No matter how many times I try to hammer home that nationwide figures are misleading, I still get questions when articles like this are released: U.S. homes lose $2 trillion in value in ’08.
The fact is that there is nothing about national statistics that is applicable to the value of your individual home in its market at a given time. Statements like “home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007,” does not mean that your home has lost 8.4% of its value and this is an important distinction.
Calculating nationwide equity loss is an exercise in mathematics not real estate evaluation.
So if you are in the market to sell your home, I recommend you meet with a qualified real estate professional who can explain to you how your local market conditions are affecting deals in your area rather than looking to the national media for advice.
If you would like to view our current MarketWATCH Reports for Santa Clara and San Mateo County real estate, please visit SanMateoHomesInfo.com and click on the “MarketWATCH” button for an immediate download.
Other Posts You May Enjoy
- Holiday Home Sales
- San Mateo Home Owners Living in a Bubble?
- You Can’t Time the Market
- Is It Really the End?
- Fannie and Freddie Chaos
If you have enjoyed LivingWellinSanMateo – san mateo county real estate, please subscribe to our RSS feed.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
