Case Shiller Housing Report paints Gloomy Picture of Falling Home Prices

Posted on April 1, 2009
Filed Under Foreclosures, Short Sales | Leave a Comment

Case Shiller Home Price Index is a leading information source for what is going on in the housing market.  The January report shows that sales prices across the nation continue to decline.

While the low interest rates and low prices are  bringing many buyers to the market in search of bargain prices there appears to still be more downside for home sellers.

What does that mean to real estate agents?  I means they will need to price their listings below the current market value. Since it could take 2 -3 months for a short sale approval it would be wise to determine the month over month decline percentage in your area and multiply that by let’s say 3 months..So, if your area is declining at 12% a year you may want to reduce your list price by 3% from recent comps.

This, of course, is not an exact science but it is a start in the right direction.

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