I went to one of my client's homes on Monday. I have handled his insurance for the past several years and he recently asked me for my opinion on his home. He put his Spring Valley house on the market in November. 6 months later the listing expired. His mentality in his previous pricing was mainly based on the fact that he took a 408,000 mortgage in 2005. 3 years (and several interest only payments later) 408,000 still remains.
Can I clear 408? He asks.
Unfortunately No. After I previeved his home from top to bottom and reviewing market data, an ideal price for his home would be 355,000. One of my biggest findings was that a two family home in Spring Valley has yet to sell in 2008.
He decides to sit tight... 
Real Estate was never meant to be a short term investment. If everyone was guaranteed to build equity in 3 years, we would all be Real Estate Millionaires.
But if you are buying a home, a place to plant your family for the next 20 years, Real Estate is still a great long term investment.
And if you're selling your Rockland County home, as long as you bought it before 2005, it's safe to say you can still laugh your merry way to the bank.
Thanks for visiting my blog!
Michael Truiano
Rockland County Real Estate LLC
cell:845-480-2366
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