Thursday, May 9, 2013

Breaking down The First-Time Homebuyer.

Call:  (301)943-4370
Below is some a profile generated by NAR(National Association of Realtors) about
 The First-Time Homebuyer. 
I thought this would be of particular interest to people who are thinking of purchasing their first homes and for people who have already purchased their first homes to pause and reflect on their process.
Here is interesting data from NAR's 2012 study:
*The type of home they were looking for
*Their flexibility in location/area
*How many would consider purchasing a foreclosure
*Fnancial sacrifices they would make in order to have funds for purchasing a home
*Financing and how they would take care of downpayments on a home purchase
If you and others you know are thinking of purchasing a home, let's get together for a buyer counseling session to talk about the home buying process and how to prepare yourself for the search.
I am here for you and ready when you are.
Life is good!
Adam:  (301)943-4370
Adam Bashein
Licensed in MD & DC
Long & Foster Real Estate, Inc.
(301)469-4700 - ask for Adam

Tuesday, May 7, 2013

April was a great month for home sellers!

April 2013 was an amazing month for home sales.  My office achieved a record for sales volume.
According to MLS, there are 283 homes in Silver Spring are pending/under contract and went under contract during April.  Several months ago the Washington Post told buyers that they could get great values in Silver Spring and the buyers listened, which has resulted in a strong Silver Spring market.
To show you how strong the market was in April 2013, I am sharing below information about some other cities.
According to MLS, there are 73 homes pending/under contract, which went under contract in April, while 131 pending homes in Bethesda went under contract in April and 50 pending sales in Chevy Chase went under contract in April. Germantown was very busy with 111 homes still pending that went under contract in April and Gaithersbury went gangbusters with 143 homes still pending and went under contract in April.  Rockville was rockin' in April as there are 178 pending sales where contracts were ratified during April.
Every market is different.  For sales data about other cities and/or sales data about your specific subdivision, please message me and I would be happy to talk to you about what is brewing in the housing market. 
Thank you for your patronage and referrals.  My manager named the office's Top Producers for April, 2013.

The market continues to be strong in the early part of May.  There are a lot more buyers in the market than homes for sale, so it is a great time to get your home on the market.  Call me for a free,
pre-market analysis of your home.
If someone you know is thinking of moving, I greatly appreciate and always have time for referrals.
Even if they aren't thinking of relocating, but want to know what is brewing in the housing market or has a real estate question, please share my contact information with them.  I would love to talk with them.
Life is good!
Adam:  (301)943-4370
Adam Bashein
Licensed in MD & DC
Long & Foster Real Estate, Inc.
(301)469-4700 - ask for Adam

information deemed to be accurate but not guaranteed.

Friday, May 3, 2013

What's Brewing in the local housing market? A look at Montgomery County, Maryland Single Family Homes in March 2013

Happy May, everybody!

It continues to be a "seller's market" in most of Maryland and Washington, DC, with a lot less inventory (homes on the market for sale) than buyers in the market.  Last year it was a seller's market until the late spring and then it softened up, with less buyer's out there during the second half of 2012.

GCAAR's March 2013 'Housing Report' is out and there are some interesting statistics about the Montgomery County, Maryland single family homes, especially if you are thinking of selling:

*New listings were down by 17.8% compared to March 2012 and comparing year to date 2013 with year to date 2012, listings are down by over 30%.
---If you put your home on the market, it should garner a lot of attention because there are so few homes on the market.  Just make sure your home shows well and priced correctly, because buyers are concerned about overpaying.  You may get multiple bids, but I wouldn't guarantee that they will go over asking price.

*Settlements were up over 15% in March 2013 from March 2012 and year to date 2013, settlements are up by nearly 9% from 2012
Just because buyers and sellers came to an agreement and ratified a contract, doesn't mean the sale will go through to settlement. There are many steps in the home sale process and I am here to walk you through them when you are ready to move.  More buyers and sellers are eager to keep deals together.  This can be attributed to buyers being aware of the competition and lack of inventory.  Sellers are also eager to make sure deals stay together so they can move on to the next stage in their lives. If you list your home for sale today, it seems as though the odds are greater than 2012 that when your home goes under contract, the deal will stay together.  And, if the deal does fall apart, with a lack of inventory, if your home is positioned correctly another buyer will purchase your home.

The price point with the most settlements was $300k-$399k (many buyers in that range) -139 settlements, followed by 97 successful settlements for homes priced between $400k and $499k.
The fewest settlements were on the opposite ends of the price spectrum:  6 for homes priced up to $149,900 and 6 for homes priced from $1,250,000 1 $1,4999,999.

Clearly and not coincidentally, the price range with the most sales contracts in March 2013 was between $300k and $399,999, with 209 contracts.  There were 141 contracts for homes priced in the $400k -$499,999 price range followed by 139 contracts for homes priced in teh $200k-$299,999k price range. Then there is a big drop in sales contract.

So there is a price range that is clearly seeing the most real estate activity.

March 2013 was a great month for real estate activity.  According to GCAAR, there were 969 ratified contracts. The last time we saw a number higher than that was April 2012, when there were 989 ratified contracts.  In May 2012 there were 964 ratified contracts.  After that, sales activity dipped down to 479 ratified contracts in December 2012.  So we saw over two times as many ratified contracts in March 2013 as we saw in December 2012. 

So, the Montgomery County, Maryland market for single family homes seems very healthy.
It is a great time to get in the market as a buyer with the still historic interest rates and an amazing time for sellers with the lack of inventory.  The key for sellers is to make their homes appealing to buyers and their realtors.  The last thing you want to do is sabatage the efforts to sell your house, with such things as limited showing times and requiring either the listing agent or seller to be at the home.  Even in a hot market, a home will turn ice cold if agents and their buyers perceive that the owners are going to be difficult, starting with making it harder to preview their homes.

If you or someone you know is thinking about moving, contact me for a free, no hassle private conversation to discuss what is brewing in the housing market and how I can help you achieve your real estate goals.

I always have time for and greatly appreciate your referrals.

Life is good!

Call Adam:  (301)943-4370
Licensed in MD & DC
Adam Bashein
Long & Foster Real Estate, Inc.
O:  (301)469-4700 - ask for Adam 
Information deemed to be accurate, but not guaranteed.  Data from GCAAR.  Market conditions vary be city, subdivision and zipcode