Frederick County Real Estate Market Statistics for September 2009

Frederick County Real Estate Market Report for August 2009

Frederick County real estate market statistics for August 2009:  MRIS has published the real estate sales statistics for Frederick County for August 2009*

County-wide	2009	2008	% Change
Avg. Price	$265,310	$298,973	-11%
Median Price	$233,000	$265,000	-12%
DOM	119	144	-17%
# homes sold	245	201	+22%

New Listings:	372
Total Marked Contract:	180
Total Marked Contingent:	132
Total Pending (contract + contingent)	312

Note:  There are currently 1626 homes listed for sale in Frederick County, down from 1700 last month. that makes roughly a 6 month inventory, a balanced market.  There are 312 pending sales, close to last month’s number.  Prices are 11% less than this time last year, continuing to level off.  Days on market (DOM) are still decreasing.  The number of homes sold has increased by 22% over last year. 

*Other notable sales statistics:   78% of the 245 sales were under $300,000, still reflecting the surge in first-time buyers and investors getting deals in the present market.

Compare to Frederick County Real Estate Market Report for July 2009 

Comimg: Frederick City Real Estate Market Report for August 2009, Real Estate Market Report for Frederick Communities - August 2009

Frederick County MD Real Estate Market Report for July 2009

Frederick County real estate market statistics for July 2009:  MRIS has published the real estate sales statistics for Frederick County for June 2009*

County-wide	2009	2008	% Change
Avg. Price	$261,922	$327,2350	-20%
Median Price	$234,000	$295,000	-21%
DOM	116	123	-6%
# homes sold	261	187	+40%

New Listings:	440
Total Marked Contract:	170
Total Marked Contingent:	135
Total Pending (contract + contingent)	305

Note:  There are currently 1700 homes listed for sale in Frederick County, that makes roughly a 6-7 month inventory, very close to a balanced market.  There are 305 pending sales, close to last month’s number.  Prices are still falling, but at a lower rate, days on market are still decreasing.  The number of homes sold has increased by 40% over last year. 

*Other notable sales statistics:  For the first time in many years, we’re seeing sales under $100,000…10 to be exact, most likely foreclosures.  78% of the 261 sales were under $300,000, reflecting the surge in first-time buyers and investors getting deals in the present market.

Compare to Frederick County Real Estate Market Report for June 2009 

See Frederick City Real Estate Market Report for July 2009, Real Estate Market Report for Frederick Communities - July 2009

*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while accurate, are not guaranteed.

                                        
                                                                                                                                                                                                       
                                  The Highland Real Estate Group                      
        Chris & Karen Highland * Frederick County MD Real Estate Agents
                                Specializing in Frederick County Real Estate 
                                                 301-831-9947
                                            Real Estate Teams, LLC
                                               isell4u2@msn.com 

Frederick County Real Estate Market Report for June 2009

Frederick County real estate market statistics for June 2009:  MRIS has published the real estate sales statistics for Frederick County for June 2009*

County-wide	2009	2008	% Change
Avg. Price	$278,312	$310,900	-11%
Median Price	$260,000	$272,500	-5%
DOM	116	131	-11%
# homes sold	237	198	+20%

New Listings:	390
Total Marked Contract:	175
Total Marked Contingent:	144
Total Pending (contract + contingent)	319

Note:  There are currently 1739 homes listed for sale in Frederick County, that makes roughly a 7 month inventory.  There are 319 pending sales, the same as last month’s number.  Prices are falling, but at a lower percentage, days on market are still decreasing.  The number of homes sold has increased by 20% over last year. 

Compare to Frederick County Real Estate Market Report for May 2009 

See Frederick City Real Estate Market Report for June 2009

*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while accurate, are not guaranteed.

Frederick MD Real Estate Market Report - May 2009

Real estate market statistics for May 2009: Frederick MD

County-wide	2009	2008	% Change
Avg. Price	$287,312	$325,100	-12%
Median Price	$249,000	$286,000	-13%
DOM	130	184	-8%
# homes sold	221	184	+20%

New Listings:	434
Total Marked Contract:	177
Total Marked Contingent:	142
Total Pending (contract + contingent)	319

Note:  There are currently about 1500 homes listed for sale in Frederick County, that makes roughly a 7 month inventory , very close to a balanced market.  There are 319 pending sales, almost as high as last month’s 336 number.  Average home prices are still declining, but at a slower rate, days on market is declining, too.  But the best news is the number of homes sold, which has increased by 20% over last year. 

