July 18, 2006 at 9:03 PM #6926novice1027Participant
Since this is the only thing I can add to this forum, due to my lack of knowledge in this area.
A neighbor on my street put their house on the market last week. I was able to find it on zip, the low end of their price range, (which I find funny that someone would have a price range of 40K in this market) is 80K less than the same model, with a smaller lot, that sold at the peak. Back then my neighbor didn’t even have enough time to get the for sale sign up, before the house sold.
As for some of you that are worried about this correction turning around quickly, here’s some more trivia. When I bought my house back in ’91 I was “catching the falling knife” unbeknownst to me. I paid about 30K less then the peak, (not sure which year), and my house preceeded to drop another 50k, which for a house that was just below 200k, this was enough of a drop to cause a significant sphinter factor on my part. Where are you going with this you ask?
When I looked up the neighbors house that just listed, I saw that they paid 7K less than I did, 7 yrs later. I was very suprised that it took this long for it to start making it’s way back up.
This was stuff I never paid attention to, until just recently. Thanks to all of you informed/smart people out there for helping me on my journey.
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