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Akil Walker's Blog

By Akil Walker | Agent in Bowie, MD
  • Housing Inventory Snapshot of the Metro Area

    Posted Under: Market Conditions in Silver Spring, Home Buying in Silver Spring, Home Selling in Silver Spring  |  May 10, 2011 9:14 AM  |  1,285 views  |  No comments

    Below is the marketing snapshot for the Washington, DC Metro area. if you are interested in reports such as this contact me at Bowie Home Sales

    I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

    Housing Inventory Snapshot April 27, 2011
      Average List Price Median List Price Average Days On Market
    Allegany County, MD
    Single Family under $180K $106,285 $109,000 162
    Single Family over $180K $293,306 $250,000 159
    Condo/Townhome under $300K $113,725 $76,900 178
    Condo/Townhome over $300K N/A** N/A** N/A**
    Anne Arundel County, MD
    Single Family under $500K $318,380 $315,000 143
    Single Family over $500K $1,004,679 $740,000 174
    Condo/Townhome under $300K $187,976 $204,900 151
    Condo/Townhome over $300K $472,772 $385,000 130
    Baltimore County, MD
    Single Family under $500K $259,660 $242,500 140
    Single Family over $500K $920,746 $685,000 156
    Condo/Townhome under $300K $157,440 $150,000 135
    Condo/Townhome over $300K $418,770 $369,000 124
    Baltimore City, MD
    Single Family under $500K $208,501 $191,000 145
    Single Family over $500K $871,049 $699,990 164
    Condo/Townhome under $300K $115,746 $109,000 163
    Condo/Townhome over $300K $481,227 $399,900 149
    Calvert County, MD
    Single Family under $500K $317,979 $325,000 169
    Single Family over $500K $763,930 $614,900 236
    Condo/Townhome under $300K $247,018 $268,000 237
    Condo/Townhome over $300K $378,251 $339,900 287
    Caroline County, MD
    Single Family under $500K $208,676 $189,990 166
    Single Family over $500K $862,966 $675,000 292
    Condo/Townhome under $300K $114,332 $109,900 172
    Condo/Townhome over $300K N/A** N/A** N/A**
    Carroll County, MD
    Single Family under $500K $311,869 $299,900 147
    Single Family over $500K $816,441 $675,000 194
    Condo/Townhome under $300K $183,904 $184,900 155
    Condo/Townhome over $300K $343,894 $329,834 192
    Cecil County, MD
    Single Family under $500K $259,979 $249,000 169
    Single Family over $500K $972,943 $699,000 252
    Condo/Townhome under $230K $143,119 $150,000 167
    Condo/Townhome over $230K $335,385 $267,000 203
    Charles County, MD
    Single Family under $500K $281,686 $279,900 134
    Single Family over $500K $818,635 $650,000 193
    Condo/Townhome under $300K $154,028 $150,000 176
    Condo/Townhome over $300K $324,718 $309,000 186
    Dorchester County, MD
    Single Family under $500K $190,615 $169,000 282
    Single Family over $500K $1,184,113 $795,000 247
    Condo/Townhome under $200K $108,118 $99,900 236
    Condo/Townhome over $200K $288,085 $259,000 261
    Frederick County, MD
    Single Family under $500K $294,768 $299,000 160
    Single Family over $500K $739,242 $624,900 171
    Condo/Townhome under $300K $185,950 $185,000 110
    Condo/Townhome over $300K $385,080 $358,890 84
    Garrett County, MD
    Single Family under $500K $259,054 $234,900 253
    Single Family over $500K $828,104 $748,800 353
    Condo/Townhome under $300K $44,525 $3,500 190
    Condo/Townhome over $300K $430,743 $365,000 486
    Harford County, MD
    Single Family under $500K $309,679 $305,000 145
    Single Family over $500K $738,419 $618,500 202
    Condo/Townhome under $300K $185,714 $189,500 128
    Condo/Townhome over $300K $419,895 $389,900 126
    Howard County, MD
    Single Family under $500K $364,384 $370,000 120
    Single Family over $500K $828,319 $700,000 135
    Condo/Townhome under $300K $212,943 $224,900 121
    Condo/Townhome over $300K $392,408 $369,900 79
    Kent County, MD
    Single Family under $500K $246,101 $235,000 286
    Single Family over $500K $1,409,288 $875,000 281
    Condo/Townhome under $300K $186,569 $175,000 355
    Condo/Townhome over $300K $763,394 $629,000 197
    Montgomery County, MD
    Single Family under $1M $529,260 $488,990 87
    Single Family over $1M $1,944,609 $1,550,000 110
    Condo/Townhome under $600K $251,209 $239,900 107
    Condo/Townhome over $600K $916,726 $739,900 72
    Prince Georges County, MD
    Single Family under $500K $227,826 $210,000 140
    Single Family over $500K $715,918 $638,995 175
    Condo/Townhome under $300K $138,216 $135,000 141
    Condo/Townhome over $300K $418,662 $375,000 136
    Queen Annes County, MD
    Single Family under $500K $301,618 $299,900 205
    Single Family over $500K $1,379,841 $899,900 229
    Condo/Townhome under $300K $217,661 $209,900 225
    Condo/Townhome over $300K $550,723 $419,000 171
    Saint Marys County, MD
    Single Family under $500K $309,801 $309,900 153
    Single Family over $500K $844,650 $649,000 213
    Condo/Townhome under $190K $135,607 $139,900 175
    Condo/Townhome over $190K $255,905 $219,990 200
    Talbot County, MD
    Single Family under $500K $282,857 $284,900 209
    Single Family over $500K $1,784,221 $1,075,000 303
    Condo/Townhome under $300K $192,804 $215,000 223
    Condo/Townhome over $300K $479,161 $495,000 217
    Washington County, MD
    Single Family under $500K $217,468 $199,900 189
    Single Family over $500K $963,523 $659,000 216
    Condo/Townhome under $190K $122,302 $124,900 176
    Condo/Townhome over $190K $257,151 $225,000 278
    Worcester County, MD
    Single Family under $500K $291,866 $239,500 183
    Single Family over $500K $1,383,035 $899,999 293
    Condo/Townhome under $300K $235,804 $244,900 208
    Condo/Townhome over $300K $418,261 $369,900 204
    Arlington County, VA
    Single Family under $1M $695,953 $685,000 72
    Single Family over $1M $1,539,799 $1,399,000 87
    Condo/Townhome under $600K $356,128 $347,900 65
    Condo/Townhome over $600K $1,026,578 $799,900 113
    Fairfax County, VA
    Single Family under $1M $616,310 $594,750 75
    Single Family over $1M $2,046,301 $1,589,900 147
    Condo/Townhome under $600K $325,004 $319,900 69
    Condo/Townhome over $600K $753,938 $699,900 53
    Alexandria City, VA
    Single Family under $1M $651,347 $649,900 75
    Single Family over $1M $1,632,341 $1,300,000 147
    Condo/Townhome under $600K $354,007 $340,000 72
    Condo/Townhome over $600K $1,040,190 $799,000 92

