This Month in Real Estate February 2012

This Month in Real Estate for February 2012 has been released!

Home sales in January were on pace to have 4.6 million homes sell in 2012, up from the pace of 4.4 million in December. The median home sale price was at $165,000, up $1,000 over January 2012 This Month in Real Estate. The average interest rate dropped slightly to 3.88% from 3.91% last month.

The top news, presented by Jay Papasan, adds onto last month’s topic of what buyers are looking for in a home to the eco-friendly things buyers would like to see. They are:

1) Double Paned Windows

2) Energy Efficient Appliances

3) Upgraded Insulation

4) Efficient Heating & Cooling Systems

5) Solar Power

In News You Can Use with Bryon Ellington, he discusses your credit report, and what you can do to manage your numbers and keep them as high as they can be. Your credit scores often have a large part in determining loan rates, loan availability, and loan terms.

Things to do to keep your credit shining or improve your credit score:

A) Be consistent and punctual with payments.

B) Keep your balances low.

C) Don’t take out more credit cards than you need.

D) Be careful of opening or charging to accounts if you are under contract (talk to your mortgage lender before opening accounts or making significant purchases!)

E) Watch your credit-to-debt ratio. (Don’t take on too much debt!)

For more information on how to buy a home in Baltimore, contact me. I would be happy to help!

This Month in Real Estate January 2012

This Month in Real Estate January 2012 has been released!

Home sales activity was down to 4.4 million homes last month, a drop from the pace set from December 2011 This Month in Real Estate of 4.97 million. It makes me wonder about the number of sales that may have been canceled last month. It is up, though, according to the numbers, 12% over the same period of 2010. The median home sale price was $164,000. The average interest rate for December was 3.91%, down from November.

The Top News, presented by Jay Papasan, is about home buyers, and the surprising things they look for in a home.

Most homebuyers start their searches online, and it takes, on average, about three months to find a home. Weather is less of a factor than in past years, because so many buyers view the house and the areas online to see if they are places they would want to consider.

In News You Can Use with Bryon Ellington, he discusses why listing your house NOW instead of waiting for the Spring may be a good decision.

1) As noted earlier, it takes, on average, about three months for a buyer to find their house. That will be Spring — so you are listing for those who are looking to settle in that time frame!

2) You have less competition. Many people wait to list in the Spring. If you list now, there are fewer houses for buyers to choose from — which may make yours more attractive!

3) Lenders, appraisers, movers, home inspectors, contractors, and other vendors also see a decline in business during these months. Therefore your sale/home/buyer gets more attention.

If you’d like more information on whether now is a good time to sell your house in Towson, contact me. I would be happy to help!

This Month in Real Estate December 2011

This Month in Real Estate December 2011 has been released!

Home sales activity was at a pace of 4.97 million for the year, which is up slightly from last month. The median home sale price was $163,000, down from $165,000 for This Month in Real Estate November 2011. Average interest rate was 4%, down slightly from 4.1% last month.

Jay Papasan presents The Top Story this month, with the top reasons sellers decide to move.

1) Desire to “move up” to a bigger house or different neighborhood.

2) Need to relocate for a job.

3) Change in Family Status such as having a baby or retirement.

To learn how to make the most of the sale of a house, Bryon Ellington discusses News You Can Use.

He states that you should know how a full service agent can help you versus a limited service brokerage.

A full service agent can help you:

A) Price your home according to the market.

B) Market your home to other agents who are working with qualified buyers.

C) Post your home on other internet sites besides the MLS.

D) Full service agents, in general, have proven results.

For professional, full service Baltimore home sale assistance, contact me. I am happy to help!

This Month in Real Estate November 2011

This Month in Real Estate for November 2011 has been released!

The numbers from October, presented by Jay Papasan, showed the home sales at an annual pace of 4.9 million, down slightly from last month, but much better than September’s numbers. Median home price was $165,000, which is another drop from This Month in Real Estate October 2011. Interest rates rose very slightly to an average of 4.1% for a 30 year fixed mortgage.

The Top Story asks the question, “What are first time homebuyers looking for?” According to KW research, much of it is to stay in the same area as they were renting. 3/4 of first time homebuyers bought a single family home, and most purchased a three bedroom, two bath home.

Of course, this data is nationwide, and the Baltimore real estate market is different than any other. Many areas of the country do not have the dense, highly populated areas with rowhomes such as Downtown Baltimore in Federal Hill, Fells Point, Canton, and Locust Point. Even Baltimore County has many townhouse neighborhoods, such as Mays Chapel in Timonium, Rodgers Forge, and areas of White Marsh and Perry Hall.

