The Trend in Home Sales in New Bedford MA - Improving, or...?
Home prices in New Bedford on average are falling - but just slightly - and appear to be stabilizing! Home prices have fallen 1.0% since July of 2009.
The current average listing price of homes for sale in New Bedford MA is $206,854, down just 1.1% from a month ago. Compare this to the current median sales price of $158,424 - where half of sales are above this amount and half below it.
2 and 3 bedroom homes are selling for less while prices of 4 bedroom homes are increasing. Prices of 2 bedroom homes are down 2.3% while prices of 3 bedroom homes are down 4.0% from year ago levels. However, 4 bedroom homes are up 16.3%. Below is a chart of the trend of median prices of homes for sale in New Bedford MA over the past 5 years through July 2010:
The number of sales for all homes have been increasing over the past 2 years:
So what does all this mean? Well, if you're looking for a 2 or 3 bedroom home in New Bedford, you can probably find a bargain as prices are down significantly the past couple of years. Still, lowball offers won't cut it in a market like this.
However, if you're looking for a 4 bedroom home, you better not mess around too much as sales and prices are overall are rising. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.
You can still buy a home with no money down with a VA Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in New Bedford or in the surrounding area.
Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in New Bedford or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.