Home Values
July 28, 2016 at 4:25 p.m.
By -
Lately I have been looking at the prices of homes in this area and for the life of me I can't understand why they are so low. Yes I said Low-Low-low!
The only explanation is that the banks are so conservative they keep the prices down and soft in our town. Case in point, a condo up off lake Wawasee is selling for $339,000. and a beautiful home much larger in Warsaw is listed at $131,000 now that makes no sense to me at all.
I asked my banker why and she said and I quote, "well people are paying that.” I doubt that all the homes up on the lakes are bought by cash. The banks are loaning those huge amounts and the sellers are getting their price. Why? Because the bankers feel those houses are more valuable than the homes in Warsaw.
We all are accepting their opinion of what the housing market is here, but they are wrong. We have a great city with awesome services the best schools money can buy with great teachers and low crime rates the list goes on and on.
If the prices go up to where they should be here in Warsaw people would do more to their homes to add value because they could get that investment back later down the road. However, if our homes are held down why would anyone want to add something that adds no value?
Our whole world economy runs on moods. The mood of the nation sets the stock market and prices in general. If people think things are going well they spend their money, prices go up and the whole machine runs faster and better.
Bankers remind me of the game monopoly, with the fat guy banker with a cigar in his hand and a scowl on his face and a look of “no-no-no that's not going to fly.”
I feel the local appraisers and bankers should get out of this town to see what the other cities have to offer and then maybe they would realize how much we have here and the real value of it.
Our local economy as well as the nation’s relies on home sales and market movement and that is all being held back by ultra conservative purse string holders. Until they stop playing Chicken Little, the economy will not improve.
We were all born to step up and take chances in life, so if you are reading this and thinking of doing something like buying a house or making a change in your life think twice, hold your nose and jump in or none of us will move forward.
Michael Alspaugh
Warsaw, via email[[In-content Ad]]
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Lately I have been looking at the prices of homes in this area and for the life of me I can't understand why they are so low. Yes I said Low-Low-low!
The only explanation is that the banks are so conservative they keep the prices down and soft in our town. Case in point, a condo up off lake Wawasee is selling for $339,000. and a beautiful home much larger in Warsaw is listed at $131,000 now that makes no sense to me at all.
I asked my banker why and she said and I quote, "well people are paying that.” I doubt that all the homes up on the lakes are bought by cash. The banks are loaning those huge amounts and the sellers are getting their price. Why? Because the bankers feel those houses are more valuable than the homes in Warsaw.
We all are accepting their opinion of what the housing market is here, but they are wrong. We have a great city with awesome services the best schools money can buy with great teachers and low crime rates the list goes on and on.
If the prices go up to where they should be here in Warsaw people would do more to their homes to add value because they could get that investment back later down the road. However, if our homes are held down why would anyone want to add something that adds no value?
Our whole world economy runs on moods. The mood of the nation sets the stock market and prices in general. If people think things are going well they spend their money, prices go up and the whole machine runs faster and better.
Bankers remind me of the game monopoly, with the fat guy banker with a cigar in his hand and a scowl on his face and a look of “no-no-no that's not going to fly.”
I feel the local appraisers and bankers should get out of this town to see what the other cities have to offer and then maybe they would realize how much we have here and the real value of it.
Our local economy as well as the nation’s relies on home sales and market movement and that is all being held back by ultra conservative purse string holders. Until they stop playing Chicken Little, the economy will not improve.
We were all born to step up and take chances in life, so if you are reading this and thinking of doing something like buying a house or making a change in your life think twice, hold your nose and jump in or none of us will move forward.
Michael Alspaugh
Warsaw, via email[[In-content Ad]]
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