This Month in Real Estate November 2013 is out!
Home sales activity dropped to a pace of 5.29 million from the 5.5 million we saw in This Month in Real Estate October 2013.
The median home price dropped again, this time pretty significantly to $199,200 from $212,000 last month. Though this is down from last month, it is still up 10.7% from this month in 2012.
The average interest rate dropped again, to 4.28% from 4.5% in September.
The Top Story discusses what drives sellers to put their homes on the market.
Jay Papasan says that research shows that the top three motivators for sellers to list their homes for sale are:
1) A desire to “move up” into a bigger home or what they consider to be a “better neighborhood.”
2) A need to relocate to a different area because of work.
3) A change in family status. For example: getting married, expecting a baby, or children leaving for college, and the owners no longer needing as much space.
These are good factors for home buyers to understand when looking to make an offer on a home. Understanding a seller’s motivation to sell their home can be helpful!
If you may be considering selling a home in Towson or surrounding areas, please contact me. I would be thrilled to be of assistance!