Maryland and Virginia real estate network for home buyers

THE TRUTH ABOUT FORECLOSURES AND BANK OWNED PROPERTIES FOR SALE IN NORTHERN VIRGINIA

FORECLOSED HOMES MAY OFFER THE BEST OPPORTUNITIES FOR HOME BUYER IN THE PRESENT MARKET.

1.  A careful buyer can buy a home with instant equity.
2.  Many foreclosed homes are in move in condition.
3.  Luxury homes that have been foreclosed are available in Northern Virginia.
4.  Luxury homes that are bank owned compete favorably with new construction prices. 
5.  From search to settlement, you can usually take possession of a foreclosed bank owned home in about 6-8 weeks.
6.  You must be a non-contingent home buyer meaning not home to sell.
7.  Home inspections are permitted but banks don’t make repairs.  A good home inspector is essential.
8.  Buying a foreclosure bank owned luxury home makes sense in high cost areas like Northern Virginia.
9.  You will receive a One Year Home Warranty on your newly purchased home. 

REVIEW THE LISTINGS FOR THE HOMES BELOW AND YOU’LL BE PLEASED WITH THE BEAUTY AND QUALITY.

*  BANK OWNED Foreclosure in McLean Virginia for sale - Luxury home with over 8,000 square feet living space with acreage.
*  BANK OWNED Foreclosure in Leesburg Virginia for sale - Luxury home with over 5,000 square feet living space.
*  BANK OWNED Foreclosure in Hamilton Virginia for sale - Luxury home with over 4,400 square feet living space.
*  BANK OWNED Foreclosure in Woodbridge Virginia for sale - Luxury home with over 4,300 square feet living space.

These are true luxury homes that are ready for quick occupancy. 

WHAT IS A GOOD BUY IN REAL ESTATE TODAY?

THESE ARE VERY INTERESTING TIMES FOR REAL ESTATE SALES.  In many ways, we’re charting new territory. 
Even experienced real estate agents are having to dig deeper and deeper for recent sales information to document
their pricing strategies.  All too often, without recent sales to provide pricing guidance, agents simply let the seller
price their property based on information that may be years old or even the often cited “what I need out of it”. 

WE ARE CALLED ON TO GIVE OUR “EXPERT ADVICE” but is anyone listening?  Too many Buyers are reading the
real estate news and believing that they will be able to buy a foreclosure for 75% of list.  Or, that home sellers are
all desperate to sell and they’ll be able to just “name their price”.  Agents can provide home Buyers with documented
pricing histories and trends and the Buyer may still believe that they won’t pay more than 80% of the list price.

PRICES ARE STILL ON THE HIGH SIDE IN MANY MARKETS.  True, prices have come down in many real estate
markets.  However, the disparity between prices for home listed for sale and the affordability range for the average
home Buyer may still be 20-30% of the average list prices.  Sellers may reduce prices 5-10% and believe they have
done what they have to do to sell.  However, when the prices increased 100% over the past 5 years, 5-10% still leaves
a many home Buyers out of the market. 

MY AGENT SHOULD HAVE TOLD ME THAT PRICES WERE COMING DOWN?  Indeed, and in all likelihood, if the
agent gave the Seller good advice about prices trending down, although it should be noted that agents don’t really have
a crystal ball, the Seller would simply have ignored the advice and listed with an agent who didn’t give that information
about market trends.  Agents are responsible for what they say about what they know, not what they didn’t
say about what they don’t know.

BUYERS OFTEN PAY MORE THAN IS NECESSARY TO GET WHAT THEY WANT.   While it’s important for agents
to understand market value for their area, agents have no responsibility to prevent Buyers from buying what they want
if the house suits their needs and if they are financially able to buy what they want.  Agents should give Buyers the
best pricing information possible.  However, the decision to buy or not buy is totally up to the Buyer.  Of course when
an agent misleads a Buyer about value, the buyer will shortly lose confidence and respect for all real estate agents.

IS THE BUYER SETTING THEMSELVES UP FOR FINANCIAL RUIN?  The guidelines for mortgage loan approval are,
in the opinion of many experienced agents, far to lenient.  The recent mortgage mess is evidence enough that too many
Buyers buy homes that they cannot afford, by any reasonable budgeting standards.  They may be able to “qualify”, but
can they really afford to pay the monthly payment and enjoy the lifestyle to which they are accustomed?  Folks rarely
change their habits just because they purchased a home.  If going to the mall every Saturday is still going to be a
family routine, saving for roof replacement probably isn’t in the budget, if there is a budget.

