first time home buyers.
Homes are selling faster as well. The Average Days on Market dropped from 141 days to 133 days.
A 203K or rehab loan is used by buyers of vacant homes to repair damage. One of the best aspects of a rehab loan, is it allows the buyer to buy the property "as-is", with money included in the loan to make repairs on a property.
This loan is ideal in this market, because of all the foreclosure properties. Most foreclosures are in need of repair and are sold "as-is". Many first-time home buyers may qualify for a loan on a foreclosure, but do not have the money to do any repairs. Most banks will not lend money to a home needing extensive repairs unless the work being done is some how written into the contract.
This is an issue many potential buyers of Laurel real estate are having to deal with.
However, the worst part for first-time home buyers is dealing with a bank as a seller. Where as, a buyer is just one or two people, a bank is a very different thing. A bank is a large bureaucratic institution that does things in slow methodical way. Worse even still, many banks are overwhelmed with the amount of foreclosures they have to deal with.
If an investor is the seller in the transaction, much of the hassle of dealing with a bank is eliminated. The deal is transacted in a much quicker and smoother way. When buyers are dealing with an investor, they are only dealing with one other person.
Right now, inverstors are being shut out of a portion of the housing market. Many vacant foreclosed homes could be renovated and sold if investors were allowed to use 203K loans. Allowing investors to purchase rehab loans would put more money into the economy and would be much more pleasant experience for buyers.
I just read an email from Remax. The information was about extending the tax credit. As many of you who are considering buying Laurel real estate know, the tax credit ends at the end of November.
There is currently a big rush of buyers trying to purchase a home before the end of November. Most buyers who call me are well aware of the dead lines.
In addition, there are several other programs in Maryland that can be used with the $8000 tax credit. The Down Payment On Your Dreamprogram in Prince Georges County Maryland. In Anne Arundel County, there is the Mortgage Assistance Program. Both of these programs offer buyers up to $20,000 in additional funds to buy a home.
Even better, according to the email, each tax credit purchase pumps about $60,000 into the local econmy.
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Like many children in West Laurel, my daughter started the seventh grade at Martin Luther King Middle School in Beltsville Maryland.
Last night was back to school night for the parents. I was amazed at how many cars were in the parking lot and in the over flow on the grass fields. The class rooms were full of parents and a few of the students as well.
All these parents at Back To School night made me feel good about he community. Its nice to see so many parents wanting to take part in their children's education.
As we switched from class to class, the hall ways were full of people. This reminded me of when I was in school back in the 1970s. The halls were decorated with banners and pennants from various colleges across the country.
All the teachers I met last night at Martin Luther King Middle School in Beltsville seemed excited about the school year. All of them encouraged parents to visit "unannounced" to see how the children were doing in school.
My daughter did not seem to like the idea of me visiting unannounced and watching her in the class room.
My daughter is studying Algebra in the seventh grade. I didn't take Algebra till the ninth grade.
After visiting the school last night, I feel more confident that my daughter is getting good education at King Middle School in Beltsville Maryland.
For more information about Beltsville Maryland and if you are considering buying a Maryland home in the area visit Maryland home sales
As I have mentioned before in this Blog, there are many great down payment assistance (DPA) programs available to buyers.
Programs like the Prince Georges County Neighborhood Stabilization Program (NSP). Many first time home buyers are eligible for the NSP's Down Payment On Your Dream loan. In Anne Arundel County you have the Mortgage Assistance Program (MAP). In Montgomery County Maryland you have the HOC down payment assistance program.
Buyers state wide in Maryland have access to the DSLP program.
All of the these down payment assistance programs are available in Maryland. However, not every lender has access to them.
Many, if not all of these programs are available only to buyers that use a direct lender. In most cases, these programs are not available to Mortgage Brokers.
Ask your lender if they are a director indirect lender. If they are a direct lender, have them put that in writing for you. Direct lenders usually have access to Maryland state and Maryland county DPA programs. Mortgage Brokers are indirect lenders and in most cases, do not have access to State and County DPA programs.
Make sure you work with a real estate agent who is aware of these facts and can direct you to lenders who have programs that may save you thousands of dollars.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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