Blooming for home buyers
We have a beautiful sunny Monday morning in Gaithersburg, Maryland. Our office is busy with contracts being written for home buyers that viewed available properties over the weekend.
Prospective home buyers are reading the news about the mortgage market and smart buyers understand that things we have taken for granted for many years will be changing. There is market pressure for higher interest rates and mortgage lenders are recommending early lock-ins on rates. Fees are to increase on FHA and conventional loan products. The maximum loan amounts for FHA financing are scheduled to decrease. The down payment requirements will be increasing.
What does this mean? This spring be be the time of historical opportunities for home buyers. The prices, interest rates and fees may never be lower. Home ownership is not the best course for every family but for those that aspire to home ownership, earlier may be much more attractive than a later purchase.
I just posted a report that shows 2,997 active listings of homes for sale in Montgomery County, MD. 135 of those listings (5%) are lender owned foreclosures and 19% of them (556) are short sale pre-foreclosures. There are still bargains to be found for those that are ready to move ahead.
The first step for most in the home purchase process is pre-approval for mortgage financing. Please ask us for a referral to a loan officer if you do not have a relationship with a mortgage lender.
Roy and Dolores Kelley visited Longwood Gardens on Saturday, February 12, 2011 to see the Orchid Extravaganza in the Conservatory. A wonderful world class exhibit. Canon PowerShot G11 camera. Photograph by Roy Kelley.
Please contact us for information on homes for sale in Montgomery County, Maryland.