How much have the property values dropped since 2005?

Asked by Janet, West Orange, NJ Mon Aug 15, 2011

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6
Bill Eckler, Agent, Venice, FL
Mon Aug 15, 2011
Janet,

Some communities and building types have held their value better than others. For example we know that generally condos have taken a much greater hit and are slower to recover than single family homes.

This is similar to asking someone what the best car is. There is a lot that has to be taken into consideration but would speculate that a range of 20-50% would cover it.

As a potential buyer, we recommend focusing on today's market by becoming as familiar with it as possible. This will help you to be able to identify value and opportunity, equipping you to be ready to move quickly when the right opportunity presents itself.

Good luck,

Bill
0 votes
Terese Britt…, Agent, Limerick, PA
Mon Aug 15, 2011
Janet...Great question. Unfortuately it can be an easy answer or more difficult. If you were to examine the values since 2005 you would see that up until 2007 prices rose. At some point in 2007/08 prices began to fall all the way until today. In some parts of the Country values are 50% of what they were...in our area I would say we are 7%-12% below, but keep in mind Montgomery County is a huge and diverse area. Recently report to be the 16th wealthiest County in the Country. As you can imagine the values in Norristown fell further than those in Blue Bell. In addition to the area by area adjustments...you need to examine neighborhood by neighborhood and in most cases it all depends on the Homes condition and location. Real Estate was never designed to be a short term investment, The World has changed and Consumers started bying Real Estate for investment instead of shelter, because of that greater attention was paid to the return on investment. Flipping and AB-BC closings changed the landscape.

The best way to determin value is still to have a Realtor do a Market Analysis and share with you their thoughts...keep in mind that they are opinions of value...snapshots in time as it were. You still need to have a formal Appraisal conducted.

I hope this helps with your question...call me if you want to discuss further.

Tom McCouch
610-574-9272
0 votes
Edmund Choi, Agent, Paoli, PA
Mon Aug 15, 2011
Janet,

Few questions. Are you interested in condo, townhouse, or single family? 2,3,or 4+ bedrooms? Distressed or normal resale? Your responses will help provide a better response.
0 votes
allan erps,A…, Agent, Pearl River, NY
Mon Aug 15, 2011
Depending on the area property values have gone down in the 20-50% range. Please ask a local Realtor® to provide you with statitstics from your area from MLS records.
0 votes
Shehla Karim, Agent, Wayne, PA
Mon Aug 15, 2011
Hi Janet,
Depending on the area, properties have come down 20% to 25%. They are dropping 1% a month.
If you are thinking of buying, now is the time. Interest rate being so low, gives you more buying power.
Please feel free to call me if you have any questions.
Thanks,
Shehla Karim
Weichert Realtors
610-659-4869 (C)
610-647-5600 x 139
0 votes
Don Sepety, Agent, Collegeville, PA
Mon Aug 15, 2011
Hi Janet,
within the last year there has been a 5% drop in prices in the Collegeville area.
Regards,
Don

Don Sepety
Prudential Fox & Roach Realtors
d.sepety@verizon.net
Cell 610-220-9980
0 votes
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