In News You Can Use, Bryon Ellington discusses three things you should know about buying versus renting.

1) Equity. You can build wealth through equity. He aligns it with a long term savings account. Every month that you pay your mortgage, a portion of the mortgage goes into that “account” (your principle).

2) Appreciation. If the market where you buy appreciates, then that equity becomes even larger.

3) Make it your own. You can renovate, paint, do whatever you’d like to it!

He also points out that when you pay rent, you are still paying a mortgage. It is just someone else’s mortgage, and you don’t get the benefits of ownership.

For more information about buying a home in Baltimore, please contact me. I would be happy to help!

This Month in Real Estate October 2011

This Month in Real Estate October 2011 is out!

The main story is about the top things buyers are looking for in their home.

First, Jay Papasan goes over the numbers. The home sale pace rose to 5 million, up from the pace of 4.7 from This Month in Real Estate September 2011. The median price range dropped from $174,000 to $168,000 — continuing the price drop trend across the US. According to Freddie Mac, average interest rates were about 4.09%, another drop (this one at least is positive!) from last month at 4.15%.

Back to the main story, one of the top things home buyers are looking for in their new home is an affordable price. As the numbers have shown, the median price has been dropping over the past few months. One surprise the researchers found was that sometimes price was even more important to home buyers than location!

The second thing buyers are looking for is a well maintained home. Make sure to have repairs done as needed so when you are a seller, you showcase pride in your home, and buyers can see it. If you need recommendations on handyman services in Towson, please let me know. I know a number of licensed contractors who have done good work for my clients!

In News You Can Use, Bryon Ellington discusses how to keep your home warm this winter.

1) Insulate pipes in crawl spaces and attics.

2) Caulk or insulate cracks around windows and doors. Keep the warm air in — and the cold air out!

3) Change or clean your furnace filters. This should be done on a monthly basis, but in case you have forgotten (as many of us do!), now is the time to get on track to do it! Dirty filters restrict air flow, so more energy would be needed/used to push heat out throughout your house.

4) Drain your sprinkler and hose pips so the underground pipes don’t freeze and burst over the winter.

5) Keep your thermostat at a lower temperature when you are not at home, so you don’t overwork your system!

For more information on selling a house in Towson and referrals for contractors, please contact me. It would be my pleasure to help!

This Month in Real Estate September 2011

This Month in Real Estate September 2011 has been released.

Jay Papasan goes over the numbers first. The home sales pace rate dropped to 4.7 million, dropping from a high last month of 5.1 million per August 2011 This Month in Real Estate. The pace dropped tremendously! 30 Year Fixed Rate Mortgages, according to Freddie Mac, averaged 4.15%, a drop from 4.5% last month. Median Price dropped from $184,300 to $174,000.

The Top Story discusses the three top things sellers do prior to selling their home.

1) Painting

2) New Flooring

3) New Lighting Fixtures.

Sellers spent on average twice as much updating a home while they lived there than they did to get the house ready to sell.

In News You Can Use, Bryon Ellington discusses Staging Your Home to sell.

According to surveys, houses that are staged tend to sell faster and for more money than those that are not.

What are some simple staging tips you can use?

A) Start with Curb Appeal. Make your house desirable from the moment a buyer steps onto the property.

B) Make sure the entryway is inviting and not cluttered.

The entryway, kitchen, and master bathroom tend to be the rooms that buyers make a decision based on.

C) Depersonalize your home! Bryon makes a good analogy of a hotel room. When you check in, you don’t want to think about the other people who have stayed there. Same with a home. Buyers want to imagine THEMSELVES there — not the current homeowner!

For more information on selling a house in Towson and a recommendation for a stager, contact me!

This Month in Real Estate August 2011

This Month in Real Estate August 2011 Edition has been released!

First, Jay Papasan goes over the numbers. Home sale activity rose back up to an annual pace of 5.1 million during the month of July, after dropping to 4.8 million in June, per July 2011′s This Month in Real Estate . The median price also rose to $184,300. Freddie Mac reports that average interest rates still remain at about 4.5%.

The Top Story discussing Pre-approval versus Pre-qualified buyers, and how pre-approved buyers are more likely to close on a home that those just pre-qualified.

Bryon Ellington then talks about reaching the home stretch in the homebuying process in “News You Can Use.”

