Reading the Tea Leaves . . .
April 6th, 2009 . by Jon ModeneAll markets are local.
They are all different.
I talked to a Long & Foster agent in suburban D.C. today. He said that 65% to 75% of the houses for sale in one of his marketing counties are “REO” aka foreclosed.
Perrysburg? Not even close.
The most recent Case-Shiller Home Price study came out on Friday. The average home lost 19% in their study. Which is made of matched pair sales in major metropolitan areas. Toledo is not included.
But Detroit is. And the average house value in Detriot is now what it was in 1997.
An “11 Year Drop”. A regression. A retreat. A decline.
What of Perrysburg? The median sold price for Perrysburg Single Family homes in March of 2009 was $146,450 according to our local MLS.
This represents a -25.7% decline in the past 24 months.
Which is a 1% drop in value per month over the last 2 years.
Which is a lot “better” than 1.5% per month that a lot of other markets have experienced.
If you NEED to sell, you need to understand these numbers.
These numbers might influence your decision.
Your houses’ potential buyer, appraiser, and lender understand them!
I can’t wait to read you next post.