Quote:
Originally Posted by Chrisk327
Do you own a house Danomul? are you looking to purchase?
You may think its reasonable, to pay 343, but go and make 10 offers to buy houses listed at 480 for 343 and see how many houses you end up in contract for.
conversely, if you bought in 01 for 240, go put your house up for sale at 340.
I bought in 04 and am still above water in value. As much as i'd like for every house in the area to sell for a 30%-50% discount, I don't think its going to happen here.
The 3-5% appreciation is probably the future from a bottom out price, but I doubt that the market is going to go back and correct the 30-50% to adjust current prices to a benchmark from 2000 prices plus 3%.
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I am actually in the market to purchase now, and that is the rule I am using. It worked for a friend who got a gouse for 274 (Listed at 369) in Lindenhurst And that same friends sister who purchased a house for 327K that was listed at 439K. Granted that will be harder to come by the closer you get to the city.