This Month in Real Estate March 2013 is here!
Home sales activity remained at the pace of 4.9 million we saw in This Month in Real Estate February 2013. The median home price dropped a lot from January and February’s $181,000 down to $173,600. Though this is down from last month, it is up 12.3% from the same time last year, where the median home price was $155,000 (see This Month in Real Estate March 2012.) The average interest rose to 3.56%, which is still low, considering the history of mortgage rates!
The Top Story is how to get your home sold for more, and faster than your competition. Jay Papasan says that research shows that sellers who take their real estate agent’s advice in interpretation of the market value of the home sold twice as fast and for more money than their competition.
As Jay says, pricing high to test the waters may sound appealing, but if the house is priced too high, you may be highlighting just what a good price the house down the street may be.
Pricing your house right from the beginning will help ensure that you get offers — and those offers will come in earlier than if you listed your house too high.
If you are considering selling a home in Towson, please contact me to help you with pricing. As I have mentioned before, and is still true as of March 5, there are still many fewer Baltimore houses for sale, which is generally good for a seller!