Question:
“I know the market has recovered most of what it lost, but I still don’t think I can get what my home is worth. When do you think we’ll fully recover to 2006 prices?”
Answer:
First, a non-answer, then a comment…
Non-Answer
Your question of when will we retake the peak of the 2006 prices is a version of what I call the “crystal ball question.” No one really knows. I can make an argument for why the market has peaked and another for why we’ll continue to go up.
Comment
You say you don’t think you can get what your home is worth.
But what is the worth or market value of a home?
The technical answer is that market value is “the price a willing buyer and a willing seller negotiate in an arm’s length transaction.”
Another way of putting it is that market value is what you can sell your home for today.
So when you say you won’t sell your home because you don’t think you can get “what it’s worth,” what you should really say is that you don’t like what it’s worth right now and don’t want to sell it.
