Selling Gaston County: Four properties sell for more than $300,000

This is encouraging news to see this many properties selling. Less encouraging is the fact that my home is now worth 25-35% less in value than it was 2 years ago. Depressing..

Since January 1st, the average listing price in Gaston County was $157,513. The average listing price of houses that actually sold was $121,713 and the average sales price for those houses was $109,928 or roughly 95%. The average days on market was 103.

But were these values of the past realistic or exactly what happen to the rest of the country? At some point it has to level off or at least slow down.

I wonder how many of these were investments that people needed to get from under, people moving up, or people moving out? And I wonder how many of these sells were to people coming in from a market that was much higher in cost and thought they were getting a deal.

Harvey, from what I see in the Belmont area, if your house is under about $125,000 it's business as usual. If your house is over that price, there is no appreciation and the higher the price, the larger the percentage you will lose. Houses in the $250,000 range are going at big loses or just sitting there. I saw a relocation company sell a 2 year old $294,000 home in Southpoint Ridge the other day for $217,000!!! I saw a bank owned home that originally sold last year for $300,000 on the market for less than $250,000. There is a problem but sales have been good. Not because the economy is turning but because of the bargains. If your house was worth $250,000 or more last year, it probably has depreciated about 5-10%. If you are below $125,000, you are about even or made a small gain. This is a ballpark estimate. As we get closer to the expiration for the first time home owner $8000 tax credit in December, I expect things to surge and maybe a small increase in home values. I hope the panic to get the credit will cause a buying frenzy.

Irl Dixon wrote:

Harvey, from what I see in the Belmont area, if your house is under about $125,000 it's business as usual. If your house is over that price, there is no appreciation and the higher the price, the larger the percentage you will lose. Houses in the $250,000 range are going at big loses or just sitting there. I saw a relocation company sell a 2 year old $294,000 home in Southpoint Ridge the other day for $217,000!!! I saw a bank owned home that originally sold last year for $300,000 on the market for less than $250,000. There is a problem but sales have been good. Not because the economy is turning but because of the bargains. If your house was worth $250,000 or more last year, it probably has depreciated about 5-10%. If you are below $125,000, you are about even or made a small gain. This is a ballpark estimate. As we get closer to the expiration for the first time home owner $8000 tax credit in December, I expect things to surge and maybe a small increase in home values. I hope the panic to get the credit will cause a buying frenzy.

Thanks