Freddie Mac reported last Thursday that 30-year, fixed-rate mortgages averaged 5.69 percent, marking the second week that 30-year mortgages have been below 6 percent and the third week that rates dropped. This week's average was the lowest since the week of July 14, 2005 when the 30-year mortgages were at 5.66 percent. So, with interest rates at historic lows and a ton of inventory, it truly is a Buyer's market. So why aren't you buying? If you are a Seller, the thought of selling your house during a recession is daunting, (there, I said it, the word) but the truth is there are still plenty of buyers out there, you just have to make your house the one to buy. According to data from
Metropolitan Regional Information Systems Inc, in November, when homes averaged 105 days on the market, 13 percent of the 1,892 homes that sold in the greater Baltimore area had contracts in two weeks or less. Those 251 homes went from listing to selling in an average of seven days. An analysis of these sales shows that fast sellers in a slow market have three common denominators:
1: They're priced better than comparable listings. 2: They show like model homes. 3: They have a full force of marketing, including enticing Internet photos behind them.
And the
National Association of Realtor's 2007 Profile of Buyers and Sellers revealed these statistics:
1: 34 percent of buyers will find their home through an agent. 2: 29 percent of buyers will find their home on the Internet. 3: 14 percent of buyers will find their home by a yard sign. 4: 8 percent of buyers find their home through friends or relatives.
This Week's Real Estate Insight: If you want to sell your house, get a local agent who knows how to properly position your home in the marketplace. Put the property in the multiple listing service where other agents will learn about it, make sure the home is advertised on websites that allow for plenty of pictures and detailed descriptions. Put up a yard sign. And make sure all of your friends, neighbors, and relatives tell people about the great home you have for sale.
