Prince George's County, Maryland Weekly Real Estate Report & Foreclosures Update
During March, there were 730 closed sales and the average sold price was $174,556 which was down 13.2% from last year, with an average of 99 days on the market. The median price was $155,000, down 18.61% from last year. Homes are selling for 88.64% of the average original list price. The zip code reports provide a better picture of the various segments of the market activity in the county. Click on the Reports section to see the Prince George's County statistics for each zip code. Contact us for assistance with your search.
The real estate market statistics for the previous month may be viewed by clicking on the following link. http://www.rbintel.com/statistics/prince-georges-county-md The figures are revised on the tenth of each month.
The warmer spring weather should encourage prospective home buyers to get to see what is available in the area. Timing may be critical in this unique market. Home prices are the lowest in many years. Mortgage interest rates are very low. Low down payment loans are available and qualified first time buyers have available grants to $7,500 to assist with the cash requirements of a home purchase.
All of these positive dynamics are expected to change in the coming months. Lenders are recommending early lock-ins on rates because of the upward pressure on interest rates. FHA mortgage insurance premiums are scheduled to increase by 0.25% on April 18th. The maximum size of FHA loans is expected to go down and the down payment requirements are expected to go up. Conventional mortgage loan fees are increasing. This spring may prove to be the best time we will see in our lifetimes for a home purchase if financing is going to be used.
What's For Sale?
Today, there are 4,884 active listings of homes for sale in Prince George's County. 765 lender owned foreclosures represent 16% of the available inventory. 38%, or 1,874 of the active listings, are short sale pre-foreclosures. So, 54% of the available properties are lender owned foreclosures or short sale pre-foreclosures. Home buyers and investors need to be very careful. The best protection for most buyers is an experienced buyer agent.
Mortgage Financing: Prospective purchasers need to be aware of the changes that have take place and understand the current requirements for obtaining mortgage financing. All should anticipate fully documented mortgage applications that may be considered to be intrusive. Different mortgage products are offered by different lenders. Do not expect to find one stop financing. Tell us about your very specific needs and we will try to match you with an appropriate loan officer.
First Time Home Buyers: Grants to $7,500 are still available to assist with the down payment and closing costs. Prince George's County now has a program that provides cash assistance, to 5% of the purchase price, for first time home buyers.
Lender Owned Homes: The active listings of homes for sale in Prince George's County include 843 lender owned foreclosures plus hundreds of pre-foreclosure short sale listings.
There are 264 homes for sale that are priced at $100,000 and BELOW included in the inventory of lender owned foreclosures. These are REO homes for sale. Click on the listing number for full details on each property.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-137625928-266
There are 219 homes for sale that are priced from $100,000 to $150,000 included in the inventory of lender owned foreclosures (REO). Click on the listing number for full details on each property.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-137625954-447
There are 145 homes for sale that are priced from $150,000 to $200,000 included in the inventory of lender owned foreclosures (REO). Click on the listing number for full details on each property.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-137625977-908
There are 137 homes for sale that are priced at $200,000 and ABOVE included in the inventory of lender owned foreclosures. These are REO homes for sale. Click on the listing number for full details on each property.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-137626010-727
With the large number of available lender owned foreclosures, you may find it difficult to identify the properties that may best meet your needs. Please ask us for any assistance you may need. We will email information on the properties in your price range.
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Investors should also follow this advice since investor financing is still difficult for many because of the lender limits on the number of financed properties. Please ask us for a referral to a loan officer if you do not have an existing relationship with a mortgage lender.
All of the active listings of homes for sale in Prince George's County and other areas in Maryland may be viewed on Homes Prospector at www.roykelley.com
Visit www.roykelley.net to view scheduled trustee sales and our real estate blogs on ActiveRain.
Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.
Blooming for Maryland home buyers this spring!
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