This Month in Real Estate August 2012 has been released!
Homes sales activity dropped to a pace of 4.3 million, down from 4.6 million in June and July. The median home price rose $1,000 from last month to $189,000, which was a large jump from June, as we saw in This Month in Real Estate July 2012. Freddie Mac reported that the average interest rate dropped to 3.53%, the lowest it has been since Freddie Mac began tracking rates!
In the Top Story, new host Kara Sutter talks about how important the pre-approval process is for buyers who want to purchase a home.
Research shows that buyers who are completely pre-approved rather that just pre-qualified by a lender are more likely to close on the home they desire to purchase.
The research also showed it took, on average, about three days to complete negotiations on an offer.
A pre-approval is a great first step to take when you are considering buying a home.
If you are thinking about buying a home in Baltimore, please contact me. I have a network of professionals, including mortgage loan officers, who will work with us to help you purchase your home!