Depressing or crazy making

There is nothing so depressing to realize that a 3 bedroom condo currently available in your complex is now priced to sell at what your 1 bedroom condo was valued at (the purchase price was lower) when you purchased it.  My gut churns to realize that I might have lost my entire down payment and my condo is now only worth what I owe on it.

But the prices are absolutely crazy because a month ago a 2 bedroom condo was priced within 10k of this 3 bedroom.  I believe it sold.  How can you possibly know the value of any home when you have homes selling for all kinds of prices that make no sense when you look at the comps in the area?

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One response to “Depressing or crazy making

  1. Tell me about it!  Our house in NC is driving me crazy, who knows what it is "worth"?  All I know is that so far we haven’t had any offers, so the price must still be too high.  I was toying with the idea of opening a home equity line of credit on our WA house and according to the computer model at the bank our WA house lost $47,000 worth of value last month (October).  This is unbelievable!
     
    Hugs, Jen

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