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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Midlothian. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 804-928-4475
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| Average Home Price | $200,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 0-5% |
| Average Time on Market | 90-120 days |
| Best Selling Price Range | $150,000 - $199,000 |
| Worst Selling Price Range | $400,000 - $449,000 |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Decreasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Midlothian is | Increasing |
| Seller Activity for the past 90 days in Midlothian is? | Decreasing |
| Multiple Offers? | No |
| Multiple Offers Commentary | Rarely but it happens here and there on a perfect property in high demand neighborhood if the home is priced right on its initial listing. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 30-35% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Lending requirements are very strict but if qulaified the loans are there and with great interest rates. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Short Sales are decreasing rapidly, Foreclosures have decreased a decent amount and over all inventory is decreasing due to these two factors. Prices have been in a sideways trend for about 6 months. Expecting a slight upturn this coming spring. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Midlothian! Plus great deals are available on homes in the most sought after area of Chesterfield County which is Midlothian. Best public schools in the County as well. |
| Nearest Metro Area | Chesterfield |
| Housing Hot Spots | Midlothian |
| Average Sold Price | $200,000 - View Graph Trend |
Midlothian Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
Contact Information
Lee Newcomb
804-928-4475
Request More Information Let me answer your questions!
Ask Me!
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
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Request More Information Let me answer your questions! Ask Me!
Lee Newcomb
Long and Foster Midlothian
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 804-928-4475
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