home prices

[swablar]

what do you guys think of the recent boom and bust with home prices? how bad has it affected your guys area? Ive seen some crappy homes
in crappy neighborhoods spike up two times in value about a year or so ago...

[BeardedOne]

Home prices are relative. A new house in Delaware for $500k would be less than an old house (Of comaparative size and style) in Massachusetts for $1 mil.

Where are you shopping?

[Ecstatic]

Massachusetts, as usual, has seen a steeper dropoff than most of the country, just as it saw a steeper climb in prices. Home prices are still WAY above national average (I think the current average single family home in MA runs +/- $350,000, but as B1 indicates the closer you get to Boston, the higher that climbs). We bought our home 7 years ago along the 495 beltway near the Mass Pike for $175,000; at peak it pushed $400,000 in value (last year), but now is probably running about $350,000. So while there's been a significant falloff, it hasn't approached the overall gain, and probably won't (or so the pundits say).