For some, the list below can be depressing depending on which state you live in. But on a positive note in looking at the info below, prices have never been lower. In Charleston, SC, Moody's predicted that Charleston would only decline 1 more percent and the bottom would be in the 4th quarter of 2009. Now is the perfect time to buy, enjoy homeownership and be on the incline in the next 5 years. As a seller, you have to ask some tough questions. Can I hang on to the property for at least 5 years? If the rent doesn't cover the mortgage, can I pay the difference? Can I afford the necessary maintenance that may come up in the next 5 years i.e. water heater, dishwasher, HVAC, or roof replacement, HOA fees, regime fees, landscaping, carpet replacement, etc. Sometimes, it may be better to cut losses now when you consider the cost of maintenance and repairs.
On October 6, 2009 at 11:51 am, Steve posted this blog that I think is interesting and would like to share. Please find his original post here.
"Many sellers want to know how long would they need to wait to again see the prices of 2005-2006. Moody's and Fiserv have actually studied this point. Here are the years that different states will probably return to those prices:
There are two ways to look at this data. First, if you are thinking of selling, sell now - don't wait. The other point is, if you are buying this year, in 43 of the 50 states you could see a dramatic increase in value within ten years. I think this data can help both buyers and sellers make good decisions for themselves and their families."
Per Steve Harney's comments, The information was taken from a study done by Fiserv and Moody's which was reported by Seeking Alpha on 9/19. I highly recommend Steve Harney's blog. You can find it at www.SteveHarneyBlog.com
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