Every market is diferent, but all across the nation homes have lost quite a bit of value. The higher the cost of your home the more loss of value you have experienced. It all comes down to supply and availability. Notice I didn't "demand". Even if you have less demand or more demand, the number of other homes like yours available will also change the demand. Generally speaking, the larger the home the more availability however, so often it runs hand and hand.
How do you tell how much you've lost? Trulia.com and Zillow.com will provide some recent sales in your area. In our area, Genesee County Michigan, homes are selling for an average price of 80% of the assessed value.
Another way in our area again is a comparison to the peak values which were in 2005. While more homes sold in 1999, the values were at their highest in 2005. Currently foreclosures, short sales, HUD Homes and other destressed sales are bring the entire values down to about 2/3rds of what the peaks values were in 2005.
Got more questions? Ask away, I have 28 years experience in real estate sales, evaluations, building and residential development of homes and condos. I'm glad to help...
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