Compare to Frederick County Real Estate Market Report for April 2009 

*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while accurate, are not guaranteed.

Frederick County Real Estate Market Report - April 2009

	2009	2008	% Change
Avg. Price	$259,424	$322,660	-12%
Median Price	$229,325	$290,000	-21%
DOM	141	155	-9%
# homes sold	203	185	+10%

New Listings:	411
Total Marked Contract:	183
Total Marked Contingent:	153
Total Pending (contract + contingent)	336

 336 pending sales, although not all will close, is the highest number of pending since August 2006, and higher than last month’s number.  Compare these statistics to March Real Estate market report for Frederick County. 

Also:  Frederick City Market Report for April 2009.
Urbana Real Estate Market Report for April 2009
Walkersville Real Estate Market Report for April 2009
Middletown Real Estate Market Report for April 2009
Mount Airy Real Estate Market Report for April 2009
New Market Real Estate Market Report for April 2009

The Return of Optimism

In spite of the main-stream media's obsession with only negative news, and I'm not denying there is a lot of negative out there, I'm seeing some positive signs that recovery is on the horizon.  I'm of the opinion that most Americans can only stand so much negative imput before they are hungry for some optimism. 

At the risk of being called a Polyanna, there are reasons to be optimistic.  Several studies recently released give me plenty of positive vibes.

Pent-Up Demand

The operator of Realtor.com, Move, Inc. published a study on March 23, with several statistics showing that "first-time buyers are optimistic."   In spite of the challenges of today's real estate market, 18.1% of first-time homebuyers plan to buy a home this year with the main reason being the $8,000 first-time homebuyers tax credit. The 3-year downturn in housing has created significant demand for homeownership.  Half of all Americans are paying more attention to housing costs than they they did last year.

Homeowners are working hard to reduce their expenses to make their mortgage payments, 72% have reduced discretionary spending, and 19% plan to take advantage of theadministration's new program to refinance or get a loan modification.

Stabilizing Markets

An Inman News study of Realtors' opinions of their markets shows that 3 out of 4 participants think their market is stabilizing or improving.  Only 13% said their market was getting worse, and credited the uncertainty of the economy as the reason.  The respondents who see improvement say they've seen the change within the last month.  These opinions from people 'in the field' will not be proven until the statistical analysis can be made after the fact, which probably won't be until we see 2nd quarter statistics. 

NAR is predicting sales of previously owned homes to be 1% higher this year.  (Granted, NAR is always more optimistic than realistic.)  The Mortgage Bankers Association predicts that number to decline 2.5% from 2008 numbers. 

Economic Recovery on the Horizon

Many believe that the housing industry led us into the recession, and the housing industry will lead us out.  According to Bank of America's chief executive officer Ken Lewis, the economy is "close to the bottom,"  with a recovery in the beginning of 2010.  His evidence?  Mixed signals.  Housing is seeing improvements, and car sales were not as bad as expected.  The recent wave of refinancing has reduced mortgage payments for many homeowners and will help the economy.  Some economists don't believe we'll see the bottom until 2010, with recovery the year after. 

Optimism is a powerful force, if it's grounded in reality.  The reality of America's resources and people is always something to be optimistic about.

                            The Highland Real Estate Group                      
           Chris & Karen Highland * Frederick County MD Real Estate Agents
                                 Specializing in Frederick County Real Estate 
                                                  301-831-9947
                                            Real Estate Teams, LLC
                                              isell4u2@msn.com

Two Reasons Why You Should Consider Making A Major Purchase Now - Not Later

I don't usually write the kind of blog posts that scream of the "now's the best time to buy" pitches.  I like to educate people about the current market, but I figure when people are ready to buy, they'll buy.

Today, I decided to break my rule and write the post that spells it out; I'll say it in two brief reasons. 

Interest rates and Inflation.  These two are tied together.

If you have been waiting for the bottom to make a large purchase, whether a home, a boat, a car, a whatever...There are two compelling reasons to do it now.

