One of the hardest problems for Realtors is separating national news from local statistics. We have become a land of 24/7 news and information, some or most of it frivolous. When your clients are constantly being bombarded with how bad the rest of the country has it, it is hard for them not to be tentative and over cautious. In our neck of the woods, Philadelphia region, we have not seen the dramatic swings of the past decade that the rest of the country has dealt with. Our gains in price were on average modest and the correction of the market is only affecting people who overpaid at the height of the market in 06 and 07. Take a look at some of these statistics for the past three years......
As you can see the market between 2008 to 2009 showed a modest correction. Prices dipped 7-10% in 2009 which is not so surprising after the cataclysmic market surprise of September 2008. This years numbers are already up for the year showing a 3-7% increase in sales price.
I think it helps people to understand their market and to take the national news with a grain of salt!
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