Comments on: What’s Up with Decatur’s Real Estate Market?

By: decaturite16

decaturite16 — Wed, 10 Mar 2010 22:46:22 +0000

My Decatur condo went from $1.3 million to $315,000 in just six months on Zillow. I’d be crushed by my million-dollar loss, except that the property is appraised at about $240,000, so I’m actually $75,000 up. In other words, don’t take Zillow too seriously…

By: Nathan

Nathan — Tue, 09 Mar 2010 16:57:28 +0000

Can anyone summarize what was said here? I emailed them and got no reply. I learned about this event after it happened.

By: macarolina

macarolina — Fri, 05 Mar 2010 21:15:44 +0000

If you are a “new” homebuyer (ie haven’t owned a house in the last three years), the credit is as much as $8,000 (income limits). You may be eligible for a $6,500 credit if you meet income restricutions and have lived in your home for 5 of the last 8 years. Same deadlines as Moonmommy lists.

By: wooden_spoon

wooden_spoon — Fri, 05 Mar 2010 14:52:36 +0000

DEM, I think the reason this stratum is so high regarding days on the market, is that it is VERY effected by move-up buyers. Before the era of foreclosures, when a ~300k house was purchased, that owner would buy a more expensive house, and this would trickle up the chain. What has happened with foreclosures is that when a foreclosure is purchased (usually a ~200k-300k house), there is no owner to move up since the bank owns the property. This results in fewer move-up buyers.

In a weak market without foreclosures I don’t think these houses would be overpriced. I think this current statistic may be largely an artifact of the foreclosure phenomenon. I think that once the foreclosures slow, then this will have a huge positive ripple effect across the housing market.

But that’s just my 2c.

By: Moonmommy

Moonmommy — Thu, 04 Mar 2010 20:19:57 +0000

Thanks, Left Wing. That is great advice. I hope we have the same selling luck you did!