Dec. 1, 2008 - Dec 2008: Last year

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This time last year:

Homes valued at $575,000 were selling for $505,000 while
the market was still in its unknown position. Today that very home is selling any where from $475,000 -$515,000 doesn’t sound to much better, does it? Well, look at it this way. If you are one of the millions of Americans who purchased at a non inflated rate, or you’ve owned your home for the last five to six  years you are among the millions of Americans who are in a great position giving the scenario below.

Five to six years ago 2002-2005 you may have purchased a 4 bed 2.5 bath home, 2,400 to 3,000 Sq-Ft for roughly $379,000, placed 3% down $11,370.00 with a remaining mortgage of $367,630.00. One year into your purchase (2003) you decided to refinance for a lower rate. Now your homes value reached $495,000.00 < a sneak preview into inflated home values begins.

You may have decided to capitalize on that instant equity you just received. Say you reached in and took $90,000 and decided to add some personal touches to your home. Within the following year your home is worth $585,000.00 to $625,000.00 with all those upgrades and tailored landscape. Homeowners who decided to sell at this point made an un-heard-of ROI

For those of us who stayed where we were, began to see a slip in the market, not to worry though. In 2006 we gained knowledge of the sub-prime mess and how this was going to spiral out of control. Still, no worries. Now we're in a 2008/09 market, our home values have dropped considerably from $625,000.00 to $495,000.00 / $515,000.00. Was this really such a horrible drop? We're actually in a 2003 market if you do the math correctly. Lets see

In rough numbers your mortgage is $367,630.00, Equity loan of $90,000.00 = $457,630.00.
Between March 2008 and November 2008 Our Realty Team has sold many 4 bed 2.5 bath homes ranging from 2,400 to 3,000 Sq-Ft for $497,000.00 to $526,000.00 in less than 50 days.The homeowners gain was $68,370.00. Most of our homeowners have downsized to roughly 1,800 Sq-Ft to 2,000 Sq-Ft at a market price of $299,000.00 to $350,000.00 having more than enough to place down on their next purchase. Others have bought up, still having enough to place down.

Who do you believe is on the front line of our countries housing market situation.
If you were charged with a crime you did not commit, would you hire a probate Attorney or an Attorney who practices Criminal Law? No brain-er on that  right? When you have an interest in selling your most valuable possession (your home) Do you seek the advice of  the local reporter or do you seek the advice of a professional Realtor. 

It doesn't hurt to make a call. In today's market an Agent has nothing to gain by pricing high to get a listing, so you'll find most are very up-front with your interests, so the next time you sit on your sofa and pick up that little black box, before you click the power button, know this. The media prints what sells and very seldom less.

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