Anyone who bought a home in 2005 is probably upside down on it now.
During that time houses in many areas were highly inflated. Several
homes similar to mine sold in 2005 for $310K which was up considerably
from 2004 when they went for $260K. This year its closer to $250K but
has held steady.
To me houses are priced about where they should be. 2005 saw incredibly
over inflated prices which could not be sustained.
I paid $90K for my house in 1992. I can't complain.
I looked at a house last year (2006) that was on the 2005 tax rolls @
$217,000 but the asking price was $359,000.00, it was an estate deal,
husband had died and the widow was moving away. I thought the asking price
was nuts and didn't bother to make an offer. It was probably worth
somewhere in the middle of the two numbers but it was a 1973 model and
needed some updates and repairs, the $10,000 allowance for carpet and paint
she was offering would have been a nice start. I'm REALLY glad now we passed
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