Frederick Md Homes For Sale – The Historic District

During the last quarter of 2011, mortgage rates plunged. The 30-year-fixed rate is reaching new lows of around 4%. Many homeowners are refinancing and many home buyers are taking advantage of these rates. But many may not realize that the 15-year rate is also attracting some attention.

15-Year Fixed Rate Mortgage

Between October and December 2011, the conventional conforming 15-year fixed rate mortgage averaged 3.30% with about 1 discount point, the lowest 15-year fixed rate mortgage rate in the product’s recorded history. 25% of refinances were from 30-year fixed rates to 15-year fixed rates in the Fall of 2011.

The 15-year fixed rate mortgage is very similar to the 30-year fixed rate, except in the term of the note. You’re compressing the same debt into 15 years instead of 30 years, so naturally, the monthly payment will be more, usually about 50% more. The savings are gained in the amount of interest paid over the 15 years instead of 30 years.

Sample Scenario of two mortgages:

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You can use this handy mortgage calculator to see the difference in the two mortgage products. It also has a rent vs. buy calculator.

Contact us for a list of recommended Lenders.

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The Highland  Group
Chris & Karen Highland *        301-831-9947
Turning Point Real Estate “ 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119

Today’s Frederick real estate market may be considered a “Buyer’s Market”, but that doesn’t mean that sometimes buyers don’t sometimes unwittingly blow up their own real estate deals. Here are 3 unfortunate circumstances we see all too often:

1. Extended House Hunting.

In the Frederick Real Estate market, as much as 25% of the homes listed for sale are distressed sales, foreclosures and short sales. These homes tend toward two extremes, terrible condition, or so nice that they receive multiple offers.

Traditional sale homes can end up in multiple offers due to problems with appraisals and other lending-related issues. It’s not unusual to hear of buyers who have been looking for a year or more. In a complicated market, buyers can also get into “paralysis of analysis”.

These buyers find themselves susceptible to buyer’s fatigue, and can end up buying something out of frustration, and settling for something that is not really what they want. It’s important to work with a seasoned, professional agent to help you keep your expectations realistic, and that way, make strategic decisions the entire time.

2. Buyers Lose By Making Lowball Offers.

Buyers who think they can operate strictly on the basis of buyer’s market dynamics are in for disappointment. They must realize that most sellers will need to make enough to pay off their mortgage or at least receive the fair market value for their home. In a short sale or a foreclosure, the banks are trying to get as close to market value as possible. In our experience, they will turn down any lowball offer, waiting for an offer that will net them no less than 15% to 20% below market value.

3. Buyer’s Drama.

We’ve seen the stress and mayhem up close, and not just with first-time buyers. The information overload, the fear of further declines in value, and the stress of going through the tight lending process is something today’s buyers must face. Add to that the short sale process difficulties, and the difficulty of having correct expectations.

Again, working with a trusted agent will go a long way in helping you manage your expectations as you are able to rely on their knowledge of the process and the market. Every market is different and the success of your transaction depends on the forces at play. Downgrading the role that your emotions play in the process is important to successful decision-making, leading to a smoother process.

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The Highland  Group
Chris & Karen Highland      301-831-9947
Turning Point Real Estate   301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119

There are Three Hot Topics when we talk about predictions for the Frederick Real Estate Market in 2012. Affordability, Distressed Properties, and Inflation.

Concerning Frederick Home Buyers

Affordability is not just the buzz word, it is the Hot Topic. With the combination of low prices and historically low rates, affordability is at an all time low. Take a look at these infographs for an explanation:

In other words, the percentage of the average household’s budget that goes towards housing costs is below the 30 year average, in fact, the lowest since 1971.

The ratios of average housing prices to average income is also below the 30 year average. And…

The combination of prices and low rates makes for an average housing payment that is below the 30 year average.  It is truly one of the most affordable times to buy a house in the last half century.   That is if…

• Your job is stable
• You have some cash for a downpayment [3.5% for FHA], and
• You plan to stay in the home for 5 to 7 years.

Concerning Frederick Home Sellers

Homeowners and Home sellers are primarily concerned about the value and selling price of their home. The not-so-great news is that we will continue to have a steady influx of distressed sales, ie. short sales and foreclosures, for the next 5 years, maybe longer, depending on the economic recovery.

Concerning Everyone

Inflation is on everyone’s mind. Real Estate is still a good investment and hedge against inflation. Consider these statistics:

and…

This last chart gives a low inflation outcome and a high inflation outcome. Either way, making mortgage payments at today’s low rates for the next 30 years is a guaranteed hedge against inflation.

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The Highland  Group
Chris & Karen Highland *        301-831-9947
Turning Point Real Estate “ 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119

The last time the Environmental Protection Agency, EPA, made statistics available in 1996, it was estimated that 136 million tons of construction and demolition waste was generated. We can assume that these numbers have probably risen since that time.

Architectural salvage is gaining popularity today. The reclamation or reuse of architectural materials is advantageous for not only environmental reasons; the items salvaged are usually better quality, cost less, and have more character and beauty than newer products.

What used to be a designers secret is much more available to average homeowners in the last 2 decades. Here is Frederick Md, we have the Habitat for Humanity ReStore, where salvaged supplies can be bought and donated. Located at 622 North Market Street, Frederick MD 21701 (301)-662-2988.

I did a Google search on Architectural Salvage in Maryland and came up with a dozen places within 2 hours of Frederick. The Washington Post has a great article about where to find architectural salvage.

You can purchase reconditioned appliances at Peace & Plenty, located at 601 East South Street in Frederick.

Frederick Md Architecture

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The Highland  Group
Chris & Karen Highland *        301-831-9947
Turning Point Real Estate “ 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119

Whether you already own an historic home or are considering a purchase, whether in the Frederick Historic District or other location, research is your friend. Historic homes are a labor of love. The following are some resources you might find helpful:

Preservation Nation
National Register of Historic Places
Maryland Historic Places Tax Credits
Federal Tax Credits
This Old House

The C.Burr Artz Branch of the Frederick County Public Library has records and books in the Maryland Room on the second floor. The Frederick County Historical Society also has a wealth of resources. You can find out a lot of information about a historic home by doing a title search in the records room at City Hall. Happy Researching!

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Search the MLS for your home

The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate “ 301-831-8232
email us: karen@allthingsfrederick.com
Text Us: 301-401-5119

This beautiful 6 bedroom 4.5 bath home is for sale in the neighborhood of Deerbought, in the City of Frederick, list price $335,000. This home has tons of space! Almost 4000 sq. ft. The kitchen has granite counters, the home has lovely hardwood floors on most of the first floor.  The home backs to common space with a great fenced yard. Fully finished lower level with a walkout and kitchenette. 2-car garage, bump-out, multiple decks.  The home was built in 2004.

Photos of 1813 N. Greenleese Dr. Frederick Md  21701

Call us for a personal tour. 301-831-9947

See the video for a tour

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Use our free tools to find your Frederick home:

The Highland  Group

Chris & Karen Highland *        301-831-9947

Turning Point Real Estate “ 301-831-8232

email us: isell4u2@msn.com

Text Us: 301-401-5119