http://www.denhamspringsappraisers.com/ – Denham Springs Housing Trends: Plantation Park Update 2011: Increasing, Declining or Remaining Steady? Since the Federal Tax Credit Expiration in May 2010, the number of home sales has declined considerably. And, the number of foreclosures has also increased. With fewer sales and more foreclosures, this increases the percentage of the number of sales as foreclosures.
This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision.
A recent home appraisal in and analysis of Plantation Park revealed this interesting finding. From 2009 through 2011 Year-To-Date, the median sales price declined from $110,000 to $95,500 to $82,125 based on 2 sales into 2011. Again, this is only based on 2 sales in the first 4.5 months of 2011. However, in 2009 and 2010, there were 9 total sales in each year. With only two (2) sales into 2011, it appears home sales are slowing.
FORECLOSURES. One statement I made in my report was this, “YES, REOs are a factor in this market as Plantation Park Subdivision has a history of REO Activity. According to GBRMLS, there have been “4” REOs in Plantation Park since 1/2010. AND, there are 4 REOs currently listed in there.”
THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a major correction.
NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to May 18, 2011. This information was extracted on 5/18/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!
Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.
Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).
Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638