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westsidebubble
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 Posted: Mon Oct 23, 2006 3:43 pm GMT Post subject: Sep 06 SFH median price down 1.5% from Sep 2004 |
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Sep 06 SFH median price ($341K) down 1.5% from Sep 2004 ($346K).
If you purchased a Single family house in the last two years and need to sell now, you are probably looking at losing what little equity you have. Those that purchased with no $ down, or just 5-10% down are likely looking at negative equity.
When you take inflation into consideration, a 2004 Real Estate investment is looking pretty bad.
On the bright side, the condo market seems to be holding steady. I would guess that this is because condos tend to be relatively high-end renovations these days, whereas SFH in MA are not generally new construction. |
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admin
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Location: Greater Boston
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| Posted: Mon Oct 23, 2006 4:28 pm GMT Post subject: |
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| Quote: | | On the bright side, the condo market seems to be holding steady. I would guess that this is because condos tend to be relatively high-end renovations these days, whereas SFH in MA are not generally new construction. |
Or it could be that single family homes are more expensive and consequently further out of reach as interest rates return to normal. People can still stretch to buy condos. So it may be that the decline started when people couldn't pay the prices anymore, but at some point I would expect the herd psychology to progress to where people no longer want to pay the prices regardless of whether they can or not. That would explain a lag between the single family home market and the condo market if things actually play out that way (and I don't necessarily know that they will). It would seem that at some point, prices for both markets will need to come back in line with area incomes and rents.
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