DID YOU KNOW…
There is a product to help benefit today’s borrowers in achieving fantastic deals and REALTORS® to achieve quick closings? Fannie Mae has a program for borrowers purchasing a REO (bank-owned) property directly from Fannie Mae. The products benefits are below: • No appraisal required. • No mortgage insurance required • Available to both owner-occupiers (primary and second homes) and investors • High maximum LTVs are allowed-95% primary homes & 90% second homes & investments • Up to 6% expanded interested party contribution. • 30 year fixed Rates as low as 4.875% • Up to 10 financed properties allowed. If you want to learn more, please let me know and I will refer you to a local lender.
------------------------------------------------------------------------- Ocean Pines Market Update
As of August 23, 2009 we currently have 324 single family, townhomes and condos on the market for sale in Ocean Pines. So far to date in 2009, we have had 119 properties go to settlement. There are currently 35 properties pending settlement. Here are the sales results by quarter. Q1 = 28; Q2 = 62; Q3 = 29. That is about 15 sales per month for a little over 21 mos of inventory. We are starting to see multiple offers on the properties that are in good condition and priced property. Don't forget to go to my website to search for all available properties in the area so you can take advantage of the great prices too! P.S. Hileman Real Estate is currently the No. 1 Broker for YTD Sales Volume in Ocean Pines!
-------------------------------------------------------------------------Ocean City Market Update
Now here is what's happening at the beach? There are currently 1769 homes/condos for sale in Ocean City. So far in 2009 our MLS indicates that 532 properties have settled and 169 properties are currently pending. Based on this information, there is about 27 months of inventory. Keep in mind however that not all available units in Ocean City are listed in the local MLS. Sales per quarter are as follows: Q1 = 161; Q2 = 228; Q3 = 143. The REO market is still pretty active at the beach. Give me a call if you are looking for a bank-owned property.
-------------------------------------------------------------------------Captain's Cove Update
And finally, Captain's Cove has had some activity this year as well. YTD we have seen 13 home and 21 lot settlements occur. There are 36 homes on the market and 252 lots available, so inventory is still high creating downward pressure on current sales prices. Also there are 5 homes and 7 lots pending settlement. Some of the builders have been seeing an increase in contracts for clients building on their own lots which is good news. So with prices still down you can buy a lot to build your next home at a reasonable price. Give me a call and I will be happy to send you an updated list.
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