Regions With the Highest Drop in Home Prices

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Throughout the country, there have been varying degrees of success, and trouble, within the housing market. Some have certainly fared better than others, and while many are quick to blame the individuals states in which these regions lies as a part of the problem with their housing market, the answer is not always as clear cut as it may seem on the surface.

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Numbers don't lie

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The most recent report of home prices dropping in cities across the nation is eye opening for several regions, but it doesn't take into account the actual cost of other cities that have almost nowhere else to go with their home prices other than up. Take Detroit, for example, or any major city in the state of Michigan.

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Michigan has endured some of the worst economic conditions for more than a decade. The home values in Detroit alone had pretty much reached the lowest point they could possibly go last year. With this in mind, the latest numbers in home value declines don't mention one city from the entire state of Michigan.

While these numbers do not indicate true value from region to region, it does offer indicators of areas throughout the country that are either still facing major hurdles to recovery or are merely feeling the effects that other regions felt during the past few years.

The numbers

For example, Hanford, California had the highest drop in home prices last year, shedding 25.9% of home values. New York City shed 12.9% of its home prices while Miami, Florida dropped 22.5%. The following is a list of major cities and their reported drop in home prices, in order of the most significant drop to least:

Hanford, CA -25.9%
Miami, FL -22.5%
Ft. Lauderdale, FL -21.3%
West Palm Beach, FL -18.5%
Phoenix, AZ -18.5%
Las Vegas, NV -15.4%
Tampa, FL -13.8%
Pensacola, FL -13.6%
Gainesville, FL -13.4%
Suffolk, NY -13.4%
New York, NY -12.9%
Ocean City, NJ -11.8%
Bethesda, MD -11.8%
Deltona, FL -11.1%
Washington, DC -10.7%
Atlantic City, NJ -10.0%
Naples, FL -10.0%
Fort Walton Beach, FL -9.9%
Edison, NJ -9.8%
Minneapolis, MN -9.8%
Orlando, FL -9.0%
Prescott, AZ -8.6%
Los Angeles, CA -8.1%
Salisbury, MD -7.8%
Jacksonville, FL -7.5%

What to take away from these numbers

The numbers are sobering, more so for some regions. Florida has taken the brunt of the housing price collapse and continues to feel the pain of foreclosures and a depressed market. There are many factors that contribute to certain regions faring better, or worse, than others. Unemployment is certainly one of them, but if one is to look to Florida to try and understand what may be causing these drops in home prices, then it would be pertinent to look to Wall Street as well.

Many retirees move to Florida, and many of these retirees also had an enormous percentage of their retirement fund invested in 401k's and the Stock Market. When the recession hit, their savings -or more aptly, their investments- were significantly affected, which led to foreclosures and an exodus from the state.

At least that is one argument. Each state also has its own responsibility for the pressure it has placed on homeowners with continually increasing property taxes and fees. In Suffolk, NY, for example, the property taxes had reached a point in 2005 where many predicted that within ten years, more than half of all residents would be moving out to escape the property tax burden. The same holds true for New Jersey and other states as well.

Looking deep for the answer

The answer to why home prices continue to fall is debatable. Some will argue that the high prices were inflated and needed to come back to reality for many homebuyers. Others will argue that the pressure of foreclosures and unemployment in certain regions has an impact. The third, and perhaps reasonable assumption, is the basic premise of supply and demand.

Currently there are more homes on the market than buyers, which is inevitable going to drive prices down. Any attempt to artificially stimulate the housing market or inflate prices could have drastic consequences. The bottom will be reached and once it does, the value of homes will begin their march back up.

Patience is the key and while it can be difficult for some to stomach, it is the only real answer to surviving this tumultuous and trying time.

David

Regions With the Highest Drop in Home Prices

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FSBO - How to Determine Your Listing Price

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When you list your home for sale, a professional real estate agent will advise you on a listing price according to the market in the area that you live. If you are selling your home on your own, it may be a bit tricky to come with a realistic listing price to sell your home fast. When potential buyers are searching for homes, they will look in the price range that they know they can afford. Most of these home buyers are pre-qualified or pre-approved, and they have a clear notion of the type of home they can afford. In reality, buyers are the ones who determine a price in a particular area, depending on the condition of the market. A real estate agent may suggest an asking price to list the house, you set the price, but the buyers are the ones who determine the selling price.

