Contrary to the news, all in real estate is not doom and gloom. If you are living in Florida, California or Nevada, then yes, you may be losing a small fortune on any real estate owned. But the facts are that the real estate market in Troy, Ohio is not as bad as people think. Yes, homes are on the market longer than normal and some sellers are taking less for their homes. However, the main reason for this is that many sellers are finding that they have to sell their home sooner than they had anticipated. Historically to recoup the paid value in a home, sellers need to live in their home for at least three years. Due to relocation, the multitude of new construction, and the increase in foreclosures, sellers are having to sell their homes for less than they had anticipated.
The Troy market currently shows it is getting better. For instance, in December of 2006 there were 11.2 months of inventory of homes for sale. In December of 2007, there were 10.4 months of inventory of homes for sale. Average days on the market remained the same at 96 days. Average price of homes sold per square foot actuallly increased by $3.00 per square foot in December of 2007 compared to December of 2006. In December of 2006, there were 268 homes for sale and 24 homes sold. In December of 2007, there were 271 homes for sale and 26 homes sold. Based on these statistics for the Troy market, it is improving. These statistics were taken from the DABR MLS system for all homes for sale and sold in Troy.
For a personal market analysis contact Joyce Thomas at 937-623-9468, thomas@thomasteam.info or visit our website at thomasteam.info.
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