Financing in Clinton>Question Details

Ray, Other/Just Looking in Clinton, MD

What is the average sales price of a 4 bedroom home in Clinton, MD?

Asked by Ray, Clinton, MD Sun Aug 29, 2010

I want to refinance my 6.35% 30 year conventional mortgage, but I may be "underwater."

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Answers

5
Clinton is a big area, lots of different quality subdivisions, BUT:
There are currently 131 - 4 bedrooms homes on the market from 109,000-399,900 (Average $254,450)
There are currently 28 - 4 bedroom homes under contract from 149,900-449,999 (Average 299,950.)
And 44 - 4 bedroom homes have sold and closed in the last 90 days from $79,900-849,759. (Avg 464,830)

As you can see from this, you cannot come up with an accurate estimate of the average.
We would need to know what subdivision you were in, the square footage of the home, design, condition, etc to come up with the value of your home.

If you want to refinance, the mortgage company or bank will do an appraisal to set in their minds what they think your house is worth, check your credit score and decide what offer they will make to you to refinance! I have heard intrest rates below 4% APR - now is a great time to refinance - but it will not stimulate the economy like selling and buying homes will! I have heard estimates that every new home that is built will produce over 100 jobs? A refi - 0 new jobs - to get this economy rolling we need new jobs - we need homeowners to sell and move up - we need buyers to make reasonable offers and we need sellers to get their prices down where they will sell - that will produce thousands of jobs, and the economy will start up again!
Stepping down off my soap box!

Good Luck - Bill Wootan "The Real Estate Man - Since 1976!"
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Sun Aug 29, 2010
Ray,

I forgot to add, if you want to explore your home's value, you can go to my website and enter your address under "What's my home worth."

I can give you a better idea once we speak and I learn more about your home's individual upgrades but for now use the below site to gain a broad idea-

http://www.columbiamarylandhomefinder.com/whats-my-home-worth.asp

Ariana Loucas
0 votes Thank Flag Link Sun Aug 29, 2010
Dear Ray,

Being upside down is something many home owners are facing right now. Most banks require your loan to be no more than 80% of the home value to refinance, and with lowering home prices not many people can qualify for a refinance. Depending on how upside you are, many people are opting to sell their home thru a short sale because it becomes a business decision to not keep overpaying each month.

I realize deciding to take the route of selling the home isn't an easy one. If you'd like to hear more about the options of short sales, I am certified in that arena and would be happy to give you more details so that you may consider all your options. I am a REALTOR that has a background and licensing in both real estate and mortgage lending so I can give you the ups and downs of each side.

Feel free to contact me.

Regards,
Ariana Loucas

"Connecting People with Places, County to County"


Keller Williams Realty Centre
301 728-1418 DC Metro Mobile
443 600-8000 Baltimore Metro Mobile
http://www.findhousesinmd.com / http://www.columbiamarylandhomefinder.com
0 votes Thank Flag Link Sun Aug 29, 2010
Dear Ray,

Being upside down is something many home owners are facing right now. Most banks require your loan to be no more than 80% of the home value to refinance, and with lowering home prices not many people can qualify for a refinance. Depending on how upside you are, many people are opting to sell their home thru a short sale because it becomes a business decision to not keep overpaying each month.

I realize deciding to take the route of selling the home isn't an easy one. If you'd like to hear more about the options of short sales, I am certified in that arena and would be happy to give you more details so that you may consider all your options. I am a REALTOR that has a background and licensing in both real estate and mortgage lending so I can give you the ups and downs of each side.

Feel free to contact me.

Regards,
Ariana Loucas
Keller Williams Realty Centre
301 728-1418 DC Metro Mobile
443 600-8000 Baltimore Metro Mobile
http://www.findhousesinmd.com / http://www.columbiamarylandhomefinder.com
0 votes Thank Flag Link Sun Aug 29, 2010
Much depends upon how much of a down payment you made when purchasing the property.

With the mortgage market tight - conventional refinancing without decent equity is onerous.

Feel free to shoot me an e-mail with your address and I will pull the comps for you.

Good Luck!

Gerry Dunn
Associate Broker

Serving Maryland, Virginia and D.C
301-651-8600
0 votes Thank Flag Link Sun Aug 29, 2010
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