Montgomery County, MD - Weekly Real Estate Report And Foreclosures/Short Sales Update
Home owners and prospective purchasers like to know what is happening in the local market. This report shows the impact of lender owned foreclosures and short sale pre-foreclosures on the market. Generally speaking, the number of lender owned foreclosures (REO listings) is now too low to influence the home values in the county. It is another story with the short sale pre-foreclosures which are creating an artificial market segment that has a very negative influence in the area. 4% of the 3,100 homes for sale in Montgomery County are REO properties while about 19% are short sale pre-foreclosures.
Lender Owned Homes: 122 lender owned foreclosures are included in the current inventory of homes for sale. The listings are sorted by city.
There are 64 lender owned foreclosures (REO) for sale at or BELOW $200,000. Click on the listing number to see the full property description. Sort by column headers.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136605568-612
There are 60 lender owned foreclosures (REO) for sale at or ABOVE $200,000. Click on the listing number to see the full property description. Sort by column headers.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136605592-967
Why do short sale pre-foreclosures have a negative impact on the residential real estate market? Today, there are 578 active listings of short sale pre-foreclosures offered for sale in Montgomery County. That compares with 124 listings of lender owned foreclosures. The pricing on many of these listings is unrealistic and a high percentage will never reach settlement. If effect, we have the appearance of a large number of homes that are available when in reality, only a small percentage of the short sale listings will reach settlement before being withdrawn or going to foreclosure auctions. This is a classic situation where the perception of the number of available homes differs from reality.
There are 220 short sale listings, at and below $200,000 on the market.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136605640-542
In the price range at and above $200,000, there are 358 short sale pre-foreclosures on the market.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136605720-154
Home sellers should study the inventory in their areas to determine the negative impact of short sale properties. Weight needs to be given to the actual settlements but the short sale listings need to be closely examined for credibility. Home buyers need to be very selective when submitting offers on short sale listings to avoid the disappointment of a cancelled sale after much time has past. Many of the short sale listings are also being sold at trustee sales without notice to the purchasers that have pending contracts.
The real estate market statistics for the past month may be viewed by clicking on the following link: http://www.rbintel.com/statistics/montgomery-county-md The new statistics are posted on the tenth of each month.
All the active listings of homes for sale in Maryland may be viewed on Homes Prospector at www.roykelley.com
Trustee sale schedules and many of our real estate blog posts may be viewed at www.roykelley.net
Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.
Life is good for home buyers this spring!
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