Lenn Harley provides some of the best advice and facts in the Southern Maryland Real Estate market.
GRANT ME ONE PREMISE.
Square feet for square feet, foreclosures and short sales are the best buy for home buyers today. The next best buy is new construction from inventory from named builders who are well financed and can build to spec.
These theories have been reinforced over the past 6 weeks through my experience previewing about 75 homes and showing about 30 of them to two sets of home buyers over the past 5 weeks.
What's available in the price range $350,000 to $425,000?
Home for sale in Charles County, MD - Priced at $340,000,
FORECLOSURE SALE in White Plains
8 year old Colonial with 4 bedrooms, 3 1/2 baths, living room, family room, dining room, 2 car garage, on 1/3 acre lot with full finished basement. 2400 square feet above grade.
Home for sale in Charles County, MD - Priced at $320,000,
8 year old Colonial with 3 bedrooms, 2 1/2 baths, living room, family room, dining room, 2 car garage, on 1/4 acre lot with full finished basement. 2100 square feet above grade.
Home for sale in Charles County, MD - Priced at $325,000,
REGULAR LISTINGS (not foreclosure or short sale)
25 year old Rambler, with 3 bedrooms, 2 full baths, living room, dining "L", 1 car garage on 1/3 acre lot with finished basement. 1400 square feet above grade.
New Homes for sale in Charles County, MD - Priced at $390,000,
New Home Inventory in Charles County, MD
New homea for sale from established builders, Colonial with 4 bedrooms, 2 1/2 baths, living room, dining room, family room, on 1/4 acre lot with finished basement. 2600 square feet above grade. 1 year builder's warrenty and 10 year structural warrency.
WHICH HOME WOULD MOST HOME BUYERS SELECT?
- Location: Same area
- Price: Same price range
When viewing homes in a specific price range, this is what home owners are seeing in my market area of Maryland and Northern Virginia.
FORECLOSURES and SHORT SALES ARE OUR MARKET with NEW CONSTRUCTION A CLOSE SECOND. The condition of most short sales is comparable to the regular listings. The condition of the foreclosures is likely to need cleaning, carpet cleaning, paint, appliances, etc. New homes are wonderful and will increase in value faster than resales.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
Thanks Craig. I'm sure I'm in the "sweet spot" for Charles County.
Sure thing Lenn. Yes, I agree. I do think you are as well.
Craig, I agree with you, and I don't think it would be my choice. You can negotiate a lot with builders these days and often get a better deal than the foreclosure. I try to avoid short sales like the plague, becuase the chances of their going through at all are not terrific.