Buy a House in 2003? It’s Still Worth Less Now Than it Was Then …

According to a recent infographic produced by 29Doors and Turbo Metrics, Ohio is one of only four states in the Union where home values have not surpassed the 2003 sales levels.

If you paid $200,000 for a home in Ohio in 2003 then the average Ohio home would be worth $197,520.

The five slowest recovery states in America:

  1. Michigan, -17.04%
  2. Nevada, -13.96%
  3. Georgia, -4.1%
  4. Ohio, -1.24%
  5. Minnesota, +4.42%

On the flip-side the five fastest recovering states were:

  1. Hawaii, +63.64%
  2. North Dakota, 60.63%
  3. Alaska, +48.22%
  4. Vermont, +46.98%
  5. Virginia, +38.58%

However, the fastest growing region in the United States is the District of Columbia which has seen a whopping 74.07% price growth since 2003.

As a Realtor and life-long Ohio resident I’d rather be on the first list than the latter, yep, I’ve done gone and lost my marbles…

(Infographic and more story by clicking more)

Infographic on Home Price Appreciation by State courtesy of 29Doors and TurboMetrix.

Infographic showing the Home Price Appreciation by State as the Great Recession began to lift. Ohio has not fared well based on this information courtesy of 29Doors and TurboMetrix.

This means I shouldn’t buy a house, right?

Well, not really. If you are a long-time reader of Delaware Ohio Real Estate & Events then this information shouldn’t surprise you and here’s why …

  • Long-time readers know my thoughts on using your home as an investment. Never, ever, do it. This is your home. It’s like borrowing money from your best friend. Once you do it the relationship changes, you feel indebted to the friend and will do anything to get rid of the feeling and that leads to making bad decisions and bad decisions lead to further debt and when that debt is secured by your house … you get foreclosed upon.
  • Ohio doesn’t appreciate like some of the other areas have been known too. Which is perfectly fine with me. Maybe this is “Midwestern” of me to say, but I like having some safe investments. Those “bubbles” can sometimes burst and the water just decides to go somewhere else and suddenly it’s left reeling. Look at Nevada where over the course of five-years they nearly lost 50% of the value on their homes. That $200,000 house you bought and have been paying $2,000 a month for for the past 5 years is now worth just over $102,000.

So why did I post this “negative” news the same day that all the other REALTORS are spouting about amazing housing reports and such? Because I believe that a strong housing market is great for the economy. Telling people we have a great housing economy, when the numbers aren’t totally backing it up … that’s a different story all together.

 

All information on this site is deemed reliable and accurate as of date of posting but is not guaranteed. Information provided on this site is not to be used to make a final decision please contact your tax professional, attorney, inspector, or REALTOR for your specific situations.