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Today’s Talking Point 10/05/09

When will prices again approach the 2005-2006 peak?

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

Massachusettes
Connecticut
Delaware
Ohio
West Virginia
Indiana
Wisconsin
North Carolina
Tennessee
Mississippi
Arkansas
Missouri
Louisiana
Oklahoma
Texas
Colorado
New Mexico
Washington
Oregon

2018-2022

New York
New Hampshire
New Jersey
Maryland
Rhode Island
Illinois
Hawaii
Georgia
Idaho
Utah

After 2023

Virginia
Florida
Michigan
Minnesota
California
Nevada
Arizonia

There are two ways to look at this data. First, if you are thinking of selling, sell now – don’t wait. The other point is, if you are buying this year, in 43 of the 50 states you could see a dramatic increase in value within ten years. I think this data can help both buyers and sellers make good decisions for themselves and their families.

What do you think?


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5 replies
  1. Larry Roberts
    Larry Roberts says:

    Thank you Steve. What a sobering assessment!! We have not been immune here in The Bahamas, although, to this point, we appear to have fared reasonably well compared to many areas of the United States and the world. Nevertheless, we may need to adjust our own forecasts for a full recovery at least until 2014.

    Reply
  2. Terri Stickle
    Terri Stickle says:

    Steve-
    I work with Mr. Jim Rose and have met you on several occassions. I read the above information regarding the increase in home values to match the 2005-2006 values. I also saw that Virginia won’t see the increase value until agter 2023. Is this the influence of Northern Virginia and do you think Hampton Roads would fall into an earlier time-frame? Jim Rose and I are thinking about doing an education piece for at least our managers and want to be as accurate as possible.
    Thank you,
    Terri

    Reply

Trackbacks & Pingbacks

  1. […] Steve Harney Inc. mentions a Moody’s/Fiserv report that concludes Virginia home prices will not return to their 2005-2006 peak until 2023 (yes, that’s 14 years from now), or later. […]

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