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Originally Posted by Mister Coaster
Snooty, instead of plucking numbers out of the air, lets look at the actual situation in the original post. Central Ohio has never been a hotbed of real estate fortunes made. There is no way a house that is currently on the market for 110K is going to fall in price 30% (I googled it, I couldn't find ANYONE predicting that big of a downturn, gimme a link) in 6-12 months, I don't care what the prognosticators say. There is no "National Crash" because home markets are not national, they are regional.
Relatively small increase or decrease, not 30%. And then look for a rebound in 2008. That is a small slump that will be easily ridden out. California is where the bubble has burst big time, which is why I moved away from there when I did.
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Thanks. You use some good sense. I've bought and sold through several cycles. I've also done the math and understand what it costs to wait.
It all comes down to doing the research in your own neck of the woods, literally, as one part of a specific market could be going up while another is down. That's what has happened where I live. My value went up 3.9% last year while others not far away dropped that much.
It kills me that realtors and prognosticators who predict all this stuff aren't independently wealthy. Kind of like stock brokers. If they were really that good they wouldn't need to invest my money for me because they would be making so much with their own!