About Montgomery County, MD

Rockville Metro station neighborhood market report

There are 46 homes on the market FOR SALE or RENT within 1 mile of the Rockville METRO Station at the time of this report (02/09/2010).

Of that count seven are RENTALS. The least expensive rental is a studio apartment listed at $1,090/month, rent includes your electric and gas. The most expensive RENTAL is a four-bedroom two full bath detached home listed for $2,100/month.

Of the 39 homes on the market FOR SALE, the least expensive is a two-bedroom one full bath detached home listed for $148,500. The most expensive home FOR SALE is a five-bedroom three full bath one half bath three level new construction detached home, with a two car garage, and a fireplace listed for $1,895,000.

If you or anyone you know would be interested in one of these homes, or looking for more detail on this set of homes, please get in contact with me. You can also find information on homes near other METRO Station on my blog.

There has never been a better time to buy a home!

First-time buyers who act now can save $10,000 on their new home in the first year alone.

The first $8,000 is the amount of the tax credit eligible first-time buyers can receive if they get under contract by April 30, and close by June 30.

The other $2,000 comes as a result of the historically low interest rates that are currently available. It is expected that mortgage rates will increase when government support ends in late March, meaning there is an opportunity cost for waiting even an extra couple of weeks.

Consider the impact of rising mortgage rates on a home's affordability. If you buy a home for $300,000 with 10 percent down and a 5 percent 30-year fixed-rate mortgage, you will pay $1,449 per month in principal and interest. If in a few weeks rates go up to 6 percent, the monthly payment would increase to $1,610. The annual savings on mortgage interest is slightly more than $2,000. What's more, the buyer who purchases now will enjoy that same level of savings each year over the course of their 30-year loan.

While the example above applies to first-time buyers, existing homeowners who choose to purchase a new home while the $6,500 tax credit is available can save thousands of dollars, too.

There has never been a better time to buy a home!

Shady Grove Metro station neighborhood market report

There are 37 homes on the market FOR SALE or RENT within 1 mile of the Shady Grove Metro Station at the time of this report (2/9/2010).

The least expensive of the 14 Rentals is a two-bedroom garden apartment listed at $1450/month. The most expensive RENTAL is a five-bedroom three full bath detached home with fireplace and a two car garage listed for $3300.

The least expensive of the 23 on the market FOR SALE is a two-bedroom, two bath condo listed for $225,000. While there are five bedroom homes on the market in the area, the most expensive home FOR SALE is a four-bedroom three full bath one half bath detached home, with a two car garage, a fireplace all within walking distance to the Metro Station listed for $699,000.

If you or anyone you know would be interested in one of these homes, or looking for more detail on this set of homes, please get in contact with me. You can also find information on homes near other METRO Station on my blog.

The top 10 most expensive homes sold in Maryland, January 2010.

1. 5304 Woodlawn Ave, Chevy Chase, MD - $3,500,000

• Kenwood - Montgomery County
• 6 bedrooms, 6.5 baths
• Approx 8,800 sq ft
• Sauna, billiard room, 3 car garage
• Listed by: Coldwell Banker Residential Brokerage

2. 8603 Rapley Gate Terrace, Potmac MD - $3,400,000

• Avenel - Montgomery County
• 7 bedrooms, 7 full, 2 half baths
• Elevator, Home theater
• Listed by: Long & Foster Real Estate, Inc

3. 11307 Mays Chapel Road, Lutherville Timonium, Md - $2,800,000

• Mays Chapel - Baltimore County
• 6 bedrooms, 5 bathrooms
• Listed By: Krauss Real Property Brokerage

4. 7400 Nevis Road, Bethesda, MD - $2,425,000

• Flint Hill/Bannockburn - Montgomery County
• 7 bedrooms, 6 full, 2 half baths
• Elevator
• Listed By: Weichert Realtors

5. 12500 Ivy Mill Rd, Reisterstown, MD - $2,265,000

• Baltimore County
• 4 bedrooms, 3 full, 2 half baths
• 30 acres
• Listed By: Krauss Real Property Brokerage

