Posts Tagged ‘condo’
Being a homeowner in the Washington, DC area as of 2004, this article has me concerned. The article is only eight sentences long, but tells the recent history of the housing market succinctly in ~20 graphs of the year over year % change of home prices in twenty major cities. Houses in the Washington, DC area between the years of 2001 and 2004 were increasing at a rate of about 10-15% per year, and spiked around 26%, but in 2006-2007 have showed a major dip down to -5%. From this chart, they expect DC prices to drop another 4.2% in 2008 over 2007 prices. Ouch.
A couple years ago, I agreed with most people in the area: There would be no bubble bursting for the DC housing market, but the twenty graphs for cities all over the country beg to differ. You can look at this situation two ways: 1) With all the prices in the area dropping and the slowing of the market, this can be a great time to buy or 2) If you want to sell your house, you might have lost some equity in the last two years, so if you can’t afford that, you might have to hunker down and hold onto your property until the market recovers. With the current trends, who knows – it could be 2-5 years until the prices turn around. The results are disturbing in that all but one city (Charlotte) is on the decline. Kudos to a couple of my friends that decided to jump ship from the DC area, and buy places in Charlotte. I knew it’d be a hot market, but compared to DC, what the heck are you going to do when you’re in Charlotte?
I’m lucky enough to have decent equity built up in my house so I can sit around for a little while but I’m always on the lookout for my next potential home. This set of graphs really spells out the US housing situation, and for a numbers and metrics guy like me, less words and more graphs make it all the easier to understand. My only complaint is that the chart should have a standardized y-axis so that each city’s line is relative and easily comparable. This is data presentation 101. Otherwise, to the untrained eye, someone might not see the benefit of buying in 2001 and selling in 2005 in DC vs. Charlotte. (For a $200k house, an increase of ~140k vs. only ~21k in DC and Charlotte, respectively). What to do, what to do…only time will tell.
Yes, it is almost complete and ready to move into. My place hasn’t sold yet, so tell anyone that wants a nice 2BR/1BA condo about mine! From the last time I saw my new place, they’ve installed the bathroom vanity, hardwood floors, countertops, and some some of the appliances are in as well. Check out the Flickr photoset now with a few more pics. The picture above is from the lobby.