IN TOUGH MARKETS, AGENTS ARE NOT ALWAYS WILLING TO STAND ON PRICING. Listing brokers need
inventory to maintain market share.  However, it is the listing agent that spends capital and time to promote the
overpriced listings.  There is also the strain of communicating with dissatisfied Sellers when the house gets into the
100 - 200 Days On Market.  Agents benefit from listings, even overpriced listings, in many ways including sign traffic,
magazine traffic, IDX traffic, broker appreciation and other benefits including the chance that the seller will agree to
significant price reductions in the near future. 

WHAT CAN AGENTS EXPECT AND HOW WE CAN HELP.  We may have another one to three years before this
“shake-out” of the real estate market runs the course.  More and more homes are going to foreclosure and short sale. 
Lending guidelines are significantly tougher than a year ago.  Agents and brokers can help get the market back to
viability.  Homes that are priced to sell within 1-3 months will help Sellers achieve a realistic goal.  Buyers that are
helped to find the best home for their qualifying price range will benefit by reaching their goal and will realize a financial
gain over the years. 

FOR AGENTS AND BROKERS.  There are no short term solutions for buyers or sellers.
FOR BUYERS AND SELLERS.  There is great reward for agents and brokers who help the consumer move forward
and realize the many benefits of home ownership.

PRICING A HOME?  GET GOOD INFORMATION

WHAT ARE THE COMPARABLES?   From time to time, I start to work with a buyer and they’ll ask about comparables?  What are comparables?  For the buyer, it usually means that they want to know what the last homes in the neighborhood sold for and then they want to start their negotiating at the price that was the lowest, even if the last home sold was half the square feet and in no way comparable.  Unless this “smart” buyer has seen the various homes that sold in the past 4-6 months, comparables of price only limits the buyers ability to focus.  Buyers have a tendency to focus on narrow fields of information, price, price and price.  Buyers lack market knowledge and substitute data or isolated facts for information or market trends.  If ten homes in a community sold in the past 3 months, most buyers will zero in on the lowest sold price and want to make their offer significantly lower. 

BUT MY HOUSE IS NICER.  Sellers have the same handicap.  Sellers tend to focus on the highest sold price in their neighborhood when determining a list price and then add dollars to pay for “niceness”.  Sellers rarely rely on facts.  They revert to the pride they have in the home in which they have lived, maintained and lovingly decorated for some years.  Show a seller a comparable for a home of similar square feet, lot size, condition, etc. and suggest that is a good comparable for their home and the likely response will be, “But, my house is nicer”.

Maryland real estate help for home buyers in
Bethesda, Potomac and Rockville in western Montgomery County. In eastern Montgomery County, experienced buyers agents will help you with your search for real estate in Silver Spring, Olney, Brookeville and Burtonsville. Northern In northern Montgomery County, our buyers agents will show you real estate in Laytonsville, Damascus, Boyds, Clarksburg, Germantown and Gaithersburg.

Home Owners who wish to sell their home in Maryland and Northern Virginia will appreciate the low 5% listing fee. Our 5% listing fee is competitive in the Maryland and Virginia real estate market. We will always offer a 3% co-op to buyer’s agents who show your home. Offering incentive to buyers agents helps create traffic to you home listed for sale. Contact us about our full service listing services. Homefinders agents and brokers network will always be honest and give you the real market information you need to price your home to sell. The market in Maryland and Virginia is slow compared with the boom years of 2001-2005. Serious home sellers need real facts to price their home properly for market conditions. Contact Homefinders for a FREE CMA. We can help.

Experienced buyers agents are ready to help you find a home in the towns of Columbia, Clarksville, Elkridge, Laurel, Ellicott City and in the rural areas of Glenwood with acreage. Not too far away, north of Montgomery County, we can help you find a home in Frederick County towns of Frederick, Mt. Airy, Ijamsville, Thurmont in the north and New Market in the south. To the east of Frederick County is Carroll where our buyers agents will help you with more affordable homes including Westminster and Sykesville. Finally, east of Carroll County, you may want to consider the many areas of Baltimore City or Baltimore County.

Southern Maryland areas in Charles County, Waldorf and La Plata are popular as are towns in St. Mary’s and Calvert County. Prince George’s County will offer you homes in Upper Marlboro, Bowie, Laurel, Clinton and Ft. Washington is very popular for commuters to D.C.

