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Home Prices Drop Nationwide. Feeling lucky?
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Feeling lucky?
If you're reading news about real estate, you're aware of the info presented to us from the National Association of Realtors. The latest cheerful news on the wire is that US home prices not only dropped, but dropped significantly last quarter across the nation. How bad a drop? 14%.
14%.
To put this in perspective, all things being equal (they aren't but hang in here with me), if you had a 300k home last quarter, your home would be worth a bit under 260k after this news.
All things aren't equal, however. If there is a positive takeaway from this, it's that we can also know that the numbers we're seeing include the foreclosures, auctions and other distressed sales which can make the data a lot less reliable. I'll go out on a limb and suggest that it's very possible that 300k home isn't going to be valued at 300k after learning what we've learned, but 14% in a quarter is certainly a stretch. I hate to make predictions, but I'm predicting that the next bulletin we get will indicate that this isn't as bad as it looks.
But maybe I'm just feeling lucky.
One more thing to point out. When the market really does stabilize, and the data we gather tells us that home prices have bottomed, it will be after the bottom. If you think there's a recover underway or even in the near term, and your ready to jump into the market, get those ducks in a row. It's your money.
Question about real estate? Ask one of the Realtors at the Masschusetts Real Estate Source, MAresource.com. Drop a line to: Realtor1@MAresource.com.
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