Another indicator of what the real estate market is doing in a particular region is called the absorbtion rate. The absorbtion rate is calculated by dividing the number of homes available by the number of homes sold in one month. Right now there are 4,426 house actively listed in Montgomery County, excluding new construction. A search of the MRIS with a contrat date of 2-24-2009+ revealed 888 homes. The calculations show a 5 month suplly of homes or a 20% absorption rate. The funny thing is that anything under six moths is usually considered a seller's market. That's a wow statistic, coupled with the low rates that should get you buyers off the fence!
I am going to present three offers tonight on a listing in Germantown that I have had on the market for two weeks. The sellers staged the property well, priced it within the range of the recent comparables and I put together a wonderful tour using Homevisit.com. The home has been shown sixteen times. Wow! I can't guarantee that one of the offers will be ratified, but multiple offers in this market is definitely a good thing. Could it be a sign of better times?
I have heard from several agents recently that they have been involved in multiple offer presentations. It is said that there is no sound when the market hits bottom and until the market starts going up you don't know that you were there. I am not making that claim, but multiple offer presentations on several occassions with several different properties is a great place to start!
If you want to sell your house in Germantown, this is a very encouraging sign! Call me and let's talk!
If you are in a situation where your home is worth less than you paid and you are finding it harder to pay your mortgage you aren't alone. Experts are predicting that nearly 50% of the real estate transactions in 2009 will involve a short sale or foreclosure. Rather than ruin your credit for years to come you can opt to sell your home short. That means you can neqotiate with your bank for a lower payoff.
Banks are much more apt to accept short sales these days due to the high costs of foreclosure which include: carrying costs, attorney fees, property repairs, brokerage and more.
In order to qualify for a short sale today you will need to show:
Do not be embarrassed to make the phone call. Again, experts predict nearly 50% of a ll real estate transactions this year will include a short sale or a foreclosure.
For more information or an on line application go to:
Germantown Short Sale Help Germantown Maryland Real Estate Gaithersburg Maryland Real Estate
This week came to another interesting end. I have been working on negotiating home purchases for several clients and one couple was fortunate enough to find a great house smack dab in the middle of the community of their choice. They called me about an hour after we had seen the home and I scrambled to put the offer together quickly for them so I could run over that evening an get it signed.
Usually that is a good feeling. Your purchasers decide they are ready to put a reasonable offer on a home. The big caveat is that no matter what the market conditions are, even in the strongest buyer's markets when sellers receive offers quickly, the responses are often the same. And that is--why should they negotiate in the first week? They never anticipated selling so quickly, so they should hold out for more money right?
Unfortunately for my buyers, this seller had the same outlook as most of the other sellers in the same situation. They decided to counter with much higher than what my buyers and I determined the home was worth, based on the comparable sales in the neighborhood. I told my buyers that I thought the best thing they could do was walk away from the deal and maybe the seller would be willing to negotiate at a later time.
Yes it's a great time to buy, and interest rates are excellent too. Interest rates can often be a great reason to take a deal that wasn't a good as you wanted because in the long run you could save tens of thousands of dollars in payments. But, it is my opinion, especially now, do not pay more for a home than what a thorough CMA suggests the value should be. CMA's are for buyers just as much as they are for sellers. also, every offer should have an appraisal contingency so if the house appraises for less than the contract price, you don't have to buy it!
Now is a great time to negotiate on a home! If you are looking to buy, lets talk!
Germantown Maryland Real Estate
Meyer Leibovitch
301-674-5227
If you have decided to take the step to buy and aren’t sure what types of fees you can expect to see on a closing sheet or what is known as a HUD-1, the list below briefly describes the costs associated with buying. These days, most sellers are offering to pay most, if not all of your closing costs. The savings can be huge! Getting a seller to pay 3% or more will save you thousands on the items listed below!
Common Closing Costs for Buyers
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill
each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
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Maryland REALTOR blogs about the current real estate market in Montgomery County Maryland.
Wow, it's been about nineteen years since I began my career in real estate at 19 years old. I have literally a "lifetime" of experience since. I was just a scrawny, hungry kid that needed to support himself. By knocking on doors, cold calling and working until all hours of the night I managed to get people to give me a chance. Nearly 20 years later I am still here. Not so scrawny anymore, but wiser, more patient and really well prepared.
Over the years I learned that real estate is a people oriented, service business. It's not an assembly line where each client or property can be treated the same. I know that making sure that buyers and sellers needs are met is the key to success. I also know that a quality presentation both online and on paper helps sell a well priced, well staged home in any market.
There are numerous variables in a real estate transaction that can affect the outcome. Knowing what to look for and how to react from either side of the transaction is critical to having a smooth transaction. I don't use gimmicks to attract clients. My business is mainly referral because I have an honest, consultative approach that allows my clients to make the proper decisions. You know, every client has a different perspective about what works for them and finding that formula is my key to helping people.
I like to establish a working relationship with my clients to fit their needs, lifestyle and schedule. If it makes it easier for them then I do my best to make it happen that way. I will back up any advice I give using quantifiable market data, years of experience and a common sense approach. I have established excellent working relationships with other real estate experts including attorneys, inspectors, accountants, insurance providers and others that I can refer to in the event that my clients need specialty advice. I think you can have fun finding a home and I think selling a home doesn't have to be that stressful. With the proper planning, strategy and attitude it can actually be pleasurable.
Check out more information on Maryland real estate.
My Specialty
I am an expert at service first and foremost. My professional policy is open and frequent, truthful communication. I work with very nearly the same amount of buyers and sellers each year, so I have an excellent perspective from both sides of the transaction.
I am an Accredited Home Staging Professional which works out very well for my sellers and their buyers. It's important to me to make sure that my clients know that I am available for them when they need me. A large percentage of my clients are upscale buyers and sellers. They are typically successful individuals who have their own careers and need a flexible agent to work around their schedule. Most of my clients buy and sell homes between $600,000 and $2,000,0000; however I am just as comfortable helping first time purchasers. I embrace technology and have the latest and greatest tools at my disposal. All of my web tours are professionally prepared. I will only use well-lit photographs of staged property in any of my tours. All of my brochures and mailers are professionally prepared using full-bleed, high quality printing and glossy card stock.
My clients benefit from my thorough knowledge of Montgomery County, Maryland. Primarily my clients buy or sell in the Bethesda, Potomac, North Potomac, Rockville, Germantown and Boyds areas of Montgomery County. To find Maryland real estate in any of these areas go to Maryland real estate listings.
Testimonials
When I received the first offer for my house from the other agent I was sure was glad you told me to wait. You really lived up to your word when you brought me an offer from someone else for nearly thirty thousand more! Thanks Meyer for helping me get top dollar. It really helped with the purchase on the new house, which I also love. I would highly recommend you to anyone and everyone. Oh, I already have!
Teresa R.
Thanks for all the hard work. I didn't know how much really went into the process but watching you stage my home made me realize that you are a hard worker who knows what to do to make a house sell!
Thanks to the best REALTOR in the WORLD! We really appreciate your help! When it comes time to sell we will call you without a doubt!
Jeff and Angela L.
I really want to thank you for doing an amazing job! Even in a tough market you were able to do what you promised. I was definitely worried about getting my condo sold in time to move into the new place and you made it happen and we got top dollar. I would have never guessed it would hav sold in less thatn 2 weeks! I will pass your name to anyone interested in selling or buying a home!
Kevin G.
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