A recent Forbes article ranked the Baltimore metro area as the fourth most overpriced area in the United States. Francesca Levy of Forbes wrote a piece titled "Where U.S. homes are most overpriced" that was republished at realestate.msn.com.
According to the December 3rd, 2009 Forbes article, the top ten overpriced metro areas in the U.S. are:
1. Orlando-Kissimmee, Florida
2. Miami-Fort Lauderdale-Pompano Beach, Florida
3. Jacksonville, Florida
4. Baltimore-Towson, Maryland
5. Chicago-Naperville-Joliet, Illinois-Indiana-Wisconsin
6. San Antonio, Texas
7. Denver-Aurora, Colorado (tied)
7. Tampa-St. Petersburg and Clearwater, Florida (tied)
9. Indianapolis-Carmel, Indiana
10. Austin-Round Rock, Texas (tied)
10. Nashville-Davidson-Murfreesboro-Franklin, Tennessee (tied)
To read the original Forbes article and view the full list of the most overpriced metro areas in the U.S. go here Forbes.com.
The interactive table in the Forbes article ranks the Baltimore metro area ninth (9th) when looking at Properties with Price Reductions, eight (8th) when considering List Price versus Absorbed Price, tenth (10th) in Days On Market, and twenty-first on the Five Year Price Forecast.
Quantifying what buyers, sellers and their real estate agents already intuitively know will not change the situation. Sellers who can price to the current market or get out ahead of the current declining market will get their homes sold first. Other sellers who cannot or will not make price adjustments will continue to see their home go unsold. Buyers almost always instinctively know before sellers where the market is and where it is likely to go.
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