This Month in Real Estate October 2013 has been released!
Home sales activity rose again, to a pace of 5.5 million from the 5.4 million we saw in This Month in Real Estate September 2013.
The median home price dropped slightly to $212,000. This is still up 14.7% from this same point in 2012.
The average interest rate luckily dropped slightly, to 4.5% from 4.58% last month.
The Top Story discusses what drives first time homebuyer purchases.
Jay Papasan states that the top three motivators for first time homebuyers are:
1) Current real estate market
Lower prices, interest rates, and tax credits are very enticing to first time homebuyers right now.
2) Financial readiness
I take this as having saved up money for a downpayment, and ability to obtain a mortgage for reason #3.
3) Location and price
Closeness to their current rental location tends to be important, and price is a big part of financial readiness.
For a home seller who wants to attract a first time homebuyer, pricing and location are extremely important.
If you may be considering buying a home in Towson or surrounding areas, please contact me. I would love to help!