Baltimore Real Estate

Dec 24th

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City of Baltimore
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Real estate experts believe that the Baltimore real estate is headed in the right direction due to steady improvements experienced over the past few months.  Although home sales have increased significantly compared to that of the previous year, median prices are still slightly lower.  Many realtors in Baltimore have attributed the increase in Baltimore real estate activity to the federal tax credit for first time homebuyers.  Realtors also hope that the tax credit will continue to spur activity in the coming months, especially as buyers rush to close on purchases prior to the April 2010 deadline for the federal tax credit.  Although it is still unsure of the future of the real estate in Baltimore, many experts hope to see recovery some time during 2010 or 2011.

According to the Baltimore Sun, Baltimore real estate has recently experienced an increase in activity, with many properties changing hands over the past few months.  Realtors in Baltimore posted a 77 percent increase in home sales in November compared to that of November 2008.  About 3,700 homes in the Baltimore region were sold during November, a slight increase from the 2,247 sold in October.  This has shown great promise, especially since Baltimore tends to experience declines in its real estate market during the month of November based upon historical data trends.  Sales in October were also 36 percent higher than that of the previous year.  However, many experts believe that recovery is not yet here since Baltimore is still experiencing slight declines in median home prices.  In November, the median home price fell about 8 percent from that of the previous year to about $260,000.

The Baltimore Business Journal has also reported the promising improvements being made in the real estate in Baltimore.  Numerous realtors in Baltimore have reported that the real estate activity in the area has been surprisingly promising, especially considering the current season.  Many buyers have noted that the federal tax credit has played a major role in enticing homebuyers to invest now.  Experts have also noted that the affordability of the market has also played a major role in attracting homebuyers.  However, that also means that the luxury home market has continued to struggle to find buyers since few are willing to pay millions for a home during these economic times.

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Interviewing your Real Estate Agent – 10 Questions You Need to Ask

Nov 12th

Posted by in Real Estate

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GREELEY, CO - APRIL 02: Real estate broker Jo...
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When you choose to hire a real estate agent to help you with your real estate transaction, you must first get to know your real estate agent. You must first interview real estate agents to make a wise decision on whom to hire. Agents that do not answer your question should be out of your choice. Here are ten questions you should ask to a real estate agent to assume their efficiency:

The first question you need to ask is “how long have you been in the real estate business?” A new real estate agent might be valuable, but the more experienced ones could help you more. A good real estate agent should have access to competent mentors and have completed a high level of training. New real estate agents might need time to learn, but they surely would be able to concentrate on you and your case. Agents who have had years of experience can help you, but they tend to repeat their first years over and over.

The next thing to know about your real estate agent is about their average list-price-to-sales-price ratio. A good real estate agent should be able to negotiate a lower sales price compared to the list price of the buyer. He should also be able to store a track record of negotiating sales prices which are similar to the list prices.

You should also understand the marketing strategy of your real estate agent.

As a buyer, you need to know the following: the way your agent will look for a home; the number of choices of houses that he will offer; whether you’ll be competing with other buyers; the way your agent manage numerous proposals; and whether your agent presents offers himself.

As a seller, you need to know the following: how your agent will sell your home; your agent’s direct mail campaign; how often and where does your agent advertise; a sample flyer; and the method he uses to market online.

Ask your agent for references. See if your agent’s references are related to them and ask the references some questions.

Know the edge of your real estate agent from his competitors. A good real estate agent must know how to answer this question. You might want to look for agents that are assertive, analytical, friendly, great negotiator, trustworthy and are great communicators.

You also need to read and understand the documents that you will be signing from your agent. A good real estate agent can provide you copies of these documents. As a buyer you need to have a copy of the agency disclosures, buyer disclosures, purchase agreement and possibly a Buyer’s Broker’s Agreement. As a seller, you must have a copy of seller disclosures, listing agreement and agency disclosure.

The next thing to know about your agent is who they work with. You need to know who your agent works with such as mortgage brokers, title companies and home inspectors and know why they have chosen to work with them.

You also have to know how much your agent charge. Agents normally charge from 1 to 4% on one side of the transaction. You don’t have to be so cheap and find an agent that charges the least. Find the one that fits your budget.

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