Residential real estate market remains healthy

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Springfield has been a good market for both new and existing homes for several years, according to local real estate professionals, and they believe the trend will continue in 2001.|ret||ret||tab|

According to the local Multilist service, or MLS, 272 units sold in January of this year, up from 264 in January 2000. The average sales price per unit also rose from $97,641 in January 2000 to $111,152 for January 2001.|ret||ret||tab|

"We've always had growth in Springfield," said Jerry Rutherford, broker and owner of ERA Rutherford Realtors, noting that there hasn't been any real downturn for a long time.|ret||ret||tab|

Susan Barnett, broker and salesperson for Coldwell Banker Vanguard, Realtors, noted that average sales prices can be misleading, only a few homes in the $300,000 to $500,000 range can raise the average price. She added, however, that sales in all price ranges have been good and that more young first-time buyers are stepping into higher-priced homes than in the past.|ret||ret||tab|

Max Perryman, owner and broker of Re/Max House of Brokers agreed. Perryman also said that one of the hottest categories of buyers is the first-time home buyer who takes advantage of low interest rates to purchase more house than he or she might otherwise be able to afford. Many of these, he said, are buying homes in the $80,000 range, while the present owners in that range are stepping up to $140,000 to $150,000 homes.|ret||ret||tab|

Rutherford said lower interest rates have spurred the market and mortgage lenders are working hard to find solutions to help potential buyers qualify for the houses they want.|ret||ret||tab|

"Anyone who wants to own a house can find a lender who will work with them, even if their credit is less than perfect," he said.|ret||ret||tab|

Perryman added that new construction is selling well and that there also has been a recent spurt of growth in the Willard and Republic areas. The strongest areas remain the southeast and southwest areas of Springfield, which has been the case for the last several years, he added. |ret||ret||tab|

Barnett said that Emerald Park, located east of Sam's Club, with homes from $189,000 to $600,000, has attracted many buyers. She also cited examples of two other subdivisions in the same general price range that have remained popular since the projects were developed Iron Bridge in southeast Springfield and Stone Meadow in southwest Springfield.|ret||ret||tab|

The south side, both in and beyond Springfield, has been the region's major growth area for many years, and that remains true today, according to Barnett. In this area, Millwood and Millwood South are still attracting home buyers and McGuffey Park, near the Mountain Ducks' stadium is also garnering its share of sales. Developer Larry Ballard began the first phase of McGuffey Park with homes starting in the high $70,000s. He then added phases 2 and 3 featuring homes in the $200,000-to-$400,000 range, she said.|ret||ret||tab|

In addition to growth in Springfield, the towns Nixa and Ozark also have experienced rapid growth over the last several years. Barnett said buyers willing to make the short commute to Springfield can usually expect to find more house for their money in the outlying areas.|ret||ret||tab|

Barnett went on to say that the region's diverse economy has helped keep the real estate market strong. "With the college, the medical community and many other types of businesses in Springfield, we're not dependent on just one industry."|ret||ret||tab|

According to Barnett, the older Springfield subdivisions such as Brentwood and Southern Hills have remained desirable for many buyers, drawing people in search of mature landscapes and the aesthetic value of established neighborhoods in parklike settings.|ret||ret||tab|

Perryman said that while the volume of sales has steadily increased over the past few years, prices have remained relatively flat. "Unlike some parts of the country, such as the California coastline, we've been more consistent in this region with no big upswings or downswings," he said.|ret||ret||tab|

Barnett cited several factors that she believes either have affected or will affect the regional real estate market. She feels that the James River Expressway connection will spur development and home sales in the southwest part of the city, and that it already has boosted sales in Republic. She also noted that in the past, large companies typically have transferred people on an average of every five to seven years, but today many employers are making employee transfers in one to three years.|ret||ret||tab|

Another trend that Barnett said she has seen in the past few years is the number of retirees moving to the area from other parts of the country. |ret||ret||tab|

People from the north, the coastal regions and other major metropolitan areas have been drawn to the "laid-back" lifestyle and relatively low cost of living in the Ozarks.[[In-content Ad]]