1.  The Fed is printing money by the truckloads as we sit here.  They are purposely inflating the dollar.  If our deficit is growing, Next month, next Season, next Year, I don't know exactly when, but the dollar will be worth less than it is today.  If you buy a house at 5 or 10% less next year, the dollars you borrow will be worth less and cost you more.

2.  To try to ward off inflation, the Fed will raise interest rates, along with other economic factors that warrant inflation.  History is full of examples.  Even if the house you buy is discounted 5% or 10% more next year, you will offset the savings by paying a higher interest rate.

There you have it, in 2 simple statements.  The days of historically low rates are numbered.

                              The Highland Real Estate Group
                                      Chris & Karen Highland
                                          301-831-9947
                                        isell4u2@msn.com

First-Time Homebuyer's Tax Credit

The Stimulus Package has been passed and signed into law, and the dust has finally settled enough for the facts to emerge.  How does the tax credit affect first-time Frederick homebuyers?
 

	2008   Version	Revised  Credit
Amount of Credit	Lesser of 10% of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence, including condos, townhouses, co-ops that will be used as a primary residence.	No change. All principal residences are eligible.
Refundable	Yes. Reduces, or can eliminate income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change. Purchasers will continue to receive refund for unused amount when tax return is filed
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on joint return). Phases out above those caps ($95,000 and $170,000)	No change. Same income limits continue to apply.
First-time homebuyer only	Yes. Purchaser and spouse may not have owned a principal residence in 3 years previous to purchase.	No change.  Still available for first-time purchasers only. Three-year rule still applies.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale.  Applies only to homes purchased in 2009.
Effective Dates	Purchased on or after April 9, 2008, before January 1, 2009	Purchased January 1, 2009 through December 1, 2009

              
                                 
                     The Highland Real Estate Group                      
       Chris & Karen Highland * Frederick County MD Real Estate Agents
                        Specializing in Frederick County Real Estate 
                                             301-831-9947
                                      Real Estate Teams, LLC
                                          isell4u2@msn.com 
                                        Pictures of Frederick

Frederick County Real Estate Market Statistics for January 2009

                                       

* Other notable statistics:

              
                        The Highland Real Estate Group
       Chris & Karen Highland * Frederick County MD Real Estate Agents
                        Specializing in Frederick County Real Estate 
                                             301-831-9947
                                      Real Estate Teams, LLC
                                          isell4u2@msn.com 
                                        Pictures of Frederick                               
                             

Buying Real Estate as a Hedge Against Inflation

As we've all watched the markets teeter since the fall, the outcome is a flood of money from the Federal government in an attempt to return liquidity and stabiliy to our financial system. With actions like these, we can assume that in the future, maybe not this year, but certainly the next, we're going to see sharply higher inflation. In the next 3 to 5 years, inflation will likely be a challenge to our personal finances.

What can we do now to protect ourselves?

Holding on to cash now will give you less return when inflation makes your cash worth less. If we can keep enough liquid to be prepared for emergencies, the rest can be invested. Real estate can be a great inflation hedge.

Buying property now, especially at some of the prices we're seeing in the REO market, with money that you won't need for the next few years, can be a smart way to invest those funds. Purchasing stocks, bonds, real estate, any investment involves risk. But so does doing nothing!

Buying real estate today, and holding it long term, is an important part of a diversified financial strategy. It's a great time to research and learn how to invest in real estate. The right purchase can be a strong part of your plan.

Give us a call to see what opportunities are out there in the Frederick Real Estate market.

The Highland Real Estate Group
Chris & Karen Highland
Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
Pictures of Frederick

Can I Get a Steal In the Frederick Real Estate Market in 2009?

There are always savvy buyers and investors asking the question, "Can I get a steal?"  Our answer is usually, "It depends."  It depends on your definition of a steal.  Can you get something 20% below market?  Yes, but do you mind putting some work into it?  If you don't, this is your market.  There are many REO's (Bank-owned, foreclosures) on the market at incredible prices.  But you have to be ready to jump when you find one.  Take this one, for example:

822 Apache Court  This house was listed for $399,000 last year, then went into foreclosure.  It was listed on January 8, for $216,000, and sold in 9 days.  This was a steal.  Yes, the steals are out there, if you can move on them quickly.
 

