My friend and fellow real estate agent emailed me a link to this recent Washington Post article titled “Want a Second Home? Save Up.” Unfortunately, she didn’t read the whole article before she sent the email and assumed that it was all bad news for the Deep Creek Lake area real estate market. She should have read the article and not just the title.
In my opinion this article is very positive with some great success stories! I encourage all potential or prospective second and vacation home buyers who are attempting to time the real estate market to “actually read it”. I will provide a link to the full article at the bottom of this post.
Several points of interest should be noted:
- Dudley Dworken of Potomac, MD had been searching for the perfect Ocean City, MD beach front condo for over 2 years and recently purchased because he thinks the market has bottomed out and he found the perfect property at the “right price”. Dworken is quoted in the article stating ” I think we bought at the perfect time.”
- Kathy Panco, Dworken’s real estate agent, notes that the large housing inventory has begun to shrink “possibly due to increased demand.”
- Tom and Johanna Wells got creative with financing and were able to purchase a second home in Virginia Beach, VA. The buyers had to overcome a few obstacles to make their purchase a reality but Tom is quoted in the article noting that “in light of what’s happened with the stock market and my IRA account, I’d rather put the money into this condo, something that will appreciate and that we can enjoy.”
The Deep Creek Lake area is blessed with several great banks and mortgage brokers. Buyer’s credit history, savings and monthly income are strongly evaluated during the loan process (which they should be) but most local lenders have 10% down or better second home loan programs and mortgage interest rates that are still at historical lows.
What Are The Current Deep Creek Lake Second Home Mortgage Rates?
Rate’s below provided by Deep Creek Lake BB&T as of 4/28/09
- 30 year fixed purchase under $417,000 - 4.875%
- 30 year fixed purchase over $417,000 JUMBO- 5.625%
- 15 year fixed purchase over $417,000 - 4.500%
Contact: Jerry Merrick of BB&T for more information. Office phone: (301) 387-3219
Email: JMerrick@BBandT.com
How is the Deep Creek Lake Real Estate Market?
Real estate sales in the Deep Creek Lake Area and Garrett County seem to be improving. Reports show that Garrett County, Maryland residential sales volume has almost doubled in the past 2 months.
- On February 28th 2009 there were 27 houses under contract (sale pending) and 9 building lots.
- On April 30th 2009 there were 46 houses under contract and 7 building lots under contract (sale pending).
How is Railey Realty Doing?
Of the 36 sale pending properties as of February 28th 2009, Railey Realty represented 17 of the sellers in these transactions. Of the 53 sale pending properties as of April 30th 2009, Railey Realty represented 25 of the sellers in these transactions.
*Real Estate Market Statistics provided by MRIS the Deep Creek Lake Area MLS service provider.*
Read “Want a Second Home? Save Up.” on the Washington post website at the following link: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/17/AR2009041701646.html?referrer=emailarticle
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