This Blog Has Moved:

This blogging platform is no longer supported, so all the information about real estate in the Historic District and Downtown Frederick can be found on our website: Frederick Real Estate Online. Thanks very much for your readership. We will continue to provide the same helpful real estate information for Frederick Home buyers and sellers.

Baker park

May 2015 Real Estate Market Frederick Md

You’ve Earned It! Maryland Mortgage Program

Do you have more than $25,000 in student debt? Are you otherwise qualified to buy a home but don’t have enough for a downpayment because of student loans? If you want to live in any of the 82 participating locations in Maryland, you may be able to take advantage of a temporary loan program, the “You’ve Earned It!” Initiative.

Governor Hogan has pledged $20 million towards this initiative. Qualified borrowers will be able to get a 30-year fixed loan at 2.75% with up to $10,000 down payment assistance. Buyers must complete a first time home buyers course and go through an approved lender.

The program is aimed at Millenials, and although most will be first-time buyers, that is not a stipulation. Home seekers who have purchased a home before can take advantage of the program if they are qualified. This program is being offered for a limited time.

The Maryland Mortgage Program provides help in the form of Down Payment Assistance (DPA) alongside a range of Partner Match programs from employers, developers and community organizations that can cover down payment and closing costs.

You can look up the designated sustainable community here, there is at least one in each of Maryland’s 23 counties. You can also find an approved lender here (there are more than 20).

Maryland_Mortgage_Program_Frederick_Md

 

The communities that are eligible are targeted for revitalization. The above area of downtown Frederick are approved for purchase through the Maryland Mortgage Program, the “You’ve Earned It!” Initiative.

If you’re ready for homeownership, but also have student loan payments, contact us at the Highland Group, 301-401-5119. We’ll put you in touch with an approved lender. After you’ve taken the class, we’ll help you find the perfect home for you!

This program offers a significant savings on your monthly mortage amount with a decrease in interest rates of more than 1.25%*! Add the downpayment assistance, and you have the ability to move from renting to owning. You can continue to pay off your student loans and apply your money to building your own equity instead of a landlord’s.

*How much is 1.25%?

Today’s rate:  4%
Median Priced Home in Frederick: $248,000
Monthly Payment (with no downpayment): $1,184

Maryland Mortgage Program Reduced Rate:  2.75%
Monthly Payment (with $10,000 downpayment):  $972

A monthly savings of $212

Nearby Disignated Sustainable Communities

Here is a map of the areas near downtown Frederick where the program can be used: Hagerstown, Cascade, Thurmont, Emmitsburg, Taneytown, New Windsor, Union Bridge, Mt. Airy, Damascus, Brunswick, Middletown and Myersville.

Designated Areas for Maryland Mortgage Assistance

There are also many areas in Montgomery County available.

 

Frederick 21703 Real Estate Trends April 2015

City of Frederick 21701 Real Estate Statistics April 2015

provided by The Highland Group. City of Frederick real estate Statistics April 2015 have been published by MRIS*.

Highlights for the 21703 zip code in the City of Frederick:

  • Average Sale Price: $233,700 compared to $215,200 last year, up 9%.
  • Average Single-family home: $343,200, up 29%;
  • Avg. Townhouse/condo home: $185,400, down 10% from last year.
  • Median Sale Price: $215,000 compared to $218,000 last year, -1%.
  • A total of 33 Homes sold compared to 40 last year, +21%.
  • Average days on market before getting a contract was 46 days compared to 61 last year.
  • Sellers got 99% of list price at time of contract, compared to 97% last year.

There are 172 active listings in the 21701 zip code, compared to 158 last year, an increase of 9%.  We are currently looking at a 3-4 month absorption rate. Demand was high starting out the spring real estate season in March, and continues to increase. It’s a good time to put your home on the market if you are thinking about it.

