Baltimore's Spring Market

We're Expecting a Busy Spring in Real Estate:

A recent MRIS survey found that 71 percent of mid-Atlantic real estate professionals are expecting a busy spring season. They predict that real estate transactions will increase this year as compared to 2013, not only in the number sold but also the sold price.

Below are the Real Estate statistics (from RealEstate Business Intelligence) for Baltimore City and County for January/February 2014 as compared to January/February 2013. You’ll see that there is improvement all around-- excluding slight decrease in Baltimore County’s sold listings for both January and February.

Homes sales and home prices have been increasing, even through the cold, snowy winter months. If this winter is any indication of where the markets going, we should expect big things this spring.  Spring is already normally the busiest season for real estate transactions and a lot of sellers are in the process of getting their homes ready to list. Likewise, buyers are getting excited to start their home search in the coming weeks.

Baltimore Business Journal lists some challenges local professionals think buyers and sellers will be facing in the spring:

"-53 percent think that an insufficient supply of homes on the market is one of the biggest challenges that buyers face right now.

-50 percent think buyers were concerned with competition from other buyers; and 48 percent noted low affordability.

-More than half think the biggest challenge that sellers are facing right now is pricing their home properly."

These are typical concerns in any market, so they shouldn't cause too much worry, especially in a growing market on the upswing.

See more February market stats for Baltimore City and Baltimore County.

Read the Baltimore Business Journal's articles about the MRIS survey and February's statistics.

~Just Listed - 2234 East Fairmount Avenue~

2 Bedroom, 2 Full Bath

Butcher's Hill

Charming 2 bedroom, 2 bath Butcher’s Hill home seeking new owners. Long list of features throughout including exposed brick, wood floors, built-ins, beautiful ceilings, granite counters and stainless steel appliances. Separate dining room opens to kitchen. Exit kitchen to brick- paved, fully fenced rear patio. Bedrooms are separate floors each with their own spacious full baths. All just steps from JHU and Patterson Park. 

More Photos Below:

Magan Marie Drane

410-493-6854

magan@magandrane.com

COMING SOON

These homes will be on the market in the next few weeks-

610 Somerset Road #301

3 Bedroom, 2 Bath

Roland Park

814 South Conkling Street

2 Bedroom, 2 Bath

Canton

2234 East Fairmount Avenue

2 Bedroom, 2 Bath

Butcher's Hill

Contact me for more information about any of these homes!

Magan Marie Drane

magan@magandrane.com

410-493-6854

Thinking About Selling? Let's Get Your House Ready for the Market!

Curb Appeal- As the weather starts to warm up, start spending time on your home’s 
exterior. If your home looks clean and well-maintained from the outside it will entice people to see the inside.

Get your House Clean and Keep it that Way!- It’s definitely hard to maintain your home in perfect order all the time, but it’s necessary. You want to have your home ready to show at all times.

Remove Clutter- This may require you getting a storage unit during the time your home is on the market, but it is so important.

Clean but Lived-In- While the home needs to be clean and free of clutter, you also want it to appear lived-in. Buyers need to be able to picture living in the home. It can be difficult but you need to find a balance.

Don’t Forget about the Floors- Make sure your floors are as clean as you can get them! If you can afford to, have wood floors refinished. If not, invest in area rugs.

Rearrange Furniture- If you’ve gone ahead and cleared out some clutter and unnecessary furniture, you’re now free to move the remaining items into an inviting layout. Create a welcoming conversation area in the living room, comfortable entertaining area in the dining room, etc.

Paint!- I talked about this in a post last week. A new coat of paint goes a long way in making a room look fresh and new. And remember, go with neutral colors.

Create a Comfortable Master Bedroom- Gender neutral, clean, and free of personal items. Again, you want the buyers to envision themselves in the space. Always make the bed!

Keep Closets Organized- Buyers will be looking in your closets. Having everything organized and free of clutter will make it appear larger. Aim to have 25-30% free space in the closet.

Use “Extra” Space Wisely- Make buyers see the potential of every inch of the home. From rooms you might use for storing odds and ends to awkward nooks, make sure you stage your home sensibly. Turn an extra space into a guest room or an office. Place a cozy bench in nooks to create a reading space.

Baltimore City's Historic Tax Credit

In an effort to preserve Baltimore's historic neighborhoods, Baltimore City is offering a tax incentive program named Property Tax Credit for Historic Restorations and Rehabilitations. This is a 10 year program for owners of properties located within Baltimore's historic districts. With this, the city hopes owners will rehab their properties in order to preserve Baltimore's neighborhoods.

You can find all the information here.