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Are home values decreasing in your neighborhood? Here are 3 things you and your Realtor can do to answer this question: #1: Get to know the months of inventory in your neighborhood. A neighborhood with a high level of inventory is more likely to experience price pressure than a neighborhood with less. You can start your assessment by using these home and condo updates which track inventory by MLS location. Taking this a step further, you can ask your Realtor to calculate the months of inventory for your specific neighborhood. #2: Review the sales history in your neighborhood. Can you find any homes that sold in 2005, 2006 or 2007 and then sold again in 2008? If so, did these homes sell for more or less the second time around? #3: Review the inventory of active listings in your area. Were any of these homes purchased in the last three years? If so, is the current list price at or below the most recent purchase price?
A note about median price trends
Here's an important distinction about MLS median price trends: They measure the price that buyers are willing and able to pay when they make their purchase. They don't measure how prices for the same properties change over time.
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This information is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (danielmiller@kw.com) or Shawn at 608-212-5743 (shawnkriewaldt@kw.com). Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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