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These days, buyers are more informed than in previous decades. With the advance of technology and computers, buyers educate themselves on the procedures of buying a home, they search for homes in the internet, and they come prepared with an idea in price. If you set your price too high for the current market, you will scare buyers away. They will not even bother to make you an offer since they think that you will not negotiate; they determine this due to the unrealistic price they see. On the other hand, when you price your home right, you will have many potential buyers wanting to look at your home. The right price generates the right amount of traffic. The right asking price will determine if you sell your property in a desirable time frame.

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There are many factors why sellers overprice a home. It may be the prime location, it could be that the seller needs to get out with some money in the pockets, but the market in the area is slow or down. It could also be that the seller is not well informed about real estate in the area, or has no knowledge of the basics of selling a home.

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Most activity occurs during the first month of putting a home for sale. If you overprice, you will be missing a good pool of buyers, and your home will get stale in the market. In addition, consider that the bank will do their own appraisal of the home, when lending money to buyers. If your home is overpriced, even if you have a buyer, the bank will only lend so much, and the buyer will have to come up with the rest - an unlikely scenario.

It is better for you to be a bit under the ideal price that overpriced. At least if you are under, you may get several offers and they could go up. If you are not sure of how to price your home, you can ask an agent for a free consultation. Most are happy to do it, even if you are not listing with them. An agent can only suggest a price according to the conditions of the market. Real estate agents do not set prices; you do, as a seller. You can also see what homes are selling for in your area, and use comparable homes to set a price. In an unstable market, like the present one, this is a bit hard to determine since prices are all over the place. You may need to consult a professional real estate agent for advice.

FSBO - How to Determine Your Listing Price

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Relocate with Ease

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Are you thinking of relocating to a new city? Maybe you've been transferred at work, starting a new degree or maybe you're just looking for a change of scenery. Although it's not an easy decision, relocating can be an exciting opportunity for a fresh start and a chance to expand your horizons. With a little research and some effort on your part, you can begin your new life with confidence.

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Begin by researching your new area online. A basic search online should turn up lots of information, and you can get more specific as you hunt for detailed information. You may find useful tourist-focused sites that will give a general overview of your new location. Subscribe to the local newspaper for a few months before you move - it should help you get a feeling for local politics, organizations and cultural activities.

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Find a realtor - they may be able to useful provide a relocation package. Talk to you realtor about what you're looking for in your new home. You should have a fairly good idea of your price range, and what kind of home you want (i.e. square footage, lot size, number of bedrooms, etc.). Check out some listings online, but don't get too attached to anything before you visit the new community. Get pre-approved for a mortgage so you know exactly where you stand financially and you're ready to make an offer when you find the right place.

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When you first arrive focus your efforts on getting to know the area. Drive around, sample local eateries, visit parks and recreational areas. Where will you be working? Is there a particular school you want to send your kids to? Visit the neighborhoods near these places and get a feel for the atmosphere and amenities. This is important, because a seemingly perfect house won't be perfect if you choose the wrong neighborhood.

Once you've settled on an area, your realtor will be able to filter the listings based on the criteria that you provided him/her before arriving and you can then get on with finding the right property for your needs.

Remember, relocating to the new area will be emotional. Expect some stress and find productive ways to work it out - visit the gym, keep a journal, etc. Stay in regular contact with friends and family back home - having a support network to talk to will help you transition better.

Begin building a social network in your new town. When you notify your friends and acquaintances of the move and your new address, ask them if they've ever visited your new location, or if they know anyone in the area. They may be able to give you the numbers/email addresses of contacts or suggestions of things they've enjoyed in the area.

If you are involved with an organization, group or church in your current town check to see if they have an affiliated group in your new location. When you arrive, take a class, join a club or volunteer. Remember to give your self time to adjust - it may take a while to feel comfortable in your new surrounding. Don't give up too soon!

