Home Values Down In West TN
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Property value of Jackson homes were down nearly 20 percent in 2011, according to local realtors. “In 2011 we saw a slight decrease in the number of sales and in the median prices,” said Remax broker Jodie Parish. According to Remax, the median prices for homes was just a little more than $111,000 in 2010. In 2011, that number dropped to about $102,000. In both years, realtors with Remax report selling the same number of homes. “Truly home prices have declined a good bit,” said Union University Economics Professor Walt Padelford. “I think its a good market for people that are renting and interested in buying,” said Padelford. But those willing to buy could face more obstacles when it comes to financing. “Well banks have tightened up on their standards so much requiring a certain amount or certain percentage of the house to be paid down,” said Padelford. Parish said, “It’s just been a little harder for people to get their financing with interest rates at 3.75%. I feel like its going to pick back up again in 2012.” The low interest rate keeps realtors like Parish optimistic about the market turning around.
