ARCHITECTURAL FIND

Homes prices in D.C. area lead the rest of the U.S.

The Washington area maintained its status as the healthiest housing market in April with home price gains that led the nation.

Washington was the only market with a gain in April from the year before, as average prices rose 4 percent. The Los Angeles market had the next best year-over-year performance with prices that declined only 2 percent. Nationwide, average prices in the past 12 months declined 4 percent in the latest 20-city S&P/Case Shiller Home Price Index.

A majority of markets managed unadjusted monthly gains from March to April, but none could match the Washington area’s 3 percent increase in average price. San Francisco was second with a March to April gain of 1.7 percent. The 13 markets with gains pulled the national monthly average up to a 0.66 percent advance.

LET'S VISIT FOR A WHILE: AUSTRALIA

A prosperous developed country, Australia is the world's thirteenth largest economy. Australia ranks highly in many international comparisons of national performance such as human development, quality of life, health care, life expectancy, public education, economic freedom and the protection of civil liberties and political rights.

Australia, former penal colony, home to the Great Barrier Reef, and producer of world-class sauvignon blanc, has never exactly been synonymous with a high cost of living. Yet because of a strong economy and proximity to the booming Asia Pacific region, many overseas visitors might find it more expensive to slip an extra shrimp -- or just about anything else for that matter -- on the barbie here than in most other countries around the world. In fact, in a recent survey, six Australian cities placed among the top 30 most expensive in the world, according to global human resources firm ECA International. Just two years ago, not a single Australian city ranked in the top 100.

GREAT TIME TO BUY BECAUSE............

Report: Baltimore-area home prices down nearly 9%

Home prices in the Baltimore metro area are down nearly 9 percent compared with a year ago, according to new figures from real estate data firm Clear Capital.

The company, which tracked prices in the four months ending in May, uses a repeat-sale index that tries to get at the true change in home value without the skewing that can come when comparing all homes sold in one period vs. all those that sold in another.

Clear Capital says the metro area saw the same nearly 9 percent drop when comparing February-May with the previous three months, one of the largest declines among big regions. Five other metro areas saw larger drops, including No. 1 Detroit, down 13 percent.

The federally powered Washington region was one of the few to see a gain over the quarter and also over the year. 

Alex Villacorta, director of research and analytics for Clear Capital, thinks it's pretty clear why the Baltimore area is on the company's "lowest performing major markets" list.

The metro area's share of bank-owned sales, though still below the nation's, is at record levels even as the national percentage has dropped, he said.

Just over 25 percent of the Baltimore area's home sales were REO homes during the February through May period, Clear Capital says. Villacorta said that share rose rapidly during the earlier part of the bust, peaked at 20 percent in early 2009 and had been receding as the homebuyer tax credit brought more people into the market -- some of whom bought non-foreclosures. 

"We are now reaching a new high in terms of this saturation rate for the Baltimore metro area," he said. "Correspondingly, we are seeing prices hit a new low in the Baltimore area, effectively since the downturn began. One of the biggest drops has been over the most recent rolling quarter, which corresponds with the sharp uptick [in] the sale of distressed homes."

SATURDAY MAY 14TH- GET THE SCOOP

Attend Home Buying/Selling Seminars
Many cities put on home shows every spring and summer. These events offer a great way to meet several different Realtors at once.

If you are buying your first home, attend a First Time Homebuyer’s course. Realtors act as guest speakers for these, and you will learn a lot about the ins and outs of home buying.

GET THE SCOOP ON THE MARKET
Prospective home buyers and sellers make your way to real estate boot camp Saturday, May 14th where you will learn how to make the right choices in today's housing market.


Experts say the local housing market will continue its trend upwards in coming months.

Saturday May 14, 2011

Long and Foster

8701 Georgia Avenue

Silver Spring, MD 20901

1:00 pm -3:00 pm

FREE SCOOPS OF SORBET!!!!!!!!!

 

Make a list of questions to ask the Realtor when you meet with him. Be sure to bring a pad of paper and pen so you can take notes. Some essential questions are:

• Do you have an active real estate license?
• Is real estate your full-time career?
• How much of your business comes from referrals?
• How long have you been working in the area?
• Do you live in the area? If so, how long?
• How long does it take your average client to sell their home (or find the right home, if they’re buying)?
• Are you a member of the Multiple Listing Service (MLS)? MLS membership means you’ll have access to all the listings in the area, including pictures and descriptions.