The real estate market in Jackson County continues its recovery with the median price of a home growing by 4.2% for the first quarter 2014 to $187,500. The number of homes sold in the first quarter of 2014 has actually decreased to 345 compared to 389 sold in the first quarter 2013.
Jacksonville, which extends all the way to Ruch, has fared much better with the median price of a home increasing in the first quarter 2014 by 16.5% to $282,500.
The number of homes selling has been hampered by the low amount of homes on the market and by many families inability to qualify for a mortgage. Currently there are less than 1,100 homes for sale in Jackson County which is down from a high of over 2500 homes.
There is help on the way. This spring/summer should bring an increase in the number of homes on the market giving buyers more choices. Combine more choices for buyers with an increasing amount of families being able to qualify for a home mortgage through a new federal program and the numbers of homes sold should increase.
The new federal program is called the “Back to Work” program which allows many families with damaged credit, foreclosures and even bankruptcy to apply for a loan as soon as 1 year after the damaging event. See the chart below for details, but waiting periods have been shortened and can be shortened drastically with extenuating circumstances such as families who experienced job loss or high medical bills.
So expect another “Hot Summer” ….for home sales!