During the Home Stretch, there are a number of things to keep in mind:

1) Keep Your Finances In Control — don’t spend money! Don’t open new charge cards, store cards, or ANYTHING of that sort. Those cards, even when the balance is deferred, still count as DEBT you owe, and can disqualify you for that loan for which you were pre-approved.

2) Stay in Touch with your real estate agent and lender. When either calls or emails you, something is needed!

3) Loan Funding — make sure also with your lender/mortgage professional that all steps to fund the loan have been completed.

4) Attend a Final Walkthrough — this is usually done shortly before settlement. Make sure any repairs requested from the home inspection have been completed.

5) Ensure you know what documentation you will need with you at settlement. At minimum, you will need your driver’s license for identity verification.

Contact me for more details on the best way to buy a home in Towson!

This Month in Real Estate July 2011

This Month in Real Estate for July 2011 has been released!

First, as always, Jay Papasan discusses the numbers:

Home sales dropped a little to a pace of 4.8 million home sales for the year, versus the 5.1 million they were averaging per June 2011′s This Month in Real Estate. The median home sales price is up to $167,000 from last month. The average rate for a 30 year fixed rate mortgage, according to Freddie Mac, was about 4.5%, down .1% from last month.

Then, Jay talks about the top three technology tools that agents use to help clients buy and sell real estate.

First is email: Almost 2/3 of agents use email to get properties in front of perspective buyers.

Second is personal websites, like mine, realtormarney.com.

Third is national websites, like realtor.com, where I have enhanced listings!

This indicates that real estate is still very local, as we know from the sales numbers differing even within zip codes!

In News You Can Use, Byron Ellington talks about the three ways to get your home sold — even with new and inventive ways to market your house.

1) PRICE IT RIGHT. Know what the trend is. Are prices rising in your neighborhood? Dropping? What has been happening over the last year? Price ahead of the market, instead of chasing it.

2) Consider a Pre-sale Inspection to be able to address issues with the house.

3) If you have multiple offers, consider all factors, not just price!

Contact me for more details about the technology and techniques I use to to sell Timonium houses. I would love to help you!

This Month in Real Estate June 2011

This Month in Real Estate for June 2011 has just been released!

First, Jay Papasan discusses the numbers:

Home sales remained steady in May at a pace of 5.1 million home sales for the past 12 months. The median home sales price is up to $164,000 from last month. The average rate for a 30 year fixed rate mortgage, according to Freddie Mac, was about 4.6%

This month’s top story revolves around repairs sellers usually make prior to selling, which include roof repairs, plumbing, electrical, and HVAC, many issues of which come up on the buyer’s home inspection.

Bryon Ellington discusses more about the home inspection process, and the benefits to buyers of having one:

1) Find out if there are structural problems with the house.

2) “DON’T SWEAT THE SMALL STUFF”. He notes, and he is very right, that it is the home inspector’s job to write everything down that he or she finds.

3) If there is a big issue in the inspection report, consider bringing in a specialist, who will know more about that particular problem (and just how big it may be — or NOT be!)

Keep in mind that the issues found during an inspection may very well be a surprise to the seller too. Try to work together to solve the problems, as in the long run, the goal is for you, the buyer, to buy the house, and the seller to sell it.

Also remember, that no house is perfect!

Contact me for more information on buying a home in Towson, and how important a home inspection may be to your home buying process!

This Month in Real Estate May 2011

This Month in Real Estate for May 2011 is out!

Jay Papasan first addresses the numbers, with both home sales and median price being up over last month. Freddie Mac’s data showed that the average rate for a 30 year fixed mortgage was 4.8%.

Jay then discusses research about the one thing you can do to make sure your house sells for more money.

What is that one thing? STAGING.

Data shows that spending $250 staging a $200,000 home can result in a sales price 2% higher than those that do not. Currently only 1 in 3 sellers stage their homes. Why staging can be important and help get buyers into your home was also discussed in This Month in Real Estate March 2011.

Bryon Ellington discusses what improvements may be necessary and what may not when selling your home.

Things to note:

1. Improvements to your home may not result in full return when you resell your house. In general, the only thing that got the highest return was replacing your front door — and that was only at 85% of its’ initial cost.
2. Though improvements may help a buyer to choose your house over another, it doesn’t mean that they will offer more money.
3. The price of the home matters the most to a buyer.

What this tells me is that Towson houses for sale need to be priced right to bring buyers to the house. Once it is priced right, they may come in to your home and see your great improvements — but don’t expect them to pay extra for those improvements!

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