Listen to what Bugs said. He is an appraiser and knows what he’s talking about. If you don’t have any recent comps in your neighborhood, you can do a lot of research into what nearby, comparable houses have been selling for (Not listing for and sitting) or you can hire a competent appraiser and find out the true, present market value (which is going to get lower, the longer you wait). There are lots of sellers who want to sell but don’t have to sell at this time and many think that they can just ride out the storm for a couple of years and then values will jump back to 2005 values…………………They would be wrong! It’s going to be a minimum of 10 years before there’s going to be any possibility of returning to 2005 values. I think it’s closer to 15+ years.
Good luck!
