Friday, October 26, 2007

3% Drop in 2008 and 2009

How are house prices moving in your area?

"Some Experts" are forecasting that the next two years will see a slump in prices – predicting a 3% drop in both 2008 and 2009. And the rest!!

Posted by crutchley @ 11:47 AM (2595 views)
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One thought on “3% Drop in 2008 and 2009

  • Housing prices in my area (south of DC, north of Richmond, VA) have yet to stabilize. Some developments have 3 years worth of home inventory (people are currently trying to sell) — and room to still build more. Additionally, the last several years saw a huge proliferation of higher-end homes (between $500-750k), and now there is virtually no one to buy them. What used to be “entry level or mid-level homes” priced between $180 and $280″ effectively saw their prices double from 2001-2005 — much faster than the family incomes needed to support those mortgages.

    Before our area stabilizes, we have to see a huge decline in re-sale homes — and that’s just not happening very quickly. As I said to my realtor last weekend, “Why in the heck would I pay $394,000 for a 2700 sq. ft. fixer upper, when I can go 3.5 miles down the street and buy a brand-spanking new home that’s over 3,000 square feet, with granite, upgraded cabinets and a finished basement for $349?” I wouldn’t.

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