Foreclosures continue to rise in Frederick county even as the inventory of homes on the market begins to level out. Realtytrac, a California-based firm that monitors foreclosures, said Frederick County, Maryland had 277 foreclosures in the last month. That’s up 9 percent from July and 94 percent from August 2008. The average price for a house sold in Frederick County in July was $261,922, down 20 percent from the average price in July 2008.
According to Wayne Six, one of Frederick’s most respected appraisers, a balanced Real Estate market in Frederick county Maryland, has between 1,100 to 1,250 active home listings. In layman’s terms, when we look back at market data over the past few decades- Prices are stable when there are somewhere between 1,100 to 1,250 homes for sale in Frederick county.
What does this mean for you? The Bottom may be near at hand! We currently have 1,300 homes for sale in Frederick county, MD and that means the over supply situation is about over! Listing Inventory in Frederick county floated between 2,000 to 2,400 homes for sale for a couple of years and just in the last year has really begun to get back in line! With any luck (for Sellers) prices will stop dropping, interest rates will stay low and Buyers who were waiting for “the bottom” will continue to jump off the fence. Our economy relies on the Real Estate market for recovery and we are about to see things turn around!
According to the Frederick News Post, It appears that there will be many more foreclosures hitting the market in the next few months which may increase supply again, but at this point I can tell you that homes that are priced right are getting multiple offers and selling in a couple of weeks. Just this morning, I helped some friends of mine, first time home buyers, to write an offer on a foreclosed home and there were 8 offers on the house! It needs all new carpet and paint but at a list price of $185,000 for over 3,000 finished square feet it is a true Real Estate deal! You can check out a picture of the house here on my facebook page. We actually had to offer above list price to be in the running. I will let you know what happens with our offer in a future post!
If you’d like to stay informed on what is selling in your neighborhood and what your home is currently worth check out this Market Snapshot that is updated every month with all of the data you could ever want to know! Learn about things like Average Days On The Market, Average List Price, Average Sold Price, Number Of Homes that Sold, Number of Homes that failed to sell, and much more- all customized to you reflect similar homes to yours and in your neighborhood or area- whether that is in Frederick, Mt. Airy or any where in Maryland. The best part is that it is Free and online so you will get instant results once you input a couple of basic facts about your homes size and location!
Bottom line… NOW is the best time to buy a home in Frederick or anywhere in Maryland. Prices are low- deals are everywhere, interest rates are historically low and if you act before November you get an $8,000 tax credit for buying! Click here if you want to do an online home search and see what is currently available for sale!
Tags: buyers, for sale, foreclosures, frederick, homes, lisings, maryland, MD, Mt. Airy, real estate, sellers
