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Spring flowers and fix-up properties

By
Industry Observer with Retired

Spring flowers and fix-up properties

The spring weather has everybody going to the garden centers to pick up supplies and select flowers to plant. The spring painting and repair project have also begun in many neighborhoods and work crews will be very busy.

Home buyers are also out to look at the available selection of homes for sale. Buyers have more pressure than normal this season because some the very attractive factors of home buying are expected to change. Low interest rates are expected to rise. The cost of mortgage insurance will be increasing. The down payment amounts will be increasing. The maximum loan amount for FHA loans will be decreasing. The currently available grants to $7,500 for first time home buyers will be depleted. It appears that the best time to buy a home is now. We many never again see such favorable conditions for a home purchase.

The inventory of available properties is shrinking in Montgomery County, MD and attractive listings are attracting multiple offers. This is very evident in the lower supply of lender owned foreclosures that are on the market. There are only 135 active listings of lender owned foreclosures in Montgomery County. Since there are about 3,000 homes for sale in the county, the REO inventory is about 5% of the total. Many of them are fix up properties and prospective buyers and their agents need to know how to address deferred maintenance and repairs issues that at found in a number of the homes.

Many home buyers are turning to the use of FHA 203(k) renovation financing that allows the fix-up costs to be included in the mortgage loan amount and enables buyers to fix-up the homes before moving in. The FHA programs can be combined the the first time home buyer grants that are available to reduce the amount of cash required for a purchase. The home buyers that want to consider the REO properties and the larger inventory of short sale pre-foreclosures should use a mortgage lender that offers 203(k) financing to keep those options open during the spring home search.

Pre-approval for mortgage financing is the first step for most in the home purchase process. The selection of a lender is very important since all do not offer the same mortgage products. Do not hesitate to ask a prospective loan officer if he or she offers renovation financing and also has experience with the renovation financing products.

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.

Posted by

Roy Kelley, Retired, Former Associate Broker, RE/MAX Realty Group

Gaithersburg, Maryland  

Show All Comments
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Good Morning Roy......Curb appeal is everything.....can you imaging the heads that would turn if they had these flowers showing off their property. Great photos!
Hope you have a great day!---Rob

Mar 16, 2011 12:00 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning to all. We have a rainy morning in Maryland but is to clear in a couple of hours for many of us to attend an 11 a.m. seminar on first time home buyer grants and special mortgage financing available in the spring market. Paul McCausland of 1stMariner Mortgage is offering the program at the Kentlands office of Village Settlements. This is very convenient for me since we live only a few block away.

Yes, Michael, I do like the Canon quality. I recommend the new G12 PowerShot by Canon for those that are looking for a new camera. I should be taking lessons rather than giving them.

Rob:  Home sellers would be well served by having a nice display of flowers in their gardens. Flowers in the front of the property may well catch the eyes of prospective home buyers.

Life is good in the spring!

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.

Mar 16, 2011 12:12 AM
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Good morning, Roy!  This is the happiest time of the year to be out and about town - when nature is starting to awake.  I am encouraging some of my sellers to get out this weekend and next and start their clean up and get some color added to their yards.  As always....your pictures are amazing!

Mar 16, 2011 12:15 AM
Paula Stills
Elite Realty - Rogers, AR
Full time Real Estate, Ready when you are!

Good morining Roy I love the see the buttercups come up.  It always seem like new beginnings.....Make it a great day.

Mar 16, 2011 12:28 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning, Barbara and Paula. Most of us have been hoping for an early spring. It is good to see the blooming daffodils in our area as a sure sign of spring. Home buyers are out looking and home sellers are preparing their properties before putting them on the market. The combination of low interest rates and attractive home prices make a very good case for purchases this season.

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.

Mar 16, 2011 12:34 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

In my drives, I see that our local garden stores are stocking up annuals * I have some containers on my driveway that need THIS type of Color and FAST!!!  Great reminder post...thanks, Roy

Mar 16, 2011 12:52 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning, Wallace. Most of us need to be selecting the spring flowers to fill our planters and gardens. If only we could create ground cover as pretty as they make it at Longwood Gardens.

