Real Estate Information Archive

Within the next few weeks, the President is expected to sign legislation that raises mortgage limits for three major financing programs for consumers: Fannie Mae, Freddie Mac, and FHA.

This is big news because it will enable prospective home buyers access to much lower financing rates than is the case now. 

On the so-called "jumbo" loans it could mean interest rates as much as 1.5 percent lower than consumers can now receive.  This could significantly increase the number of homes sales nationwide, as well as in our area.

We'll be sure to keep you posted!

The December sale statistics for Clarksburg, MD show that ten homes sold last month, as compared to fifteen in December of 2006. 

The average price of homes sold was $536,731, which is down 4.81 percent, and the average time on the market (115 days) is identical to last year.

These numbers indicate that there has not been a catastrophic loss in value that has been predicted in the popular press.  It also indicates, owing to the longer time on the market for homes, that buyers still have the upper hand in negotiating a sale.

Here's the latest update on residential real estate sales in Montgomery County, Maryland.

The  average price of homes sold in December in Montgomery County was up 1.19 percent compared to December 2006.  Given all the gloomy reports that we've been seeing in the new media this a refreshing surprise.

A total of 576 homes and condos sold compared to 963 last year during this period, and the average time on the market is up 36.14 percent.  So even though prices are up slightly, homes are generally taking longer to sell than in recent years.

This means that savvy home buyers still hold the advantage over sellers in this market.

Here's the latest news on home and condo sales in Clarksburg, Maryland.

The average selling price of properties in Clarksburg last month was $471,523, which is down 6.51 percent compared to November of 2006.

A total of 6 homes sold, compared to 9 at this time last year, and the average days on the market for homes was up 12.15 percent.

Clearly, there has not been catastrophic drop in prices compared to some other areas in the U.S., but it is also still very much a market that favors buyers right now.

Here's the latest update on residential sales in Montgomery County, Maryland. 

The average selling price of a home sold last month was $518,474, which is up 0.49% compared to November 2006.  A total of 587 homes sold, a drop of 35.14% since last year, and the average days on the market increased 30.26%.  So...it's still a buyer's market if you look at the county-wide averages. 

There was an intriguing commentary by Lawrence Yun, the NAR's chief economist published recently.

Yun believes that pent-up housing demand, a favorable economy, and the actions being taken now to clean up the subprime mortgage mess that lenders created will herald a healthier market.

He points out that, "all markets are local and that problems in a few areas aren't meaningful. A national picture of the real estate market is about as valuable as giving a national high temperature for the day."

The average price of homes and condos sold last month in Montgomery County was $521,555, which is up 2.11% compared to October 2006.

The number of units sold, however, dropped 36.19% and the average days on the market increased from 74 to 94.

So smart buyers are in a position to negotiate a favorable outcome for themselves compared to the market just a few years ago when sellers ruled the world.

The latest home sales statistics for Clarksburg have just been released from the Realtor database, and there is some intriguing news.

The number of homes sold in zip code 20871 is up by 50 percent in October 2007 compared to October 2006.  Also of note: the average time on the market has dropped by 13.53 percent compared to last year -- a significant improvement. 

That's the good news.

On a more sobering note, the average selling price of a home in Clarksburg dropped by 6.79 percent to $503,023.

So there is mixed news for homeowners. 

I'll be keeping a very close eye on sales and will post an update as soon as there's anything crucial to report.