CNN Money posted a report on the projected home value changes over the next 18 months. The news for all of Ohio is about the same; CNN Money thinks we will lose about 5% of our home value across the state in 2008 and that the market will stabilize with less than 1% value loss in 2009.

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What this mean to the average house hunter is that if you are looking to move up market, this is the time to do it! The numbers support this idea and here is an example:

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You are moving from your $150,000 house to a $250,000 house. That is a $100,000 jump. If you sell for 5% less ($142,500) and buy for 5% less ($237,500) you have a $95,000 jump. With the same houses, you will have a $5,000 savings by moving up in a down market. Further savings come into play when property taxes are assessed at the 5% lower price.