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I bought my house here in Vegas in 1992 and paid it off in 1997. I rented it out to my son's godparents when i left vegas in 1998 and they are still living here. When i moved back in 2004, I was thinking I might sell it off "as is" figured I could get about 200K for it. The appraisal was 320K but then i got to thinking where the hell would I live. My friends here were all buying up houses..much bigger, grander and much more expensive than mine.. and now all but 2 have been abandoned/foreclosed.. I am so glad a couple of years ago when i was thinking of getting a home equity loan, I decided to wait until DaDawg left for college and then just unload the whole thing.
the value of my house has fallen from the highest appraisal of 360K in 2006 but the true market rate should be somewhere around 200-215K, which I am perfectly happy with.
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