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> We won't ever see a 2008 style price drop again That's what they told me when I bought my $250K condo in the early 2000's. Then in 2008 it was magically wor
by josefresco 1y ago
> We won't ever see a 2008 style price drop again
That's what they told me when I bought my $250K condo in the early 2000's. Then in 2008 it was magically worth only $125K after being appraised a year earlier for 350K.
Never forget: "The market can remain irrational longer than you can remain solvent"
- VeninVidiaVicii 1y agoI’ll go you one further — it seems like every time some prescient comment about the economy gets extremely upvoted, the economy does the literal opposite thing.
- itsoktocry 1y ago>Then in 2008 it was magically worth only $125K after being appraised a year earlier for 350K. And what's it worth today? What is the average annual price appreciation since you bought it? Watching "home value" month-to-month is pointless.
- josefresco 1y agoAccording to Zillow $429K. Of course, what it's "worth" today vs. tomorrow is the issue here. It's the same condo with (seemingly) no improvements. The increase in value is 100% market driven. $429K could be $215K tomorrow. As far as your "month to month" comment - I'm not a real estate investor. Just a guy, with a growing family who went to sell his house in 2008 and was told it was worth less than half of what I paid. It was a setback, we survived, we were fortunate.
- deleted 1y ago[deleted]
- xboxnolifes 1y agoAnd all of the advise i got for the last almost decade has been to wait for prices to drop.