Rockville Real Estate News & Market Updates for the week of 11/15/2012

 

There are currently 213 Properties currently available in Rockville Maryland for Montgomery County in Maryland

 

Other good news overall for the whole country is about foreclosures. .

Realty Trac has reported just recently that foreclosure filings felt to a 5 year low!

We are on our way to recovery

The caveat for homeowners in our area still remain a high probability that their homes are still underwater
Don't expect prices to shoot up to 2005 levels in the near future. .
There is a sense of more disciplined healthy market growth and slow in this case is good for the economy. Home values growth will be directly proportional  at the reluctance of appraisers to increase their opinions and keep them constricted no matter what the buyers want to pay.

I can tell you that we have experienced this first hand in the last 7 days. Two of our closings were halted because of the appraisals coming way too low.

Prices of homes are going up because of the low inventory. .but only for certain price ranges. The luxury real estate remains stable . . but there are fewer people buying homes above the $750,000 and up range.

Mortgage rates at still or near record lows. This is good indication that we are still going upwards and I caution not to expect this to remain as it is. .if you are near teh decision to buy a house, you shoudl do so now.

There is no bottom of the market anymore. . .you'll  have to wait for the next recession if you want to see it again. . .better luck next time!

The  inventory shortage has whipped up a buyer frenzy in our local market. .specially in the lower range properties.
Bidding wars and price increases are coming from all angles. .
From apartment renters that are finding mortgage payments to be LOWER than their monthly rentals
To the lucky ones in position to buy and upgrade their housing.

          

The average increase in home values remains  constant in the Washington Metropolitan Area

In average overall we should see around 7% to 10% total gains from 2011.

Affordability still is an issue in Montgomery County
The median Value of owner-occupied housing in Montgomery County is $482.900
yet
The median per capita  income money is $47,310
Direct data taken  from Census.Gov
That's TEN TIMES the average housing vs income per capita
In Florida the median per capita is around $25,000
Only 5 times that. . buys them a house OVER the median value in Florida (around $125,000)
try doing the same here in Montgomery County and you will be lucky to get a condo at that price.

Our market is dependent in the affordability range. .like it or not

Until we achieve a balanced real estate market in our area. .prices will continue to be stagnant in the high end.

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