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Montgomery County, Maryland Homes For Sale 10/20/11

By
Industry Observer with Retired

Montgomery County, Maryland Homes For Sale 10/20/11

There are 3,386 active listings of homes for sale in Montgomery County, Maryland.  88 (3%) of the active listings are lender owned foreclosures (REO).  585 (17%) of the homes for sale are short sale pre-foreclosures.

80% of the homes for sale are regular listings by their owners.  When home buyers and home sellers look at the real estate market they should understand which category applies to the properties they are considering. 

The normal listings of homes for sale by their owners tend to be in the best condition.  Many of the lender owned foreclosures and short sales have deferred maintenance, repair or renovation needs.  The REO properties are normally vacant and the lender owners are highly motivated to sell them quickly.  So, most buyers will first look at the foreclosure inventory to see if anything is available that will meet their needs.   

The short sale listings tend to distort the market since many of them have unrealistic pricing or sellers that are not willing to provide the documentation that is required by the secured lenders that must approve the sales.  The end result is that a high percentage of the short sale listings never reach settlement. 

We are always willing to advise prospective sellers and purchasers as they go through the home sale or home purchase process. 

The following link provides access to the details on available lender owned foreclosures.  Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=44030414961

We advise all prospective home purchasers that plan to use mortgage financing to obtain pre-approval for their financing.  Home buyers should have a pre-approval letter in hand and fully understand which mortgage programs will best meet their objectives.

IMG_5902 Life is good in Montgomery County

Dahlia Show at Brookside Gardens

Roy and Dolores Kelley Photographs

Posted by

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

Gaithersburg, Maryland  

Carl Winters
Canyon Lake, TX

Good Morning Roy: Just wanted to drop by and wish you a great day. Thank you for posting such a beautiful flower photo this morning.

Oct 20, 2011 03:26 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for stopping by.  Other flower photographs were posted earlier this morning.  Enjoy the day.  We have beautiful weather in Maryland...too nice to be in the office!

IMG_5918 Life is good!

The Dahlia Show at Brookside Gardens in Montgomery County, MD

Roy and Dolores Kelley Photographs

Oct 20, 2011 03:38 AM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert
Hi Roy, Good recap of the different types of home owners who have homes on the market. Consumers I believe think there is some magic with foreclosures and short sales and the national media feeds this nonsense.
Oct 20, 2011 03:40 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks, Bob, for your comments. Montgomery County, Maryland is one of the areas that is expected to lead the housing industry out of the slump.  At 3% of the listing inventory, lender owned foreclosures no longer have a major impact on the regional market.

Copy of IMG_5958 Life is good!

The Dahlia Show at Brookside Gardens in Montgomery County, MD

Roy and Dolores Kelley Photographs

Oct 20, 2011 03:53 AM
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Roy

Good update on the Montgomery County market.  Beautiful fall flower photo too.  Hope you and Dolores enjoy a beautiful fall day!

Best regards from the Q

Oct 20, 2011 04:04 AM
Roy Kelley
Retired - Gaithersburg, MD

Good morning, John.  We do have a beautiful day in Maryland.  It is perfect weather for home buyers to get out to see the available properties.  The combination of attractive prices and very low mortgage interest rates make this a time of great opportunity for many families.

IMG_5980 Life is good!

The Dahlia Show at Brookside Gardens in Montgomery County, MD

Roy and Dolores Kelley Photographs

Oct 20, 2011 04:10 AM