Posted tagged ‘FHA’

Merced ranked in the top 10!

June 14, 2012

According to the special report by Inman News – “10 Prime Real Estate Markets for First-Time Buyers,” Merced, CA is considered 4th in the nation! As stated in the article, “The markets in this report were chosen based on the percentage of all home sales in the area made to first-time buyers with FHA-insured loans in 2011.” 4 of the 10 markets listed are in the Central San Joaquin Valley.
The complete list of markets is as follows:

    1. Wilmington, Del.-Md.-N.J.
    2. Charleston, W.Va.
    3. Visalia-Porterville, Calif.
    4. Merced, Calif.
    5. Fresno, Calif.
    6. Hagerstown-Martinsburg, Md.-W.Va.
    7. Modesto, Calif.
    8. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
    9. Atlanta-Sandy Springs-Marietta, Ga.
    10. Camden, N.J.

So, what makes Merced such a friendly environment for first time home buyers?  The largest of several contributing factors is the drastic drop of 71.5% in median sales price from the peak in 2006.

Our very own Dorothy Kielty, from Coldwell Banker Gonella Realty Merced Office was quoted with the following explanation:

“With the drop in prices to 1989 levels, many first-time homebuyers who were left behind when prices were climbing and thought they would never be able to buy a home are taking advantage of these low prices to get themselves situated.”

Stay tuned as we look at the other contributing factors in the next coming weeks!

To get started buying your first home, click here!