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 found for those that are ready to move ahead.

The first step for most in the home purchase process is pre-approval for mortgage financing. Please ask us for a referral to a loan officer if you do not have a relationship with a mortgage lender.

Roy and Dolores Kelley visited Longwood Gardens on Saturday, February 12, 2011 to see the Orchid Extravaganza in the Conservatory. A wonderful world class exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley.

Please contact us for information on homes for sale in Montgomery County, Maryland.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 

6 Comments on Blooming for home buyers

MAR
14
2011
253,751 Points 1 Featured Post Attended Rain Camp Called Shot Master

Great information for home buyers. 19% short sales is high. Great opportunities available right now.
11:36am • #1
1,441,726 Points 26 Featured Posts Outside Blog Called Shot Master

Yes, Dawn. When 19% of the available inventory is made up of short sale pre-foreclosures, home buyers really need to be alert as well as very selective. Some short sales go through smoothly even though most take many months to reach settlement.

In our suburban Maryland market, most of the short sale listings never reach settlement. Many go to trustee sales before short sales are completed. Every week, we see advertisements for trustee sales for active listings. Some buyers are shocked to find that their purchase contracts are meaningless when the homes are sold in the foreclosure auctions at the court house steps. For many, focusing on the inventory of lender owned foreclosures is more likely to end in a successful purchase.

Roy and Dolores Kelley visited Longwood Gardens on Saturday, February 12, 2011 to see the Orchid Extravaganza in the Conservatory. A wonderful world class exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley
11:57am • #2
104,397 Points 11 Featured Posts Called Shot Master

There are lots of great opportunities in your area. Love you flowers, as usual. Keep them coming.
2:17pm • #3
1,441,726 Points 26 Featured Posts Outside Blog Called Shot Master

Hi Elizabeth:  The trustee sales do provide purchase opportunities. Most of the properties sold at the auctions are actually purchased by the secured mortgage lenders. So, many investors see the trustee sales as preview of what will later be available in the REO inventory. Investors watch for the properties that have enough equity to make it worth while for an investment purchase. These transactions are too risky for most owner occupant purchasers.

Roy and Dolores Kelley visited Longwood Gardens on Saturday, February 12, 2011 to see the Orchid Extravaganza in the Conservatory. A wonderful world class exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley.
2:27pm • #4
546,251 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good Evening Roy

Thanks for the comprehensive report on short sales, pre-foreclosures and regular homes for sale. Have a great day.
11:35pm • #5
MAR
15
2011
1,441,726 Points 26 Featured Posts Outside Blog Called Shot Master

Good morning Patrick. This spring will offer a time of very favorable conditions for home buyers. The prices are attractive, the interest rates are low and qualified purchasers can get in their homes with modest cash requirements.

Roy and Dolores Kelley visited Longwood Gardens on Saturday, February 12, 2011 to see the Orchid Extravaganza in the Conservatory. A wonderful world class exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley.
7:45am • #6

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Roy Kelley, Montgomery County, MD Homes For Sale

Gaithersburg, MD

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Roy Kelley and RE/MAX Realty Group

Address: Roy Kelley, RE/MAX Realty Group, 6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD, 20879

Office Phone: (301) 921-4569

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Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


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