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!

This Month in Real Estate April 2011

This Month in Real Estate for April 2011 is out!

First, Jay Papasan discusses the numbers. The current national average for a mortgage rate is 4.8%, according to Freddie Mac.

Then he discusses how much time you should spend with an agent before looking at homes.

The first step should be a buyer consultation, that should last an hour to hour & 1/2. Part of the goal of the buyer consultation is to be able to view the least amount of homes possible to find a perfect match. Much of this is due to the consultation and how much is learned by the agent, and the buyer, about what they really need and want in a home.

Bryon Ellington talks about the important things in buying your first home:

• Get an expert guide. (A professional real estate agent!)
• Which is more important? Location or size?
• What are the benefits of buying a fixer-upper versus a home in good condition? (My additional thought: Does your loan type ALLOW you to buy a fixer-upper?)
• How do you maximize home value appreciation?
• Is neighborhood stability a priority?
• What features and amenities offer the best resale value?

If you are considering buying a home in Towson, contact me so my team can work with you and help make the process as smooth as possible!

This Month in Real Estate March 2011

This Month in Real Estate for March 2011 has been released, and is full of information about rising interest rates and how sellers can showcase their homes best online.

First, Jay Papasan shares that mortgage rates jumped, creating a sense of urgency for some buyers. The average fixed rate for a 30 year fixed mortgage was up to 5.05%, which they had not neared since April 2010.

Pending home sales were up 2% in February over January, which is a normal increase as weather tends to get warmer and we get further away from the holidays. Buyers also hoping to take advantage of low rates were putting contracts in in order to avoid the future rise in interest rates that experts are foreseeing.

Bryon Ellington talks about how a professional real estate agent can help guide you through any type of real estate market.

Recent studies show that 89% of buyers start their home search online, as discussed in the February This Month in Real Estate video. This means that a professional presentation of your home is important!

* Well taken photos are needed to best show your home.
* A professional stager may be very useful to have your home put its’ best foot forward to potential buyers.

To learn how to best market and sell a Towson home, contact me today. I would be thrilled to help!

This Month in Real Estate February 2011

This Month in Real Estate for February 2011 shares that 89% of all homebuyers begin their home search online.

Jay Papasan also shared that home sales were at an annual rate of 5.3 Million with a median home sales price of $168,800, and the national average mortgage interest rate was 4.71%.

For selling a home in the winter, and getting a jump on the spring home sales market, there are some good reasons as to why to list your home now, and ideas that can help to possibly sell yours faster! Bryon Ellington provided some of those thoughts:

1) With less homes on the market, pricing your home right and staging it well will make yours stand out.

2) According to the National Association of REALTORS(R), it takes a buyer, on average, 12 weeks to search for a home. If yours is on the market NOW, then you can catch those buyers ready to enter the spring marketplace right when they get started!

3) Home inspectors, lenders, appraisers, and the like are not quite as busy during the winter months. This may mean things could go more quickly and smoothly than when they are busier. When it comes to home inspection repairs, the licensed contractors and repair persons also may have more availability to make repairs, so they can be completed more quickly and you, and the buyer, can have a quicker peace of mind.

4) The internet makes home shopping in the winter much easier — and appealing — to buyers. With less competition, and if your home is marketed well online, you could be seen by many homebuyers who haven’t even started their official search yet!

To find out the best price for your Towson home and how to make it most appealing to buyers, contact me so I can help!

This Month in Real Estate January 2011

This Month in Real Estate for January 2011 has been released.

The January episode begins with the National Association of REALTORS(R) statistics on how Home Affordability is at an all time high.

Jay Papasan discusses these statistics, sharing that home payments are only 13.6% of the median family household income. In 2007, the percentage was a whopping 20%.

Low home prices in addition to low interest rates make this a great time for homebuyers wanting to own a home!

Bryon Ellington discussed how buyers currently have the upper hand when it comes to the current real estate market. He says that experts predict this will not last for too much longer.

