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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 for nice, well-priced homes listed in this price range. Competition for homes priced under $700,000 can be fierce. As price escalates, the advantage tilts towards the buyer. Over one half of all available homes are priced $1.3M or higher. In the last six months, 43 homes in this price range have gone under contract indicating about 21 months available inventory.
What’s making it so tough for sellers in this market segment? Available financing is the primary culprit. A buyer can get a great rate, but one needs cash – and a lot of it – to obtain a mortgage for upper bracket homes. And the higher the purchase, the higher percentage down payment required. A 30% downpayment on a $1,500,000 home is $450,000 before taxes and other closing costs. Some mortgage providers require more. By contrast, a 20% downpayment on a $1.2M home is a mere $240,000. Do you have a lot of cash? Then you have a big selection.
These stats show inventory in late June 2009 and the number of contracts for the previous six months.
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