Gaithersburg, MD Real Estate News

 REO PRICE REDUCTION AT HIDDEN CREEK, GAITHERSBURG Mortgage lenders are anxious to reduce their inventory of lender owned foreclosures.  REO prices are reduced until the homes are sold.  All of the properties must be sold. This home was purchased new from NVR in 2006 for $423,090.  It is now available at $324,900.  Yes, you may ask for seller assistance with the closing costs. Many buyers are now using FHA financing for the low cash requirement of 3%. Recent action by the White House made FHA more attractive for financing the purchase of lender owned foreclosures. If desired, buyers may obtain additional funds for fix up and decoration. Ask us for a referral to a loan officer. We represent buyers as their exclusive agents. Check with us if you wish to receive reports on lender owned hom...
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By Tim Marose, Maryland Buyer & Refinance Specialist
(Primary Residential Mortgage Inc.)
In the past year, I have tried it all.   I have spent thousands upon thousands of dollars on various lead sources and marketing efforts.   Some were decent while others were just a waste of money.   There were a few things I learned throughout the process, and thought I would share them with you in my first ever blog. Internet lead services promise you the world.   I have dealt with 4 separate ones within the last year.   The sales rep tells you just how easy it is.  “Prospects go online looking for a mortgage.   They supply everything but date of birth and social.   You will know exactly how much they owe, the interest rate, the value of the home, the bedrooms, baths, when they purchased, etc.   You get the lead real time and call them and take an application.   If you have a program f...
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By Bob Myers, Montgomery County MD Real Estate
(Re/Max Realty Services)
Zip code 20879 includes the Gaithersburg neighborhoods of Flower Hill, Goshen, Hadley Farms, Hunters Woods, Montgomery Meadows, Quail Valley and Woodland Hills.  Home sale activity in June 2008 in this area has increased compared to June 2007 by 25%, but the average home price is almost 6% lower compared to this same time in 2007: from $340,650 in '07 to $320,575 in '08. Only 24 properties sold in June 2008 in this zip code - 7 condos and 17 single families/townhomes.  22 contracts were placed on homes in 20879 in June 08, and there were 60 new listings that came on the market for a total of 250 active listings. The average days on market is above the county average: 132 days for zip 20879 vs 97 for Montgomery County MD as a whole. To see all zip code statistics, click here for Gaithers...
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By Bob Myers, Montgomery County MD Real Estate
(Re/Max Realty Services)
The June 2008 numbers for home sales in Gaithersburg and North Potomac MD are down compared to June 2007 in zip code 20878.  Total dollar volume of home sales decreased by 36% compared to 2007.  There were 12 condos and 43 townhomes/single family homes sold in June, with 57 properties that went under contract.  84 condos came on the market and 281 residential homes came up for sale in this month.  The average days on market  was 85, compared to 87 days for Montgomery County MD overall.  The average sold price was $524,480, which is a 7% decline compared to June 2007.  Overall in Montgomery County, the average sold price declined 4% compared to the same month.  This zip code includes North Potomac and parts of Darnestown plus the neighborhoods of Diamond Farms, Kentlands, Lakelands, Quin...
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By Bob Myers, Montgomery County MD Real Estate
(Re/Max Realty Services)
The June 2008 statistics on the real estate market in zip code 20877 shows a slightly slower market than in May.  Twenty homes sold in May, compared to 18 in June.  The average sold price among these properties did go up slightly, however, and there was an equal number of new contracts: 27.  Here's how this section of Gaithersburg compared to Montgomery County Maryland as a whole:   In June 08 the average sale price in 20877 was $335,938, down from $392,844 in June 07, a decrease of 14.5%.  Montgomery County MD, by comparison, had a downturn of 4.15% in the average sold price of a home. Zip Code 20877 includes areas bordered by 270, north to Lakeforest Mall, east to Washington Grove and includes Audubon Square, Brighton East, Deer Park, Emory Grove, Foxwood, Hidden Creek, Mill Creek, Mi...
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