March 2013 Real Estate Statistics

Well, I'm a little late in writing this, but here are the real estate stats for the month of March 2013. Carrying some momentum into the beginning of spring is extremely important for the local real estate market and local economy. One hiccup, be it a snow or ice storm, negative news about job lay-offs or a hike in the interest rates could kill the housing market and set us back 6 months, but that is not what happened this year.

Things are really beginning to look good for our local real estate market. Sellers are beginning to feel confident that they can sell their home and get close to what they list them for. Buyers are seeing homes pop up on the market, only to see them go under contract very quickly. Pricing remains extremely important in the success a seller will have in getting their homes sold. Well maintained and well priced homes are in high demand and those which fall into these categories are seeing a flood of buyer showings and MULTIPLE OFFERS! For some info on how to price your home for success, read my blog entry on home pricing.The current climate reminds me of the market roughly 8-9 years ago. It's not crazy like it was, but it is starting to be a very competitive market.

The major factor influencing buyers in their decision to buy is the low, low interest rates that remain available. 3.25% is a very common and attainable rate and means that for every $1,000 borrowed, only $4.30 is added to your mortgage payment(This is of course not factoring in taxes and insurances).

The overall lack of inventory, pent up demand for homes and historically low interest rates are all making this a robust spring housing market.

For more info on the local real estate market or to buy or sell a home, contact Tim Montoya @443-463-3592 or timm@LNF.com