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Is Real Estate Better Now Than Four Years Ago

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Real Estate Agent with @Properties

Is Real Estate Better Now Than Four Years Ago

Sometimes the simplest of graphics explains it all.  In this case, Steve Harney has published this graph from his KCM Blog which compares  national median home sale prices, PMI, and mortgage rate of August 2012 and August 2008.

The National Association of Realtors median price shows a four-year decrease in home values of 11% - which is probably accurate knowing that some spots in Northern California hardly felt the real estate crash and others, like Florida, Nevada and Arizona felt the brunt of it.

Now these numbers are much lower than we have in Winnetka and other North Shore suburbs like Wilmette and Kenilworth, but the ratios are accurate.  In fact, I would have to admit that some of my market reports have shown larger decreases than 11% - sometimes closer to 20%.  

Are we at the bottom?  Some days it feels like it - but talk of continuing Middle East unrest, high unemployment numbers, and a generally fearful buying public make me wonder.  I'll have to chime in with others who say let's wait until the elections are over and reassess.

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Specializing in homes for sale in Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, Glenview, Northbrook, and Evanston.

Comments(4)

Broker Patty Da Silva Da Silva
Green Realty Properties® - 954-667-7253 - Cooper City, FL
Top Listing Broker

I hope we've bottomed out already, but I hear you on the uncertainty.

Sep 13, 2012 05:47 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Margaret,  Depends on who you are talking to about the market.  Everyone has a different take on it, but your information makes it great for people to determine what is happening.

Sep 13, 2012 08:25 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Margaret:  Seemingly, the numbers would tell the story.  Personally, I don't think they tell the full story.  Yes, they address the reality of what we are facing right now.  But the future, as you so eloquently point out ... who knows?  And WHY the numbers read as they do?  Perhaps even more murky ...

Gene

Sep 17, 2012 03:17 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Patty - still lots of uncertainty!

Will - buyers and sellers will look at this chart differently

Gene - murky is a good word for trying to predict if we've hit bottom yet!

Sep 17, 2012 03:24 AM