Cost of Owning a Home More Affordable than at any Point in the Last 15 Years

Monthly mortgage payments lower than the average rent levels in 12 metro areas...
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html?KEYWORDS=NICK+TIMIRAOS

Even in this market, we have seen competing offers in Rodgers Forge!

As the year winds down it is interesting to look at the market and take stock of the good , bad and the ugly. We saw an unprecedented number of properties for sale in the neighborhood this year. At any given time this summer we were well over 30 homes for sale, which is a good 20% more than what is typical in Rodgers Forge. The number of days on market swelled as the houses that were in disrepair and/or vacant sat for months. We even had a few lanquish for more than a year while prices were cut again and again. While this did not help overall values, the neighborhood still saw brisk sales for homes that were in very good condition--especially those with 2 full bathrooms, new and open kitchens, and those coveted end-of-groups. These properties would typically be sold in under 30 days, some within 7 days. We even saw competing offers this year for homes that were in top condition and had all the things buyers are looking for.
So what is your house worth in today's market? For a 3 bdrm/2 bath that has a newer kitchen and is in top condition, you can expect $285K-$300K. We saw a 3bdrm, 1 bath with a lovely open kitchen sell a few weeks ago for $295. For an EOG in top condition, you can expect $310K-$325K. For homes with more bedrooms prices are higher.
What if your house is not perfect and needs work? As long as you purge your house of clutter, apply some fresh paint, and maybe get a little staging advice, you would be surprised how some elbow grease applied in the right areas can go a long way toward a quick sale at a good price.
As long as rates stay low, which the Fed has guaranteed for the next 2 years, buyers will be buying houses. And Rodgers Forge continues to be a neighborhood of choice for many young families, first -time home buyers, and buyers who want a stable neighborhood that they know will be easy to resell.
If you want more specific information about your own home and it's value, I would be happy to provide a market analysis. Feel free to email or call me.

November Housing Update

HAPPY THANKSGIVING!
Here is the latest activity going on in the neighborhood:
20 Homes Currently For Sale:
9-3bdrm, 2baths: $245K-$329.4K
9 -3bdrm, 1 bath: $$243.5K-$289.9K
1 -4bdrm, 1 bath: $284.9K
1 -5bdrm, 1 bath: $325K
11 Homes Under Contract
5 -3bdrm, 2 baths: $239K-$297.5K
4 -3bdrm, 1 bath: $200K-$268K
1 -4bdrm, 1 bath: $313.9K
1 -4bdrm, 2 bath: $339.9K
3 Homes Have Been Sold
1 -3 bdrm, 2 baths: $387.4 K
1 -3bdrm, 1 bath: $295K
1 -4bdrm, 2baths: $316.5K
Based on the current properties under contract, it is taking on average 107 days to get a house under contract. However, there are still plenty of homes that are taking less than 30 days to be sold. It soley depends on the condition of the property.
Information provided as of October 31, 2011.

AS OF JULY 15TH, 2011 NEIGHBORHOOD REAL ESTATE ACTIVITY IS AS FOLLOWS:








ACTIVE PROPERTIES - 35 Homes for Sale



* 9 - 3 BR, 1 Bath. $274,000 - $289,000
* 11 - 3 BR, 1.5 Bath. $235,000 - $294,900
* 9 - 3 BR, 2.0 Bath. $251,500 - $312,000
* 5 - 4 BR, 1.5 Bath. $274,900 - $334,900
* 7 - 4 BR, 2.0 Bath. $265,000 - $339,000




UNDER CONTRACT - 15 Properties

* 1 - 3 BR, 1.0 Bath. $250,000
* 4 - 3 BR, 1.5 Bath. $200,000 - $299,900
* 7 - 3 BR, 2.0 Baths. $229,900 - $334,900
* 1 - 4 BR, 2.0 Baths. $339,900
* 1 - 5 BR, 2.0 Baths. $425,000
* 1 - 5 BR, 2 Full, 2 Half Baths. $395,000

19 Homes SETTLED (since May 6th)


* 11 - 3 BR, 1.0 Bath. $196,400 - $317,000
* 5 - 3 BR, 2.0 Bath. $242,000 - $309,500
* 1 - 4 BR, 1.5 Bath. $337,000
* 1 - 4 BR, 2.0 Bath. $339,000
* 1 - 5 BR, 2.0 Bath. $425,000

* The AVERAGE # of Days On Market for a Rodgers Forge property to go under contract b/w May 6th - July 14 = 81 Days

May Neighborhood Housing Update

As of May 6 in the neighborhood:

27 homes for sale:

--9 homes are 3bdrm, 1bath, $269K-$294.9K

--14 homes are 3bdrm, 2 baths, $259K-452.2K* (*Rodgers Choice)

--2 homes are 4 bdrm, 2 bath, $339K-339.9K

--1 home is 4 bdrm, 1 bath, $279K

--1 home is 5bdrm, 2 bath, $425K

15 homes are under contract:

--10 homes are 3bdrm, 1 bath, $200K-$317K

--3 homes are 3bdrm, 2 bath, $242K-309.5K

--2 homes are 4 bdrm, 1-2 bath, $337.5K-339.5K

5 homes have been sold since April 1:

--4 homes are 3bdrm, 1 bath, sold at $225K and $283K

--1 home is 3bdrm, 2 baths, sold at $323K (EOG)

the average number of days to put a house under contract based on April data: 38 days.

February Neighborhood Housing Update

As of February 2 in the neighborhood:
21 Homes for Sale:
--12 homes- are 3 BDRM/1bath, $249.9-$320K
--8 homes are 3BDRM/2 bath, $49.5-$339K
--1 home is a 4BDRM/1bath, $339.9K
7 Homes Under Contract:
--4 homes are 3BDRM/2 bath, $255K-299.9K EOG
--3 homes are 3BDRM/1 bath, $257K-$294.9
1 Home Sold since January 1:
--1 home 3BDRM/2 bath, $277.5K
Average number of days to put a house under contract in Rodgers Forge: 110
Based on the most recent seven homes that are currently under contract.

Tax Assessments are in the Mail

http://articles.baltimoresun.com/2009-12-29/news/bal-md.assessments29dec29_1_homestead-tax-credit-program-home-values-assessment-supervisor

January Housing Update

As of January 5 in the neighborhood:
--22 Homes for Sale:
--14 homes- are 3 BDRM/1bath, $229.4-$299.9K
--7 homes are 3BDRM/2 bath, $255K-$339K
--1 home is a 5BDRM/1 1/2bath, $339K
--3 Homes Under Contract:
--2 homes are 3BDRM/2 bath, $289.9K(152 days on market); 299.9K EOG(22 days on market) --1 home is a 4BDRM/2 bath, $279K(92 days on market)
--5 Homes have Sold since November 30:
--3 homes are 3BDRM/1 bath, $290K-$293K
--1 home is 3BDRM/2 bath, $285K
--1 home is a 5BDRM/4 bath, $435K
Average number of days to put a house under contract in Rodgers Forge: 88*
*This number should improve quickly in the Spring market