Home values at record low - WALB.com, South Georgia News, Weather, Sports

Home values at record low

By Delivrine Registre - bio | email

October 29, 2008

ALBANY, GA (WALB) - Donald Johnson has been trying to sell his home for the past two-and-half years. "I have sold it a couple of times, but people couldn't come up with the money. So we still got it on the market."

And he never thought selling his home would become such a challenge."It's over 2,000 square feet. It's two bedrooms possibly three," said Johnson. "This is a good neighborhood. If you look around, there are a lot of houses for sell now, but no I never expected it take this long."

Johnson has even had to drop the selling price several times to keep up with all of the new competition. "I've probably reduced the price four times already. We started with $155,000 which was the market value. We've got it down to the lowest I can go which is $142,500."

This is a problem many homeowners face trying to sell. The U.S. Census Bureau reported that there are now nearly one million empty foreclosed homes on the market . This greatly effects home price trends since owners of vacant homes especially banks will slash their prices to get them sold.

And That pushes prices even lower. "For the Albany area, we have seen a little bit of an adjustment, but it is not as bad as we are seeing in other areas of the country," said Century 21 Town and Country Realty owner, Sal Giovingo.

"Now with the economy the way its going, I don't know if its going to go. I don't know if people can afford anything," said Johnson.

 Now all Johnson can do is wait. "My realtor said it is guaranteed to sale. We just have to wait it out, but maybe we will just have to wait another two years." And hope a buyer will finally take his home off his hands.

Some economists say the market hasn't hit bottom yet, and they predict more steep declines in home values.

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