    If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.
     
  • Mortgage Ratees rates increase slightly

    Posted Under: Market Conditions in Silver Spring, Home Buying in Silver Spring  |  March 24, 2011 2:35 PM  |  1,076 views  |  No comments
    Mortgage rates increase slightly for buyers. This an article from housing wire.com's  Kerri Panchuk


     Mortgage rates rose this week on inflationary and geopolitical concerns, Freddie Mac said in its latest Primary Mortgage Market Survey.

    The 30-year, fixed-rate mortgage increased to 4.81% for the week ending March 24 from 4.76% last week. That's still lower than the 4.99% recorded a year ago. Meanwhile, the 15-year, fixed-rate mortgage hit 4.04%, compared to 3.97% a week earlier and 4.34% a year ago.

    Freddie said the five-year, Treasury-indexed hybrid mortgage rate averaged 3.62%, up from 3.57% seven days prior and down from 4.14% last year. In addition, the one-year ARM climbed to 3.21% in the most recent survey, up from 3.17% last week.

    Frank Nothaft, Freddie Mac vice president and chief economist, outlined some of the inflationary pressures that buoyed mortgage rates.

    "The 12-month growth rate in the consumer price index rose 2.1% in February, compared to 1.6% in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1%, slightly up from 1% in January," he said.

    Bankrate also released mortgage rate data Thursday, showing the 30-year FRM now sits at 4.96%, up from 4.91% a week earlier. The 15-year FRM inched up to 4.16% from 4.12%, and the 5/1 ARM rate hit 3.78%, up from 3.74%.

    "Mortgage rates increased, but only slightly, as investors digest world events and assess the potential impact on global economic recovery," Bankrate said. "The outlook for economic growth, inflation, and a desire to avoid market volatility are the key drivers of bond yields and mortgage rates on a day-to-day basis. Mortgage rates are closely related to yields on long-term government bonds."

    .



  • Tax Free Week in Maryland

    Posted Under: Quality of Life in Silver Spring  |  August 10, 2010 7:59 PM  |  613 views  |  No comments

     


    This week celebrates a tax free week in Maryland jumps off this week until Sunday. Shoppers can save the six percent tax on school supplies, and apparel and footwear under a hundred dollars. Virginia will begin this weekend. DC no longer has tax holiday after 2009. The city felt too much revenue was lost. 

    Show Akil some link love at: Your Bowie Realtor

  • What is a Short Sale?

    Posted Under: Home Selling in Silver Spring  |  July 16, 2010 7:32 PM  |  548 views  |  No comments
    What is a Short Sale? how does it effect the seller & buyer?

    Short Sales Explained

    A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

    But to be technical, here's a more official definition:

    • A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
    • A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

    For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

    • Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
    • Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
    • Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

    This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

    If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

    Understanding your options now could mean all the difference in the world.

    For more information visit www.mdhomesavers.com
    www.akilsellshomes.com


 
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