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Wednesday, February 27, 2013

Double digit housing price recovery in 2013 in hardest hit cities



 
The old saying the farther you fall the higher you bounce back (or something to that effect) has certainly proven to be true in the current housing recovery. The hardest hit cities, like Phoenix, Detroit and Atlanta saw double digit price recoveries near the end of 2012, according to the year-end Case-Shiller Report released by Standard and Poor’s.. Even though the increases have slowed in those cities at the start of 2013 they are still substantial and a couple mat still end up being in double digits for the first quarter of 2013. You can read the entire Standard and Poor’s Case-Shiller Report by clicking here.

 

Locally, We have seen fairly steady increases in the 6-8% range year-over-year, with some areas beating those rates in some months. Tight inventory continues to drive prices upward, while stubbornly conservative appraisals continue to apply a braking effect. Out local markets could easily drive into double digit territory were it not for the chilling effect of lower than asking price appraisals. The assessors have certainly jumped on the band wagon and are raising assessments in most areas as fast as they are allowed under the Headly Amendment cap.

 

What this means for local homeowners, who have been hunkered-down during the recession is that it’s tie to stick their heads out of the fox-hole and take a look at where their houses may be valued in today’s market. That’s especially true for people who have waited to move after retirement or after some other life-change or who need to move to seek new employment. Now’s the time to take action on those desires and get on with life. Call me and I’ll do a market analysis for your home. The analysis is free, but knowing that you can, in fact, afford to sell your house and move on might be priceless.

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