I wrote about the $21,000 we spent on this house in my last blog post. While it may seem like a lot of money, it wasn’t to me. I was actually expecting to spend more than that, but the price is what it is.
This house was built in 2010, and it is a very nice, well kept, and very comfortable 4 bedroom home. The home features a great kitchen and a great master suite that includes a private bath, a sitting area, a large closet, and a wet bar. The kitchen has everything you would expect from a kitchen, and the living room is huge and has tons of floor space.
The home is also very well maintained. The front porch is great and has a lot of room to sit out and relax while relaxing in the backyard (and actually having the privacy to do so). The backyard features a large patio area, which is great for entertaining. The home and grounds are in the same street as a local golf course, which I would have to say is quite nice.
After seeing the home for sale, I was skeptical about the price. But then I saw the price, I was sold. The seller is a realtor with a great knowledge of the area. He is also a homeowner who has recently purchased several homes in a row, as well as several homes in the area. In the last couple of years he has not only been selling many homes, but also has started to have a great deal of positive equity in all of them.
With so many homes being sold recently, I expect homeowners to have been able to afford a home quite nicely. That in turn means that a home’s value is going to be much more than it really is. The good news is that it is still a good deal, but the price of homes in the last few years is significantly less than it used to be.
Most of our friends in the area have a good deal, so we’ll go into the second half of our story to add some additional pieces.
The good news is that, while prices have been falling steadily over the past decade or so, they are still a lot less than they used to be.
The problem is that home values are a good deal because they are based on the number of square feet in the home. A home worth $100,000 has a square foot value of $100,000. A home worth $100,000 with a square foot value of $5,000 is only worth $5,000. That is because the price of homes has been growing quickly in the last few years.
So we can’t take our personal values and use them in the real world. And it looks like it was just a matter of time before the housing crisis started to impact the markets. Home prices fell 30% in the last year, and the median home price is now down 20% over the past year. So while home values have been falling, they have continued to rise for the last 10 years.
The only thing that has grown is our personal wealth. The only things that have stayed the same are the price of our homes. While the price of homes has declined in the last decade, the price of houses has decreased by just over 20 percent.
