Itâ€™s not pretty, but then, we already know that about todayâ€™s housing market.
Case Shiller has released it's latest report on the nation's housing prices. See the full chart below:
Home prices overall have experienced a bumpy ride since lows in January, 2009. Chicago metro sellers (and real estate agents) especially have had a white-knuckled, rapid decline in prices since last summer.
Not good news, but a truth thatâ€™s necessary to acknowledge as buyers and sellers get a grip on the reality of todayâ€™s housing market.
Itâ€™s clear that upticks in pricing in 2010 since 2009 lows were due largely to government intervention in the form of tax credits. Once you remove those incentives, we were bound to see a return to a downward trend in home prices, creating even more pain for sellers. And thereâ€™s no way to predict if weâ€™re at a bottom yet, or if thereâ€™s more price declining to come.
Hereâ€™s an interesting article from last month, featuring Karl Case and Robert Shiller and their thoughts.
Bottom line: even the â€œexpertsâ€ donâ€™t know how much more prices will or wonâ€™t fall. If you want to sell your home, look at your immediate competition, then price your home LOWER than your next best comp in order to get it sold quickly, and get the most money possible for it.
This post isÂ from my blog, Hofman On Homes,Â categorized under Real Estate 101, articles designed to give real estate buyers, sellers and spectators information and advice about todayâ€™s housing market.