When did you buy your home?
It is a big indicator of what you paid. When I analyze a property, I look at the year the last buyer purchased. It tells a story.
2006. Probably over paid dramatically. If some one is upside down on their home that that bought many years earlier, they probably refinanced around 2006.
1997 or earlier? Yee haw. Some one is making some money on their purchase price.
2008. Early in the year? Late in the year. Brave soul who stepped in at the bottom.
2011-2015. OK they are up in 2016 for sure. Not too many bad purchases.
2001-2004. Could be great. Market was about to explode in 2005 and 2006.
2009-2011. Scary but big opportunity. Every one here is in the profits.
2016. They are not generally coming back as deals on my radar. I suspect every one is over paying.
What are the statistics? I think they say the market topped in Dec of 2006. I saw the capitulation in June of 2008 when the banks started discounting hugely. I wonder if statistically that was the bottom.
Whats next? Be careful.