Mike Muren, an agent at Mackintosh Inc. Realtors in Frederick, Maryland told the FederickNewsPost that he usually spends 2 hours with first-time home buyers in educating them to the process.

Carlyn Lowery, an Associate Broker with Keller Williams Annapolis, sites in her blog that first time-home buyers are the force behind the recent activity in Annapolis, Maryland. “…first time buyers looking to take advantage of an $8,000 tax credit, which was initially due to expire at the end of November.”

Real estate professionals must walk a fine line, educating their consumer with the best tools available (many of which are online) while also positioning themselves as the expert at the center of the transaction.

One of the best ways to do that is to utilize MLS data.

Clarus MarketMetrics® is an online program that generates market and price-point analysis charts and reports derived from MLS data.

Let’s take a look at the Annapolis residential market activity in November 2009 compared to one year ago.

Annapolis Residential Listing vs Sold Price

November 2009 median prices actually went up 9% compared to November 2008. While the median sold price declined 3%. The most interesting aspect is the continuing disconnect between median listing price and median sold price. Sellers and buyers were off by $216,000.

When we drill down to a targeted price range from $400-$450,000,

Annapolis Target Price Range $400-450,000

we can really see the difference in those properties that had price reductions, they took 123 days to close and got $173 per square foot. And then take a look at those without price reductions. The more competitively priced properties sold in 51 days and for 91.7% of the original asking price.

Use Clarus MarketMetrics® to set realistic expectations with first time home buyers. By taking a look at your local market and interested property attributes, it’s sure to cut down market confusion.

Clarus MarketMetrics® reports can be emailed, printed, and saved as a PDF or a JPG. It is available on an individual basis to members of MRIS MLS.

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