Pricing a Property Properly Part 1
Many sellers want to know how long would they need to wait to again see the prices of 2005-2006. Moody’s and Fiserv have actually studied this point. Here are the years that different states will probably return to those prices: Before 2014 Maine Vermont Kentucky Pennsylvania South Carolina Alabama Alaska Iowa Montana South Dakota North Dakota Wyoming Nebraska Kansas 2014-2017 […]
When will prices again approach the 2005-2006 peak?
There is much discussion about how the real estate market is in the middle of its turnaround based on sales increasing on a year-over-year basis. Though the fact that housing is again moving is fabulous news, let’s not lose sight of which homes are selling. Here is a closer look at different price ranges and how they are faring in the current ‘boom’:
$0-100,000 sales up 38.8%
$100,000 – 250,000 sales up 8.7%
$250,000 -5 00,000 sales down 6.2%
$500,000 – 750,000 sales down 8.9%
$750,000 – 1,000,000 sales down 10.6%
$1,000,000 – 2,000,000 sales down 23.3%
$2,000,000+ sales down 32.4%
As we can see, this rebound has only affected the lower price points. Make sure your upper end sellers realize what is actually happening behind the headlines.