As Shawn and I were watching a bunch of home improvement shows on cable this last Sunday, we did start discussing how much our home is worth. You see, there's this show that basically has people asking realtors to give them a fair value for their house if they sold it in the current market as is. And in all cases, the people were over-estimating the value of their home. Which just emphasises the fact that most people think their house is worth more than it really is.
I estimate our house could sell for $135k, but Shawn insists that it would go for closer to $150k. This of course spawned another "Let's search Realtor.com" bonanza. I found out that there are two houses for sale on the street behind us. One just went on the market a week ago or so, and it's 1625 sq ft (about 350 sq ft larger than our house) going for $165 (and I think they just dropped the price by $4000 because I swear it was at $169 when I looked at it yesterday). The other house is 1850 sq ft going for $135 which I thought was a bit on the low side unless the house was just a mess, but today when I walked by it, I found out that it's actually a foreclosure, but it looked pretty good from what I could see (of course the most expensive fixes for any house are the ones you can't see from the outside).
Then of course, there are houses that really gained in value because of the Domain being built. Houses in that area probably gained about $50k just because they're within walking distance. Lucky bastards.
Of course watching one of those "What will 250k get you in _____" and apparently you could get some nice houses in Kona, Hawaii for $150k in 2004 and now most of those houses are closer to $350k.
Man, it really is all about Location, Location, Location.