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

Asked by Angela, Wisconsin Thu Jun 12, 2008

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?

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Barb & Greg Yoder’s answer
Barb & Greg…, Agent, EAGLE RIVER, WI
Mon Sep 10, 2012
There are certainly many inputs into a sale price and the affect of the past several years declining market. The homes that tend to be most affected are in the top brackets and the lowest. In the top brackets many sellers have grown impatient and are anxious to move on. In the lower price ranges, foreclosures are taking their toll on market value. In the specific case of a house selling for $105K in 2005, that house is probably valued at about $95K by today's market. Remember, every buyer wants a "steal".
0 votes
Valerie Osci…, Agent, Lac du Flambeau, WI
Thu Jul 9, 2009
I must echo most of the other Wiscomsin real estate pros. Our market never went to the wild highs of other parts of the country and as a result we haven't seen the free fall. You do need a full time professional in your search area to explore the market opportunities, though
Web Reference:  http://www.valminocqua.com
0 votes
Debt Free Da…, , 85260
Thu Jun 12, 2008
Right of the top of my head, that would seem to make sense.
Web Reference:  http://getprequalified.com
0 votes
Bill Mcinern…, , Boston, MA
Thu Jun 12, 2008
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
0 votes
Franklin Far…, , West Los Angeles, Los Angeles, CA
Thu Jun 12, 2008
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,
0 votes
Pete Rondello…, Agent, Minocqua, WI
Thu Jun 12, 2008
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!
0 votes
Karen Wenzel,…, Agent, Brookfield, WI
Thu Jun 12, 2008
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!
Web Reference:  http://www.GoPackerUp.com
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Angela, Home Buyer, Wisconsin
Thu Jun 12, 2008
Thank you Jim! I really appreciate the fast response.
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Jim Johnson, , 78233
Thu Jun 12, 2008
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.
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