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Sorry to disappoint, deals are (still) hard to come by

Reblogger Debbie Cook
Real Estate Agent with Long & Foster Real Estate, Inc MD 82788
Original content by Andrea Bedard MD594797

Not a week seems to go by during which I do not get texts, or emails, or calls from investors in the DMV looking for a steal. Most common requests are homes ripe for flipping, and distressed sales in any condition. 

Sorry to disappoint, but this market segment is still extremely small, deals are still hard to come by. I do not see that changing anytime soon. 

Consider the huge number of home owners with a mortgage that have a rate far below today's average. Lending guidelines have been strict(er than before the housing bubble) with buyers having to submit anything and everything - sometimes thrice - but for their death certificate. 

I earned the SFR (Short Sale and Foreclosure Resource) certification years go and watch for developments daily. As of today, the numbers of actives are:

Howard County: 1 short sale and 4 REOs  

Montgomery County: 6 short sales and 12 REOs 

Of 1,400 homes on the market, 7 are short sales, zero are priced like a steal. 

The DMV market overall is home to recession-proof and in-demand employers (politics, military, contractors, healthcare) but, of course, is not immune to major economical developments charged by geopolitical events. We, too, are seeing a noticeable slowdown in the market with buyer traffic 60something percent of that during the same time last year. 

That does not translate into a flood of distressed sales coming soon, however. Many homeowners are sitting pretty on their looooooow rates and - provided they have job security - have little incentive to sell but every reason to stay put. That is what we call the lock-in effect.  

Every so often, I see a steal, but so do many others. At this point in time, you'll still have to be prepared to act super fast, to do a quick preinspection (if welcome), to pay cash, and more than asking price if you want to get your hands on a rare super deal. 

Andrea Bedard
Thompson Co., REALTORS®

Silver Spring, Maryland
andreabedard.com

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If you are planning a move to or from the Silver Spring or Takoma Park, Maryland area, put my 30 years of local experience and expertise to work for you.  Licensed in Maryland and the District of Columbia. 

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Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Debbie - it's nice to "see" you on my blog roll.  I agree that the post by Andrea Bedard was a good choice as a real estate reality check in your area.  

Nov 09, 2022 03:03 PM
Andrea Bedard
Thompson Company, REALTORS® 240.593.2860 - Silver Spring, MD
Fluent in Real Estate & German, M.A. ABR ASP CIPS

Thank you Debbie Cook, for the reblog! I agree with Michael, it's great to see you in the Rain! 

Nov 09, 2022 05:53 PM
Debbie Cook
Long & Foster Real Estate, Inc - Silver Spring, MD
Silver Spring and Takoma Park Maryland Real Estate

I just had a "fixer up" listing in Silver Spring - I had over 12 "Spaghetti" Offers and 3 offers that were "Real" All offers were Cash.  Also Lots and Lots of "letters of intent" ( don't consider to be serious) from buyers that did not even view the house!  It's CRAZY out there....

Nov 16, 2022 10:32 PM
Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent reblog  Information. Thank you for sharing. Have a wonderful day and a blessed weekend.

 

Mar 04, 2023 02:05 AM
Roy Kelley
Retired - Gaithersburg, MD

I hope all is going well for you and we will soon see your current posts.

Have an outstanding August.

Aug 08, 2023 09:06 AM