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HOME VALUES. SHOULD WE BE AT 2002 PRICES?

I was showing townhomes this morning. My old neighborhood. River Bend.

I met my clients at the usual spot. Starbucks.

I enjoy meeting clients at Starbucks. It seems to put them at ease. Happy. Who doesn't like a free cup of coffee?

I feel it is a good $5 investment.

I was showing a young couple. It was my first time out with them. I never expect first timer outers to buy.

I feel they need to see a few homes first. Get comfortable with the process. Get comfortable with me.

The home we were seeing is listed at $309,900. It was the model home of the unit I had purchased in 2002 for $278,000 and sold in 2006 for $346,500.

I remember when my wife and I first saw this home we just fell in love with the windows. Huge ceilings. Great views. Great location in the subdivision.

But my buyers thought it was just OK...

It was decorated a little femininely and had aged a bit since my wife and I fell in love with it. But still...

THE WINDOWS! THE CEILINGS!

Now I know they weren't ready. They are still figuring out their relationship and the impact a home purchase may have on it.

But I was hoping there would have been a little more excitement.

Is it possible this home is still overpriced??

It needed a bit of freshening up. New carpet. New appliances. New paint.

Or possibly a new price??? Does it need to go back to $278,000???

Will the market retreat to those prices?

Or has it already?

I will be showing the home again tomorrow. I will be interested to see what this buyer thinks.

At what price will this home sell?

Will I be the one to sell it?

I do know I am meeting my client at Starbucks.

Ken

www.kensfeaturedhomes.com

Posted by Ken Tracy Naperville Illinois Real Estate on 04/27/2008 08:52 PM

Comments (14)

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14 Comments on HOME VALUES. SHOULD WE BE AT 2002 PRICES?

I have noticed we are close to 2003 prices here in NH. I also wonder how much lower we will have to go before the market really heats up again.

04/27/2008 09:00 PM

by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty)

Economists say in my area, northern CA, that by the end of 2009, we will start appreciating. I guess time will tell

04/27/2008 09:04 PM

by Jean Powers CRS,PMN,ASP Broker, Northern California (Windermere Welcome Home)

Nothing we can do about it but stay positive. So put on your comfortable shoes, gas up the car, and make sure your pen has plenty of ink!

04/27/2008 09:05 PM

by Melody Botting RE/MAX Empire Realty

The market has retreated, sellers have not this means plenty of inventory when sellers see the light

04/27/2008 09:08 PM

by Dan Homan (Dan Homan Business Consultant and Advertising Specialist)

Boy, The market must be good in Napierville. The Metro Detroit market is back in the nineties. We are closing in on a $100 a square foot in many cities. Older cities even worse. Of course newer homes are fairing better per square foot but across the board 30% would be a good guess off the highs.

04/27/2008 09:09 PM

by Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info (Remerica Hometown One)

IN NH we're pretty well at 2003 prices. I never thought I see them that low again.

04/27/2008 09:12 PM

by Monika McGillicuddy~REALTOR®~ N.H. Real Estate Broker & Trainer (Prudential Verani Realty/Hampstead)

Ken - We are back to 2005 prices, soon to be 2004. It's amazing to see how we are going back in time. Always a pleasure to read your posts.

04/27/2008 09:19 PM

by Debbie Summers (RE/MAX Central - Lake Mary, FL)

In some areas of Northern Virginia we are at 2004 prices and in others we are higher. The closer you are to DC the higher the prices are. Head down I-95 South and the prices start to drop. We need to go lower to get all of the inventory sold.

04/27/2008 09:21 PM

by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services (RE/MAX Allegiance #1 RE/MAX Company in the World)

Hi Jay, Jean, Melody, Dan, Russ, Monika, and Debbie. Thanks for reading.

It seems we are all roughly in the same position, price wise.

Thanks all,

Ken

04/27/2008 09:24 PM

by Ken Tracy Naperville Illinois Real Estate (Keller Williams Naperville)

I always meet clients at Starbucks too. Prices have definitely dropped here in Colorado Springs too, I can't believe how many houses are selling at prices they were bought for 2-3 years ago.

04/27/2008 09:39 PM

by Colorado Springs Realty Patricia Beck (Prudential Professional Realtors, GRI)

Morning Ken,

I believe, overall, prices have reverted to those we saw in the early 2000's. There was a time when new paint and carpeting would have been the answer to a quick sale. However in today's market a fix up sometimes winds up being the sellers second financial hit, the first one being a drastic price reduction to get the property sold.

04/28/2008 08:13 AM

by Harold (Hal) Place (A1 Connection Realty, Inc.)

Hi Hal and Patricia. Thanks again for stopping by. I showed the home again this morning. No excitement.

Ken

04/28/2008 11:54 AM

by Ken Tracy Naperville Illinois Real Estate (Keller Williams Naperville)

We're appreciating slowly here. Actually the MLS zone that our office sits in is one of the best appreciating areas in all HOUSTON metro area! Some of Houston is down, but KATY is doing well!

04/28/2008 12:07 PM

by Ron Tarvin's Katy Agent Team-- Katy Texas Real Estate (Re/Max GRAND)

Hi Ron. Some subdivisions seem to be doing ok. Others, not so much.

Ken

04/28/2008 04:30 PM

by Ken Tracy Naperville Illinois Real Estate (Keller Williams Naperville)

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