Crash? 10%?
We’ve owned our home for 40 years come July. We’ve weathered several 10% declines and one 20% decline. “Panic” occurs when somebody is moving and going to be in a market only a few years and planning to move again. If you buy for the long-haul, you just roll with the waves.
In the 2006-2008 crash, the house I rented in Renton, Wa. went from 320k to 550k, down to 285k on Zillow. A year ago it was at 1.2 million.
I haven’t checked for a while, but my perspective way back then, was that it was only a precursor to the “big” crash, from which we would not recover and remain anything more than a shadow of the nation we were in the 20th century.
And here we are, and it’s just beginning. Prepare accordingly.
Our area is holding up pretty well within the $300,000 range which is where our neighborhood falls. We are trying to rush our rehab to get it on the market by February. We already have our rural property bought and paid for. I think the more expensive homes will get hit the hardest.