Having completed building on property December 13, 2005 we moved into our wonderful home, gave thanksgiving, and celebrated a wonderful Christmas. Little did we know that the “dam was about to burst.”
Home equity has fueled our economy for years. The American Dream is and always will be “home ownership,” a concept that, for the long term, offers us stability and enjoyment. In 2010 anyone who purchased a home after 2002 may question this statement, but stand by, pricing will improve. We are seeing price appreciation in home values over the last number of months a factor that will continue, although on somewhat of a bumpy path.
From 2002 – 2005 median home prices in Fauquier County “appreciated” 68%. From 2005 – 2009 median home prices in Fauquier County dropped 40%, both percentages representing a cash figure of $169,000. Are you kidding me? Do we wonder why we are confused by “media headlines” about real estate in general?
The real estate market in our area was on a 15-year ride upward, and that ride will continue, after making a “large correction.” Has the market overcorrected, that would be my opinion. Where should the price be, only the “market” will tell us. However, if we show appreciation averaging 5% per year, some may say an optimistic percentage; it will take our area 10 years to achieve the pricing level of 2005.
Has anyone seen that “home robbing bandit?” Please give me a call so that we all can be “reimbursed.”
Next, what may baby boomer’s think of this?
Have a comment or wish to contact Don Khoury, info@realestatephd.com or 540-341-8926, or view all homes at http://www.realestatephd.com/
The real estate market in our area was on a 15-year ride upward, and that ride will continue, after making a “large correction.” Has the market overcorrected, that would be my opinion. Where should the price be, only the “market” will tell us. However, if we show appreciation averaging 5% per year, some may say an optimistic percentage; it will take our area 10 years to achieve the pricing level of 2005.
Has anyone seen that “home robbing bandit?” Please give me a call so that we all can be “reimbursed.”
Next, what may baby boomer’s think of this?
Have a comment or wish to contact Don Khoury, info@realestatephd.com or 540-341-8926, or view all homes at http://www.realestatephd.com/
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