Don't be shy about inviting people to spend time with you. Ask new acquaintances to play a round of golf go to the lake or see a movie. Introduce yourself to your new neighbors and invite them for coffee. Host a monthly dinner party or potluck. Find a doctor, dentist, vet and other professionals. Ask for suggestions from your new acquaintances. Soon you'll find yourself so immersed in your new community that you won't remember when it didn't feel like home!

Relocate with Ease

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Colorado Springs Horse Property

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Colorado Springs offers endless possibilities to own your dream horse property. Throughout the city, there are many great horse properties, ranging from small one-acre lots to hundreds or even thousands of acres.

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Colorado Springs horse properties include horse ranches, equestrian farms, and homes. Equestrian farms are ideal for breeding and training horses. Horse ranches are especially suited for sportive buyers. For those who prefer a rural lifestyle, there are a fine number of horse properties in the majestic countryside. These properties - with abundant land and great views - are truly an escape from the fast-paced city life. You can also find some outstanding horse properties inside the city. Some of the Colorado Springs horse properties are available for rent or lease.

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The horse properties are provided with tack stalls, wash stalls, separate indoor hay/feed storage room, and water feeder facilities. Productive hay meadows, large pastures, paddocks, and horse riding areas are also included. Some of the Colorado Springs horse properties even feature elegant country homes with loft and integrated lock-off apartment for the ranch manager; this can be used for home business as well.

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A couple of things should be kept in mind while purchasing Colorado Springs horse property. As the area boasts a semi-arid climate, the horse properties must have a good supply of water. Check whether the horse property is large enough to support the number of horses you have. Other critical factors to be considered are the size of stalls and the arenas, access to trail system, and the water source.

Today, the horse property real estate market in Colorado Springs is continuously on the rise. There are many professional real estate agents who represent clients in the purchase and sales of horse properties. Edge Real Estate, Colorado Rocky Mountain real estate, and Durango Colorado Real Estate can assist you in finding the ideal horse property in Colorado Springs.

Colorado Springs Horse Property

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7 Things You Need to Know Before Going to Denver Foreclosures For Sale

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Facts you need to consider before you attend Denver foreclosures for sale at an auction, there are some facts you need to be aware of.

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1. Find out all the information you can about the property before you bid. You can search the internet at sites such bank foreclosures sale. At web sites like this one, you may be able to find all sorts of pertinent details about the property that would be good to know. Another good web site for the Denver area is realty trac. With a free trial at this site, you can find all the numbers relating to information on the property at your fingertips. Much, much data is available for your perusal and to help in your decision-making process.

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2. Visit the County Clerk's and County Tax Assessor's office to glean information about the property that their record books show. Try to get an estimated value of what the property is worth by comparing it to other similar properties in the neighborhood.

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3. Find a good local realtor and ask to see information on Denver foreclosures for sale. There should be a list containing a multitude of choices, and you can choose the best property available for your needs and investment purposes.

4. Physically visit the property site to try to ascertain the shape and condition the property is in so that you will know how much repair work, if any, will need to be done to the property.

5. Before you make a bid on a foreclosed home, know that you will be expected to pay, in cash or cashier's check, that same day, the full price you bid on the property if you are the winner. In addition, the recording fee is separate and is generally in the .00 range. There is generally an associated auction fee.

6. Talk to a local title search company and see what information they can provide. Determine how many names are actually on the title to the property.

7. Get a legal land description of the property and, when you are visiting the county government offices to find all the information you can, ask if any parcels of the land have been sold from the original deed. If portions of property have been sold separately, they will not be included in your purchase.

Denver foreclosures for sale can offer a great deal as a new home for you, or investment property to add to your financial portfolio. As long as you arm yourself with as much knowledge about the particular situation involving the property you are interested in, you should be able to become a happy Denver homeowner.

7 Things You Need to Know Before Going to Denver Foreclosures For Sale

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What Is the Current Housing Price Trend?

