In order to analyze the market value of owned homes by type of area we have broken the national home ownership data into the following categories:The average market value of owned home in Urban areas.
The results of this analysis were of course not surprising at all. On average a home in an urban area was worth $158k in 2010 and a home in a rural area was worth $121k. Urban homes have seen an increase in market value of approximately 68% since 2000 and homes in rural areas have seen an increase of almost 45% during the same time.
It would be beneficial for a mortgage broker like Real Estate Funding Solutions to market its services to homeowners located in the urban areas of its target market as opposed to the rural areas since urban homes will tend to have better market values and therefore higher mortgages resulting in better profit per transaction. Rural homes besides having a lower market value on average will also present the problem on not having easy comparisons in appraisals. It is often very hard to get the lender to see the value of an appraisal where the nearest comparable property is not as close to the subject property and may not resemble the subject property.
On the other hand, if most of the competitors in the industry are not focusing on the rural housing market, a firm like Real Estate Funding Solutions may be able to carve out a niche for themselves by focusing on the rural market that is being underserviced.
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