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Is a house in today's market worth less than it would have been 3 years ago just based on the declining?

market? Like if a house sold for 115k in 05...in todays market- if everything else is the same is that same house now worth only 110k or 105k?
Thu Jun 12 2008, 08:21 - 54501 - Market Conditions - 7 answers
 
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Angela
Home Buyer
in Wisconsin
Angela, Home Buyer in Wisconsin in Wisconsin
Answers (7)
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Jim Johnson was FIRST TO ANSWER
Right of the top of my head, that would seem to make sense.

Thu Jun 12 2008, 10:44
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In 90% of all real estate markets the answer is yes. In some super-prime, high-end markets the price may be relatively straight line. It's location, location, location. Buyers today are looking at two factors: price and condition.

As inventory grows your competion grows giving the buyers a wide range of options.

BIll McInerney, Realtor, Concord, MA

Thu Jun 12 2008, 10:34
 
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I agree with all the responses.

They say California is fall into the ocean but that depends on which beach you are considering.

Los Angeles Westside is stable and have seen significant increases in certain neighborhoods.

Whatever you are considering, contact a full time local realtor for pricing in the areas you are considering.

Real estate is a local business.

All the best,

Thu Jun 12 2008, 10:29
 
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Angela:
Looks like you're near my market area in Vilas and Oneida Counties.

In most cases, prices have held steady in this region. We saw pretty strong appreciation up until 2005, which was a record sales year for the North and the state. Since then, prices have been level, with a few declines, and some modest increases.

It really is about supply and demand; if the home you're considering has many competitors in as good or better condition for the same or better price, it may have lost some value.

As my colleagues have said, best to rely on an agent in your area to help you with some market data specific to this home. Best wishes!

Thu Jun 12 2008, 09:03
 
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Angela,
as Jim said, the value of properties vary based on location. I have seen neighborhoods that have seen a loss in value of 10% + (some fell 20%) since the high of 2005/06. But others have held steady (and even had very slight increases in value)
It would be important that you have a Realtor do a market evaluation of Recent sales, in order to determine an accurate value based on today's market conditions.

Wisconsin has traditionally been conservative, and our home prices, for the most part didn't go through the roof, as other parts of the country. As a result, we didn't fall as far either.

All the best to you!

Thu Jun 12 2008, 08:44
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Thank you Jim! I really appreciate the fast response.

Thu Jun 12 2008, 08:40
 
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FIRST ANSWER
Real estate markets are local. An agent in your market would be the best source of info related to your question. Since '05 predates much of the speculation fueled inflated values related to the decline, it's possible that the adjusted value of the home is above its '05 value.

Thu Jun 12 2008, 08:31
 
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