This is sort of a loaded question CharlestonCookies. You've really asked two separate questions here. #1. Is the bust over and #2. What do "residential property values" look like.
I work in Orlando, FL and the bust has been over in my local market for quite some time. We crashed so hard and fast that it created a literal fire sale on homes and investors from all over the world flocked here to buy up our bargain distressed properties.
In turn, inventory started to diminish and buyer competition rose driving up values again slowly. The rock bottom interest rates being offered have only fueled the fire.
Even though our market is active and strong showing potential for long term growth, residential property values are still relatively low compared to 2006 and 2007. Some homes lost as much as 50% of their value during the crash, and historically U.S. real estate only appreciates at 5% annually. Even in a very strong bull market, values will take a very long time to fully recover.
The market where you live may have a very different picture so it's important to find a well respected local market expert to evaluate the area you live in. In Miami for instance, there virtually was no crash and they've seen unprecedented growth throughout 2006, 2007, and 2008. The same can be said for San Francisco and several other exceptional markets. I recommend finding a highly rated Realtor? in your area using Zillow or Realtor.com and placing a phone call to them requesting a market report. Good luck and I hope you start getting some better answers!
Source: http://www.zillow.com/advice-thread/Is-the-housing-bust-over-leveled-or-still-declining/469276/
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