This Month in Real Estate March 2014 has been released!
Home sales activity dropped a bit to a pace of 4.6 million, down from the 4.9 million seen in This Month in Real Estate February 2014.
Another drop was the median home price from $198,000 to $189,000. This is down 4.5% from last month, but still up 11% from the same time period of 2013.
The average interest rate dropped slightly to 4.33% from 4.39% last month.
The Top Story talks about what a market shift means for buyers.
Jay Papasan talked about how for the last few years, most real estate markets have been a buyer’s market. Now, with the lowest inventory since 2005, most areas are now shifting to a seller’s market.
What does this mean to a Towson homebuyer? (Or any home buyer?)
1) Expect competition. For a house in great condition, staged nicely, priced well, and in a desirable location, multiple contracts may be seen. Put your best foot forward!
2) Be ready. This goes along with putting your best foot forward. Making sure you have that pre-approval letter from your lender, and knowing your strongest position up front may help you to win in a multiple contract situation.
3) Prioritize. With less homes on the market, and therefore less homes from which to choose, buyers should decide what is most important (and what may not be as important) or necessary in their next home.
For more information about buying a house in Towson, please contact me. The market is transitioning here, and I would love to help guide you through the changes!