Home sellers asking for less
In the category of lowered expectations: HousingTracker.net reports that Baltimore metro area sellers with homes on the multiple-listing service are asking about 8 percent less than they were a year ago.
That's for the median-priced house -- the one in the middle. The median was $299,500 as of yesterday, down from about $325,000 last December.
Owners of cheaper homes -- the ones priced at the 25th percentile -- are asking about 10 percent less than they were a year ago. So are owners of more expensive homes, HousingTracker's numbers suggest.
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Comments
I'm glad to see the prices come down a bit. The ridiculous over-inflated prices compared to average income is what has kept me from moving back home. Another 30% correction and I could probably consider it.
Posted by: DaninUT | December 4, 2007 9:54 PM
I agree with DaninUT.
Constantly rising home prices are in reality bad news for all concerned. Even if you sell a home and want to stay in the area, you have to purchase a similarly massively overpriced (realative to income) property. In the end result, all that happens is that you pay more in property taxes.
This is also good news for the next generation, prices have to correct relative to the market or the children now 10 and under would not be able to buy a house until they are in their 40's. Wages certainly have not risen anywhere near the rate that real property has in this area.
Todays' children are facing a daunting enough task for the future in likely being saddled with large educational debt, having a median home price 4 times the median salary is a cruel legacy to leave the next generation.
A 30% correction seems about right. I'd like to see more, but 30% would help enormously.
Posted by: Long view | December 5, 2007 1:11 PM