That depends on where you are I guess. I am talking about the housing price correction (read price drop) that we have been having over the last several months. About 20 months in Atlanta. It got worse than most thought it would here but I can tell you it is getting better.
There is a good website that has great data and even a home price calculator that can be enlightening. It is www.fhfa.gov and the chart below came from there.
This chart shows what a house purchased in April of 1995 is worth in the first quarter of 2009 and how the value has changed over the time it was owned. The value peaked at about $240K and is now sitting at $208K. The good news is that it is on the way back up. There is more data about to be released that will show a continuation of the increase at the end of the line and when it comes out I will post it again so you can see this.
Forbes Magazine posted this article showing where the price drops have ceased and are starting to increase. Atlanta is No. 6 on the list. That is good news (thanks for sharing that Jane :)).
The whole point here is that we are going to be OK. Inventory is down about 30%. Prices have been rising over the last few months and while there are more foreclosures coming the banks seem to be holding on to them to soften the effect it has on the market.
If you are considering selling it is a good time to talk about it as the demand is up for homes that first time buyers are interested in and there is a decline of inventory in that price range. I am actively seeking listings below $250K right now so if you know someone that has been waiting to sell it might be a good situation. The values are not back to the previous level on their house but neither is it on the replacement house they might be considering. The key thing here is that inventory is moving again. Move up buyers and sellers with low debt levels can be the winners in this season. Call me if you know someone I can talk to about a move. I am here to help.
Thanks for listening,
- Nothing New!!
- 22 Sept Technology Tips