This Month in Real Estate August 2013 is out!
Home sales activity dropped slightly to a pace of 5.1 million from the 5.2 million we saw in This Month in Real Estate July 2013.
The median home price rose again as well to $214,000 from $208,000 from last month. This is up 13.4% from this point last year and 3.0% from last month.
The average interest rate jumped up a LOT from 3.54% last month to 4.37% this month.
The Top Story discusses the potential for multiple offer situations. Jay Papasan says that last year, one in three buyers were in a multiple contract situation.
Jay continues on to guide sellers who receive multiple contracts to understand how to choose the best offer. He starts with stating that the highest price isn’t always the best offer. He cautions sellers to look at the buyer who is prepared with a pre-qualification or proof of funds for cash offers.
Comparing down payments or earnest money deposits is important as well.
Mainly, though, he recommends speaking with your agent, because we look at offers on a regular basis, and can help show you the differences in the offers.
Contact me if you may be considering buying a home in Timonium or selling a home in Towson or surrounding areas. It is important to have professionals help guide you through the home buying and selling process!