Talking Point

• Traditionally, the period between Thanksgiving and New Year’s is the slowest time of the year for home shopping.  However, homeowners who must sell in the winter can use staging, the reduced competition and some seasonal opportunities to their advantage.
   
• Remembering the basics is key.  Taking care of needed maintenance and repairs is obligatory in any season.  A thorough cleaning and decluttering are equally essential.  Tidying up the yard and touching up the exterior appearance to improve curb appeal also can make the difference between deal or no deal.
   
• Home staging takes on a new focus in winter.  Rearranging the furniture and applying a fresh coat of paint to any room are just as important.  But to convey a cozy impression in the winter, it may befit homeowners to turn up the thermostat and have a fire in the fireplace for open houses. 

Food for thought

Home buyers needed to earn a minimum annual income of $61,530 to qualify for the purchase of a $292,120 statewide median-priced, existing single-family home in the third quarter of 2011.  The monthly payment, including taxes and insurance, would be $1,540, assuming a 20 percent down payment and an effective composite interest rate of 4.63 percent.  The effective composite interest rate in second-quarter 2011 was 4.85 percent and 4.78 percent in the third quarter of 2010.

Survey reflects tight credit conditions
Recent home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions, according to 2011 NATIONAL ASSOCIATION OF REALTORS®’ Profile of Home Buyers and Sellers.

The share of first-time buyers declined to 37 percent in 2011 compared with 50 percent in the 2010 study.  The study shows the median age of first-time buyers was 31, and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.