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Potomac, MD

Whoever Said Real Estate Was a Dirty Business Was Right

Courtney Donato-Griffiths: Real Estate Agent in Potomac, MD

cleaning

After having been in the business of real estate for six years, you begin to think you have seen it all.

In the peak of the seller's market in 2005, I showed homes with obvious water damage, holes in the walls, and even a home in Silver Spring where I could actually hear the termites swarming. In the old market, all of these homes were under contract in days with multiple offers and escalation clauses. When the market changed and short sales and bank owned properties became prevalent, things only got worse with the condition of the homes. I have walked through inches of water in basements, seen exposed electrical wiring, and honestly, feared for my safety under a partially collapsed roof. Again, there is a market for these homes with investors looking to tear down or get a great deal. I understand that the underwater sellers and banks are not going to sink money into a distressed property.

Here is what really irks me though....the "'normal" seller who has hired a listing agent and refuses to present the property at its best. I am not talking about the outdated bathrooms or the 1970's kitchen; there is a fine line in determining how much money to put into selling a home. I am talking about basic cleanliness. I work in a high end market in Potomac and Bethesda and the condition of some of the MILLION DOLLAR PLUS HOMES is truly disgraceful.

The other day, I went to preview a home in an excellent neighborhood that I felt was reasonably priced. From the outside, it had decent curb appeal and sat at the end of a cul-de-sac. I started getting excited thinking about the buyers I could line up for this lovely colonial. Once I put my foot in the door, everything changed. Yes the bones seemed to be good, but I had to literally step over piles of trash and clothes to get in the front door. The cobwebs attached themselves to my head as I entered each room and the layers of dirt attacked my jacket as I walked though the home. The house was supposedly vacant, but each room had if the miscellaneous items laying about, a shoe in the corner, a jacket on the stairs, old McDonalds bags in the kitchen....gross!

The house was listed for over $1.2 million and was probably worth the price if the sellers (or agent) had dustpan, broomjust spent a few hundred dollars on a good cleaning crew. Sure, if the sellers truly wanted top dollar they could splurge on a fresh coat of paint and maybe some new carpet to freshen up the place, but there is really no excuse for a filthy high end listing.

I blame both the seller (for not protecting their bottom line) and the agent for allowing their name to be on such a disgrace. As professionals who are supposed to help our client's get the most money for their investment, it kills me to see agents of luxury homes allowing their clients to lose hundreds of thousands of dollars simply because they are too lazy to counsel their clients properly. I compete with these agents everyday for Potomac and Bethesda listings and I can guarantee you two things...one, I would never put my name on a "regular" listing that was this disgusting and two, I would definitely get these sellers an extra 100K simply by presenting the house properly.

So, Mr. And Mrs. Seller, when your home doesn't sell in this tough buyer's market, remember to call me, at least when your current contract is up. Better yet, call me first. I will truly help you out, but we might have to break out the rubber cleaning gloves in the process.

******

Courtney Donato-Griffiths can show you the perfect house in Potomac, Gaithersburg, Rockville, Kensington, Bethesda, or other Montgomery County locations and is ready to discuss all the scenarios of the new credit with you. Whether you are buying a Montgomery County home or selling one, Courtney is your local Montgomery County specialist.

POTOMAC 20854 HOMES FOR SALE - MONTGOMERY COUNTY, MARYLAND

11-25-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

POTOMAC 20854 HOMES FOR SALE - MONTGOMERY COUNTY, MARYLAND

Home owners and prospective home owners are closely watching the local residential real estate market. We email monthly statistics, but sometimes you need to have a detailed look at what is actually on the market for sale.

The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 198 active listings excluding the lender owned (REO) homes and the short sale listings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95548514-59

The second report shows the 2 short sale listings that are available. Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are sometimes called pre-foreclosures.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95548529-66

The third report shows the 1 lender owned foreclosure (REO) that is for sale. The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers.

Click the following URL to see the listing:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95548544-372

As you can see from the above figures, lender owned foreclosures and shot sale listings are not having much of an impact on the Potomac residential market.

Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your questions. We always appreciate your referrals.

POTOMAC 20854 HOMES FOR SALE - MONTGOMERY COUNTY, MARYLAND

11-17-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

POTOMAC 20854 HOMES FOR SALE - MONTGOMERY COUNTY, MARYLAND

Home owners and prospective home owners are closely watching the local residential real estate market. We email monthly statistics, but sometimes you need to have a detailed look at what is actually on the market for sale.

