ibi sofillas: Clarksburg Home Sales Surge
- 10/10/08 07:09 AM
Given all the bleak economic news I've been seeing in the newspapers and on television, it was a nice surprise to see the monthly update from the Realtor database that was released today.
The total dollar volume of homes sold in Clarksburg last month was $6,570,174, which is an increase of 58.20 percent compared to September 2007.
The number of homes sold almost doubled in September 2008 compared to September 2007 (Fourteen versus eight), and the median selling price of those homes dropped by only 0.31 percent. So that's the good news.
If you're a seller, the not-so-great news is that, on average, homes … (1 comments)
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ibi sofillas: New Businesses Slated for Clarksburg
- 09/23/08 07:03 AM
A hotel, a gas station, a convenience store, and two restaurants are being planned for the Cabin Branch neighborhood of Clarksburg on the west side of I-270.
The developers met with the Clarksburg Civic Association Planning Commitee last week and said they hoped to have several of the businesses under construction within the next year and a half.
A separate development of both residential and commercial properties is planned for the old Comsat property on the east side of I-270.
We'll keep you posted on these developments as news becomes available.
… (0 comments)
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ibi sofillas: Clarksburg Town Center Faces Additional Delays
- 09/22/08 10:24 AM
Apparently, the latest plan for the Clarksburg Town Center retail district faces further delays.
Robert Kronenberg, of the Maryland National Capital Park and Planning Commission, announced that the Newland Communities missed the deadline for responding to the Commission's questions about the newest plans for the retail district.
This means that the Planning Board hearing originally scheduled for October 16 will have to be postponed at least until November. When the hearing is actually held will depend on whether Newland has responded to the issues raised by Planning Board staff back in June.
So the waiting continues....
… (1 comments)
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ibi sofillas: Clarksburg Real Estate Update
- 09/11/08 01:14 AM
The August statistics for home sales in Clarksburg have just been released from the Realtor database and I thought they'd be of interest to all.
A total of $7.8 million worth of homes sold in Clarksburg in August 2008, which is an increase of 20.5 percent over August 2007. Seventeen homes sold versus thirteen last year, and the average price of those homes was down 8.19 percent.
The average days on the market decreased by 8.16 percent in that timeframe.
So, in summary, a larger number of lower-priced homes are selling more quickly, as compared to August 2007.
… (1 comments)
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ibi sofillas: Clarksburg Farmers Market Is Up and Running
- 08/13/08 01:26 AM
If you like fresh, locally-grown food (and who doesn't!), you should check out the Clarksburg farmers market.
It's open every Sunday from 10:00 a.m. to 1:00 p.m. and is located in Clarksburg Town Center at the junction of Public House Road and Ebenezer Chapel Road.
The market, which started this June, is a way for local farmers to connect with consumers in our area, and will be open each Sunday until November.
For more details you can log onto their website: www.clarksburgfarmersmarket.org
… (1 comments)
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ibi sofillas: Clarksburg Home Sales Update
- 08/11/08 12:46 AM
The latest statistics are out and they reveal that home sales in zip code 20871 reached $8,035,069 in July 2008 versus $6,982,368 during the month of July 2007. That's a 15.08 percent increase in the total value of homes sold in Clarksburg compared to last year.
The number of homes sold totaled 15, compared to 14 in the same month last year, and the median sold price of homes was $452,500 -- down 7.14 percent compared to last year. The average days on the market was 106 in July versus 84 in 2007.
So... more homes sold, but they were at the … (0 comments)
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ibi sofillas: Some Good News For First-Time Home Buyers
- 08/05/08 08:28 AM
Most everyone has now heard of the new tax credit for first-time homebuyers. I thought it might be helpful to pass along some follow-up information on the details.
-This is being touted as a tax credit that reduces the amount of income tax owed dollar for dollar, rather than a mere deduction. (It is really more of an interest-free loan - see below.)
-It is good for up to ten percent of the purchase price of the home or $7,500 -- whichever is less.