Experts predict a housing shortage in the future because many builders are not currently building, which will create an issue as demand for houses outpaces the supply. This could happen in the next few years. Some even say many areas will see signs of this later this year.

The area closest to the Baltimore real estate market reporting low inventory is Washington, DC.

When the housing shortage hits, sellers homes may be worth more, however, those same sellers would pay more for their next house too — and possibly be in competition with others for it!

For more details on our local market, including the Towson real estate market, contact me. I follow it closely!

This Month in Real Estate December 2010

This Month in Real Estate December 2010 is ready for viewing.

First, Jay Papasan shares that houses on the market as “For Sale By Owner” has dropped from 11 percent to nine percent nationwide.

From a recent poll from the National Association of REALTORS, on average, homes tend to get more money when an agent is involved than when sold as a “For Sale By Owner” (also known as a “FSBO.” Coming up with a correct pricing strategy and preparing the home for sale were two of the biggest difficulties sellers had when getting their homes on the market. The report also states that 80% of FSBO sellers want an agent to handle most of the aspects of the actual sales transaction.

Then, Bryon Ellington talks about full service real estate professionals versus those who may not be.

Full Service Real Estate Agents can help you:

• Price your home according to the market.
• Market your home to other professional agents who represent qualified buyers.
• Post your home on MLS as well as many other websites.
• Hold open houses & provide many other marketing materials
• Can get sellers a higher sales price in less time than sellers attempting to sell on their own or with limited services.

If you are looking for a Towson real estate agent, contact me. I am full service, full time, and love what I do!

This Month in Real Estate November 2010

This Month in Real Estate for November 2010 has been released.

First, Jay Papasan shared from the National Association of REALTORS that home sales were up across the United States 7.6%. We’ve seen more Baltimore houses go under contract in October as well, and once those statistics are released later this week, I will compare them to the general U.S. numbers.

Nex,t Bryon Ellington describes how renters really ARE paying a mortgage — just not their own.

There are five hidden secrets to homeownership that renters should be aware of:

1) Rent tends to rise, on average, 3% per year. A fixed rate mortgage over the same time period, would not have raised at all. Yes, there would be other costs, such as taxes, insurance, and repairs, but these costs are built into rent by landlords already.

2) You can build wealth through equity. Bryon says to think of equity as a long term savings account. Each month, if you have a fixed rate standard mortgage, part of your mortgage payment goes towards your “principle”. This means that you are chipping away at what is owed on your home!

3) You can build wealth through appreciation. This is why in a buyer’s market, such as the time we are in now, it is so important to take advantage! Appreciation can happen at a quicker rate when recovering from a “down market.” Equity and appreciation generally take time. It is long term, not quick — so realize this when you are looking to buy.

4) Currently, interest on a home loan is tax deductible. So it can help your bottom line when it comes to taxes you must pay each year. Rent you pay just goes to someone else. Interest on your home loan is deductible, technically making that payment lower!

5) You can decorate it any way you want — without having to get your landlord’s permission!
So, stop renting, and start earning!

Contact me to take advantage of your buying power in Baltimore real estate!

This Month in Real Estate October 2010

This Month in Real Estate for October 2010 is here, and is showcasing undervalued markets across the US.

Pending home sales in the south, which the Baltimore housing market is part of, rose 1.2%, according to the National Association of REALTORS. Historically, more pending sales tend to eventually lead to higher prices, which is good news for Baltimore home sellers.

Bryon Ellington discusses in “News You Can Use”, that there are many areas where houses are still very much undervalued — even if they aren’t foreclosures or short sales.

The Baltimore housing market is still considered “overvalued” by 2.40%, down from its’ high point of 28% in 2006, according to the research by IHS Global Insight, and reported by CNNMoney.

To me, this says that the Baltimore real estate market has evened out, and it is a good time to buy.

Contact me to take advantage of this Baltimore real estate market!

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