Last week in the College Park market there were 3 properties that went pending, priced from $160,000 - $359,000, and 5 closed sales. Two of the closed sales were short sales. One took 2 months from contract to close and the other 3, just to give you an idea of the time frames we are seeing. Complicated short sales (homes with multiple mortgages) can take much longer, however.

If you, or someone you know, is looking to take advantage of the Home Buyer Tax Credit and they are interested in a short sale, now is the time to start looking to get something under contract. The deadline for having a property under contract is April 30th and the closing must take place by June 30th. These short sales are so unpredictable and it would be such a shame to miss out on that tax credit if things got held up with the bank. For more information, here is a great site that explains the qualifications and more: www.federalhousingtaxcredit.com

Average mortgage rates fell a bit last week to 5.06% on a conventional 30 year fixed rate loan and 4.45% on a 15 year. Most experts are predicting rates to stay pretty level for the next 30-45 days, with only a slight increase possible.

# of ACTIVE LISTINGS: 236



Recent Closed Sales 1/11/2010 - 1/17/2010 :


# of PENDING LISTINGS: 49

VACANT LAND
ACTIVE: 25
PENDING: 0
SOLD (1/1/2009 - 12/31/2009): 5
848 TIMOR AVE: $23,000
723 EDGEWATER DR: $63,900
930 OAK ST: $250,000 (107 X 140 LOT)
1716 FAIRVIEW SHORES DR: $295,000 (lakefront)
2614 WESTMORELAND DR: $350,000 (lakefront)

The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.