Real Estate from the perspective of a certified real estate appraiser.
Has anyone explained to you exactly why your home is worth as much as one half less in value than it was just two short years ago.
To understand where we currently are lets look back on where we came from.
Just two years ago, at what turned out to be the top of the Real Estate market, many homes in the areas of western Washington were I work were selling for well above their asking or listing price. The reason was that soon after a home came on the market, there were a number of buyers all ready, willing and able to buy the home and many of these buyers were willing to pay above the list price for the home. This kind of frenzied market activity over a period of years caused the value of everyones homes to explode to the upside for a period of many years.
As the value of homes rose to these record valuations , many homeowners took advantage of their good fortune and re-financed their homes and pocketed the money.
Next: So what happened?
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