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Archive for June, 2009
Montgomery County Market Update
June 28th, 2009 Categories: Market Updates
We’re halfway into 2009 so it’s a great time to take a look at the real estate market in Montgomery County. Especially compared to other areas, our overall market is very healthy. Here’s an overview of the inventory and the number of contracts over the last six month by price range for all home types in the County.
What’s hot in the County? Single family homes priced under $400,000 and townhomes in all price points under $700,000 have three months or less available inventory. There’s 2 months or less inventory in the following areas and price points:
- Bethesda - Homes priced $600,000 to $700,000
- North Potomac – Homes priced $600,000 to $800,000
- Potomac – Homes Priced under $600,000
- Olney – Homes Priced $300,000 to $400,000
- Germantown – Homes priced $300,000 to $500,000
What’s not? Inventory is relatively high for all condos in all price points. Also, higher-priced homes Read the rest of this entry »
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Bethesda Market Update
June 28th, 2009 Categories: Bethesda
The overall real estate market for homes in Bethesda, Chevy Chase and Kensington is healthy in most price ranges. Read the rest of this entry »
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Potomac Market Update
June 28th, 2009 Categories: Potomac
Looking to buy a home in Potomac priced under $1M? Don’t be surprised to be competing with other buyers. It’s a strong seller’s market Read the rest of this entry »
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North Potomac Market Update
June 28th, 2009 Categories: North Potomac
In an article from May, I was seeing a ton of demand for homes in North Potomac priced around $600,000. The chart below confirms this trend Read the rest of this entry »
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Darnestown Market Update
June 28th, 2009 Categories: Darnestown
The Darnestown real estate market is completely made up of single family homes. With larger lots and higher home values, this area attracts Read the rest of this entry »
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Rockville Market Update
June 28th, 2009 Categories: Rockville
For homes priced under $700,000, it’s a hot seller’s market in Rockville and North Bethesda. 60% of the sales Read the rest of this entry »
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Gaithersburg Market Update
June 28th, 2009 Categories: Gaithersburg
90% of the sales in Gaithersburg are for homes listed under $500,000. For homes in this price range, the market is Read the rest of this entry »
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Germantown Market Update
June 28th, 2009 Categories: Germantown
Germantown is great place for first-time home buyers in Montgomery County. Townhome sales over the last six months make up 63% of all sales. Read the rest of this entry »
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Poolesville and Ag Reserve Market Update
June 28th, 2009 Categories: Poolesville
Although Poolesville and the Ag Reserve covers a huge geographic area, there’s more horses than houses in this part of Montgomery County. Read the rest of this entry »
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Clarksburg Market Update
June 28th, 2009 Categories: Clarksburg
Have you wondered where you can buy a practically brand new single family home for around $450,000 in Montgomery County? Read the rest of this entry »
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Olney Market Update
June 28th, 2009 Categories: Olney
Like many parts of Montgomery County, the market for homes priced under $600,000 is smoking hot Read the rest of this entry »
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Silver Spring Market Update
June 28th, 2009 Categories: Silver Spring
More homes sell in this part of Montgomery County than any other area. The relatively high inventory Read the rest of this entry »
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Montgomery County inventory dwindles with a jump in distress sales
June 15th, 2009 Categories: Market Updates
Looking at a mid-June snapshot of our market, overall inventory for available homes in Montgomery County continues to trend down — 10% below January’s inventory. The number of distress sales, however, spiked up to over 1,000 units to about 25% of the total.
The obvious question is “what drove this spike in distress inventory?” A jump in interest rates would have an impact, but I would expect Read the rest of this entry »
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Bargain Hunters Are Driving Me Crazy!
June 8th, 2009 Categories: Buying, Foreclosures
At least once a week I have the following conversation with a buyer:
Buyer - I’m really interested in foreclosures so I can get a great price.
Me - OK, foreclosures have pushed prices lower in several segments of our market. What else are you looking for?
Buyer - I would like a single family home in Potomac, Rockville or North Potomac under $1M in a good school district.
Me - Now we have a problem.
Don’t get me wrong, no one loves a bargain better than me. When buying a home, however, having “get a bargain” as the #1 purchase criteria is a recipe for disappointment. Why? Primarily, the inventory of distress sales is very low — and getting lower. This removes 80% of the available market for consideration.
But getting a bargain isn’t the primary criteria, is it? You also want a home that meets your needs and is located in your desired area and goes to your preferred school district. Filter the inventory of distress sales with this critieria and there’s nothing left.
Take a different approach. Even if distress sales are unavailable for homes that meet your needs, you can still find good values. Step #1 – Focus on the homes that meet your needs first. Step #2 – Find the best values within this subset of homes. Some distress sales may now be worth a look, but don’t overlook regular resales. For my buyers, I’ve negotiated the very best values with sellers who are motivated and have a lot of home equity.
Don’t be disappointed. First – find homes that meet your needs. Next – narrow in on the bargains.
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