Thinking of buying your first home or upgrading from your current home is a big step! As Realtors®, we are trained and ready to help you step by step through the process. If you are thinking of buying, don't delay! To be eligible for the extended tax credit, you need to be under contract by April 30th. Call or email us today to get more details on the tax credit and start the process of finding your first home or upgrading from your current home!
The data below was gathered from the West Central Association of Realtors® which covers Mecosta, Newaygo, Lake and Osceola Counties with some overlap into neighboring counties.
Number of Homes for Sale - 1,318
Number of Homes Sold - 70
Average Sale Price - $73,694
Number of Days on the Market - 154
Number of Homes Sold Through December 2009 - 864
December 2009 showed a strong increase over December 2008. This year, December posted a 130% increase with 70 homes sold and that number is pretty much in line with what December sales have been over the past 5 years. So perhaps, we are seeing a return to normalcy-if there is such a thing.
The number of homes listed for sale is less than at any time in the past 5 years. Average sale price in 2009, was down 14% from 2008 and down 28% from 2005. I'm not sure if that means real estate values have dropped that much or if people are just being more conservative and buying lower priced homes. I suspect a little of both.
There is no question in my mind that higher priced homes have taken a pretty hard hit as opposed to 2005 prices.
It looks like 2010 is off to a good start as there seems to be more activity, particularly in the number of people looking at property.
Remember, if you're thinking of buying, you need to be under contract by April 30, 2010, and close by June 30, 2010, to be eligible for the Extended Home Buyer Tax Credit (along with the other requirements). For more information and details, go to www.realtors.org/res.