The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 217 active listings excluding the lender owned (REO) homes and the short sale listings. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94885480-62

The second report shows the 3 short sale listings that are available. Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are sometimes called pre-foreclosures. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94886198-387

The third report shows the 2 lender owned foreclosures (REO) properties that are for sale. The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94885634-846

Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your questions. We always appreciate your referrals.

Speechless Sunday - Leaves

Patricia Kennedy: Real Estate Agent in Washington, DC

Most of our leaves are now on the ground. So, on this gorgeous top-down Sunday, I saw this gorgeous red tree out in Potomac, Maryland. And I had my I-Phone handy, which didn't quite catch the way the sun reflected off of the bright red leaves.

© 2009 Patricia Kennedy. Unless otherwise noted, the content, both written and in pictures, is the property of Patricia Kennedy . If you would like to use this image, please email me (housepat@mac.com) with your request. I'll almost certainly say yes, and ask only that you provide a link back to my original content as well as an acknowledgment. The same thing applies to any other material you see posted here on Active Rain or on any of my other blogs.

POTOMAC, MARYLAND 20854 REAL ESTATE TREND INDICATOR

11-12-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

POTOMAC, MARYLAND 20854 REAL ESTATE TREND INDICATOR

If you are thinking about buying or selling a home in zip code 20854, you should take a close look at the following report that compares the statistics for past month with the same month last year. During the month, there were 278 homes listed for sale on the multiple listing service (MRIS). There were 70 new listings in the area and 44 listings went to new pending contracts. There were 36 actual settlements as compared to 28 homes sold last year. The total sold dollar volume was up 55.02%. The average number of days on the market was 84 from 109 days last year. The average sale price was 85.49% of the average list price. The average sold price was $1,215,001. The median sold price was $926,750, up 28.94% from last year. It is still a market which favors buyers. This market is fine for move up buyers but may be difficult for home owners that wish to downsize.

There are 232 homes listed for sale in Zip Code 20854. Click the following URL to see the listings. Sort by column headers:
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-94481898-81

Do you qualify for a tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format

ZIP Code: 20854 Potomac, MD
From: 10/01/2009 to 10/31/2009 Statistics generated on: 11/09/2009

Residential
Unit Sales
Number of Bedrooms
Active Listings Time on Market
Price Class 2
Or Less

3
4
or More
Condo
Coop
Ground
Rent
Residential
Condo
Coop
Ground
Rent
of Units Sold
(No. of Units)
Under $100,000 0 0 0 0 0 0 0 0 1 -30 Days 17
$100,000 - 149,999 0 0 0 0 0 0 0 0 31-60 Days 4
$150,000 - 199,999 0 0 0 0 0 0 0 0 61 - 90 Days 2
$200,000 - 249,999 0 0 0 0 0 0 0 0 91-120 Days 3
$250,000 - 299,999 0 0 0 0 0 0 2 0 Over 120 Days 10
$300,000 - 349,999 0 0 0 0 0 0 0 0 Total 36
$350,000 - 399,999 0 0 0 0 0 0 3 0
$400,000 - 449,999 0 0 0 0 0 1 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 0 0 0 6 0 0
$500,000 - 599,999 0 2 4 0 0 11 0 0 Conventional 31
$600,000 - 699,999 0 1 1 0 0 13 1 0 FHA 1
$700,000 - 799,999 0 0 5 0 0 26 2 0 VA 0
$800,000 - 899,999 0 0 4 0 0 15 1 0 Assumption 0
$900,000 - 999,999 0 1 3 0 0 8 0 0 Cash 4
$1,000,000 - 2,499,999 0 0 13 0 0 143 1 0 Owner Finance 0
$2,500,000 - 4,999,999 0 0 0 0 0 38 0 0 All Other 0
$5,000,000 & Over 0 0 2 0 0 7 0 0 Unreported 0
Totals 0 4 32 0 0 268 10 0 Total 36
Grand Totals 36 278
2009 2008 % Change
Total Sold Dollar Volume: $ 43,740,019 $ 28,216,300 55.02 %
Average Sold Price: $ 1,215,001 $ 1,007,725 20.57 %
Median Sold Price: $ 926,750 $ 718,750 28.94 %
Total Units Sold: 36 28 28.57 %
Average Days on Market: 84 109 - 22.94 %
Average List Price for Solds: $ 1,421,175 $ 1,061,195 33.92 %
Avg Sale Price as a
percentage of Avg List Price:
85.49 % 94.96 %
Total NEW listings: 70
Total Properties Marked Contract: 17
Total Properties Marked Contingent Contract: 27
Total NEW pendings (Contracts + Contingents): 44

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market. We always welcome your referrals.