Gaithersburg MD 20879 Real Estate - Montgomery County

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Real Estate Agent with Realty Group Referrals 16766

Gaithersburg MD 20879 Real Estate - Montgomery County    

Home owners and prospective purchasers want to know the trends of the local real estate market. The following statistics are for the past month and are compared with the same month last year. There were 29 new listings and 32 went to pending new contracts. The sold dollar volume was down 14.41% from last year.  The number of homes sold was 17 from 17 last year. The average days on the market was 79 days from 71 days last year. The average sale price was 88.29% of the average list price. The median sold price was $200,000.  

Take action now if you need to be under contract by the end of April to qualify for the tax credit. This is for first time home buyers or current owners that have owned for 5 years.  

Do you qualify for a tax credit?  The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Homes for Sale, Pre-foreclosures, REO:   The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 31 active listings excluding the lender owned foreclosures (REO) and the short sale listings. Buyers are looking for motivated sellers and some place vacant homes on the first to see list.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-102519947-852

The second report shows the 26 short sale active listings.  Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are pre-foreclosures. Home buyers need to be very selective when submitting offers on short sales. If the price appears too good to be true, the listing may be unrealistic. Investors are playing the odds by submitting contracts on several properties.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-102520040-492

The third report shows 8 lender owned foreclosures (REO) for sale.  The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers. Many of the REO properties need repairs due to deferred maintenance. Bargains are found in this inventory and well priced properties are attracting multiple offers.   

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-102520127-539

Mortgage Financing:  Pre-approval for financing is the first step in the home purchase process. Buyers need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.

FHA loan limits for Montgomery County and Frederick County:  $729,750.  FHA financing has a minimum cash requirement of 3.5% of the purchase price.  FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount. The limit for FHA reverse mortgages: $625,000.  Age 62+ seniors use reverse mortgages when they need to eliminate mortgage payments. FHA Note: The front end mortgage insurance premium will increase in April. Those under contract before then can avoid the 0.5% increase. Example: $2,000 increase on a $400,000 loan.

Metropolitan Regional Information Systems, Inc.   ZIP Code Statistics - $5M Format

ZIP Code: 20879 Gaithersburg, MD
From: 01/01/2010 to 01/31/2010                Statistics generated on: 02/09/2010

  Residential
Unit Sales
Number of Bedrooms
Active Listings   Time on Market
Price Class 2
Or Less  

3
4
 or More  
Condo
Coop
Ground
Rent
Residential
 
Condo
Coop
Ground
Rent
of Units Sold
(No. of Units)
Under $100,000 0 0 0 2 0 0 7 0 1 -30 Days 6
$100,000 - 149,999 0 0 0 3 0 3 14 0 31-60 Days 5
$150,000 - 199,999 0 1 0 2 0 12 13 0 61 - 90 Days 1
$200,000 - 249,999 0 3 1 0 0 16 3 0 91-120 Days 0
$250,000 - 299,999 0 1 2 0 0 17 2 0 Over 120 Days 5
$300,000 - 349,999 0 0 2 0 0 10 0 0 Total 17
$350,000 - 399,999 0 0 0 0 0 5 0 0  
$400,000 - 449,999 0 0 0 0 0 1 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 0 0 0 1 0 0
$500,000 - 599,999 0 0 0 0 0 3 0 0 Conventional 8
$600,000 - 699,999 0 0 0 0 0 1 0 0 FHA 8
$700,000 - 799,999 0 0 0 0 0 0 0 0 VA 0
$800,000 - 899,999 0 0 0 0 0 1 0 0 Assumption 0
$900,000 - 999,999 0 0 0 0 0 0 0 0 Cash 1
$1,000,000 - 2,499,999 0 0 0 0 0 0 0 0 Owner Finance 0
$2,500,000 - 4,999,999 0 0 0 0 0 0 0 0 All Other 0
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 0 5 5 7 0 70 39 0 Total 17
Grand Totals 17 109    
    2010   2009   % Change
Total Sold Dollar Volume: $ 3,308,000 $ 3,864,950 - 14.41 %
Average Sold Price: $ 194,588 $ 227,350 - 14.41 %
Median Sold Price: $ 200,000 $ 240,000 - 16.67 %
Total Units Sold: 17 17 0.00 %
Average Days on Market: 79 71 11.27 %
Average List Price for Solds: $ 220,394 $ 253,747 - 13.14 %
Avg Sale Price as a
percentage of Avg List Price:
88.29 % 89.60 %  
Total NEW listings: 29
Total Properties Marked Contract: 12
Total Properties Marked Contingent Contract: 20
Total NEW pendings (Contracts + Contingents): 32

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market. Buyers and sellers should understand the impact of short sale listings and REO properties. Your referrals of friends and family members will always be appreciated.

Posted by

Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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Tags:
foreclosures
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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is sometimes a good idea to revisit old blogs and reblogs. We might even find some good ideas for new posts.

Aug 17, 2018 12:59 PM #1
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