Case-Shiller Shows Local Price Declines
As if my last story about Hank Fishkind's predictions were not bad enough, the Standard & Poors/Case-Shiller Home Price Index was just e-mailed to me by my friend and fellow real estate agent Ted Nohren. Ted's always giving me great information about the real estate market -- and sometimes I actually understand what Ted is saying! Frankly, that worries me a little.
Anyway, Ted sent over the Case-Shiller report for December. Not too good. Essentially, when you cut through all the charts and graphs and dotted lines and stuff, Case-Shiller reports that during the September-October period, Tampa property values dropped 3.4-percent. They dropped an additional 1.8-percent from August to September. Yes, I think that's a trend, don't you?
The reason these figures are important is because the Case-Shiller indices accurately track the price of a typical single-family home in various markets across the country. Without going into a bunch of detail about why the indices are so accurate, just kind of take it on faith that these reports are highly accurate and very well respected among the nation's economists.
So, as you can see, real estate prices continue to fall in this area. If you are a seller, you need to keep this kind of data in mind when you analyze an offer. The offer may be less than you had hoped to see, but it may accurately reflect today's market value for your property. So, before you reject it out of hand, keep in mind that you are most likely trying to sell a depreciating asset that may be worth less with each passing month. Maybe the offer is not as bad as you think.
For more information about real estate in the Tampa Bay area, please visit my website at http://www.thestpeterealestatesite.com/.
Anyway, Ted sent over the Case-Shiller report for December. Not too good. Essentially, when you cut through all the charts and graphs and dotted lines and stuff, Case-Shiller reports that during the September-October period, Tampa property values dropped 3.4-percent. They dropped an additional 1.8-percent from August to September. Yes, I think that's a trend, don't you?
The reason these figures are important is because the Case-Shiller indices accurately track the price of a typical single-family home in various markets across the country. Without going into a bunch of detail about why the indices are so accurate, just kind of take it on faith that these reports are highly accurate and very well respected among the nation's economists.
So, as you can see, real estate prices continue to fall in this area. If you are a seller, you need to keep this kind of data in mind when you analyze an offer. The offer may be less than you had hoped to see, but it may accurately reflect today's market value for your property. So, before you reject it out of hand, keep in mind that you are most likely trying to sell a depreciating asset that may be worth less with each passing month. Maybe the offer is not as bad as you think.
For more information about real estate in the Tampa Bay area, please visit my website at http://www.thestpeterealestatesite.com/.
-30-
posted by Terry Ward at 5:57 AM
0 Comments:
Post a Comment
<< Home