Eye Opener
Yahoo Finance had a reportfrom Zillow and it's a big eye opener. Unlike the Case-Shiller Home Price Indices that use 20 metro areas, Zillow takes a wider swipe and uses a much greater pool of data with 160 plus metro areas. Here are some of the highlights of the article.
Around 20% of homeowners in the US. owe more than the current market value of their homes.
Over the past twelve months, 20.4% of home sales were foreclosures and nearly 12% were short sales.
Home values declined from 3rd quarter 08 to first quarter 09 by 3%.
From one year ago values have dropped 14% in the entire US.
Many areas have seen a 50% or more drop over the past five years such as areas of Florida, Phoenix, Stockton and Modesto.
Over the past five years 85 of 161 metro areas have seen no change or negative values from 2004.
About one third of potential sellers will place their homes on the market if they see any sign of an improved market for real estate.
If this one third place their homes on the market, naturally, that will extend the recovery and continue to supress prices.
To sell in today's market you must be agressive and realistic in pricing your property to sell.
If you need to sell today, give me a call for market knowledge and an agressive marketing plan.