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The recent housing price trend is the changing part of landed property. As more changes take place in the market of real estate the more the housing price trend is getting affected. The sector of property has undergone a transformation in recent times. Be it retail, commercial or residential properties, gossips and reports are widespread that the market is going to crash. There is also an awareness of the market of real estate of working on a moderate scale in its upsurge and development, simultaneously. This is highly obvious through many financial indicators such as falling dollar, stable rates, change in the trends of demography and enlargement of the stock market.

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The US is witnessing an increase in the number of immigrants nowadays. This plays a very important role in the market of real estate or in other words, housing price trend. Due to the increase of the immigrants there is an escalation in the demand for possession of houses at high rates. It is estimated that immigrants made up nearly 30% of the market share last year. The most vital part of the prediction is purchase power. It is estimated that 1.5 trillion dollars would be under the total purchase power.

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You also have to keep in mind that there would be frontage for approximately 55% to 60% of first time buyers of homes. It is also seen that first time buyers of homes are aware of the position of the market when they are investing in a house. The current housing price trend shows a change in the attitude as people are getting more careful when it comes to the assessments of their purchase. To keep pace, brokers and representatives dealing in real estate have to take the approach of financial planners. The traditional attitude of real estate will not work any longer. Without doubt, the appeal will be more professional, institutional and universal. Condensed response and complete knowledge will help them to survive or else they have no hope.

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What Is the Current Housing Price Trend?

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Four Cities That Could Be The Best Places To Buy A Foreclosure

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Congratulations on deciding to purchase a foreclosed home. You made the right choice indeed since foreclosed properties are a lot cheaper than traditional homes for sale or those that have to go through real estate agents. Now, the only thing left for you to do is to determine the best possible location for your future home.

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San Francisco, California

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Many real estate market analysts agree that San Francisco is one of the best places to invest in bank owned homes. Foreclosure discounts are quite impressive and the prices of home are considerably cheaper compared to what they used to be.

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Aside from property-related benefits, you also have to consider the perks that comes living in a city like San Francisco. You get to enjoy one of the best and sunniest weather in the United States. You also get to have the best of both worlds: natural landscapes that are to die for and the most famous manmade attractions. Living in San Francisco will place you in proximity to the world's most famous celebrities while at the same time granting you easier access to some of the most impressive natural attractions like the Old Faithful, Death Valley, and the redwoods of California.

Kansas, Missouri

No place is like home, as Dorothy says, and Kansas may just be home for you as well if foreclosure properties are what you are looking for. More importantly, you should consider living in Overland Park, a beautiful suburb in Kansas that boasts of some of the best schooling choices in the country. The town also has a 300-acre botanical garden and arboretum to show off as well as a 12-field soccer complex for sports-mad fans. There is also a biweekly farmer's market to enjoy.

Employment rate is also lower than the national average in this particular Kansas town. Even though Sprint, its largest employer, has laid off thousands of employees in recent years, the city is nevertheless able to rebound with new employers continuing to come in.

Denver, Colorado

If you are sick of all the hustle and bustle of city living, then perhaps it is time to move to a quieter place like Denver, Colorado. This city offers the best of both worlds, with its expansive open space and natural surroundings. If you buy one of the foreclosed homes away from the city, you can enjoy all the privacy and quiet you need.

More importantly, consider searching for foreclosure homes in the town of Fort Collins, which boasts of two unique sources of recreation: beer and bikers. But don't worry, bikers here mean cyclists, and Fort Collins is indeed a cyclist's paradise with its numerous cycling trails. As for beer, in recent years Fort Collins has become a mecca for brewers, with the likes of Fat Tire maker New Belgium Brewery moving in and other competitors following suit.
Phoenix, Arizona

Lastly, real estate experts believe that there is much to enjoy when purchasing a foreclosed home in Phoenix, Arizona. Although its weather may take some getting used to, you will eventually get used to the perpetually bright sun and may even find it comforting at some point in the future. Prices at are an all-time low for housing and especially in Gilbert, a small city that is just half an hour away from downtown Phoenix.

Four Cities That Could Be The Best Places To Buy A Foreclosure

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