As we start 2013, I thought it might be good to see where we are in the real estate market compared to the beginning of 2012.
First, the number of listings in Franklin County stands at 728, compared to 909 in January of 2012, and 1,037 in January of 2011. In Washington County, Maryland, the number is 588 active residential listings. The number in January of last year was 643 and 937 in 2011.
The number of foreclosure and short sales shows that of the 588 active listings in Washington County, 125 or 21% are in that category. Franklin County is a little better with 77 homes falling into those categories or just over 10% of the listings. Congress did pass an extension of the debt forgiveness act through 2013 for those homeowners who are going through the short sale process. That means there will be no tax on the “income” the homeowner would technically receive when doing the short sale. It only seems like common sense to me that a homeowner who is selling his home for less than he owes to get out from under the debt not be taxed on money he is not receiving.
Sales of homes in the period of January through November showed that, in Franklin County in 2012, 1,227 properties exchanged hands compared to 1,147 in the same period of 2011. That represents about a 6.5% increase. In Washington County, the numbers were not as kind. There were 1,011 sales in 2012 compared to 1,087 or a little over 7% decrease for the period.
Economists are still talking about a continued strengthening in the housing market through 2013 with interest rates maintaining their near record lows. So, if you’re selling a home this year, it might not be as bad as it has been, and if you are buying, the signs are generally pointing up so you might want to consider getting in before any big changes take place.
As always, let us know what we can do to help at Help-U-Sell Keystone Realty.