It's certainly a buyer's market in most places in the US. I just saw a report that home values in many places are going DOWN. This could have a huge impact if you're not carrying much equity in your home - it could actually COST you money if you had to sell your home right now. Just a reminder that you should play it safe when taking out mortgages and HELOCs.

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That is kinda scary!!!! Luckily I do not plan to move for a very long time!!!

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~Happiness is a large family~

I know they are going down a bit, but if you bought awhile ago you should be ok. Even if they go down $40K here, we still have doubled in value since we moved.

It really all depends on where you live and when you bought.

We sold in California, right at the top of the market, almost IN the fall of the market.

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Theresa
Mom of 3 boys and 1 girl

The house prices around here are still outrageous (southern NH). We bought our house almost 6 years ago for UNDER $100,000 (it didn't even need much work) but now you can't even get a fixer-upper for less than $125,000. Apartment renting is just as bad.

We were just talking about that yesterday! Dh and I were considering moving, but for right now we're going to stay where we are and just get everything how we want it...I have a few years before we "have" to make a decision (DD is in 1st grade and her school only goes to 5th, and I'll be darned if she's going to our assigned middle school!) .

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That's true. The report said that even though most areas are holding steady or reporting negative home values, Seattle was one area that was still going up. I guess it just depends.

I just want people to realize that home values don't always increase. I've seen a couple people take out HELOCs banking that their home values will go up, then they end up with more debt than their house is worth. That's a HORRIBLE position to be in.

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We just moved, and I guess I really do not expect our home value to increase too much. Which is fine since we bought our house not as an investment, but a long term home. I also would like to NOT ever take a home equity loan.

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~Happiness is a large family~

I think totally the same thing. In the area we are in I doubt that they will go UP . We may have some equity someday due to the land we own with it, and due to some improvements we will do, but nothing like the house and neighborhood we just left. This is the place though that we hope to be in until we die...and then pass on to the kids.

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We're dealing with that now, we're having to sell due to a job relocation. Had we sold last year we could ask for (and get) over 50K MORE than we'll probably get now.

BUT... we'll still make out ok since we bought awhile ago - it still sucks though.