gn,
Thanks for the info, I didn’t even think about it but it makes sense now, people are basically max out on the loans to get bigger houses so the median price might not reflect the actual market price. Price per square foot should be a better indication of the market price but I am not sure if this information is available anywhere.
Recently I saw a house that was purchased for $660K in 2005 and was listed for $549K in March 2007. We were tempted to put in an offer of $530K but then we held back because we weren’t sure if the timing was right. It was really difficult not to pull the trigger because this attractive house was suddenly within my reach. Some body bought it but I am not sure how much they paid for it.
Hopefully we can wait for the market to bottom out in 2008.
Thanks,
Jimmy
