This Month in Real Estate August 2011 Edition has been released!

First, Jay Papasan goes over the numbers. Home sale activity rose back up to an annual pace of 5.1 million during the month of July, after dropping to 4.8 million in June, per July 2011’s This Month in Real Estate . The median price also rose to $184,300. Freddie Mac reports that average interest rates still remain at about 4.5%.

The Top Story discussing Pre-approval versus Pre-qualified buyers, and how pre-approved buyers are more likely to close on a home that those just pre-qualified.

Bryon Ellington then talks about reaching the home stretch in the homebuying process in “News You Can Use.”

During the Home Stretch, there are a number of things to keep in mind:

1) Keep Your Finances In Control — don’t spend money! Don’t open new charge cards, store cards, or ANYTHING of that sort. Those cards, even when the balance is deferred, still count as DEBT you owe, and can disqualify you for that loan for which you were pre-approved.

2) Stay in Touch with your real estate agent and lender. When either calls or emails you, something is needed!

3) Loan Funding — make sure also with your lender/mortgage professional that all steps to fund the loan have been completed.

4) Attend a Final Walkthrough — this is usually done shortly before settlement. Make sure any repairs requested from the home inspection have been completed.

5) Ensure you know what documentation you will need with you at settlement. At minimum, you will need your driver’s license for identity verification.

Contact me for more details on the best way to buy a home in Towson!