I want to switch gears right now and deal with a few other topics that may answer some of the other questions you have on the market and on housing in general.
How much lower will the values go here in the Valley?
As I said previously, we are seeing houses valued at about what they were worth in 2004. It appears that things have stabilized a bit for now, but no one can be sure. I think that it is important to remember that like most investments, real estate is best an investment when it is for the long haul.
Over the last 8 years, there has been a lot of “flipping” going on the market. In fact, there has been so much of it that there have been TV shows featuring the real life drama of it! However, now that the market is not skyrocketing literally by the year, the time for that is probably done. It is now time to go back to the “old-fashioned” way of buying a house that needs some stuff done to make it your own without the thought that in 6 months you will turn it for a huge profit. It is time to view your purchase again as your HOME. Not a house you will flip. When you do this, and you live there for a while making wise choices in improvements, in time it should be a great way to build equity and see an increase in your investment.
Again, these are just my opinions...
Next time we will discuss the best improvements to make in your home.
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