The Trend in Home Sales in Norton MA - Improving, or...?
Home prices in Norton on average are falling! Home prices are down 15.8% since July of 2009.
The current average listing price of homes for sale in Norton MA is $313,350, up 1.4% from a month ago. Compare this to the current median sales price of $225,125 - where half of sales are above this amount and half below it.
2 bedroom homes are selling for less than they were while 3 bedroom homes are selling for more. Prices of 2 bedroom homes are down 26.6% from year ago levels while prices of 3 bedroom homes are up 4.6%. Below is a chart of the trend of median prices of homes for sale in Norton MA over the past year through July 2010:
The number of sales for all homes is cyclical, but have been relatively flat over the past few months:
So what does all this mean? Well, if you're looking for a home in Norton, you can probably find a bargain in 2 bedroom homes as prices are down. Still, lowball offers won't cut it in a market like this.
But if you're looking for a 3 bedroom home, you better not mess around too much. While sales overall are relatively flat, prices of these homes are climbing. Still, 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 or with a USDA Rural Development Home 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 Norton 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 Norton or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.
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