To see more deals, use our free search tool:
 

              The Highland Real Estate Group                      
                           Chris & Karen Highland 
               Frederick County MD Real Estate Agents
            Specializing in Frederick County Real Estate 
                                 301-831-9947
                          Real Estate Teams, LLC
                            isell4u2@msn.com 
                           Pictures of Frederick

Year-End Frederick County Real Estate Market Statistics

It’s that time of month again…time for Frederick Real Estate Market Statistics.  I’ve got an extra treat, statistics for the entire year! 

          Real Estate Statistics for Frederick County:
                                                                2008         2007         % Change
          Number homes sold:                 145          160                -9%
          Average sold price:               $276,595   326,373            -15%
          Median sold price:                   239,900   282,838           -15%
          Average days on market            137          145                -6%
          Sold price as % of List price:       86%         90%

*The present absorption rate is 11.5 months, up from 9 or 10 in the Fall. 

 Frederick County Real Estate Statistics Year in Review:

          January                                         2008               2007         % Change
        Average Sold Price:                  341,453       365,151             -6%
        Median Sold Price:                    295,000       322,500            -9%
          February
        Average Sold Price:                  338,888       343,392             -1%
        Median Sold Price:                    295,000       305,000             -3%
          March
        Average Sold Price:                  323,628       340,773             -5%
        Median Sold Price:                    290,000       307,500             -6%
          April
        Average Sold Price:                  322,660       375,549            -14%
        Median Sold Price:                    289,900       309,950             -6%
          May
        Average Sold Price:                  325,104        349,718             -7%
        Median Sold Price:                   286,000         323,950           -12%
          June
        Average Sold Price:                  310,917        345,473           -10%
        Median Sold Price                     272,500        309,450           -12%
          July
        Average Sold Price:                  327,235        366,884            -11%
        Median Sold Price:                   295,000         316,250             -7%
          August
        Average Sold Price:                  298,973        359,949            -17%
        Median Sold Price:                    265,000        315,000            -16%
          September
        Average Sold Price:                  290,129         340,478           -15%
        Median Sold Price:                   262,000         295,500            -11%
          October
        Average Sold Price:                 276,620         328,826            -16%
        Median Sold Price:                   234,500         287,000            -18%
          November
        Average Sold Price:                  263,156         314,510            -16%
        Median Sold Price:                    231,000         273,300            -14%
          December
        Average Sold Price:                 276,595          326,373            -15%
        Median Sold Price:                   239,900          282,838            -15%

And for the Visual People:

*Commentary:  There’s not really much to say when you look at this graph.  Except… the curve of the line around November looks like a bottom to me.  I don’t know if its The Bottom, but it could be.  Let me know what you think by leaving me a comment, I’d love to hear from you!

                   
                  The Highland Real Estate Group                      
  Chris & Karen Highland * Frederick County MD Real Estate Agents
                    Specializing in Frederick County Real Estate 
                                       301-831-9947
                                  Real Estate Teams, LLC
                                      isell4u2@msn.com 
                                    Pictures of Frederick

Median Home Prices in the 2008 Frederick Real Estate Market

What do median home prices tell us about the real estate market in Frederick, MD?  We know that prices have been dropping since the high-water mark of October 2005.  October 2008 saw the largest percentage drop of this year, 18%, in the median price, over last year.  I’ve been tracking the numbers since this May, lets see what they look like:

May	2008	2007	% Change
Total Units Sold	184	264	-30%
Average Sold Price	$325,104	$349,718	-7%
Median Sold Price	$286,000	$323,950	-12%

June	2008	2007	% Change
Total Units Sold	198	248	-20%
Average Sold Price	310,917	345,473	-10%
Median Sold Price	272,500	309,450	-12%

July	2008	2007	% Change
Total Units Sold	187	250	-25%
Average Sold Price	327,235	366,884	-11%
Median Sold Price	295,000	316,250	-7%

August	2008	2007	% Change
Total Units Sold	201	222	-9.5%
Average Sold Price	298,973	359,949	-17%
Median Sold Price	265,000	315,000	-16%

September	2008	2007	% Change
Total Units Sold	205	152	+35%  *
Average Sold Price	290,129	340,478	-15%
Median Sold Price	262,000	295,500	-11%

