Do you think home values will rise within the next year or so

Question

i would like to refi only when my house is worth what it was back in 2006. do you think they will rise that high again my house went from 300,000 to 230,000 in a year and a half, what is going on and when will it get better?

Answer 1

It completely depends on where you live. Where I am from originally, and the state I am living in now have both been up and stable.  Can't give you a better answer without more info on your end.  Family of mine in NJ sold their house for full asking price in 1 day, made $150,000 in 3 years recently.  Are we talking Detroit or East Coast in your case?  Sorry, don't know the area, but if you go to some sites like www.realtor.com, you may be able to look at recent historical data, days on market, etc for current information, but no one can predict the future.  A lot depends on if Obama or McCain is elected. Have their been a lot of job losses in your area, that would be bad news?

Answer 2

Only once people stop trying to buy houses with little or no down payment will values start to rise again.  

History shows that housing prices rose approximately equal to pay raises, up until about 10 years ago, when housing prices skyrocketed.

So until wages start to rise again and people can afford the uber-inflated values, they'll keep declining or stay steady.

If you want to get that 70K back, it will probably take 5-10 years for a normal, average appreciating market.  That is provided values stabilize in the near future.

Answer 3

No, not in the next year. Home values may have been overinflated in the first place.