By Angelo Rhodes
If you are a current homeowner thinking about selling your home in 2013, there is good news! Based on the sales numbers from 2012, which I personally analyzed; home sales are up 8% and sellers are receiving 96% percent of their original asking (list) price or OLP. For instance, if you listed your home at $200,000, you could expect it to actually sell for $192,000. In 2011, it would have sold for $180,000 if you listed it for $200,000. $20K less than you may have expected. So, as you can see the numbers are going up, which is a positive sign for residential real estate in Prince Georges County Maryland.
Another key indicator of positive housing sales in the county is the number of days on the market. Homes are selling faster. It should take roughly 70 days to sell your home in 2013 (a little more than two months). In 2011, it took an average of 114 days (almost 4 months). Granted, your home should be in very good condition and have good curb appeal.
There’s good news for homebuyers as well! The median price for a home in Prince George’s County is $180,000 for 3 bedrooms or more. Bargains are still out there for potential homebuyers. With low interest rates averaging 3.6% for a 30 year fixed rate mortgage (FHA loan); that $180K home would cost you somewhere in the ball park of $1250 in monthly mortgage payments. In contrast, homes in neighboring Montgomery County, MD or Fairfax County, VA would cost you a lot more for the same style and age.
Angelo Rhodes is a licensed Real Estate agent in Maryland currently affiliated with ZipRealty
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