Princeton Real Estate And Real Estate Around The Country
What is the risk of real estate prices in Princeton,
as well as homes in Montgomery, West Windsor and other surrounding
towns, going down in the next several years? I am not exaggerating when
I say this is the question everyone asks me these days, even people who
are not planning to buy or sell their home in the near future. My
answer usually includes words to the effect of not having a crystal
ball, accompanied by the description of exactly what has already
happened in Princeton real estate and why. For some areas in the
country there are companies that measure risk of future real estate
price declines.
PMI Mortgage Insurance
Company ranks the nations 50 largest metropolitan statistical areas
(MSA) according to the likelihood the home prices will be lower in two
years. They recently released their report for the Summer 2008. The
positive news in what their index shows is that the risk declined in
approximately 86% of the 381 MSAs tracked. The negative news is that
the risk continues to intensify in areas with previous fast increases
of home prices:
" In general, risk continued to intensify in
many of the MSAs where home price growth had significantly exceeded
historical norms during the housing boom, but continued to decline in
many other areas across the country." Of the 50 MSAs, 15 in the two
highest risk categories were in California, Florida, Nevada, and
Arizona.
The PMI report shows the highest risk of future price declines in:
- Riverside-San Bernardino-Ontario, CA (95.5)
- Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (92.2),
- West Palm Beach-Boca Raton-Boynton Beach, FL (91.9)
The areas with the lowest risk of price declines are each at less than a 1 percent chance:
- Fort Worth-Arlington, TX,
- Dallas-Plano-Irving, TX
- Pittsburgh, PA
The index takes into
account many factors including affordability, home price appreciation
and unemployment, which rose across all MSAs on average of 5.37%. The
East coast has seen some of the larger unemployment increases, with the
Edison-New Brunswick(one of the few New Jersey towns tracked)
increasing 1.17%, this being the 4-th highest increase in this region.
Princeton
real estate, Montgomery, and West Windsor are not included in this
index, so no such statistical data is available for us to analise.
Helping my clients understand local real estate often boils down to understanding the market on the level of the specific neighborhood, housing development, particular price range and even a specific house.
Why Some Princeton Houses Sell Quickly
Montgomery Township NJ Real Estate Market Report - June & Six Months 2008
Princeton NJ Mercer County Real Estate Market Housing Report -Second Quarter 2008
How To Buy And Sell Your Princeton Home Like A Pro
Faina Sechzer does not guarantee or is in any way responsible for
accuracy of the information on this site, and provides said information
without warranties of any kind, either expressed or implied. Every
consumer is urged to perform their own research and analysis.
Copyright
©2008 Faina Sechzer All rights reserved. This information cannot be
copied, reproduced, transmitted, distributed, displayed or published
Like what you are reading here? Then let us email you with all our new content.
Realtor Secrets
Home Not Selling?
Leave a comment »
Posted in 