According to two local Realtors, the average three decker in fall River has dropped more than $125,000 in two years and the prediction is that you will be able to cut another $25,000 to that price.
Statistically speaking, Fall River's real estate value has dropped 10 percent between September 07 and November 08. With more than 310 homes on the market of which 161 in foreclosure and a rental vacancy rate of 7 percent, real estate is a wild card right now.
Let's face it, while the banks are being bailed out they are the most responsible for the situation. Why, the flooding of the market with foreclosed homes, destroyed the market's value. And while they get a financial easy button, home owners are getting a shaft.
Meanwhile realtors, real estate lawyers and other periphery professions rot on the real estate vine. And average price of a fall river home keeps falling. From 225,000 in Nov. 2007 to $175,933 in Nov. 2008
It has reached a point where more than a few companies would rather not do business with some local realtors unless they pay cash up front. OH but back to the home owner and investors stuck with hand grenade homes stuck to the fingers.
The situation has left more than a few homeowners looking to cut out realtors to garner anything close to a profit. Some owners feel that with so many homes on the market, that the realtors are overloaded and underrepresented by buyers.
Let's take a look around the suburbs to put the picture in context:
There are 160 homes on the market including 15 in foreclosure in Tiverton
In Swansea there are 80 homes on the market with 16 in foreclosure. The average price drop i Swansea has been 8 percent, just under $206,000 for avg. price.
Somerset has 55 homes on the market with 22 foreclosures listed in 2008. Average price hovers at about $220,000
Which brings us back to Fall River and some of the deals out there.
Take a home on Rodman Street which just came onto the market- technically. It is being owner offered, a two family which was gutted and has two new baths, kitchens with granite tops, all new electric, all new heat and two garages. The asking price? $169,000.
A three family in the north end is under agreement for $89,000. While that property was in tough condition, From Lincoln to Rodman, owner sold homes are not counted on most of the mls listings. So the true number of homes for sale is really unknown.
The only good news for Fall River is that at least it is not Taunton which has sen more than a 20 percent drop in home values in the past year. The average home in Taunton is selling for $8,000 less than a home in Fall River. So there
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