DECEMBER 2013 HOUSING STATISTICS END THE YEAR ON A HIGH NOTE

Press Release From Maryland Association of REALTORS® January 23rd, 2014

The trend of a recovering Maryland real estate market was reflected in December housing statistics, according the Maryland Association of REALTORS® (MAR). The number of homes sold statewide jumped by 10.4 percent, or more than 450 units,compared to December 2012. Pending home sales declined slightly, less than 1 percent, as inventory of homes for sale declined another month. Average price rose by 2.3 percent, from $299,759 to $306,686, while median price climbed 4.7 percent, to $255,183.

“This is an encouraging end to a year of recovery,” said MAR President Russ Boyce.  "This level of increase in sales and prices are signs of a stable market," he noted, "though the continued low level of inventory suggests growing demand that may push prices higher."  December’s inventory of 4.9 months’ supply continued below the six months considered necessary for a strong and balanced market.

Maryland monthly housing statistics are compiled by data as reported by MRIS and the Coastal Association of REALTORS®. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.

*MAR publishes the Maryland Housing Statistics monthly; it is available through the Association’s website, www.mdrealtor.org.

Very active Spring market!

If you're planning on selling your house in 2014, now's the time to start preparing. Selling your home can be a stressful endeavor, but with a little planning and organizing, you should maximize your return in this year's Spring market. Here are some good pointers to follow.
 

*Call us for input 

Put us to work for you. Pick our brains about the current market, what the future looks like, what repairs should be done, timing ideas, and anything else. We can give you the insight into where the market is heading and how it will impact your home sale.

 

*Declutter and organize 

Get rid of what you don't need or never use. Start early and do a little each day so you won't feel overwhelmed. If you're not sure about something, get a storage unit and decide after the sale. For now, get everything out you need to so the house appears bright and open. We have the resources to help, from movers to junk haulers to painters to contractors. We can help with everything except the actual packing of the boxes. Use us for our experience and expertise.

 

*Upgrade and repair 

Small repairs can make a big difference. Fresh paint, new bathroom fixtures, and other fixes can make a big difference in the number and amounts of offers you will receive. Again, we are glad to make recommendations, and can facilitate getting the work done. When your dog starts to get fat, you don't notice because you see him every day. When the vet sees him, he notices the additional weight. Same thing with buyers. They will notice the small things you don't even see any more.

 

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*Get open house ready 

Now is the time to clean. Once the necessary repairs and organization is done, wash the windows, scrub the floors, dust and vacuum. Keep the beds made and the kitchen sink empty. Buyers will look in all the nooks and crannies. Most people don't live like this day to day, we certainly don't, but with a little effort you can keep the house sparkling for the buyers. A clean house sends a subconscious message to buyers that "this could be the one." It's worth the time and effort.

 

*Stay prepared for success 

Between open houses, anticipate buyers showing up every day. Maintaining the look and feel you have created will provide big dividends. You never know when your buyer will appear, so stay ready. You don't want to lose a potential buyer because their "first impression" is negative.

 

*Close the deal 

After we have helped with the negotiation and the contract is ratified, your hard work is almost over. Cooperating with inspectors, the buyer's agent, appraisers, and the buyers themselves is important. You never know what you might want from the buyers later. A buyer is more likely to respond in a kind way to some minor issue if they've been shown kindness. We will do the "heavy lifting", but the best settlement is one where all parties are smiling at the table. A little cooperation goes a long way.

 

We anticipate a very active Spring market. Buyers are out looking now. Prices are going up, interest rates are still very good, and inventory is still very low. It is a fantastic time to sell, and now is the time to prepare. Call us today and put us to work getting your home ready so you can take advantage of the hot market. Now is the time! 

 

    

Barbara, Tom, Marc and Susan

Nalls Home Partners

Housing Equity 2013

Published On December 20, 2013, in Economist Commentaries, by Ken Fears, Manager, Regional Economics and Housing Finance Policy - NAR

With the end of 2013 closing in, it is time to take stock of the impact from the strong 2013 housing market. Home price growth was robust in 2013 compared to 2012 and is currently forecast by NAR Research to finish the year 11.3% stronger. Click Here to Read More