October	2008	2007	% Change
Total Units Sold	170	187	-9%
Average Sold Price	276,620	328,826	-16%
Median Sold Price	234,500	287,000	-18%

For all of you visual people, here is a graph to illustrate:       

 To see homes for sale in Frederick and the surrounding areas:

             
           The Highland Real Estate Group                      
                             Chris & Karen Highland * 
                   Frederick County MD Real Estate Agents
               Specializing in Frederick County Real Estate 
                                     301-831-9947
                             Real Estate Teams, LLC
                                  isell4u2@msn.com 
                                 Pictures of Frederick

Our Best Tips for Buying a Frederick Foreclosure in 2009

How to Appeal Your Maryland Home Value Assessment

                The Highland Real Estate Group                      
   Chris & Karen Highland * Frederick County MD Real Estate Agents
                    Specializing in Frederick County Real Estate 
                                       301-831-9947
                                  Real Estate Teams, LLC
                                      isell4u2@msn.com 
                                    Pictures of Frederick

Loan Modifications...Will a Class-Action Lawsuit Put a Monkey Wrench in the Works?

The latest in the ongoing saga of the loan modification proposal for Bank of America's (once Countrywide) 400,000 troubled mortgages just hit the news.  On Monday, Dec. 1, a private investor, William Frey,  filed a lawsuit in New York State Supreme Court alleging that the proposed modification is illegal. Hoping to make it to class-action lawsuit status, Frey's case argues that most of the Countrywide loans do not belong to Countrywide or Bank of America, but rather are owned by trusts that bought them through securitization, or the secondary market.

While the lawsuit names 371 different securitizations, Frey’s fund holds certificates in only one.  The problem is that the language used in the contracts, never spelled out how to handle modifications to loans for borrowers who cannot afford their mortgages.  The language was very vague, until more specific language started to be used in 2007, when the 'Mortgage Meltdown" caused problems to grow exponentially.

He actually has a very good legal point.  Investors who bought Mortgaged Backed Securities have contractual agreements that are being usurped by these Loan Mod proposals.  The legal precidents, of course, matter because of the financial outcome, which would be the weakening of secondary markets, and even the risk of permanent damage.  Without the securitization of mortgages on the secondary markets, the housing industry would shrink in damaging proportions.

The other major issue is the damage to investor confidence, and the financial effect which will be inevitably passed on to homeowners.  "The public policy problem going forward is, if Congress can legislate or a judge can break the contract, then I as an investor will demand a much higher premium," says a mortgage-company risk officer. "I can't model and price something that is 'oh gee, we're going to change the rules.' It's a big problem."  So all of the increased risk gets passed on to future homeowners.

Not to mention the losses that will be incurred, bondholders will lose $8.4 billion by reducing borrower payments.  Adding insult to injury, the speculation is that BofA isn't paying for the modifications out of its own pocket, but "out of the bondholders' money. 

And here is a nasty little statistic:  The RE-Default rate on loan modifications is 50%, meaning that half of the loan modifications done end up defaulting a second time.  This staggering statistic throws a questionable light on the enormous costs to both taxpayers and investors, at the gain of what? 

We'll keep following this lawsuit which promises to be a precident setting event. 

 ___________________________________________________________________

UPDATES:

The Subprime Shakeout - Feb 10, 2009

Bill Frey Receives an Invitation from Congress - May 17, 2009

Frey's Letter to Congress - Nov. 12, 2008

Frederick County Real Estate Market Statistics for October 2008

County-wide Frederick Real Estate market statistics for the month of October showed some changes from the statistics in September. It seems the burst of activity marked the end of the summer, but didn't continue into the fall.

                                                    2008                               2007                 Change

Total Sold $ Volume:          $47,025,319              $61,490,517             -23.5%
Average Sold Price:                    276,620                       328,826            -16%
Median Sold Price:                     234,500                        287,000            -18%
Total Units Sold:                                170                              187                  -9%
Avg. Days on Market:                        157                              133                +18%
Avg. Sale Price as % of List Price:        89%                       91%
Total Number of New listings:                             393
Total Number of New Pending sales:               175

Some Financing Stats: 32% of the 170 sales this month were FHA, 11% were cash, 40% were conventional, 6% were VA and 7% were Assumptions, (we haven't seen many assumptions in the last 5 to7 years, now they are becoming more neccessary.)

