Montgomery County, Maryland Weekly Real Estate Report & Kentlands Flower Photographs

Montgomery County, Maryland Weekly Real Estate Report:  Foreclosures & Short Sales Update

127 (4%) of the 3,621 homes for sale in Montgomery County are REO properties while 584 (16%) are short sale pre-foreclosures.

Home buyers and real estate investors are finding that this month is a time of great opportunity for real estate purchasers.  The home prices are very attractive and the mortgage interest rates are still very low.  

The Housing Opportunities Commission of Montgomery County (HOC) has reduced the mortgage interest rate to 4.25% with zero points for a 30 year fixed rate FHA loan.  HOC also offers a closing cost assistance loan to help with the cash requirements of a home purchase.  The maximum sales price is $429,619 for existing or new construction. The maximum income limits are by household size.  One person:  $86,286. Two persons:  $123,240.  Three persons:  $143,780.  A first time home buyer is defined as one that has not owned or co-owned any residential property during the previous three years.

Real estate investors know that the rental market is strong and are building their rental portfolios while lender owned foreclosures are available at attractive prices.

Lender Owned Homes:  

There are 65 lender owned foreclosures (REO) for sale at or BELOW $250,000.  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-142782636-495

There are 62 lender owned foreclosures (REO) for sale at or ABOVE $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-142782653-634

Short Sale Pre-foreclosures:

There are 296 short sale listings at and below $250,000.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-142782666-309

In the price range at and above $250,000, there are 288 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-142782766-110

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.

Real Estate Market Statistics for Montgomery County, Maryland:  During May, there were 884 closed sales in Montgomery County, MD, down 22.39% from last year.  The average sold price was $467,285, up 10.96% from last year, with an average of 69 days on the market. The median sold price at $357,250 was up 3.55% from last year. The average sold price was 94.69% of the average original list price.   

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.  Contact us for the report on your preferred zip code.

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.

Kentlands Flower Photographs

I photographed these flowers in my home neighborhood over the weekend.

Sunday, June 19, 2011, walk through Kentlands and Lakelands. Seeking the colors of the season. Canon PowerShot G11 camera. Photograph by Roy Kelley.