Asking-price decreases on local homes: $100k in 4 years
The typical asking price for a home in the Baltimore metro area is just under $232,000 these days, according to HousingTracker.net.
Four years ago? Just over $335,000.
Among pricier homes, the drop comes to $136,000 over the same stretch of years, to about $363,000. The price drop on less-expensive homes is $86,000, to just under $150,000.
Homes on the market now aren't necessarily close stand-ins for the ones offered to buyers four years ago, so there's always a question of apples vs. oranges -- but however you cut it, it's a notable change.
On a related note: The newest report from real estate site Trulia shows 35 percent of homes for sale in Baltimore City have had at least one asking-price reduction. That's up slightly from September. Average reduction: 12 percent.
It's not that no one's selling, of course. But all the recent talk about where things stand for homeowners in the mood to move has depressed Wonk reader Gina:
Mark, meanwhile, is looking to buy in the $500,000-plus range and says his experience is that asking prices still aren't appropriate.
"If I'm going to spend hundreds of thousands of dollars on a home, I will want it to be essentially move-in ready, updated and accurate for comps not just today but tomorrow as well," he wrote in a comment. "Looking for six months, I've seen one house sell. I've looked at over 80 homes - all with some 'problem' - either a bad kitchen, bad bathrooms, highway, bad floors, etc. which would require an additional influx of tens of thousands of dollars. Homes should be 'perfect' not projects, unless they are priced as projects."
Pinkie, who's looked in the $180,000 to $250,000 range, was similarly unimpressed by the offerings there."I decided to re-devote myself to my current home, stick it out longer, wait for the market to improve, and do some key projects in the meantime -- the heating, windows, floors, and indoor/outdoor paint," Pinkie wrote. "We won't get a dollar-for-dollar return on the investments but these are all components we need to stay in the home for any period and will help move the house once we're ready to sell. Fingers crossed!"