Yes I heard on of my friends utter the words "I lost $200,000 on my Northville home". This guy is smart. He is retired and wasn't ready to sell back in 2004 at the top of our Metro Detroit real estate market. Now he is thinking of looking for a home in Florida.
But he won't sell his piece of Northville Real estate because he has lost $200,000. It doesn't matter that he wasn't ready to sell or couldn't sell 4 years ago. It doesn't matter that he won't see his house come back to that high value in the next ten years. It may even take 15 -20 years to come back to that level. It took 15 years in a good economy to rise to that level. So who knows how long it will take in this so-so economy.
My friend and other people are going to have to come to grips that they didn't actually lose $200,000 on thier Northville home. My friend has still made money on his home. He just won't make as much. He needs to get over it. There is nothing he can do about it.
The sooner he accepts today's Metro Detroit real estate prices, the sooner he can make a informed decision on what to do with his Northville home.
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