If you’re in the market to buy, you can expect that the best homes will be under contract within a week, so if you find a home you like, don’t wait around. In a competitive seller’s market, houses will move quickly. Make sure you are pre-approved and ready to write. Homes that are priced well and in great condition are selling in days, many with multiple offers. The inventory is still tight.

Remember: Real estate statistics are just a snapshot of year-over-year numbers, and don’t tell the full story. Contact Us for the full story.

Frederick Md Real Estate Market Report April from The Highland Group

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

Contact Chris Highland to see homes for sale in Frederick

Frederick 21702 Real Estate Trends April 2015

City of Frederick 21702 Real Estate Statistics – April 2015

provided by The Highland Group. City of Frederick real estate Statistics April 2014 have been published by MRIS*.

Here are the highlights for the 21702 zip codes in the City of Frederick:

  • Average Sale Price:  $281,000 compared to $238,100 last year, +18%
  • Average Single-family home: $347,300, up 18% since last year;
  • Avg. attached home: $190,700, up 10%.
  • Median Sale Price:  $250,000 compared to $210,000 last year, +19%
  • 52 Homes sold compared to 37 last year, +40%.
  • Average days on market is 48 days compared to 60 last year, down 20%.
  • Sellers got 98% of list price compared to 98% last year

There are 168 active listings in the 21702 zip code, compared to 149 last year. The inventory is increasing but demand is also. We are currently looking at a 3-4 month absorption rate.

Frederick 21702 Real Estate Trends April 2015

City of Frederick eal Estate Statistics April 2015

City of Frederick 21701 Real Estate Statistics April 2015

provided by The Highland Group. City of Frederick real estate Statistics April 2015 have been published by MRIS*.

Highlights for the 21701 zip code in the City of Frederick:

  • Average Sale Price: $258,000 compared to $260,200 last year, down less than 1%.
  • Average Single-family home: $278,600, down 8%;
  • Avg. Townhouse/condo home: $235,200, down 3% from last year.
  • Median Sale Price: $221,000 compared to $236,400 last year, -7%.
  • A total of 73 Homes sold compared to 54 last year, +26%.
  • Average days on market before getting a contract was 56 days compared to 61 last year.
  • Sellers got 99% of list price at time of contract, compared to 97% last year.

There are 203 active listings in the 21701 zip code, compared to 158 last year, an increase of 28%.  We are currently looking at a 3-4 month absorption rate. A large number, 91 homes went under contract in April, 26% more than this time last year, with 163 total homes currently under contract. Demand was high starting out the spring real estate season in March, and continues to increase. It’s a good time to put your home on the market if you are thinking about it.

If you’re in the market to buy, you can expect that the best homes will be under contract within a week, so if you find a home you like, don’t wait around. In a competitive seller’s market, houses will move quickly. Make sure you are pre-approved and ready to write. Homes that are priced well and in great condition are selling in days, many with multiple offers. The inventory is still tight.

Remember: Real estate statistics are just a snapshot of year-over-year numbers, and don’t tell the full story. Contact Us for the full story.

Frederick Md Real Estate Market Report April from The Highland Group

*MRIS – Mid-Atlantic Regional Information System – These statistics are not guaranteed but are considered accurate.

Contact Chris Highland to see homes for sale in Frederick

Chris@ChrisHighland.com
301-401-5119

New To The Historic District Frederick Spring 2015

New Stores and Restaurants in Historic Frederick

In the last year, several new stores and restaurants have opened in downtown Frederick. Always a good sign that the economy is on the mend! Here are a few new businesses: (be sure to like them on Facebook for the latest news and specials.)

Downtown Restaurants

Special: Help a Culinary Student Out:

200 Monroe Restaurant provides Frederick Community College’s culinary arts students a place to learn and practice their skills. They serve the public under the Executive Chef and Maitre d’ instructors. They will be open in April and May, then again in October and December. Learn more on the FCC Website. or call 301-624-2768.

Business

Hope you’re all enjoying the (finally!) amazing spring weather in downtown Frederick!