Check out Brunswick and Jefferson Market Statistics, Middletown and Myersville Market Statistics, Adamstown and Urbana Market Statistics, Walkersville Market Statistics, New Market Market Statistics and Mount Airy Market Statistics.

The Highland Real Estate Group
Chris & Karen Highland
Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
Pictures of Frederick

Short Sale Standards May Answer Present Difficulties

Anyone who has had experience with short sales, whether agent, buyer or seller, knows that the system is broken. In Maryland, the statistics show that only 1 in about 30 short sales actually make it to settlement. (Those stats were from the summer, it might have gotten better since then). The problems with the short sale transaction are many-fold. Often buyers don't hear from the lender for weeks or even months, and tire of waiting, so they rescind their offers and move on. Sometimes lenders aren't realistic in what they will consider a reasonable price. Mostly, lenders are simply overwhelmed and don't have the systems in place to deal with the volume of distressed properties they have.

According to a recent article in Realtor Magazine, Congress has the problem on their radar screen, NAR Vice President Ron Phipps testified about the problem before the U.S. House Financial Services Committee this fall.

Fannie Mae and Freddie Mac conservator James Lockhart was present at the NAR Convention in Orlando last weekend, and assured attendees that Freddie and Fannie are implimenting changes to help. They are ramping up their staff and making structural changes to better deal with the volume of problems. Freddie is allowing lenders to modify their subprime loans into 40-year, lower interest-rate mortgages. Borrowers are able to roll up to 6 months' missed payments into an unsecured second loan.

The Federal Housing Finance Agency will announce a streamlined short-sale policy that will probably go a long way in helping to focus lenders' attention on the problem, and also provide guidelines to facilitate a smoother process.

NAR has made the problem part of the four-point legislative plan that it wants Congress to take up before the end of the year. Whether they will or not is in question. No promises were made, other than "soon". Many of us hope soon means soon.

               The Highland Real Estate Group 
                                   Chris & Karen Highland
                      Frederick County MD Real Estate Agents
                    Specializing in Frederick County Real Estate 
                                          301-831-9947
                                  Real Estate Teams, LLC
                                     isell4u2@msn.com 
                                    Pictures of Frederick

First-time Homebuyers are Finding Deals in the Frederick MD Real Estate Market

Welcome back first-time buyers...we haven't seen you in years...about 6 or 7 years if my memory serves me well.  We've talked to more first-time buyers this second half of the year than we probably have in the last 2 years combined.  What makes the market good for first-time buyers?  Basically 3 things:

1. Affordability:  We have seen prices drop 15% county-wide, from this time last year, and as much as 25% in some communities.  The number of foreclosures is on the rise, and they act as an anchor on home prices.  We're seeing multiple offers on the bank-owned properties, and banks are lowering prices to move properties in 90 days.  Realistic sellers are pricing their homes accordingly.  We're seeing many townhouses under $200K, some closer to 100K, and many in passable condition. Yes, there are some deals to be had.        

2. Historically low Interest Rates:  Having lived through the 70's and 80's, having seen double digit interest rates, anything under 7 is historically low. We don't know if that will change or if it does, how much.  (Oh for that crystal ball:-)

3.  FHA loans:  For many years, FHA has been irrelevant.  But with conventional loans tightening up, FHA is relevant for buyers again.  FHA uses common sense underwriting, whereas conventional products have relied mostly on credit scores.  If you have paid your bills responsibly for the last 18 to 24 months, and you have steady income, FHA is for you.  The buyer has to come up with 3% downpayment, and after January 1st, that will increase to 3.5%, but that can be in the form of a gift, a grant from an employer, or there are government and community programs available.  Maryland has a USDA program, and the CDA program.  There are limits to income and limits to housing price with these programs.  Call us for information:  301-831-9947

To search the MLS for some of these great deals:

                  
 Search the MLS for your new home   What’s My Home Worth?

                    The Highland Real Estate Group                      
                                             Chris & Karen Highland 
                              Frederick County MD Real Estate Agents
                         Specializing in Frederick County Real Estate 
                                                    301-831-9947
                                          Real Estate Teams, LLC
                                            isell4u2@msn.com 
                                            Pictures of Frederick