Reply to Rushern Baker's Proposal to take over PGCPS

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Reply to "Rushern Baker's Proposal to take over PGCPS"

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[quote=Anonymous]Of course it will be neighborhood specific.  Your older more established neighborhoods have people who likely bought their homes before the real estate bubble.  They can afford to sell now versus waiting for additional increase in the equity of their home.  Newer neighborhoods that were built DURING the bubble years are having a much harder time.  The builders in these areas exponentially increased the costs of the homes during the bubble and many hurt the equity by drastically reducing the prices at the burst of the housing market to get rid of their remaining lots.

It is not that there are not buyers for those homes, because these are great neighborhoods.  But if you purchased a home at the height of the market, the likelihood is that the value has not completely recovered from the levels back in 2006 and 2007.  For a buyer now, that is a dream.  And yes there would be multiple offers because you are getting a home that you likely would have been priced out of 6-7 years ago.

A good indicator is not whether you purchased an expensive home above average for the county today, it is whether you were able to purchase that home at a price that was close to its value during the height of the market.  That is how you can tell if we have recovered or not.

My neighbor recently sold their home and had multiple offers.  It doesn't change the fact that the sales prices was almost $150K less than the price I paid for my home during the housing bubble.  There have been numerous foreclosures that have impacted the housing prices and that is not my personal view, that statistically is correct that yes PG has had the highest number of foreclosures in the state.

I think if you are entering the market now you are in a great position to get an amazing home at a great price.  If you are a longtime homeowner you can sell with the comfort that you will not have to bring money to closing.  If you purchased in a new construction neighborhood at the height of the market, and if your neighborhood suffered a lot of foreclosures as a result of the crash, then you probably have not recovered your value.

And yes I do think additional residential construction would be detrimental to the area.  We do not need more residential homes.  We need to improve our tax base and to do that we need commercial investment into our county.  That should be the focus of the planning committees.   
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