The average home price in Nevada County for September 2010 is $314,397, as low as it was in 2002! The Median Home Sale Price is $269,500, down nearly 4% from last year. Right now is an excellent time to buy a home in Nevada County or invest in real estate. Home prices are down substantially from 2006 and 2005, when average home prices were around $474,000. As if that weren’t reason enough to buy, Freddie Mac just reported that mortgage rates are back to what they were in 1951!

What does this mean for sellers?
It means that right now is the perfect time to become a buyer. If you are selling because you want to relocate or upgrade, don’t wait for the market to turn around. Move your equity out of the house you don’t want and into the home you do want. When the market does recover, you’ll be settled in and your equity can grow in your new home. Take advantage of the historic interest rates and excellent value you will get for your money by buying now.

(Data from Nevada County Association of REALTORS®)