Homeowners! Home values! 2009 is the new 2003!

By
Real Estate Agent with Easy Street Realty

As a licensed real estate agent working in the mid-Florida region we all have a guilty pleasure of working with MLS. And on this early fall Saturday afternoon. I had some extra time just to take a look and see where values were and how we are looking.

Hopefully if you are like me, numbers always seem to tell the story, and at times, you know, what was old is now new again. Especially when it comes to home values in mid-Florida. Now this won't be a diatribe simply about numbers and percentages, because a lot of people look at that as being very boring. Let me explain what criteria I used to determine this.

In MLS, you can create a search for anything. And basically there is a search that I created called "sell my home", and it refers to a home that I bought in the Waterford Lakes area of east Orlando in 2001. My wife and I purchased this home in third-quarter of 2001, for $128,000. We had downsized, when we moved from Chicago into a comfortable three bedroom two bath 1500 ft.² Lennar built single-family home. The home was built in 98, and sat in one of those many comfortable bedroom communities in the Waterford Lakes area.

What I'm waiting to see is: can homes values actually go full cycle. In other words, will home values rise and fall throughout the years and finally land on an area that our home is worth the same amount as what we paid for it back in the summer of 2001? So, where are we at today?

As I look at every 90 days from the end of June to the end of September 2009 through 2008 MLS gave me a very interesting read out. Today, if I'd sold my home for what I could, according to the average sold homes in the past 90 days, I could sell my home for $153,904. This is basically the same price that I could've sold my home back in May of 2003 for $155,036. Primarily, our values are where they are from February 2003 through May 1, 2003. Furthermore what is interesting,  is that then 16 homes sold, and it took them 67 days to sell in 2003 where in 2009 in the comparative quarter 14 homes sold in 60 days. Astonishing!

The market forces are now literally 18 months away from where I bought my home back in 2001. Do you think will make it? Have you checked your values lately?

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