Quote:
Originally Posted by JourneyOfLife
I have not looked into home prices in TV or how much they have increased.
But here are a few general observations:
1) Unless I intend to sell, property value increases just cost me money.... higher taxes, higher insurance costs, possibly higher fees.
2) Prices tend to reach equilibrium whether it is a bubble popping or fewer buyers show up that are willing to pay elevated prices.
3) There are substitutes! Always!!!!
4) If home prices are rising quickly and I felt like I was trapped with a second home over the last several years... I would be looking to unload it soon!
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Journey: As one who has bought and sold several properties, you have made several good points.
Taxes will go up in TV shortly as the homes are reassessed according to the new market prices. There are some exceptions, however none for those who bought on speculation and either rent out or using it primarily as a vacation home.
There are other places close by that you can buy cheaper and get more house for the money. But if the "bubble" bursts (and that is an if) you could find your home values to be much less somewhere outside of TV.
My observation is that values did not decline as much in TV during the last downturn as it did in other communities.