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An article that was written a few months ago by a very well respected realtor in Livingston County indicated homes were selling for what they were in 1998.
I suppose it would depend on the county, area, etc. but it has been my experience that the homes that SOLD were sold at about that those prices. It will always depend though on upgrades, location, etc. You may have exactly what someone is looking for and thus be able to get a higher price.
The assessed value isn't going to reflect this for a very long time as the reduction in revenue to the city/township would be too hard of a hit to the local governments.
I paid cash for my house in 2004, and at the time it was a good deal; I paid at the low end of comps in my area. I think maybe, just maybe, I could sell it for 75% of what I paid for it now. Assuming I could find a seller.
We bought our first house in 1998 which we still own. The house is in Waterford, Oakland County. I have been checking for comparable houses that have been selling in the area and I highly doubt I could sell for what I bought it for.
According to the city tax assessment my house is now worth the same as in 2004. Ridiculous.
What is my home worth? I honestly couldn't even tell you. I haven't seen anything in the neighborhood sell, so I don't have anything to compare it to. I bought in '02, and saw a 20-30% increase in values around me before last year. Just guessing since then, I'd say it's down 30-40% in the last year and a half.
Basically, I'm left with the real notion that it's worth whatever you can sell it for right now. If I had to sell it, this month, what could I get for it? My starting asking price would be half what I paid for it, and I'm not sure I'd have anyone even remotely interested. Because I don't own it free and clear, and I'm not willing to attempt short-selling it for as much as I'd need to, I haven't wasted much time thinking about what it's worth, because to me it's basically nothing.
I have put my home on sale. Bought the house in 1998. I have since then added new James Hardie siding, updated the drive way, painted the interior, re-finished hardwood floors, re-finished large deck, replaced basement carpet, thoroughly cleaned the house-windows-cabinets, updated landscaping etc ... Just imagine how much I have spent. If I get the price I paid for the house in 1998, I will be lucky.
Our house appraised for 44% of what it appraised for in 2005. I think that we are way below 2003 prices. Frankly, I am not sure how they can even do an appraisal, Nothing sells here right now. There are no valid comps.
MTU is right - houses are worth what someone will pay for them. Or their worth lies in their use - roof over your head.
Used to be property was an investment, at times a pretty sure bet. Not now.
We bought our home last summer for what the previous owner paid for it in 1998. But we got a great deal. I think if we had held out another year we might have gotten a slightly better deal but would have had trouble getting a loan since everything collapsed right after we got ours.
Some owners in our neighborhood are still holding out for the 2003-2005 levels.
I bought mine in 1999 and it's worth less now than when I bought it. But it doesn't matter to me because I'm not trying to sell. It's probably worth much less than on paper anyway, due to lack of jobs, and the road that has been allowed to deteriorate so bad it's downright dangerous. 10 years ago it was still horrible. One of my neighbors is a realtor and she says a lot of the reason people won't buy in my area is because of the road.
I'm sure it is similar in many areas of Michigan.
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