Home sellers should be certain that blooming flowers will be seen as prospective purchasers drive by.

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.

Mar 16, 2011 01:08 AM
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Roy

Thanks for the post and valuable homebuyer information. The prospective buyers who strike early will definitely have the advantage. Love the flowers. Have an awesome day.

Mar 16, 2011 01:28 AM
Arleen Montford
KELLER WILLIAMS REALTY GULF COAST - Pace, FL
Selling NW Florida Homes in Pace/Milton/Pensacola FL

Good Morning Roy, What a great post. Thanks for sharing and thanks for not forgetting the flowers.

Mar 16, 2011 01:49 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning, Patrick, Arleen and Tracey. I hope you are busy with home buyers this week as they try to take advantage of the timing this spring. Lenders are recommending early lock-ins on interest rates since they are seeing pressure from the market for increases in the rates.

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.

Mar 16, 2011 02:00 AM
Carol Ryniewicz
CR Premier Properties LLC - Woodstock, CT
Broker / Owner - CT & MA

Beautiful! Absolutely beautiful! I can't wait till spring!

Mar 16, 2011 02:49 AM
Anita Clark
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

With low inventory, it makes sense for homeowners to spruce up their home to attract as many potential buyers as possible.  Flowers are always an inexpensive option to upgrade the curb appeal.

Mar 16, 2011 03:03 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning Carol and Anita. I hope you are busy with home buyers this week.

It is a good time for sellers to put their homes on the market. They need to understand that the dynamics of low interest rates and attractive mortgage terms are more attractive to prospective buyers now than they might be in coming months. Mortgage lenders are recommending early lock-ins on interest rates because of the upward pressure in the market.

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.

Mar 16, 2011 03:28 AM
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

Roy, I am so glad we are coming upon Spring.  I always think flowers jazz up any listing, whether it is inside or outside the home.golf

Mar 16, 2011 04:46 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hi Roy,  Once again great pictures.  I drove by Home Depot yesterday and they are putting flowers out to sell already.  Great!

Mar 16, 2011 05:01 AM
Roy Kelley
Retired - Gaithersburg, MD

Good afternoon, Belinda and Will. I hope you are helping prospective home buyers this afternoon.

This morning, I attended an excellent seminar, by 1stMariner Mortgage, on programs that are available for first time home buyers in Maryland. In Montgomery County we have 100% financing available with the Montgomery County Housing Opportunities Commission. Lenders combine an FHA loan with a 5% second mortgage to help with the cash requirements. Both are at 5% interest.

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.

Mar 16, 2011 07:19 AM
Elizabeth Byrne
Keller Williams Realty - Arlington, VA
Arlington Virginia Real Estate

Roy, amazing flowers, as usual. Thank you for sharing.

Mar 16, 2011 10:41 AM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Ahhhhhh...spring is coming.

Mona Gersky, GRI, ABR ~~ MoonDancer Realty, Dillsboro, NC

Mar 16, 2011 02:40 PM
Linda D. Pufford
Stage with Divine Style - Home Staging - Novato, CA
ASPM, Marin/Sonoma Home Stager

Roy,

Thanks for sharing all the valuable information.... and thanks for sharing these gorgeous flowers with us as well.  It's always nice to stop by and enjoy the beauty that you share with us!!!

Mar 16, 2011 04:59 PM
Roy Kelley
Retired - Gaithersburg, MD

Good morning, Elizabeth, Mona and Linda. Have an outstanding day.

Smart home buyers are locking in on their interest rates to take advantage of the current market. Lenders warn that there is much pressure for interest rates to go up. Those that plan to use FHA financing need to have their case numbers assigned before the April increase in the cost of the mortgage insurance. The premium will be increased by 0.25%.

I visited Brookside Gardens on Friday, March 4, 2011 to attend the Affordable Housing Conference of Montgomery County Roundtable. After the meetings, I visited the Conservatory to see the Spring Exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley.

Mar 16, 2011 11:20 PM
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