Damascus, MD

DAMASCUS MD 20872 REAL ESTATE TREND INDICATOR

If you are thinking about buying or selling a home in zip code 20872, you should take a close look at the following report that compares the statistics for the past month with the same month last year. During the month, there were 84 active listings of homes for sale in 20872. There were 26 new listings in the area and 11 listings went to pending new contracts. There were 12 actual settlements as compared to 9 homes sold last year. The total sold dollar volume was down 2.86%. The average number of days on the market was 153 from 150 days last year. The average sale price was 88.08% of the average list price. The average sold price was $311,250 and median sold price was $317,500. It is still a market which favors buyers. Buyers have the largest selection and the lowest prices that have been available for several years. First time home buyers have the benefit of the currently available $8,000 tax credit for settlements that take place before the end of November, 2009. The lenders still have a surplus inventory of foreclosures in Montgomery County and buyers are taking advantage of the bargains. Many buyers are using FHA financing for the low 3.5% minimum cash requirement. The FHA Streamlined 203(k) program allows borrowers to include up to $35,000 of home improvements in the initial mortgage loan.

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

ZIP Code: 20872 Damascus, MD
From: 08/01/2009 to 08/31/2009 Statistics generated on: 09/09/2009

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.

Your Real Estate Professional,

DAMASCUS SHORT SALE LISTINGS - MONTGOMERY COUNTY MD

There are 6 active short sale listings in Damascus, Maryland.

Click the following URL to see the report. Sort by column headings.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-88036714-801

Why would you want to know about short sales when you are not currently in the real estate market? These listings have a great impact on market prices. The low prices compete with regular listings by individual sellers and prospective home buyers are attracted to bargain prices.

When you are searching for available homes, be sure to use Homes Prospector at www.roykelley.com for the most current information on available properties. This is a service of MRIS, our regional multiple listing service.

As you search for homes on line, many properties will appear to be attractive because of their lower prices. Home buyers and their agents need to understand when they are considering short sale listings. These are the properties that require lender approval for a sale because the proceeds will not cover the outstanding mortgage loan balance. Many of these are pre-foreclosure situations.

Why do buyer agents and their clients need to be careful with short sale listings? It a fact that many of these properties never reach settlement. Some go to foreclosure and some are withdrawn as the marketing efforts fail. We see many active listings, including many under contract, being sold at foreclosure auctions.

Buyers should check the mortgage status on any property being considered. If a foreclosure is pending, extra caution should be taken because a contract will be voided if the home is sold at a trustee sale at the court house entrance. Agents have access to foreclosure information on Matrix and individuals as well as agents can use www.marylandlandrec.net and other resources to check on the outstanding mortgage loans.

Check to determine what party will actually handle the negotiation of the short sale. And check the documentation of the home seller to determine if they have prepared all of the exhibits that will be required for the lender review of any offers. We recommend Village Settlements and their short sale negotiation services to our seller clients. There are others that also provide these professional services with no front end fees to the sellers. Many short sale packages end up being over 100 pages long, so great attention to detail and very close follow up efforts are needed for successful transactions.

When you find a home seller that has not prepared the required documentation of if the property is scheduled for a trustee sale, you may wish to move on to another property.

Many of our buyer clients have discovered that better results are obtained when the focus on lender owned foreclosures rather that potential short sales.

DAMASCUS MD LENDER OWNED FORECLOSURES

There are 5 lender owned foreclosures (REO) available for purchase in Damascus MD.

Click the following URL to see the report. Click on the listing number for full details on each property. Sort by headers.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-87927441-903

When you are searching for homes in Maryland, you will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.

Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.

Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.

All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. First time home buyers need to move quickly to qualify for the currently available $8,000 tax credit. The settlement deadline to qualify for this incentive is November 30, 2009. Many of the lender owned foreclosures have deferred maintenance or repair requirements. Buyers that want to purchase fix-up properties should be learning about renovation financing such as the FHA 203(k) program.

We represent home buyers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.

Damascus Community Fair - September 11 - 13, 2009

Yes, that time of year again, time for the Damascus Community Fair. This will be the 64th occurance of this event. For a complete list of events (live stock shows, tractor pulls, demonstrations, etc.) and schedule check out the program. The fairgrounds are on Lewis Ave, not far from Jim Cone. Admission is FREE.

See you at the Damascus Community Fair.

34.84 ACRES OF BEAUTIFUL LAND IN DAMASCUS, MD

If you love the country are looking for an outstanding location for your new home, call us for an appointment to see this land. It is back on the market. Beautiful vistas in every direction. Equestrian easement surrounds this property and the 63+ acres of "Cobblers Knoll".

http://matrix.mris.com/Matrix/Public/EmailReport.aspx?ID=1646260004

26929 CLARKSBURG RD, DAMASCUS, MD 20872	Lot-Land
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Listing agent: Carol A. Schantz, Associate Broker
RE/MAX Realty Group

We represent real estate clients as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. roykelley@mris.com

Follow me on Twitter: http://twitter.com/roykelley

Recipient of the RE/MAX International Lifetime Achievement Award - 2008