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RSS FeedAre Real Estate Prices to Continue to Drop? |
Apr. 23, 2008
Categorized in: Investing in Real Estate
So many individuals are still on the proverbial fence waiting for the “bottom of the bottom” for prices on property. I don’t believe anyone can say with a certainty when we have hit the bottom for price reductions. When comparing the average residential list price for the 4th quarter of 2007 to the 1st quarter of 2008, the average list was approximately 12% less. The average sold price at 4th quarter was 94.2% of the asking price versus the 1st quarter 2008 average sold price of 93.9% for that period’s closed transactions in our local MLS system.
Then in the lots and land category, the picture is frankly a bit dismal. But then again with such a surplus of inventory, most builders and developers are putting a stay on starting new projects of spec homes.
For buyers or speculators who have good credit and have the needed minimum 20% down payment, I still maintain that TODAY is a fine time to get an excellent buy in this market. If you are in that category, jump in and avail yourselves of some wonderful deals on very nice properties.
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