Market Conditions Frederick MD

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Wow…what a whirlwind we are in right now. Countrywide was on the verge of Bankrupcy and the Feds stepped in and helped bail them out. I haven’t watched this unfold as closely as a my friend Brian Brady does. He is known as the Most Opinionated Mortgage Broker. I listen to him like most investor listening to Jim Cramer on Mad Money.

What I do know…something has to happen now that Federal Reserve Cut Discount Rate to 5.75%. For a while it was looking like like the rates were going to continue to increase. This will help the marginal buyer afford the home. Prices are still coming down in this Real estate slump in some parts of Frederick County but are pretty stable in some areas. We have an election coming up next year and most people have a feeling of confidence during this time. I would guess that this will help spark some sales in Real Estate around Frederick County.

Here’s some of the activity in the area. I accumulate these numbers from Metropolitan Regional Information Systems and RealtyTrac.

Under Contract have dipped in the last few weeks…this is normal. Everyone is finishing up their vacations and getting ready to head back to school.

Foreclosures in Frederick County are steady.

I will leave you will this…Jim Cramer’s meltdown. He is so passionate about his theories.

[youtube=http://youtube.com/watch?v=rOVXh4xM-Ww]

With all the changes in the market, now would be a time to check back with your lender to see if you can save some money on your mortgage.

Preferred Mortgage Lenders in Frederick MD

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August 20, 2007 · Filed Under Buyer, Market Condition, frederick real estate

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Open House in Frederick for the weekend 8/18/07 and 8/19/07

Here is a link to all the open houses scheduled in Frederick County for this weekend to include Condos, Single Family and Townhouses. They are sorted by least expensive to the most expensive scheduled open house.

Frederick County Open Houses <— Click here

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August 18, 2007 · Filed Under Middletown, frederick real estate

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Market Watch for Frederick MD

With loans getting harder to aquire and interest rates climbing on the jumbo loans. Buying a house is actually getting back to the way things should be…right? Actually, yes! When you have good credit and “real” income, you can buy a house. Check with a local lender to see what you can afford. This isn’t anything new…this is the way is should have always been. If you are in this category…now is the time to buy. But the subprime market went a little crazy and relaxed their lending criteria and wah lah… we have today’s mess. If you read this article from Ben Stein, he seems to think that its not as big as the media is making it.

The total mortgage market in the United States is roughly $10.4 trillion. Of that, a little over 13 percent, or about $1.35 trillion, is subprime — certainly a large sum. Of this, nearly 14 percent is delinquent, meaning late in payment or in foreclosure. Of this amount, about 5 percent is actually in foreclosure, or about $67 billion. Of this amount, according to my friends in real estate, at least about half will be recovered in foreclosure. So now we are down to losses of about $33 billion to $34 billion.

I guess you can slice the number any way you like… His seems to be real, but still a lot of displaced families.

Reality is the market is still slow and I can’t stress any harder…if you don’t have to sell, stay home. If you have to sell, be on top of your game with the presentation and price of your home. Stage it and price agressively.

Let’s take a look at the recent sales in Frederick MD Real Estate (Below are sales from the last week for Condos, Single Family Homes and Townhomes.)

STREET - Last List Price - Sold Price - Seller Help
Mountain Rd - $600,000 - $578,000 - $0
Woodville Rd - $564,900 - $559,000 - $16,000
Leafy Hollow Cir - $549,900 - $510,000 - $0
Deervalley Dr - $210,000 - $210,000 - $8,400
Wainwright Ct - $205,000 - $205,000 - $0
Key Parkway - $174,880 - $173,000 - $5,000

Notice it’s more popular to give seller help on lower price homes but more prevelant to lower the price at the higher homes. Keep in mind that the list price you see is not necessarily the original listing price but only the last price before it sold. If you would like a personalize market analysis of your neighborhood, please contact me.

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A side note, I noticed my recent listings of Open Houses to be a popular search. I will continue to post them by Saturday mornings for the whole weekend.

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