As 2011 winds down, I am excited about 2012. I believe 2012 will be a great year for many home buyers and home sellers. We have inventory, we have great interest rates and as is typical for an election year, I believe those rates will most likely remain low and competitive. Buyers will have the opportunity to get even more for their dollar with lower prices and low interest rates.
Regarding sellers, it is my belief that values may continue decline but likely will hold even in our market. We also know that Freddy and Fannie have had a 2 month moratorium on new foreclosures, so the inventory is stacking up and will continue to flood the market for the next few years.
For sellers who are serious about moving up, this is a GREAT MARKET. The dollars lost on the sales side will be made up on the buying side.
2011 was a very good year considering the down markets we have seen. Sales were down less than 6%, and the average sales price was down only 2.55%.
Watch for the 2011 price recap coming soon. Here we will break down the best and worst selling price points for the Midland market. If you have a special request for your area or price range, post a note and it will be included.