Bidding wars are brewing again in more housing markets, and buyers are finding themselves up against increased competition in snagging a home. Competition Heats Up for Home Buyers
Odenton Year-Over-Year Home Prices Jump 27 Percent in February
Fewer homes are available for purchase here and properties continue to sell quicker than last year.
The median price of homes sold in Odenton in February rose 27 percent over the same period last year, according to the latest housing sales data compiled by the Metropolitan Regional Information Service.
The median price of a home sold in Odenton increased to $323,000, thanks in large part to a strong increase in the price of detached homes. The average price of such homes jumped nearly $100,000 over the same period in 2012.
Meanwhile, the average price of attached homes -- such as townhouses, duplexes and condominiums -- rose a more modest 6 percent over last year.
The average number of days that sold homes stayed on the market in Odenton continued to drop, following a year-long trend in the west Anne Arundel County area. Also following a recent trend, the number of homes actively for sale in Odenton in February was well below the same period last year.
In general, the Odenton real estate market remains a strong seller’s market. Fewer homes are available for sale here, prices are increasing and buyers are fighting over the relatively few quality properties available.
On a personal note, seven of the eight buyer’s offers I’ve written in recent weeks have been in situations involving multiple bidders. In two of those cases, more than four buyers were bidding for the same property. In one instance, the winning bid was more than $20,000 over the $300,000 asking price for the home.
Odenton (21113) Monthly Market Statistics
Feb. 2013
Feb. 2012
% Change
Median Sold Price
$323,000
$254,450
26.94%
No. of Homes Sold
22
24
-8.33%
Avg. Days on Market
87
91
-4.40%
Attached Avg. Sold Price
$262,683
$247,812
6.00%
Detached Avg. Sold Price
$410,680
$313,986
30.80%
No. Active Listings
89
121
-26.45
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
Demand Soars as Homes Are Selling Faster
With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations. Demand Soars as Homes Are Selling Faster
Four Reasons Your Home Might Not Be Selling
MSN Real Estate recently polled real estate professionals to find some of the most common reasons why some properties won’t sell. Four Reasons Your Listing Might Not Be Selling
Six Common Financing Problems That Can Thwart Your Mortgage Approval
The chances of successfully closing your new home purchase greatly increase when avoiding these mistakes.
Buying a home can be difficult. That’s one reason there are so many professionals responsible for helping you through the process -- realtors, loan officers, insurance agents, home inspectors, appraisers and title attorneys.
Unless you pay cash for your new home, the first challenge of the home buying process is obtaining financing. There are lots of great mortgage lenders serving our area. But even the best mortgage company can’t guarantee your transaction will not hit snags.
Home buyers must take responsibility for certain tasks when applying for a mortgage. There are also certain things home buyers should not do.
Here are six common financing-related problems to guard against when seeking a mortgage to pay for your new home.
1. Failing to be truthful when completing the loan application. Exaggerating and providing false information on a mortgage application is a crime that can have severe consequences.
2. Making a large purchase with credit before your home purchase closes. Once you’ve applied for a mortgage and while you’re waiting for the loan to close, don’t make any significant purchases without first talking with your loan officer. Such purchases can alter your “debt-to-income ratio,” which in turn may disqualify you for a loan.
3. Failing to locate important documents such as divorce decrees, bank statements and tax returns. Key documents are needed to establish your eligibility for a mortgage. Given the role lax paperwork practices played in the recent housing crash, lenders have no flexibility when it comes to complying with documentation standards.
4. Failing to obtain sufficient funds to bring to closing. At the beginning of the loan process, your loan officer will give you a good estimate of what funds, if any, you must bring to the closing table to complete the transaction. If you expect problems raising this amount, contact the loan officer as soon as possible.
5. Failing to adequately document a “paper trail” for money coming from gifts, loans, etc. Again, lenders are responsible for conducting a precise analysis of your financial picture. They must verify that you are financially capable of buying your chosen property and that your purchase funds are not fraudulently obtained.
6. Dragging your feet while the loan’s interest rate increases. After years of low mortgage rates, rates appear to have bottomed and are beginning to head back up. Several of my buyer clients have seen their quoted interest rates rise one quarter- and even a half-percent, and those who waited to lock in the low rates have lost some of their buying power as a result.
