Good times or bad?
MSN MoneyCentral published this today. And for the first time in a while it feels as if there’s still some blue sky peeking through the black cloud overhead.
In 2005, my home was valued by a Realtor to be worth $1,100,000. (I paid $245,000 in ’97). Granted I put a few hundred grand of improvements into the home. But still, that return was significant.
Here we are in 2008. If things had continued going up, my home could have been worth several hundred thousand more. But the real estate slot machine ate some of the winnings.
But I, and millions of other American’s like me, are still way, way ahead. And I think this relieves some of that doom and gloom hovering above.
Now, I realize some folks who bought homes in 2006 and 2007 are not as celebratory as I am right now. I feel that. But at least it’s not everyone. And if we can all just hang on, things will correct themselves. They always have.
So I wouldn’t call this report great news. Or for that matter, good news. But it’s not horrible, roof caving in, CBS canceling Jericho for the second time, devastating news. If, after all this time, we are now at 2005 pricing, many of us are still way ahead with a ways to go before we’re even at break even.
And sometimes, given the situation at hand, that’s not the very worst thing in the world. The best we can do is say “nuts” and carry on!