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Originally posted by Tyrone Slothrop
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Still not an accurate pitcure for a home buyer/seller. Too macro for the issue at hand. How can you ever work a truly accurate national assumption on a such a locally subjective market?
1. Your home is worth whatever you can get someone to pay for it. Comps are, well, comps. Stats are, well, stats.
2. What are those 10/20 cities? And are they broken down to adjust for the stark differences from neighborhood to neighborhood? In the Philly area, Main Line and Chestnut Hill housing prices stay high, while many city neighborhoods have stagnated lately.
3. 10 cities. 20 cities. So what? Are we going through a housing crisis that should keep a person looking to buy in a good area from buying? No. The price of a home in a traditionally good area is not going up or down wildly. The exceptionally volatile markets drive these statistics.
Yes, those stats are real. And no, they have no practical value for most consumers.
Should I be worried about losing on my home? My neighbor just sold a home at an astounding profit. A few houses down some other guy can't get his house to sell. So many variables. So much bullshit in how it's all presented by the media.
Yes, it's a correction, and yes, that impacts markets and no, that's not how the media is primarily playing the story. They are playing the "everyone's going to get killed on their investment and have to live in their property for 20 years before they can make up the loss through an increase in value" angle.
Nonsense. Utter bullshit. They can't make more real estate. You buy right, you're fine.