Northern Virginia is an area rich with homes, high tech jobs which make this area popular in the Fairfax County towns of McLean, Vienna, Oakton, City of Fairfax, Great Falls for luxury homes and Centreville, Herndon and Lorton for homes farther out and more affordable. Homes in Springfield are popular for Metro. Arlington County and the City of Alexandria are popular locations for access to DC by Metro. Old Town Alexandria real estate is popular for luxury homes and views of the Potomac River.

Loudoun County real estate is popular because it offers wonderful homes close to high tech jobs and Dulles International Airport. Leesburg, Ashburn, South Riding, Purcellville, Lovettsville, Hamilton, Round Hill, Hillsboro are all good areas for homes with a view of the mountains.

South into Prince William, King George, Stafford, Fauquier, home buyers will find wonderful homes with Virginia Railway Access train into D.C. From Bristow, Manassas, Fredericksburg, Lorton, and routes along the way.

Maryland Eastern shore counties of Kent, Talbot and Queen Anne’s offer wonderful opportunities for homes in quiet rural and waterfront communities. Popular locations for home buyers are close to the Chesapeake Bay Bridge. Towns of Centreville, Chester, Chestertown, Easton, Graysonville, Queenstown and Rock Hall are popular and offer homes of all types and prices.

Buyers Agents in Maryland and Virginia are especially trained by experience and classroom training to serve the needs of home buyers. Buyers’ needs are quite different from the needs of home sellers and an experienced buyers agent will know how to find the homes that best meet your needs in price, condition and location. Take a home tour with a Homefinders.com broker partner and see the difference. We’ll show you THE BEST homes in your price range, whether they be MLS listings, FSBO foreclosures or new construction in areas within 75 miles of Washington D.C. in Maryland and Northern Virginia.

For buying or selling a home, the Homefinders network of experienced agents and brokers are ready to help you with your real estate needs. The Homefinders network of agents and brokers do not require a retainer fee and we all work on a contingency basis. We are paid at settlement from the co-op fee offered by listing agents and never charge a fee to buyers.

IN PRINCE GEORGE’S COUNTY, MARYLAND.  BANK OWNED HOMES FOR SALE IN LAUREL.

THERE ARE A FEW SPECIAL OPPORTUNITIES FOR HOME BUYERS TO CONSIDER FORECLOSED HOMES IN LAUREL. 

Homes in Laurel are very convenient to Baltimore and Washington, D.C. employment centers.  Laurel is located about equal distance between the two major job areas.  Laurel is also close to Columbia, another major job center.  With Route 95, Route 29 and Route 1 going through Laurel, convenience is here.  MARC Train is has a station right in the center of Laurel and offers wonderful for rail commuting.  Laurel transportation alternatives make this community attractive for Prince George’s, Anne Arundel and Howard County home buyers. 

Laurel home buyers seeking foreclosure opportunities must be pre-approved and non-contingent (no house to sell).  The purchase, from contract to settlement is usually 6-8 weeks.  It’s worth waiting a few weeks for a good buy.  Laurel real estate is in a popular community in PG County for homes.  Located close to public and good auto transportation routes, Laurel offers wonderful home prices for new and resale real estate in Central Maryland. 

HOME BUYERS MUST BE PREPARED.  Get that loan approval completed.  Be prepared to compete with other offers since foreclosures are very popular with buyers and in the news daily.  A pre-approved buyer’s offer will be given special consideration. 

                            FORECLOSURES FOR SALE IN LAUREL IN PRINCE GEORGE’S COUNTY

                                                        LAUREL MARYLAND MAP

MARKET REPORT FOR LAUREL 20707 and 20708 FOR DECEMBER 2007 COMPARED TO DECEMBER 2006

Laurel home foreclosure for sale $546,500. 

Laurel home foreclosure for sale $315,000.

Laurel home foreclosure for sale $407,900.  This home is in a golf course community.

Laurel home foreclosure for sale $646,900.

Laurel home forelcosure for sale $369,900.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, e-mail.

BOWIE REAL ESTATE, PRINCE GEORGE’S COUNTY, MARYLAND.  BANK OWNED HOMES FOR SALE IN BOWIE.

YES!  THERE ARE A LARGE NUMBERS OF FORECLOSED, BANK OWNED PROPERTIES FOR SALE IN BOWIE.
Foreclosures can be a good opportunity for a home buyer to buy a home at less than market value.  Banks are
often willing to sell at less than market value. 

