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Wow. I don't know where you live but I don't know of any house that sold for less than they bought for in the mid 2000's (2004-2008). I'm sure there may be a foreclosure here and there providing a loss but I'm not even personally aware of those from that timeframe. I don't doubt you but I just can't imagine an area that bad off in the Triangle. Contrast that with a lot of houses bought 2008-2011 and there is a drastic difference. Breaking even is a real good deal for a lot of neighborhoods and you can bank on different degrees of loss for many of them.
Seriously? I could find dozens of them right now. It's not about doing badly. It's about people buying at the height of the market for too much and having to sell now.
And, as I said, the ones who bought then and sold for more now have usually spent quite a bit on upgrading the homes. Typically more than the amount they might have made selling.
Seriously? I could find dozens of them right now. It's not about doing badly. It's about people buying at the height of the market for too much and having to sell now.
And, as I said, the ones who bought then and sold for more now have usually spent quite a bit on upgrading the homes. Typically more than the amount they might have made selling.
I don't doubt you. I'm just surprised because I'm not seeing that in my area in the timeframe you mentioned. I notice more of an issue from 2008 - 2011 in some neighborhoods. If you go to the City-Data main section and look up median prices by year it also reflects this. It's like the Raleigh/Durham area was a little late getting to the depreciation dance but has been doing the tango the last few years. That's why I laugh when I see the news say this is the year every year since 2010.
I don't doubt you. I'm just surprised because I'm not seeing that in my area in the timeframe you mentioned. I notice more of an issue from 2008 - 2011 in some neighborhoods. If you go to the City-Data main section and look up median prices by year it also reflects this. It's like the Raleigh/Durham area was a little late getting to the depreciation dance but has been doing the tango the last few years. That's why I laugh when I see the news say this is the year every year since 2010.
Nah. Houses are selling for more this year than they did last year. Just not much more. The peak of the market here was from about 2003 until roughly 2008.
If a house sold for X in, say, 2005, it might've sold for X-2 last year where it now appears to sell for X again, or even X+1, but once you factor in Y in upgrades, the house may have sold for a substantial loss. We've looked off and on for 2 years (no hurry, we own a place already) for house. In Cary. You'd be surprised at people's losses. Obviously, the longer they've owned the less painful it generally is.
Wow. I don't know where you live but I don't know of any house that sold for less than they bought for in the mid 2000's (2004-2008).
That just seems to defy what the numbers say. The overall market was peaking in around 2006/2007. Anything bought around the peak of the market - before or after - are likely to be worth less today. I would tend to think purchases made in the 2004-2008 timeframe are the most likely to have suffered a decline, not the least.
Of course, on an inflation adjusted basis, we all learned a while back that prices are only equal to what they were in 1997:
That just seems to defy what the numbers say. The overall market was peaking in around 2006/2007. Anything bought around the peak of the market - before or after - are likely to be worth less today. I would tend to think purchases made in the 2004-2008 timeframe are the most likely to have suffered a decline, not the least.
Of course, on an inflation adjusted basis, we all learned a while back that prices are only equal to what they were in 1997:
Look how late the dip happened in Raleigh according to City Data. If you bought 2008 - 2011 and sold this year it indicates the median value is lower. The further back from 2008 the purchase was the better your chances are. //www.city-data.com/city/Raleig...-Carolina.html
I have a hard time believing that the real estate market in Cary is that different from the market in Raleigh.
Not sure I'd rely on City-Data for hard real estate data.
It's not only source of info to be followed but it does mirror what I've seen. But it's all local and what I'm seeing where I go may be different than what you're seeing where go. I'm certainly not debating what anyone else is saying they see. We're just putting our observations on the table.
I have a hard time believing that the real estate market in Cary is that different from the market in Raleigh.
Not sure I'd rely on City-Data for hard real estate data.
I live in Cary. I've been looking for a house here for awhile. I'm not a realtor and I'm not trying to sell my house (I'd lose money if I did. At least a little.)
Wow. I don't know where you live but I don't know of any house that sold for less than they bought for in the mid 2000's (2004-2008). I'm sure there may be a foreclosure here and there providing a loss but I'm not even personally aware of those from that timeframe. I don't doubt you but I just can't imagine an area that bad off in the Triangle.
I see many homes for sale priced far below what the owners originally paid. Jamison Park, Bells Pointe, Park at Westlake, Flower's Plantation, and Glen Laurel are just a few of the neighborhoods which come to mind.
There aren't too many people who are buying homes in the 400k plus category right now. Of course the one exception is transplants who consider 600-800k a "downgrade".
I see many homes for sale priced far below what the owners originally paid. Jamison Park, Bells Pointe, Park at Westlake, Flower's Plantation, and Glen Laurel are just a few of the neighborhoods which come to mind.
There aren't too many people who are buying homes in the 400k plus category right now. Of course the one exception is transplants who consider 600-800k a "downgrade".
What is the timeline? When did they originally buy? I'm not buying into this year is the year until the year is over and I saw it was the year.
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