Are you ready for the New Normal?
It’s been more than 6 years since the height of the Lake Mary real estate market, but we are all still thinking about what our homes used to be worth. The #1 question Lake Mary homeowners ask me is “When will 2006 values return?”.
I believe that Barclay’s and Fiserv are right on target… We’re looking at 10 long years before we’ll ever be near the values we once saw. I think one of the most difficult things to come to terms with is that the inflated appreciation that occurred over the course of 2004 and 2005 is gone. As we work through the short sales, foreclosures and shadow inventory and start to see a real estate recovery, we’ll see “normal” appreciation of 3 – 5% each year.
For homeowners that have been thinking about selling their Lake Mary Homes… It might be time to consider if you really want to stay in it for the long haul. There was a fundamental reset of home values, selling your home now or later won’t change what has already happened. If you have questions about your home’s current market value, get a free home valuation to find out where you stand.