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Check online to see what your property was worth in 1999. Until sellers start selling their homes for 1999 prices, the homes will NOT SELL. Simple as that. If you want to sell your home.....it has to be at 1999 prices because people simply cannot afford current prices. That market is doing a HUGE correction that is rightfully so. In 1999, prices were affordable and what we are seeing right now is the shift to those '99 prices. So to those that are holding out....and always complaining there that their home is not getting any lookers or serious offers, I say "reality check" ! Time to swallow your pride, be realistic and cut your asking price down to what your home was worth in 1999. Good luck to all.
Check online to see what your property was worth in 1999. Until sellers start selling their homes for 1999 prices, the homes will NOT SELL. Simple as that. If you want to sell your home.....it has to be at 1999 prices because people simply cannot afford current prices. That market is doing a HUGE correction that is rightfully so. In 1999, prices were affordable and what we are seeing right now is the shift to those '99 prices. So to those that are holding out....and always complaining there that their home is not getting any lookers or serious offers, I say "reality check" ! Time to swallow your pride, be realistic and cut your asking price down to what your home was worth in 1999. Good luck to all.
Hmmmm how do you do that? We bought our house at the end of 2003.
Washington DC Metro area prices have already reverted back to 2004 prices and the rate of decline is accelerating. Another year or two at the current rate of decline and we will indeed be at 1999 prices. I'm not saying this is going to happen, I'm just saying that it certainly could happen.
So true. I think it's ridiculous how so many people seem to spout this same nonsense referring to the WHOLE COUNTRY! There is probably no doubt there are areas where prices may decline to those levels, but not in most places, and CERTAINLY not in desirable markets. We have our vacation house for sale in the mountains of NC, the price in our area just keeps going UP - we are in a stable neighborhood, no other houses for sale, there are no foreclosures en masse here, and it's a place where people come from all over the country trying to buy - it's all about SUPPLY AND DEMAND.
Even in the areas of Florida (and California)where prices are dropping like mad, they will only get down to where people start "seeing their chance", much like Sherie here, and the market wil be driven upward again. Places like Florida and California will never see prices drop to 1999 levels. But for those of you who believe that, go ahead and dream on.
Time to swallow your pride, be realistic and cut your asking price down to what your home was worth in 1999. Good luck to all.
This is also totally impractical for the vast majority of homeowners. Unless they bought their property years ago, and didn't borrow on it afterwards ... those are the only people who would be able to knock down prices to 1999 levels.
Otherwise ... 1999 prices would never cover what they owe on their houses.
Even if a bank is willing to take a 50 percent hit on the peak value of a home ... it would never come close to 1999 prices. It would be absurd ...
I know a lot of sidelined buyers who'll be putting their equity to work long before 1999 prices! And in some parts of the country, prices are still rising; in others, prices have flattened and are nudging upward. And in some, prices are still trending downward.
These ridiculous pronouncements based on nothing are worth just that. Smart buyers watch their markets and act accordingly. Everything else is meaningless.
2004 prices ... sure, we're already there. Makes sense since that's when we started seeing unreasonable 20-25 percent price gains.
But 1999? No way ...
So you're another bottom caller? And your statement is not correct for my local market, the Washington D.C. Metro area... we began to see "unreasonable" price gains as early as December of 2000. IMO, I think we're going back to 1999 prices plus an annual appreciation rate of roughly 3-5%. For my local market, that would take us back to 2002 price levels.
