According to a newly released study by ATTOM Data Solutions, selling your Maryland home in the month of May will net you an average of 5.9% above estimated market value for your home.
For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:
Top 5 Days to Sell your Maryland Home:
One caveat to mention though, is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.
If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!
Bottom Line Let’s get together to discuss the market conditions in our area and get you the most exposure to the buyers who are ready and willing to buy! Contact Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 or Visit our Website and Start your Home Search anywhere in Maryland!
A new study by WalletHub used “30 key metrics, ranging from share of millennial's to millennial unemployment rate to millennial voter-turnout rate” to find out which states are the ‘Best States for Millennial's.’
The Top 5 Best States for Millennial's are:
We recently reported on a study that set out to find out “How Much You Need to Make to Buy a Home in Maryland” which may have left you wondering what the average salaries are in each of the five states listed above.
According to WalletHub’s research, the top 5 states with the Highest Average Millennial Salaries are:
With home prices on the rise in Maryland and buyer demand strong, some sellers may be tempted to try and sell their homes in Harford or Baltimore on their own (FSBO) without using the services of a real estate professional.
Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families.
Here is a list of some of the people with whom the seller must be prepared to negotiate if they decide to FSBO:
Contact Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 for more information or visit our WEBSITE for more details.
Some homeowners in Maryland have recently done a “cash out” refinance and have taken a portion of their increased equity from their house. Others have sold their homes and purchased more expensive homes with larger mortgages. At the same time, first-time Maryland buyers have become homeowners and now have mortgage payments for the first time.
These developments have caused concern that families might be reaching unsustainable levels of mortgage debt. Some are worried that we may be repeating a behavior that helped precipitate the housing crash ten years ago.
Today, we want to assure everyone that this is not the case. Here is a graph created from data released by the Federal Reserve Board which shows the Household Debt Service Ratio for mortgages as a percentage of disposable personal income. The ratio is the total quarterly required mortgage payments divided by total quarterly disposable personal income. In other words, the percentage of spendable income people are using to pay their mortgage. If you are thinking of re-financing or obtaining a mortgage. Fill-out our simple on-line mortgage application now and our preferred lender will be in touch with you the same day!
Today’s ratio of 4.44% is nowhere near the ratio of 7.21% during the peak of the housing bubble and is instead at the lowest rate since 1980 (4.38%).
Bill McBride of Calculated Risk recently commented on the ratio:
“The Debt Service Ratio for mortgages is near the low for the last 38 years. This ratio increased rapidly during the housing bubble and continued to increase until 2007. With falling interest rates, and less mortgage debt, the mortgage ratio has declined significantly.”
Bottom Line for Maryland, Baltimore, Harford and Cecil County Home Owner's...
Many Maryland families paid a heavy price because of questionable practices that led to last decade’s housing crash. It seems the American people have learned a lesson and are not repeating that same behavior regarding their mortgage debt. If you are thinking of Buying or Selling your Home in the near future. Contact Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 or visit our WEBSITE to start your home search today! (equal housing opportunity)
It’s no mystery that cost of living in Maryland and Baltimore varies drastically depending on what community you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states including Maryland and Washington, D.C.
States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.
Below is a map with the full results of the study: What do you need to make to buy a home? Search by state
GoBankingRates gave this advice to anyone considering a home purchase,
“Before you buy a home in Maryland, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”
As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!
Bottom Line. If you are considering buying a home in Maryland, Harford County, Baltimore County or City, whether it’s your first time or your fifth time, let’s get together to evaluate your ability to do so in today’s market! Fill out our CONTACT FORM Today and we will contact you to get started with a ONE-ON-ONE Consultation that is FREE! or Call us, Robert McArtor with Maryland Homes Team, Inc. of RE/MAX Components at 443-885-0875 www.MarylandHomesTeam.com and begin your home search experience NOW!
Pricing trends per month. This chart will update automatically each month so mark your calendar to visit our website periodically. As you can see we are trending nicely over the past year even compared to the Mid-Atlantic Region. If you are thinking of Selling your Home and would like to discuss the value in your particular neighborhood. Call or email us anytime.
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