In conclusion, a good loan officer will meet with you at the beginning of the process, explain your role and advise you on the things you should and should not do to ensure your purchase will close on time. Following those instructions carefully and quickly responding to the loan officer’s requests will make your home purchase proceed much more smoothly.
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
After Central Air, Buyers Want Walk-In Closets
Recent home buyers who want a walk-in closet but didn’t get one in their home say they’re willing to spend $1,350 for one. After Central Air, Buyers Want Walk-In Closets
More Wrongful Foreclosures Against Military Members?
In 2011, reports began to surface that active military personnel members were losing their homes while deployed, which sparked Congressional hearings to further investigate. More Wrongful Foreclosures Against Military Members?
More Struggling Home Owners Opt for Short Sales
Foreclosure sales made up 11 percent of all transactions last year while short sales made up 32 percent, RealtyTrac reports. More Struggling Home Owners Opt for Short Sales
Interest-only Mortgages Begin to Reappear
Lenders say they provide these loans only to lower-risk, affluent borrowers with significant assets. Interest-only Mortgages Begin to Reappear
West Anne Arundel County Home-Sale Trends Continue Higher
Buyers are finding a lot fewer homes to choose from, and homes are selling much faster.
Real estate sales activity in west Anne Arundel County continues to be strong, as measured by the latest data provided by the Metropolitan Regional Information Service.
Far fewer homes are on the market than at the same time a year ago and homes are selling much faster.
Median home prices in Odenton and Gambrills tailed off a bit during the most recent reporting period. But those drops were relatively small and followed several months of sizable home price increases in those areas.
Gambrills enjoyed a huge jump in the number of homes sold over the same time last year. Meanwhile, Crofton residents saw the median price for homes sold in their zip code jump by nearly 31 percent over January 2012.
In Odenton, there were far fewer homes on the market in January than during the same period in 2012, and the Odenton houses that sold in January did so twice as quickly on average as the year before.
Odenton (21113)
Jan. 2013
Jan. 2012
% Change
Median Sold Price
$224,500
$230,000
-2.39%
No. of Homes Sold
18
21
-14.29%
Avg. Days on Market
48
103
-53.40%
No. Attached Homes Sold
15
16
-6.25%
No. Detached Homes Sold
3
5
-40.00%
No. of Active Listings
76
130
-41.54%
In Severn, median home prices in January jumped more than 10 percent over the previous year. Also, there were far fewer homes for sale in Severn in January than a year ago.
Severn (21144)
Jan. 2013
Jan. 2012
% Change
Median Sold Price
$285,000
$257,500
10.68%
No. of Homes Sold
13
16
-18.75%
Avg. Days on Market
158
147
7.48%
No. Attached Homes Sold
5
2
150.00%
No. Detached Homes Sold
8
14
-42.86%
No. of Active Listings
109
149
-26.85%
In Gambrills, more than twice as many homes sold in January than during the same period one year earlier. However, the homes sold in January stayed on the market much longer than in January 2012, and the median home price dropped 14 percent.
Gambrills (21054)
Jan. 2013
Jan. 2012
% Change
Median Sold Price
$323,500
$376,500
-14.08%
No. of Homes Sold
14
4
250.00%
Avg. Days on Market
135
48
181.25%
No. Attached Homes Sold
6
1
500.00%
No. Detached Homes Sold
8
3
166.67%
No. of Active Listings
42
42
0.00%
In Crofton, median home prices in January jumped 31 percent year-over-year. The number of homes actively for sale in Crofton in January dropped 45 percent from the year before, and the homes that sold were on the market an average 36 percent less time than the previous January.
Crofton (21114)
Jan. 2013
Jan. 2012
% Change
Median Sold Price
$287,500
$219,000
31.28%
No. of Homes Sold
18
16
12.50%
Avg. Days on Market
65
101
-35.64%
No. Attached Homes Sold
12
11
9.09%
No. Detached Homes Sold
6
5
20.00%
No. of Active Listings
41
75
-45.33%
Jerry Kline is a Realtor with the Odenton, Md., office of Keller Williams Flagship Realty (1216 Annapolis Rd., Odenton.) For more information on the local real estate market, contact him at (443) 924-7418.
