It's Still A Great Time to Buy A Home

Here in Maryland, the market has slowed down from what we saw a couple of years ago. That's not to say that it's a bad time to buy a home, though. In fact, 2007 has proven to be a good time to be a buyer! Sellers are offering concessions to buyers so they can get moving and interest rates are still some of the best we have seen in the past several years.

According to Yahoo.com's article of Oct 25th, "Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages fell to 6.33 percent this week, down from 6.40 percent last week. It was the lowest level since 30-year mortgages dipped to 6.31 percent on Sept. 13, which had been the lowest point since last May."

6.33 percent is an awesome rate for a 30 year fixed mortgage!

From the September 2007 statistics from Howard County Association of Realtors, of which I am on the Board of Directors, 2007 has brought 1658 active listings, a 13.3% increase over 2006's 1464 active listings, and a 13.3% decrease in the number of houses under contract (2239 in 2007 as compared to 2006's 2582.) Settlements are the telling number, however, 2007 has had 2214 year-to-date compared to September 2006's 2531, down by 12.5%.

What does that mean for a consumer? It means that there are more listings to choose from and better deals to be had because less homes are selling than last year!

The other thing to remember is that over 34% of the homes that have sold this year are in the $300,000-$399,999 range and another 18.9% in the $400,000 to $499,999 section. In looking at the $300-$399,999 range actives just now I found 2 bedroom condos in Clarksville and 3 bedroom ranchers or split levels in Columbia and there are 477 active listings in that price range. The largest home in that price range was a 1930 single family home in Marriottsville with 6 bedrooms and 2 baths on nearly 1/2 acre. There are plenty of great deals out there.

The last figure I'm going to give you is the average sales price - the 2006 average sales price was $494,941 - average for 2007 has not gone down, it's $499,731. It just hasn't taken the huge yearly jumps we've been seeing for the past few years. Because of our location between Baltimore and Washington DC, I believe that we are not going to see the widespread losses on house values that some parts of the U.S. have seen. Buying a house here today is not as scary as it would be in some areas.

Because about 70% of my business is done in Howard County, I've posted those figures but if you'd like information about other areas in the Baltimore-Washington DC area, just ask - I'll be happy to look up the information for you.

As always, Judi Stull & Associates - and me especially - value your business. We want you to be happy with our service and the work we do for you so you will refer us to your friends and family who are looking for homes. They don't even need to live in Maryland - we can find them a great Realtor anywhere in the world. It doesn't matter if you are moving to Egypt or Australia or California, I know great Realtors all over the world and will be happy to refer you to them.

Have an awesome week!
Judi