We first looked in 2006 before the crash....then in 2009 at start of rebuild .... and bought in 2011. For the same type of house, on a golf course, on water, the 2006 was about $450k-$500k, 2009 about $350k, and in 2011 $400k+$425K. The 20% is a good approximation of the decline....however, the demand did increase and the inventory in 2009-2013 was very low. Little if any color or design choices when building. We came from FT Lauderdale where our home from 2000 to 2007 more than doubled from $325k to $700k+ and then sold in 2011 for $400k in a desireable area. Other coastal areas, especially in golf communities, dropped more than 50% and stayed until 2013.
As others have said, you can't buy based upon the future. Two years ago, everyone was predicting a recession because the 8-9 year recovery was the longest in history. Since then, the economy has increased dramatically. Buy for now, without depending on what's going to happen in the future. This should be your last home, so get one to enjoy.
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