Frederick County Real Estate Market: A Stable Market
Fannie Mae and Freddie Mac have developed a rating system for areas of the country that categorize the way home values are trending. One year ago, Frederick County was categorized a 3, with declining values. Since that time, the classification has moved through category 2, meaning the depreciation is slowing, to category 1, meaning the values are stable.
Three weeks ago Frederick County home values were rated with 1. They consider the home values to be stable.
The reason for this categorization is very important to those who seek conventional financing: When an area is deemed to have declining values, buyers must put a minimum of 10% down on a loan. In an area deemed "stable", the amount needed for a deposit decreases to 5% of the value of the home.
This is good news. This also is more evidence that we are seeing the bottom of the market. Its a good time to buy!
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Pictures of Frederick