Home Prices Slide Further
According to the National Association of Realtors, the average price of homes has taken a turn for the worse, in light of interest rate fluctuation and a freeze on the home buying market in general, owing to a weak economy.
This is now the second fiscal quarter in a row where home prices have not met expectations, and in fact, have actually fallen below the expectations for housing cost. One of the regions most effected by the home price slide is actually by me - Ohio. Columbus OH to be more specific, where it is actually a buyer’s market due to record low housing costs. In other words, you might be getting a steal in many Ohio metropolitan areas, or more money for your buck than you’d normally get.
Why the decline in price? Simply put, there are just more sellers on the market than home buyers right now, making it a soft market for home sellers.
Even home contractors and builders are feeling the squeeze, with their profits and sales falling by the minute. Heck, a perfect example is Ryan homes, who offered us a steal on a house that “retails” for over $300,000. They wanted to waive the points on the loan, as well as give us free add ons, after we declined to buy in July. This shows the stress the home market is feeling now.
