Sales are picking up and so are the prices

For most of the spring market, it seems that the magic number was $250,000.  Everything that had seen go under contract in Frederick County was at or below $250,000.  My best guess was these are the first time home buyers trying to take advantage of the $8,000 tax credit.  With them removing the starter homes, the next natural step is for the upgrade sales to start to occur.  The average sales has jumped up a little but more importantly the number of sales are up too.  The next graphic shows you the average sales asking price and the number of homes under contract.

Home sales are climbing

Personally have I have seen an increase in multiple offers on well priced homes that were under $250,000.  I had a conversation with one of our Title Attorneys at RGS Title, Chris Patt, the other day and he had mentioned the traffic in DC has also increased.  He said most of the contracts are multiple offers.  This is only a matter of time that it will roll out to Frederick County.  It always seems that it starts in the higher populated areas and then comes out to us.  Even though the prices are picking up, they are still dropping, if that makes any sense.  They are buying higher price points at a lower price.

So, words of wisdom; Buyers be prepared to pay asking price for the home. The beat down on the sellers is slowing down.  Appraisals are actually very close to asking price.  The sellers are getting wise and pricing appropriately.  Sellers make sure your home is ready and price right. It’s not time for you to fix things while the home is on the market. Don’t put it on until you think it is ready for the pickiest buyer.  Now is not the time to use “Kentucky Wind-age” pricing model.  (Price a little high, knowing the buyer is going to cut you down.)  Clean and priced appropriately!!!

I am ready to help you with your purchase and your sale.  Just give me a holla…

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  He has been the Assistant Manager at the Mt Airy office for the past two years. Not only does he list and sell residential real estate, but can help you with your commercial real estate needs as well. He has been a resident of Frederick County for the past nine years.