Quote:
Originally Posted by Isamu
actually, houses can gain value in as little as 1 year... very rarely will a house decrease in value.
Infact, like somewhere here in Minot, houses are going up dramatically..
My wife and I are looking for a house right now.. and even in some of the less then desirable areas... the houses which cost 50-100k 10 years ago, are now going for 150-200k..
There is a sub-division that just went up last year, homes sold for 200-250, and are now selling from 250-300k...
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Tell that to the people who bought a house in Vegas, Arizona, Florida etc... It varies by location obviously, but for the most part, in weaker markets, it might not be another 15 years before the market value rebounds. The supply as of now, far exceeds the demand, hence the increasing amount of people "underwater" with their house. Just as an example, my uncle bought a brand new house in Jacksonville, FL about 3 years ago for about $250k. Really nice house and far larger than anything you could find in NY for the same price. It's valued at around $180k now. He's pretty much stuck there now unless he takes a huge loss. Scary thought should the unexpected happen like a layoff.