Thursday, February 24, 2011

Springfield Market Trends

The Springfield area saw the number of residential single family homes sold in 2009-2010 drop by -4.3%. In 2009 there was 6061 units sold in comparisson to 5798 sold in 2010. The average sales price also saw a -4.69% drop from $131,654 in 2009 to $125,473 in 2010. The trend to start 2011 looks promising as the numember of units sold (294) in Jan 2010 increased by 11% in Jan 2011(331), while the average sales price remained about the same from Jan 2010 at $125,610. Source

Why it is a great time to buy a home!

How many times have you heard it said, it is a buyer's market in reference to real estate? As a Realtor in the Springfield area of Southwest Missouri, I can assure you it is a "Buyer's Market". The inventory of homes available in all price ranges is amazing! As of this post there is 4247 residential sigle family homes active with the Greater Springfield Board of Realtors. Not only is there an abundance of inventory, these homes are literally on "sale". Even thou lenders have tighting up on the requirements for a loan, the rates are still at all times low. As of this posting the rate for a 30 yr Coventional loan is 4.875% and 4.75% for an FHA loan. That is cheap money folks, and one more reason why it is a great time to buy a home. I remember when I bought my first home in 1984 and the interest rate was over 12%.