Real Estate Market Sales Data
Homes on and near
Fort Worth's Eagle Mountain Lake
The chart below depicts the median for sale vs. median sold price for the two zip codes, 76179 and 76020, that surround the Eagle Mountain Lake, Fort Worth Texas area for homes priced less than $500,000 through the period from July 2008 to July 2010. This applies to single family homes and includes waterfront properties and homes on acreage.
The median for sale price for the Eagle Mountain Lake area is down by 3% over a two year period yet the median price of sold properties for the same period is down by 11%. This results in an average decline in homeowner equity by 11% or 5 1/2 % per year. Probably some good advice for prospective sellers is to not to put off selling their home as this trend could continue for a year of more depending on both national and local economic conditions. For instance, a home valued at $200,000 today may be worth $190,000 or less at this same time next year.
Interestingly, the data seems to indicate that most sellers were slow to realize a decline in the market as the rate of decline of the median price of for sale properties is not keeping pace with the median price of sold properties. This is problematic for both realtor and seller. The realtor is challenged with convincing Mr. and Mrs. Seller of the current market realities in order that their offering price is in harmony with the actual market and that the home can be sold within a reasonable time frame (one that will optimize the actual sales price). The point at which many sellers realize their home has not sold within a desirable period and becomes resigned to reducing their price, the resulting reduction is often insufficient to achieve the desired effect (attracting the attention of potential buyers). This happens simply because actual sales prices in today's local housing market tends to adjust downward at a rate higher than a given seller is willing or able to accept (see the chart below). This is analogous to chasing a ball down hill! As we all know from the playground in our youth, it can sometimes prove difficult to catch.
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