Voices Member,  in

Why is it that a group of condos on the same street has apparently dropped in value and are selling for less than half what they previously sold for?

Asked by Voices Member, Thu Jun 28, 2012

They are in Chesterfield Township. Thank you.

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A property is only worth what someone is willing to pay. With the downturn in the real estate market over the past several years and the number of homes that have gone into foreclosure, many homes have lost 50% or more of their value. In order to sell a property, you have to be competitive with the current market, otherwise, your property will probably sit on the market for years without a sale.

It is a great time to buy because you can now get alot more house for your money than you could 5 years ago. The one great advantage to this current market is that first time homebuyers can now live the American dream of owning their own home. Back in 2005 when prices were going crazy, many young people and first time buyers were priced out of the market.

Prices aren't going to jump up fast but they are stabilizing and will slowly begin to rise. It's going to be many years before we see those 2005 prices again, but an investment today will pay off in the future.

Kathy Persha, Realtor
Keller WIlliams Realty
248-930-0198

http://www.kaperproperties.com
http://kathypersha.yourkwagent.com/
http://www.kw.com/kw/agent/kathypersha
http://www.kathyhelpsmichiganhomeowners.com/
0 votes Thank Flag Link Thu Jun 28, 2012
Hi Val,

The real estate market meltdown over the last couple of years has caused most properties to lose value. The amount of the loss depends on type, style, location and desireability. I've seen homes and condos selling for 1/4 or more of what they were previously worth. That is why this market is so terrific for first time homebuyers. With interest rates and home prices so low most buyers can get more home for the money.

If you need assistance buying a home or have additional questions please feel free to contact me.

Have a Great Day!

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Thu Jun 28, 2012
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