In order to analyze the market value of owned homes by region we have broken the national population into the following categories:
Some very interesting items came out of this analysis. The first items that stands out of course that the average market value of a home owned by someone in the West is still the highest coming in at $201k representing a 67% increase from the $120k average value back in 2000. Likewise it is not surprising to see that a home in the Northeast that was worth $99k back in 2000 is now worth $191k in 2010 representing a 93% increase during the same time period.
What stood out during this analysis however was that the market value of a home in the South has actually seen the greatest percentage increase of 68% during the same ten year period. The Midwest came in with a 43% increase in the average market value of a home.
Jose and Diana believe that there has been a steady movement of population away from both the Northeast and the West to the Midwest and especially the South. A lot of folks who spent their working years in these two parts of the country are choosing to retire to the Midwest or South and this has resulted in the net increase of home values there. Prices of homes in the West also rose the most in the country primarily due to the relatively relaxed state banking statues that allowed lenders to make very unrestrictive mortgages to borrowers when compared to the rest of the country. The West coast has also traditionally enjoyed higher home home values on average than the rest of the country.
Clearly for a real estate office like the Home At Last Realty, being located in the Western part of the country implies higher market values of homes and thereby higher real estate commissions resulting in higher profit per transaction.
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