This Month in Real Estate November 2012 is out, and Jay Papasan has returned!
Home sales activity remained a pace of 4.8 million, same as we saw in This Month in Real Estate October 2012. The median home price dropped $3,000 to $184,000. Freddie Mac reports that the average interest dropped to 3.37%, a remarkable rate, and the lowest it has ever been! The low interest rates keep breaking records!
In the Top Story, Jay discusses what factors drive first-time home purchases.
The three most important factors to first time homebuyers right now are:
1) Current Market
2) Financial Readiness
3) Location & Price
Jay points out that first time homebuyers recognize the opportunities of today’s market. With record-low interest rates, plus low prices and tax breaks, homebuying can be a great thing.
As for location and price — a home in close proximity to their current location, plus a good price, make for an easier homebuying decision.
If you are considering buying a home in Baltimore, please contact me. I would love to help you follow your homeownership dreams!