[quote=svelte]This took me 5 minutes to find. Model match sales on the same street
2007 – $575K
2009 – $440K
That almost a 25% haircut and I probably didn’t find homes that sold at the absolute top and absolute bottom so the max drop 2007-2009 probably approached 30% in that neighborhood.
[quote=sdrealtor]
Im not saying prices didnt go down, we all know they did. But the stats are heavily skewed by a changing mix that make it look far more sever than what actually happened on the streets.[/quote]
Home prices did drop drastically from 2007 to 2009 no matter how realtors want to spin it! I know talking about that will lose realtors a few home sales right now since prices are again at a peak, but San Diego has seen some drastic home value declines in the not-too-distant past. And prices will drop again! It may be in 3 years, 5 years, 10 years or more, but prices will certainly drop again at some point. A 30-40% drop is probably a once-in-a-lifetime event, but there will be other significant drops.
And the op on this thread was just dead wrong. Dead wrong.
[img_assist|nid=27518|title=Model Match 2007-2009 Price Decline|desc=|link=node|align=left|width=466|height=260][/quote]
Who would you rather be?
Buyer of house two weeks before market froze in august 2007 that saw it drop 25-30% over next 4 years, recover most of that by year 6 and now worth double what they paid for house they enjoyed with their family the last 15 years. And they refinance down to 2.75% so mortgage with insurance and taxes is now under $2k
Person that laughed at them from august 07 through 2011, expected even greater losses, thought 13 was dead cat bounce so didn’t buy during down turn. Bounced from rental to rental. Still in rental now paying $4k a month for a house like that.
Of course they could’ve timed things better but in the end even the guy that bought at worst possible time but held on is now much better off than permabear that never bought
And I don’t care what people do now. I’m not advocating one or the other. Just pointing out that in the long run which is what the OP was advocating things turned out rather well even for those with the worst timing as long as they held on
And at this point nothing will stop home sales for the foreseeable future. Lines out the door everywhere. I just sold one over $2m and while we were accepting the counter there were 3 more buyers that lost out trying to raise their bids. It’s astounding
