Washington County, MD Weekly Real Estate Report: Foreclosures & Short Sales Update
The beautiful spring weather should encourage prospective home buyers to get to see what is available in the area. Timing may be critical in this unique market. Home prices are the lowest in many years. Mortgage interest rates are very low. Low down payment loans are available and qualified first time buyers have available grants to $7,500 to assist with the cash requirements of a home purchase.
All of these positive dynamics are expected to change in the coming months. Lenders are recommending early lock-ins on rates because of the upward pressure on interest rates. FHA mortgage insurance premiums are scheduled to increase on April 18th. The maximum size of FHA loans is expected to go down and the down payment requirements are expected to go up. Conventional mortgage loan fees are increasing. This spring may prove to be the best time we will see in our lifetimes for a home purchase if financing is going to be used.
What's for sale in Washington County? There are 935 homes for sale in the county. 8% of the active listings are lender owned foreclosures and 13% are short sale pre-foreclosure listings.
Lender Owned Homes: There are 71 lender owned foreclosures (REO) for sale in the county. Click on the listing number for full details on each property. Sort by column headings.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136674640-438
Short Sale Pre-foreclosures: There are 118 active listings of short sales in the county.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-136674671-820
The real estate marketstatistics for the past month may be viewed by clicking on the following link. http://www.rbintel.com/statistics/washington-county-md The statistics are updated on the tenth of each month.
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. The same advice applies to investors. Those without a pre-approval are not considered to be serious purchasers. Please ask for a referral if you do not have an existing relationship with a mortgage lender.
All of the active listings of homes for sale in Maryland may be viewed on Homes Prospector at www.roykelley.com
Trustee sales schedules and our real estate blogs 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.
Life is very good for home buyers this spring!
Life is better when there are flowers to photograph!
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