The Trend in Home Sales in Somerset MA - Improving, or...?
Home prices in Somerset on average are falling - but not by much! Home prices are down just 0.6% since July of 2009.
The current average listing price of homes for sale in Somerset MA is $302,066, down just 0.6% from a month ago. Compare this to the current median sales price of $223,000 - where half of sales are above this amount and half below it.
2 and 4 bedroom homes are selling for less than they were while 3 bedroom homes are selling for more. Prices of 2 bedroom homes are down 7.1% from year ago levels while prices of 4 bedroom homes are down 32.5%. However, prices of 3 bedroom homes are up 5.9% from a year ago. Below is a chart of the trend of median prices of homes for sale in Somerset MA over the past 5 years through July 2010:
The number of sales for all homes is down 56.9% from year ago levels:
So what does all this mean? Well, if you're looking for a home in Somerset, you can probably find a bargain in 2 and 4 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 falling, 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. 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 Somerset 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 Somerset or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.