This chart was provided by Mike Orr of the Cromford Report and is his forecast for this upcoming year regarding our market.
According to Mike, our market is finally “heading back to normality” after one enormous party in years 2003-2005 and one enormous hangover in years 2007-2009. As previously quoted in past blogs, 2010 is the Year of Hope. Current pricing in our market is comparable to 2002 when our market was balanced between supply and demand and foreclosure sales were nearly non-existent compared to today’s numbers.
Below is a chart showing what is selling for how much today which is very comparable to what we experienced before the enormous party began which put so many families in peril with their home values and affordability due to current economic times and job losses in the last few years.
The are a lot of numbers on this chart, but some note worthy ones is the highest volume of sales are taking place between 75k-150k where a lot of investors are picking up some phenomenal deals and first time homebuyers are able to qualify and take advantage of the First Time Homebuyers Tax Credit and really low rates!
Another noteworthy event was the increase demand for single family homes as rentals for all of the families that have had to become renters again.
There’s definitely a lot of great statistics and hope for our market today, just contact us for more information.