Real Estate Industry Trends

Over the last two days I have posted Buyer and Seller Real Estate Trends that were listed in Brian Buffini’s Real Estate Report. Today I will share with you real estate trends that affect buyers and sellers, such as distressed properties, mortgage facts and other useful real estate facts from 2010.

Distressed Property:

Distressed homes make up 36% of the market.

Half of all buyers considered purchasing a foreclosed home but did not.

Areas where housing is predicted to recover the quickest:

North Dakota

South Dakota

 Iowa

Nebraska

Oklahoma

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Mortgage Facts:

91% of all buyers financed their home purchase

FHA loans were used for 56% of first time home buyers purchase

Median down payments:

First time buyers : 4%

All home buyers : 8%

Repeat Buyers: 14%

Mortgage rates (fixed) are expected to go from 4.75% to 5.75% by year end

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Industry Facts:

Only 1 in 10 sales was a For Sale By Owner

Types of Homes Purchased:

Single Family: 77%

Condos: 9%

Townhouse/row house: 8%

Other Kind: 6%

Home in a subdivision or suburb: 52%

The percent of a persons income used for housing: 34%

Inventory:

November 2010: 9.5 months supply

December 2010: 8.1 months supply

Median Home Prices:

West: $204K

Midwest: $139.7K

South: $148.4K

Northeast: $237.3k

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Once again I would like you to keep in mind that these numbers are median and are at the national level. Your local numbers will vary and if you would like the numbers for the Boise area real estate market please contact me through my website (no sign up required): http://www.BoiseRealEstateChick.com

Article referenced: Brian Buffini’s Real Estate Report; Buffini & Co.

  

 

 

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