Bruce Lemieux

Ajit,

Home prices in Clarksburg are pressured downward by two factors: distress sales and ongoing new construction. Right now, there's about one years' worth of available inventory on the market (the county average is about 7 months). At least 1/3 are bank-owned or distress sales, 1/3 are new construction, and about 1/3 are typical home resales. I believe that Clarksburg will continue to have significant downward pricing pressure for sometime -- more so than most areas in the County. Expanding inventory from new construction will keep this a buyer's market for the foreseeable future, in my opinion.

I would be very cautious with a new construction purchase here. If I were buying in Clarksburg right now, I would first take a look at resale and be *very* aggressive on price. There's a lot of 'like new' homes here.

Good luck. - Sun Nov 30 2008, 05:40

Yarilsa, The schools don't monitor this web site, so no one will respond. Your best bet is to give them a call on Monday. The link below has the MCPS web site. From there, you can get the phone number of each school of interest. - Sat Nov 29 2008, 16:53

Hi Fernando - I believe this is part a proposal from Sheila Bair, head of the FDIC (see link below). If a home owner is in jeopardy of losing their home, then their mortgage would be modified so they can maintain ownership. They would initially look at lowering the mortgage interest rate. If that wasn't enough, the loan may be lengthened to 40 year. And if that didn't work, then principle would be reduced.

Many site the 'moral hazard' of helping individual home owners, but to me, it seems like this type of approach would be the most effective way to help banks, homeowners and the overall real estate market. I honestly don't know how a plan like this would be administered. Who gets it? Who doesn't?

I'll bet that we see the new administration implement a "homeowner rescue" plan in early 2009. - Thu Nov 20 2008, 09:48

Hi Himanshu,

When you work with a Realtor that represents you as a buyer, he/she can take a detailed look at comparable home sales and current inventory. With this information, you get a fair value for a home in today's market.

There's a few buyers in Germantown and surrounding areas thinking that they can purchase a home 20%, 30% or more below current sales. It IS a great time to get a great value on a home purchase, but you've got to be realistic. The reality is that homes are still selling. Right now, there are about 445 homes available in Germantown priced under $400,000. This sounds like a lot - and it is. However, about 750 have sold or are under contract in 2008. So the market here isn't dead. It's tough to sell, but homes ARE selling. Why would a bank, or any other seller, take a very low offer below recent sales?

If you are serious about buying, get experienced help from a Realtor that knows your area -- it doesn't cost you anything. Your agent can help give you a clear picture of the current market, and can provide data that supports an aggressive offer. Putting in a low offer without any supporting data reduces your chances of success.

Good luck. - Fri Oct 31 2008, 17:34

Ha! Ha! Ha! Ha! Ha! Ha! Ha! Ha! Ha! Ha!

Sorry Omid, I can't help myself. I can't imagine any seller that would want to have 70 strangers in their home at no charge for something like this. I try to picture my client's face as I pitch this "unique" marketing idea. Oh man, it would be the last meeting we would have before they fired me!

I admire your ingenuity. I look forward to your I-told-you-it-could-be-done post in December. Good luck with finding a place for your party -- and good luck with your engagement! - Fri Oct 31 2008, 14:11