Prime Market for Buyers Looking for a Deal
We’ve all seen the news reports about the state of the economy and the housing market, but among all the not so great news is a silver lining for some. Believe it or not, there are people who are looking to buy a home and who have the funding available to do so. For those people, trust me I know that number isn’t earth shattering, this market is absolutely ideal!
According to CoreLogic’s December Home Price Index, home prices in the U.S. decreased 1.3 percent on a month-over-month comparison. This is the third consecutive monthly decline. Also included in their report was the fact that national home prices, including distressed sales, declined by 3.9 percent on a year-over-year basis in Oct 2011 compared to Oct 2010. For those of you unfamiliar with the term, distressed sales are short sales and real estate owned transactions.
Looking at the statistics including and excluding distressed sales is important because distressed sales are one of the factors being blamed for the state of the housing market. Typically homes that are short sales and real estate owned transactions sell for less than what similar homes in the same market could be selling for. I’ve read articles with the theory that the sooner the market is freed up from distressed sales, the sooner the market will rebound to a happier place.
It’s important to also note that according to CoreLogic’s December Home Price Index, the states with the highest appreciation, including distressed sales, were West Virginia (+4.8%), South Dakota (+3.1%), New York (+3%), District of Columbia (+2.4%) and Alaska (+2.1%). This is good news for sellers in those areas considering that the more the home value appreciates the more they may be able to sell it for in the future.
Although the decline in home prices may not be positive for a lot of current home sellers, it is excellent for people looking to buy now. And for those of you who are looking to buy in the near future check out Homes.com to see what deals are located in your interested area. Let Homes.com help you find the home of your dreams!