Fairfax County Historical Real Estate Prices
Fairfax County VA *** Year-Over-Year Median Price Comparison
**** 2008 *** 2007 *** Change Mar / 395,000 / 456,000 / -13.38% Feb / 405,000 / 448,000 / -9.78% Jan / 395,000 / 456,000 / -13.20%
**** 2007 *** 2006 *** Change Dec / 430,000 / 450,000 / -4.44% Nov / 420,000 / 462,000 / -9.24% Oct / 425,000 / 460,000 / -7.61% Sep / 435,000 / 445,000 / -2.25% Aug / 478,000 / 469,000 / +2.08% July / 480,000 / 485,000 / -1.03% Jun / 490,000 / 500,000 / -2.00% May / 460,000 / 487,000 / -5.59% Apr / 474,000 / 480,000 / -1.21% Mar / 456,000 / 477,000 / -4.40% Feb / 448,000 / 469,000 / -4.47% Jan / 456,000 / 450,000 / +1.39%
**** 2006 *** 2005 *** Change Dec / 450,000 / 484,000 / -7.05% Nov / 462,000 / 482,000 / -3.99% Oct / 460,000 / 489,000 / -6.02% Sep / 445,000 / 485,000 / -8.25% Aug / 469,000 / 500,000 / -6.20% July / 485,000 / 503,000 / -3.58% Jun / 500,000 / 500,000 / 0.00% May / 487,000 / 489,000 / -0.50% Apr / 480,000 / 458,000 / +4.80% Mar / 477,000 / 441,000 / +8.14% Feb / 469,000 / 416,000 / +12.69% Jan / 450,000 / 408,000 / +10.60%
**** 2005 *** 2004 *** Change Dec / 484,000 / 410,000 / +18.80% Nov / 482,000 / 395,000 / +22.03% Oct / 489,000 / 348,000 / +33.45% Sep / 485,000 / 349,000 / +22.89% Aug / 500,000 / 380,000 / +18.60% July / 503,000 / 351,000 / +21.30% Jun / 500,000 / 380,000 / +16.58% May / 489,000 / 359,000 / +29.8% Apr / 458,000 / 365,000 / +25.48% Mar / 441,000 / 360,000 / +22.53% Feb / 416,000 / 327,000 / +27.40% Jan / 408,000 / 325,000 / +25.69%
**** 2004 *** 2003 *** Change Dec / 410,000 / 339,000 / +20.94% Nov / 395,000 / 315,575 / +25.17% Oct / 395,000 / 312,000 / +26.60% Sep / 395,000 / 315,000 / +25.40% Aug / 395,000 / 332,000 / +18.98% July / 397,000 / 325,000 / +22.15% Jun / 400,000 / 325,000 / +23.08% May / 385,750 / 315,000 / +22.46% Apr / 365,000 / 299,900 / +21.71% Mar / 360,000 / 289,900 / +24.18% Feb / 326,000 / 274,900 / +18.59% Jan / 325,000 / 274,950 / +18.20%
**** 2003 *** 2002 *** Change Dec / 339,000 / 280,000 / +21.07% Nov / 315,575 / 265,000 / +19.08% Oct / 312,000 / 265,900 / +17.34% Sep / 315,000 / 274,999 / +25.40% Aug / 332,000 / 289,900 / +14.52% July / 325,000 / 282,700 / +14.96% Jun / 325,000 / 286,600 / +13.40% May / 315,000 / 272,300 / +15.68% Apr / 299,900 / 260,000 / +15.35% Mar / 289,900 / 269,990 / +7.37% Feb / 274,900 / 245,000 / +12.20% Jan / 274,950 / 250,000 / +9.98%
**** 2002 *** 2001 *** Change Dec / 280,000 / 255,000 / +9.80% Nov / 265,000 / 236,900 / +11.86% Oct / 265,900 / 235,950 / +12.69% Sep / 274,999 / 240,000 / +14.58% Aug / 289,900 / 250,000 / +15.96% July / 282,700 / 244,900 / +15.43% Jun / 286,600 / 245,000 / +16.98% May / 272,300 / 234,450 / +16.14% Apr / 260,000 / 226,000 / +15.04% Mar / 269,990 / 230,000 / +17.39% Feb / 245,000 / 220,000 / +11.36% Jan / 250,000 / 218,875 / +14.22%
**** 2001 *** 2000 *** Change Dec / 255,000 / 230,000 / +9.18% Nov / 236,900 / 210,000 / +11.90% Oct / 235,950 / 203,850 / +15.28% Sep / 240,000 / 202,000 / +16.34% Aug / 250,000 / 214,997 / +16.23% July / 244,900 / 213,000 / +12.63% Jun / 245,000 / 218,000 / +10.05% May / 234,450 / 212,700 / +10.48% Apr / 226,000 / 197,000 / +13.71% Mar / 230,000 / 195,000 / +17.95% Feb / 220,000 / 198,000 / +11.11% Jan / 218,875 / 190,000 / +13.16%
**** 2000 *** 1999 *** Change Dec / 230,000 / 197,500 / +14.94% Nov / 210,000 / 191,000 / +9.95% Oct / 203,850 / 189,890 / +7.96% Sep / 202,000 / 194,000 / +3.09% Aug / 214,997 / 207,750 / +3.49% July / 213,000 / 209,000 / +1.87% Jun / 218,000 / 209,000 / +3.83% May / 212,700 / 193,700 / +9.68% Apr / 197,000 / 192,000 / +1.56% Mar / 195,000 / 189,000 / +5.24% Feb / 198,000 / 184,900 / +8.17% Jan / 190,000 / 190,000 / +0.00%
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