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Blooming for home buyers
Blooming for home buyers
We have a beautiful sunny Monday morning in Gaithersburg, Maryland. Our office is busy with contracts being written for home buyers that viewed available properties over the weekend.
Prospective home buyers are reading the news about the mortgage market and smart buyers understand that things we have taken for granted for many years will be changing. There is market pressure for higher interest rates and mortgage lenders are recommending early lock-ins on rates. Fees are to increase on FHA and conventional loan products. The maximum loan amounts for FHA financing are scheduled to decrease. The down payment requirements will be increasing.
What does this mean?  This spring be be the time of historical opportunities for home buyers. The prices, interest rates and fees may never be lower.  Home ownership is not the best course for every family but for those that aspire to home ownership, earlier may be much more attractive than a later purchase.
I just posted a report that shows 2,997 active listings of homes for sale in Montgomery County, MD. 135 of those listings (5%) are lender owned foreclosures and 19% of them (556) are short sale pre-foreclosures. There are still bargains to be ... more

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