I used to be an avid baseball card collector. In fact, I still have them all and even buy some stuff on eBay from time to time. The bible of baseball card collecting is the Beckett price guide. I used to say to my Dad, "Hey! I got this card out of my pack and it's worth $10!" My Dad would crush my excitement and reply, "Oh is it? Well go try to sell it for $10 and see what you get." (He was always correct, even today baseball cards on eBay go for 50-70% of the listed worth.)
The same thing applies to today's house market. We are appparently in a "buyer's market". Millions of houses for sale, no one buying them. Here is the problem. All of the houses are still listing around the same price they ended at when the housing boom ended about 1 year ago. Our house is still 'worth' the same price it was then. However, no one wants to buy these houses. Why? Well, the experts say that times are slow for home sales.
I have a better explanation. If no one is buying your house for $250,000, then maybe it isn't WORTH $250,000! Grand idea, is it not? I believe, in this time of consumerism and get-rich-quick mentalities, people can't fess up to this fact. The housing market over the last few years was unnatural and may never be seen again. There is no way an investment can get that kind of return in so little time. It was a fluke. Face it, America. You can't get 55-70% on your house in less than 2 years. It was never meant to happen. When will 'the market' respond with a price reduction? Not to mention the fact that a hard-working American can't even buy a decent house due to their ridiculous cost.
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