-It is for principal residences only and the purchase must close between April 9, 2008 and July … (0 comments)
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ibi sofillas: Housing Rescue Bill Passes
- 07/28/08 08:44 AM
Over the weekend, the US Senate passed a bill that aims to reduce the number of foreclosures by permitting homeowners to refinance into government-backed loans. The House of Representatives approved the bill last week and it now is headed to the President for his signature, which is anticipated.
The program would be available to an estimated 400,000 home owners and would be administered by the FHA. It will insure up to $300 billion in refinanced thirty-year fixed-rate loans.
For mortgages that now exceed the value of the home, the lender would be asked to voluntarily write down the principal to the qualifying … (0 comments)
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ibi sofillas: Clarksburg Real Estate News
- 07/11/08 01:40 AM
In June the total value of homes sold by Realtors in Clarksburg was $6,665,275, which is a 33.07 percent increase over the $5,008,800 sold in June of last year.
The total number of homes sold (17) was more than double the 8 sold in June 2007.
That's the good news.
But... Homes at the lower end of the price spectrum are the ones selling, causing the median and average price of homes to drop in all the statistical reports we're seeing. That's not a shocker, considering the economic news we've been hearing lately.
Home buyers are being cautious about over-committing to high mortgages, … (2 comments)
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ibi sofillas: Pace of Home Sales in Clarksburg Shows Slight Increase
- 06/11/08 01:38 AM
I've been keeping a very close eye on the "Days on the Market" statistics for Clarksburg, MD, because this number provides a quick readout on the pace of real estate activity in a community.
For May 2008 the average days on the market in Clarksburg was 178 versus 195 in May of 2007. This is not a huge difference, but it does indicate that homes are selling a bit faster now. The big question is whether this is the beginning of a trend, or merely a one-time statistical quirk. Curious minds want to know!
… (0 comments)
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ibi sofillas: Clarksburg Town Center News
- 05/23/08 01:51 AM
The developer of Clarksburg Town Center has submitted a new site plan to the Montgomery County Planning Board.
The developer, Newland Communities, envisions upgrades to the retail core, community landscaping, and the Resident's Club. These revisions arose because of the need to correct plan violations uncovered in 2005. Now the developer has until September to iron out the details with county planners and the Clarksburg Town Center Advisory Committee.
The Town Center retail center is intended to occupy 265,000 square feet and is to include a grocery store and up to 42 other business tenants.
The new plan will cost the developer … (29 comments)
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ibi sofillas: Clarksburg Home Sales
- 05/12/08 10:42 AM
April's real estate numbers have been released and there's some intriguing news.
The median price of homes sold in Clarksburg in April was $480,000, which is a very modest 0.52 percent lower than April of 2007. Moreover, eleven homes sold in April versus only eight last year at this time.
So that's encouraging news to home sellers who've been barraged by months of bleak reports.
Having said that, the oversupply of homes on the market as compared to the lowered demand for them still favors the financially-well-qualified buyer in negotiating a sale. I'll be interested to see whether the May statistics point to … (0 comments)
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ibi sofillas: Clarksburg Chamber Sponsors Housing Seminar
- 04/29/08 02:39 AM
The Clarksburg Chamber of Commerce and the Washington Post are sponsoring a homeowner seminar on May 17 at Little Bennett Elementary School from 1:00 p.m. to 5:00 p.m. Montgomery County Ike Leggett will be one of the speakers. The public is invited.
There will be three panels with discussions on buying, financing, and selling homes. I'll be on the panel that focuses on buying a home, and will be providing an update on this market along with some ideas for prospective buyers.
This promises to be a lively and informative event and I hope all my Clarksburg neighbors and friends can attend.
… (0 comments)
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ibi sofillas: Montgomery County Real Estate Update
- 04/14/08 06:32 AM
The consolidated home sales statistics for Montgomery County, Maryland for March have been released and I thought I'd pass this info along.
The median selling price of a property was $402,500, which is a 6.40 percent decline compared to March 2007. This figure includes detached homes, townhouses, and condo units.
