This Month in Real Estate April 2013 has been released!
Home sales activity rose slightly to a pace of 4.98 million from the 4.9 million in This Month in Real Estate March 2013. The median home price remained at $173,600 from last month. This is up 11.6% from the same time last year, where we saw the median home price was $156,000 as seen in This Month in Real Estate April 2012.) The average interest dropped slightly to 3.54%.
The Top Story is what a market shift means for buyers. Jay Papasan discusses how the market has been a buyer’s market for a few years now, but that is shifting, as the inventory of homes for sale is at the lowest it has been since 2005.
So what does this shift in the market mean for buyers?
Homebuyers should expect competition. I’ve had it happen for buyers on homes that have even been on the market for awhile!
Homebuyers need to BE READY. If you see that perfect house that you WANT, you have to be pre-approved and READY to make the best offer you can. That means removing as many contingencies as you can as well!
Homebuyers also need to PRIORITIZE. With less homes available, you may have to decide which features are most important to you. Is it the location? The number of bedrooms? Maybe that basement or family room isn’t quite as imperative when there isn’t a home that has that — but doesn’t have the other things you really want.
Please contact me if you are considering buying a home in Towson. Having a professional help guide you through the shifting market in your area is very important!