Bowie home buyers seeking foreclosure opportunities must be pre-approved and non-contingent (no house to sell).  The purchase, from contract to settlement is usually 6-8 weeks.  It’s worth waiting a few weeks for a good buy.  Bowie is probably the most popular community in PG County for homes.  Located close to public and good auto transportation routes, Bowie is an easy commute to Baltimore, Annapplis or DC.  Bowie, the original Levitt community is very popular for price and location.  Tour Bowie real estate for more information.

YOU MUST BE PREPARED.   Get that loan approval completed.  Be prepared to compete with other offers since foreclosures are very popular with buyers and in the news daily. 

                                                FORECLOSURES FOR SALE IN BOWIE

                                                        BOWIE MARYLAND MAP

MARKET REPORT FOR BOWIE 20720 FOR DECEMBER 2007 COMPARED TO DECEMBER 2006

COMPARE SALES IN BOWIE FROM DECEMBER 2006 AND DECEMBER 2007.

• Average SOLD price December 2007 - $496,343
• Average SOLD price December 2006 - $471,200
• Units sold December 2007 - 9
• Units sold December 2006 - 20
• Average Days on the Market December 2007 - 96
• Average Days on the Market December 2006 - 85
• Percentage List/SOLD December 2007 - 89.49%
• Percentage List/SOLD December 2006 - 96.65%

FORECLOSED BANK OWNED HOME FOR SALE IN BOWIE 20720                           

FORECLOSED BANK OWNED HOME FOR SALE IN BOWIE 20721

FORECLOSED BANK OWNED HOME FOR SALE IN BOWIE 20716

FORECLOSED BANK OWNED HOME FOR SALE IN BOWIE 20715

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, e-mail.

MARYLAND REAL ESTATE HOME PRICES - YEAR END REPORT AND TRENDS

WE BELIEVE THAT IT IS OPPORTUNITY TIME FOR HOME BUYERS IN MARYLAND REAL ESTATE

PAY ATTENTION TO THE TRENDS.  Recent Statistical Report for number of closed sales indicates that prices in the Maryland real estate market are holding and even increasing in some counties.  However, the news is not the prices of the homes that closed in December 2007, but rather the real story is the number of closed sales, then number of days from list to close and the trends.

The Chart below shows the change in sold prices, which remained relatively stable from December 2006 to December 2007.  However, the TRENDS are for fewer homes selling and homes staying on the market longer. 

MARYLAND COUNTY   SOLD PRICE   PRICE CHANGE   PRICE TREND     DOM TREND

FORECLOSURES AND SHORT SALES ARE BRINGING AVERAGE PRICES DOWN.  While still a small percentage of total sales, Foreclosure Sales, REO Sales and Short Sales are affecting the appraisals.  While not all real estate agents or brokers include foreclosure or short sales in their pricing advice to home sellers, appraisers do consider these homes when they appraise the properties for loan approval for the financing bank.  Further, many underwriters and investors are now reducing the amount they will finance in areas where the home prices are trending down.  Also, many investors are only accepting appraisals for homes that closed within the most recent 90 days rather than the traditional 6 months sales 

IS YOUR AGENT’S PRICING RECOMMENDATION INCLUDING FORECLOSURES AND SHORT SALE?  When a consumer obtains a Competitive Market Analysis from a real estate agent, they need to ask if there were any closed foreclosures or short sales omitted from the analysis.  While a home owner has the absolute right to price their property for sale as they wish, a home owner can only benefit from considering all of the recent sales in an area.  If a home owner receives several CMAs and they include different sold properties, a wise seller will ask why.  Home owners cannot rely on on line resources for accurange pricing comparisons because the programs that produce the data have not seen the properties, do not know the communities and can’t make adjustments for additions, upgrades, amenities or condition.

WHEN EXPERIENCE COUNTS.  Only an experienced real estate agent or broker has the knowledge, experience and data to be able to provide a home owner seller with accurate pricing information.  It’s the nature of sellers to want the highest price possible.  However, we’re seeing homes going to foreclosure this year that could have sold last year if the price was right.  In markets where the trend is DOWN and depending on the need to sell, it pays sellers to price at or just below the average price of homes for sale in the immeidate area.  Holding out for the top price this year has resulted in lower sold prices this year.

Consumers benefit when they know the facts.                           

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-Mail