WSJ Recession Here

[screwballl]

If my local area is any indication, it may be starting to level off or pickup a bit since some homes are going for a bit lower prices but they are only on the market for 3-6 months whereas others are now finally selling that have also been on the market since the end of the "artificial housing market inflationary period" but at some reduced prices from then as well. Before the AHMIP ^ these houses were selling for $140-180K, during it, they were selling for $150-300K, now they are back around $160-180K.

[Reloadron]

given time a whole new standard will apply as to what a house (any given house on any given day) is actually worth.

Interesting analogy applies here. During the years we owned the gun shop countless people walked in with a gun in tow they were looking to sell. They always began with "This gun is worth" followed by some monetary amount. The bottom line is that gun was worth what someone was willing to pay for it, no more and no less.

A house is worth whatever the market will bear and what a buyer is willing to pay assuming financing. The house is little different than the gun.

Ron

[screwballl]

very true... just because you have a 1955 Chevy that sells for $40,000 in collector circles or a few years ago doesn't mean you will get that much locally...

[Jokerswild]

Same goes for your job. I was making $18.00 an hour in California in 1993, I moved to Iowa and that same job only paid $8.50.

[screwballl]

right but the cost of living is very different, even in close by cities...
it is much higher in Pensacola and Panama City, each an hour from me, but is lower here except the gas, food and electricity prices.

[Jokerswild]

Yea somewhat. The cost of a house here is much less but the cost of heating and air conditioning pretty much negates the cost difference. I had a monthly heating bill of over $600.00 for one month. The average in winter was around $400.00. Compared to about $100.00 in California.

[screwballl]

OUCH!!
Time to work on the house for insulation and around the windows and doors for drafts... mine rarely goes over $200 even during the hottest months and that is still a bit high here. This is a modest 1800 sq ft house in the area of FL that gets some freezing in the winter and hot+humid summers where the AC runs almost 24/7

[Jokerswild]

There is insulation. It gets 20 below here at times.

[screwballl]

I am from western South Dakota (22 years there) so I know all about the temperatures and snowfall.

[Reloadron]

Originally Posted by screwballl

I am from western South Dakota (22 years there) so I know all about the temperatures and snowfall.

Which explains the migration to Florida.

Really, it is interesting how the cost of living overall varies from state to state, region to region or province to province and even area to area within a state or province.

I figure it this way. Make the bucks here and move there when I retire.
Here being the rust belt (Cleveland, Ohio) and There being down south.

Ron