Home buyers must feel a bit dizzy these days. As they say, "so many homes, and so little time!" Well, maybe that's not exactly what they say, but you know what I mean. As the market's downturn has continued, the proverbial "seller's pain", is definitely the buyer's gain.
CNNMoney's news last week of the most recent S&P/Case-Shiller Home Price Index told us something most of us already knew; home prices are continuing their decent. As the article reports, the good news is, according to Mike Moran, chief economist for Daiwa Securities America, the new sales numbers may mean that the market is starting to stabilize.
But, while there may be hints of market stabilization, many believe the mortgage/housing crisis is far from over. With foreclosure numbers increasing weekly, home prices won't be on the mend anytime soon.
Simply put, home prices are subject to market forces. Home foreclosures drive down home prices. So, until we hit the foreclosure critical mass, recovery can't begin. And, since as we aren't there yet, don't put you're worry beads away yet! But, hopefully, as the Home Index Report suggests, we've begun to see positive signs.
One of those signs for buyers is the increased number of former short sale properties that are now foreclosures. Properties that formerly seemed impossible to purchase, even with the best of terms (the lender seemed ignore), now can be had, oftentimes, very rapidly, at bargain prices!
Stafford & Spotsylvania County's most recent sales figures through June are indicative of this:
|
STAFFORD 2008 | 2007 | % Change | |
|---|---|---|---|
| Total Sold Dollar Volume: | $ 46,221,188 | $ 61,893,991 | - 25.32 % |
| Average Sold Price: | $ 302,099 | $ 375,115 | - 19.46 % |
| Median Sold Price: | $ 278,900 | $ 363,000 | - 23.17 % |
| Total Units Sold: | 153 | 165 | - 7.27 % |
| Average Days on Market: | 110 | 114 | - 3.51 % |
| Average List Price for Solds: | $ 336,553 | $ 399,342 | - 15.72 % |
| Avg Sale Price as a percentage of Avg List Price: |
89.76 % | 93.93 % |
SPOTSYLVANIA
| 2008 | 2007 | % Change | |
|---|---|---|---|
| Total Sold Dollar Volume: | $ 42,932,318 | $ 59,331,500 | - 27.64 % |
| Average Sold Price: | $ 286,215 | $ 339,037 | - 15.58 % |
| Median Sold Price: | $ 262,450 | $ 310,000 | - 15.34 % |
| Total Units Sold: | 150 | 175 | - 14.29 % |
| Average Days on Market: | 138 | 98 | 40.82 % |
| Average List Price for Solds: | $ 318,932 | $ 356,727 | - 10.59 % |
| Avg Sale Price as a percentage of Avg List Price: |
89.74 % | 95.04 % |
For those looking moving to the Stafford and Fredericksburg area, the market continues to make buying a home an inviting choice. While more than a few may opt to rent instead, you may be passing up a golden opportunity that you won't see again for many years to come.
With low prices, as well as mortgage rates still around 6 percent, how can you pass up the chance market professionals long for; buying low, to later sell high. It almost sounds too good to be true. But in this case, it's nothing more than smart buying!
To Continue Reading this Article, Click Here: The Mortgage Crisis - A Boon For Homebuyers?
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