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Analysts See 7% Drop in Home Prices over Next Year

November 17, 2010

Really??!?!  Come ONNNN!! Will this ever end?  If you need to sell, now is the time, before we see prices drop further.  I dont think that the drop will be quite as severe as 7% in our area based on the articles’ reference to the highest drop correlating to those markets that had the highest appreciation over this summer.  However, it definitely means, without a doubt, things will not be getting any better for home prices over the next year.  This is not great news for sellers making a lateral move, BUT if you would like to sell and purchase a larger home, what we in the industry call a “move up buyer”, thats a different story.  Have you ever considered the NET GAIN you will achieve by selling your lower priced house for less than you wish but purchasing a higher priced house for less than market value?  Heres how it works-

Its really something to think about- Now that we are into November, many people, falsely believe that the selling market is over, no one is buying, NOT TRUE!  Have you been listening to the news about the rates?  Do you realize the tax benefits of getting that transaction in by the end of the year?  Do you have any idea how nicely homes show when they are decorated for the holidays?  Do you realize that many corporate transfers happen this time of year?  The rules of real estate havent changed- the homes in the best condition for the best price sell first.  And if you are moving up, you can afford to price your home right!  What are you waiting for!  Call Ron Veres, our affiliate lender, and see what your options are at this historically great time to buy and sell!

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Analysts See 7% Drop in Home Prices over Next Year

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