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What is average home value drops over the past 2 years on older homes

We have an older home that has not been updated, but is in good condition except for nneeding a new roof, paint job and possibly taking up carpet and revealing Oak flooring.  The home is a brick ranch with 3 bdr. 2 bath, formal LR,DR and an in-law appartment attached to the sunroom.. It has been on the market for 5 years. It sits on 4 1/2 acres.  What is average drop in home values over the last 2 years 
  • April 11 2011 - Toccoa
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Answers (1)

It depends a lot on the neighborhood, but in the smaller towns like Toccoa, values on older homes have been falling ~5%/year since 2008.  This is mostly due to the large number of low priced, distressed homes on the market.

If its been on the market for 5 years, it might be time to consider adding a new roof, painting the house, and/or dropping the price significantly.

What kind of traffic have you been getting?

Are you working with an agent?  If not, it might be good to consult a couple for ideas to get your property better visibility.

Best of luck-
  • May 03 2011
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