Property Dudes

What is your opinion?  Do you think property values have declined in Cole County in the last year? 

Jefferson City MLS statistics show that Cole County's average sale price is now $134,332.  We have a list to sell ratio of 94% (meaning that of all homes that were listed in Cole County and sold from 01-01-07 to 02-08-08 the sellers received 94% of their list price)

Existing home sales for the US is down 23.2% over last year according to the National Association of Realtors (NAR).  The US Average sales price is down 4.9% with the midwest being down 3.5% according to the National Association of Realtors (NAR) Cole County's average sales price is down 6% according to the Jefferson City MLS.

Please tell us what you and your friends and family have experienced with recent home sales.

Does all the news about the "Sub-Prime Mortgage Meltdown" have you worried? 

What is a "sub-prime mortgage" anyway?  A sub-prime mortgage is a home loan made to a borrower with less than perfect credit and usually the loan is for nearly 100% of the home's value.  Some of these loans were adjustable-rate mortgages (ARMs), which means the interest rate can adjust up or down.  Some consumers were "squeezed" by higher interest rates - and therefore higher payments - and then sales prices of homes began to fall, which meant they owed more on their home than their home is worth.

Do you know anyone in a mortgage crisis right now?  Please share your story.