Over the past 3-yrs, the median price has remained relatively stable for this price point. Other higher priced homes did not fare as well and has been reported on by the national media.
Yes, you might find a great deal but you will have to compete with investors which will close quickly and with cash. Or you may have to work with banks on a short sale or foreclosure and required to buy the home “as is”.
The bar graph below clearly illustrates trends.
Red --- indicates homes listed on the MLS for sale. It clearly shows the homes for-sale (inventory) has been decreasing. When supply decreases to a point, the market turns from a buyer’s market to a seller’s market! We are starting to receive multiple offers on homes!!!
Purple & Green – this represents homes under contract and homes sold during each quarter back to 2009. In 2010 the homes under contract and sold during the last quarter of 2009 and early 2010 represent the federal $8,000 contribution for first time homebuyers. Without any market stimulus, there is a definite increase in homes under contract and sold.
This chart clearly shows a reduction in supply and an increase in demand!
This may be the initial switch from a buyer’s market --- which means you don’t have to make concessions, plenty of homes to choose from and everything is affordable.
To a seller’s market----which means that the number of homes to choose from is less, prices will start to increase, and interest rates will affect your buying power.
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