Foreclosures For Sale In Prince George's County, Maryland
News reports continue to describe the real estate market in Prince George's County, MD as one of the most troubled areas in the metropolitan Washington, DC area. There are 2,156 homes actively listed for sale on MRIS, the regional multiple listing service. 653 (30.28%) of the active listings are short sale pre-foreclosures. 183 (8.48%) of the available properties are lender owned foreclosures (REO).
These figures are striking when compared with the nearby Montgomery County market which has 2,567 homes for sale with 255 (9.93%) short sale pre-foreclosures and 30 (1.17%) lender owned foreclosures (REO).
At first glance, some might think that home buyers and investors would avoid Prince George's County but that is not what is happening. The bargain prices are attracting real estate investors and home buyers that would normally be purchasing in Montgomery County where prices are higher. This will continue to be an attractive market as long as the REO and short sale inventory represents a large percentage of the available properties.
Even though there is no shortage of bargains, prospective purchasers need to be very careful with their purchases. The best protection is the use of a buyer agent that really knows the local market. All purchasers that plan to use mortgage financing should have a pre-approval letter in hand.
183 Foreclosures For Sale In Prince George's County:
With the large volume of distressed properties, many have deferred maintenance or repair requirements. Investors know that you can usually obtain larger discounts when properties need fix-up. Home buyers that want to purchase fix-up properties should consider the advantages of the FHA 203(k) program which allows financing of the cost of the improvements as well as the purchase amount. We will be happy to recommend loan officers and assist with the home search process.
Hydrangea, Kentlands, Spring Flowers IMG_1375
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs