[quote=sdcellar]AN– Are you sure you’re looking at all the comps? As I recall, it should be a lot easier to find comps in your neighborhood, even from 10 years ago. The $350 seems like a little bit of an outlier.[/quote]
I can only find 1 house with my floor plan, 6 houses away on the same side of the street as mine sold in August of 2001. I’ve looked at other streets but there weren’t that many sold in 2000-2001. Those that sold between those 2 years sold for around that price as well. I found some that are 10% smaller than my house sold for about 10% less than the comp I used in 2001 as well. That same floor plan sell for around 10% less today. So I don’t think the comp I use is an outlier.
One house on the same street as mine and on the same side of the street with the same floor plan sold for 10% more in 2003 than my house. One comp in 2002 sold for 5% more than the 2001 comp I used. I found a couple comps in 1999 for ~25% less than the 2001 comp. So, it seems like there’s a big price jump between late 90s and early 2000s in my development. I don’t know why there’s a big jump around that time. But it doesn’t look like price rises linearly through the years.
Looking further back, I found comps (same floor plan) that were sold in late 80s/early 90s for ~10% less than the late 90s comps. So, between 1990-2001, price went up ~50%. I don’t have data of rates in 1990, but in 1992, rate was ~high 8%. I know people who bought houses in late 80s and they told me their rate was ~12-13%. So, if I take a guess and say in 1990, rate was 10%, their payment was ~15% less than my mortgage payment 20 years later. All the while, median income in my area went up 100% over the last 20 years, 50% over the last 10 years.
If you take the bottom of the last cycle (1994-1996), I paid ~140% more in nominal term and ~70% more in term of monthly payment.