A total of 562 properties sold last month, compared to 924 at this time last year -- a 39.18 percent drop, and the average days on the market for a home was 106 days versus 93 days in March 2007.
So things are a bit more "tranquil" than last year....
Somewhat surprisingly, I've seen several multiple-contract … (0 comments)
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ibi sofillas: Clarksburg MD 5K Race, Walk, and Kids' Fun Run
- 04/03/08 12:18 AM
The first annual Clarksburg Town Center 5K Race, Walk, and Kids' Fun run is set for April 19 from 8:30 a.m. to 11:30 a.m.
Proceeds will be shared by the Special Olympics-Montgomery County and the Clarksburg Sports Association.
For additional details, you can log onto
http://www.clarksburgconnects.com/communitynewsview.aspx?id=23365&returnurl=communityhome.aspx
See you there!
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ibi sofillas: $200 billion more for home loans
- 03/20/08 03:36 AM
The Office Of Federal Housing Enterprise Oversight (OFHEO), which oversees Fannie Mae and Freddie Mac, has allowed them to increase the amount of money that they invest in home loans.
OFHEO did this by reducing the amount of capital that Fannie and Freddie are required to keep in reserve. This makes an additional $200 billion available, in the hopes of reducing the cost of borrowing and thawing credit markets.
Treasure Secretary Paulson commented on the move, saying, "Additional capital will enable the companies to help more homeowners and will strengthen the underlying fundamentals of the mortgage market."
It will be very interesting to see … (3 comments)
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ibi sofillas: Big News on FHA Loans
- 03/07/08 02:18 AM
In our market in the Washington, DC area, which has higher-priced homes, we rarely see FHA loans.
But this has all changed yesterday. HUD has announced new higher FHA loan limits, which will be calculated at 125 percent of the HUD-published median prices for an area. The new limits will obviously vary by metropolitan area, and in the highest-priced areas will now be capped at $729,750.
This is huge news for real estate because it will mean more money in the mortgage market to make loans available to consumers for purchases and re-fi's.
I'm still waiting to learn when the new limits will actually be implemented by banks, … (2 comments)
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ibi sofillas: A Break for Borrowers?
- 03/04/08 06:44 AM
The chairman of the Federal Reserve, Ben Bernanke, has called for mortgage lenders to reduce the principal of mortgage loans for those homeowners who owe more than their homes are worth.
In essence he is asking banks to relinquish some of their income from loans in order to stop additional foreclosures. This would be a voluntary effort that he sees to be in the banks' long-term self interest, as compared to some calls for a government-ordered rescue of defaulting borrowers.
He also suggested that the Congress and the President expand the authority of the FHA to help borrowers refinance sub-prime mortgages "beyond current … (6 comments)
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ibi sofillas: More News on Fannie Mae and Freddie Mac
- 02/28/08 12:24 AM
The Office of Federal Housing Enterprise Oversight (OFHEO), which oversees Fannie Mae and Freddie Mac, announced that it is removing limits on the amount of loans and securities they can own -- a move that could boost the current housing market.
Politicians and banking lobbyists had been calling on OFHEO to ease up on the controls over Fannie and Freddie so that the companies could buy bigger and riskier home loans and securities backed by those mortgages.
The presumption is that more money with better terms will now be available to consumers, which may translate into more home sales. We'll see if this … (1 comments)
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ibi sofillas: Clarksburg MD Chamber Meeting
- 02/27/08 06:28 AM
There was a Clarksburg Chamber meeting held today at the Highlands Shopping Center. Eloise Woodfield of the Clarksburg Historic Society spoke about the plans for Clarksburg Day, which this year will be held at Clarksburg High School on Saturday June 7th. Also, the Clarksburg Town Center Annual 5K race will be held on April 19th beginning at 8:30AM. There was also talk about plans for Clarksburg's future. … (0 comments)
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Given all the bleak economic news I've been seeing in the newspapers and on television, it was a nice surprise to see the monthly update from the Realtor database that was released today.
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