6. 5510 Cornish Road, Bethesda, MD - $1,980,000

• Bradley Hills - Montgomery County
• 6 bedrooms, 5.5 bathrooms
• Built in 2009
• Listed By: Long & Foster Real Estate, Inc

7. 9247 Mallard Point Ct, McDaniel, MD - $1,725,000

• Talbot County
• 5 bedrooms, 5.5 bathrooms
• Water views
• Listed By: Lacaze Meredith Real Estate

8. 12518 Happy Hollow Rd, Cockeysville, MD - $1,625,000

• Padonia Woods - Baltimore County
• 5 bedrooms, 3.5 bathrooms
• 10 acres
• Listed By: Hill and Company

9. 6516 Darnall Road, Towson, MD - $1,625,000

• Ruxton - Baltimore County
• 6 bedrooms, 4.5 bathrooms
• Listed By: Yerman, Witman, Gaines, & Conklin Realty

10. 2201 Greenspring Valley Road, Stevenson, MD - $1,550,000

• Baltimore County
• 6 bedrooms, 6.5 bathrooms
• 10 acres
• Listed By: Hill and Company

In total 49 homes in Maryland sold in January 2010 for over $1,000,000.

• Anne Arundel County - 10 properties
• Baltimore County - 8 properties
• Frederick County - 1 property
• Montgomery County - 27 properties
• Queen Anne County - 2 properties
• Talbot County - 1 property

If you are interested in buying or selling a home in Maryland give Stacey-Ann Baugh a call!

Your offer has been accepted... So, now what? Part IX (Homeowners Insurance)

Now that you are a homeowner, you need homeowners insurance. This is true for single family homes as well as condos, co-ops and townhomes (the latter three will likely have partial policies in place already- though you'll need a supplementary policy to cover all the rest). If you are taking out a loan on your new property the banks will insist upon it.

Who: Check with family and friends to see if they have a favorite insurance agent. If not, I can recommend a number of agents.

What: You need to get enough insurance so that your home can be replaced. Most basic policies will provide coverage for damages caused by fire, smoke, theft, frozen pipes, ice and snow. Additional items (swimming pools, jewelry and art, etc.) will cost you more.

When: The policy will need to be in place at settlement or your loan won't go through. If you are the type that likes to shop around, start the process early. And do shop around! The Internet is a goldmine in terms of comparing prices and services. Use it to your advantage. Once you've narrowed your search, get a few quotes in writing and pick a company.

Save money by raising your deductible. I like to think of homeowners insurance as something you use for really big ticket items. Therefore, a really low deductible is silly. The savings can be significant- so be sure to ask about various deductibles and their price difference. If you choose to use the same company for both homeowners and auto insurance (for example), you can save up to 5-15% by purchasing multiple policies. One more thing... don't confuse what you paid for your house with the replacement cost. Determine the cost to rebuild the structure(s) only and base your insurance premium on this amount. Lastly, don't forget to ask the agent what steps you can take toward saving some money. They can be pretty darned helpful and creative.

Speaking of small claims. I made the mistake of putting in a claim once when my pipes sprung pinhole leaks (a common occurrence in the area a while back). I paid for that mistake for years. For the measly $1,500 I got back from the insurance company I was promptly rewarded with significantly higher premiums. And it carried over to the purchase of a new home, as well. Furthermore, any claim goes on your "record" and gets shared with other insurers. End of my rant. Homeowners insurance...save it for the big stuff.

Part I of "Your offer has been accepted... So, now what?" tackles home inspections and how they might play out in your home purchase scenario.

• Part II discusses financing and what to expect.
• Part III deals with settlement attorneys, and
• Part IV covers title insurance.
• Part V takes a closer look at home warranties.
• Part VI talks about the final walk through.
• Part VII tackles condo docs, and
• Part VIII looks at termite inspections.

Coming soon... Be on the lookout for "Your offer has been accepted... So, now what? Part X" which will discuss your good faith deposit.