tomo logo

$510,000

Beds
3
Baths
2.0
sq ft
1,432

508 Silver Spring Ave, Silver Spring, MD 20910

508 Silver Spring Ave

SILVER SPRING, MD 20910

  • 36 days on market
    • Price drop $39,000↓
Welcome to this recently RENOVATED and inviting bungalow tucked away in the trees! As you approach the front door, the nicely landscaped and elevated front yard provides a sweeping view of the neighborhood. Once inside, the updated kitchen and open floor plan create a cozy atmosphere flooded with natural light. There are also two large and bright bedrooms and a full bathroom upstairs. An egress window is being added to the basement bedroom and will be completed in early October. The open and stylish basement includes a bedroom, an updated bathroom, a storage/laundry area, and a recreation area large enough to fit an entertainment space or a home gym. With the proper licensure, the basement can easily be closed off and used as a RENTAL UNIT. The backyard is large and low maintenance. It’s rare to get so much nature and charm so close to Downtown Silver Spring. The Sligo Creek Trail is a short walk from the house. The future owner is perfectly positioned to take advantage of all Downtown Silver Spring has to offer. Quick commute into DC as well.

Details

Property type

Single Family Residence

Est. home value

$584,297

Lot size

5,986 sq ft

Price per sq ft

$357

Year built

1936

Annual property taxes

$6,052

HOA

No

Price History

11/07/2024
Bright

Bright #MDMC2151804

Price change
$510,000
-7.1%
10/21/2024
Bright

Bright #MDMC2151804

Price change
$549,000
-4.52%
10/10/2024
Bright

Bright #MDMC2151804

Listed
$575,000
+28.06%

Schools & Community

Elementary school: 

EAST SILVER SPRING

Middle school: 

TAKOMA PARK

High school: 

MONTGOMERY BLAIR

School district: 

MONTGOMERY COUNTY PUBLIC SCHOOLS

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$41,946
Asking price
$510,000
Closing costs (~8% of asking)
-$40,800
Est. remaining loan balance
-$427,254
Cash to seller
$41,946

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Movement Mortgage

Loan start date

October 2022

Original loan amount

$440,867

Est. remaining balance

$427,254

Interest rate

5.13%

Loan type

FHA, 30 year

Seller

Haben Ghebremeschel

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 11/15/2024 at 12:30 AM

Listing updated: 11/13/2024 at 3:15 PM

Listed by: Avi Galanti, Compass Phone #: (301) 304-8444

MLS: Bright #MDMC2151804

Bright logo