Montgomery County Market Stats – July 2010
Montgomery County SFH July 2010
Montgomery County Market Reports – June 2010
Montgomery County SFH June 2010
Montgomery County Market Stats – May 2010
Montgomery County SFH May 2010
It’s Not Armaggedon! MoCo Stats for July
Montgomery County Maryland, August 2010 Market Statistics
Bethesda/Chevy Chase – Homes Under $550,000
See all homes for sale in Bethesda and Chevy Chase that are under $550K. Not too many fit that category but there will usually be a few!
First Place Bank – Short Term Rates Near Zero
When buying a home in Bethesda, it's important to understand how your financing will be affected so it's critical to be affiliated with a good lender who you know will get your loan in Bethesda all the way to the settlement table.
Our industry received some good news yesterday when the Federal Reserve’s policy making arm said that they have decided to keep short-term interest rates near zero for an “extended period”. This should help stabilize 30 year fixed rates and keep them at reasonably low levels. This is great news for all of us because low interest rates will bring new buyers into the market. It is always nice to hear good news! Read more…
The Plight of the Condos
I recently had this breeze of a sale. We had scouted out every condo for sale in Bethesda and settled on Crescent Plaza, right in the heart of downtown Bethesda as a new investment condo. Price was fantastic. Sellers found a place to live fairly quickly. Listing agent was a dream to work with….
Enter havoc. About 10 days before settlement the lender, a Credit Union, sent a note that sent chills down my spine. Unwarrantable condo. Investor ratios are off, self managed and not enough in reserves. We had already asked these questions to ensure that the investor ratios would work for the lender! The buyer's first choice of lender would only go to a 30% investor ratio and I already knew they were under 50%, but just… So before even going down that route, I had asked the condo association if they had any unpaid condo fees, if their reserves were in line and their exact investor ratio.
But now I realize it's not enough. Now we have to know how many second home owners there are and more importantly, how any particular lender is going to interpret that info. Because our problem stemmed from 8 second home owners who were counted as investors by that lender. Yikes. There went our 50% investor ratios. Read more…
Montgomery County Market Stats – April 2010
Montgomery County SFH April 2010
I’m Not Buying Your House – I’m Your Listing Agent
Some days I feel like banging my head against the wall.
I heard a friend say recently that she didn't understand why her neighbor's house had not sold. After all, they went with the Realtor who gave them the highest price. Said just like that. Never once crossed her mind how inconsistent with success that was and she had no understanding whatsoever that her neighbor was likely "bought" with a too high price that the agent knew he couldn't bring in.
Thus the head banging. How do I counter the assumption that people have that we as agents are going to get you more than your house is worth? The market dynamics are what they are and the true competence any seller should be seeking is to find someone who understands that market with a keen sense of buyer urgency, has a marketing plan that includes many creative ways to get your house in front of buyers and a good grasp of the current financial climate.
You are not selling your house to the highest bidding real estate agent. I'm going to repeat that. You are not in a bidding war with real estate agents.
Bethesda – Four Bedrooms Homes Under $700K
See all homes for sale in Bethesda that have at least four bedrooms and are under $700K. There are a fair number of homes that fit that category. It's harder to find them under $600K but and not probably under $500K!