The housing market has become very active in the past few weeks. The median price for single family homes jumped up from $500,000 in January 2009 to $540,000 in June 2009. Inventory is low and houses are staying on the market for shorter periods of time. In the lower price ranges under $350,000 we have seen fierce competition as first time home buyers are taking advantage of the low interest rates and the $8000 tax credit. There are many short sales and foreclosures providing and excellent investment opportunity. We are seeing many FHA loans with only 3.5% down payment. Many homes are now selling at around 97% of list price.
Don’t let these statistics scare you though – it just means we probably hit the bottom. J There are still some great deals out there though and we can certainly help you find those. Let us know if you are ready to get started.