Ugh - just had our home assessed by a Realtor...

And he said he would list it for $3,000 less than we PAID for it. Nevermind all of the upgrades we did (Stainless Steel Appliances, New Landscaping)... Throw a realtor into the mix and we will be lucky to break even with what we owe on our mortgage.

It is so disheartening... We were going to sell our house... We can't now.

ETA: We bought in 2005... in the height of it all.

Message edited 5/18/2009 2:58:58 PM.

Re: Ugh - just had our home assessed by a Realtor...

so sorry to hear that.

Re: Ugh - just had our home assessed by a Realtor...

I'm sorry to hear that. I
I know what you mean though. I listed my house last year for $25,000 more than what I paid (took it off the market right before my 2nd DD was born) and just listed it again last month for $15,000 LESS than what i paid plus we've put about $20,000 into the house. I'm just hoping to sell it, move on and hopefully make out on the buying end.

Re: Ugh - just had our home assessed by a Realtor...

Sorry

Depending on when you bought, It def. stinks to sell in this market that is for sure.

Re: Ugh - just had our home assessed by a Realtor...

I would get at least 2 more agents in there to assess your home

you are not that far off from breaking even- and if you can break even and upgrade now- you would be better off in the long run

good luck!

Re: Ugh - just had our home assessed by a Realtor...

We bought in 05 too, and already tried to sell in the first half of 08. I don't even want to know what my house is worth now. We still want to sell but I don't know that we'll be able to. I feel your pain! Good luck!

Re: Ugh - just had our home assessed by a Realtor...

It's no secret... the market is way down. The only advantage to selling now is that you're probably buying an upgrade for less than what you would pay for it in a better economy.

A good rule of thumb is the rule of 7 (years, that is). Usually after about 7 years the market will cycle through and home prices will return to where they were. If you don't need to move now, it might pay to wait.

Good luck!

Re: Ugh - just had our home assessed by a Realtor...

This is exactly the reason why I am thinking about buying a new house with the intent of initially renting it out.

I'd rather buy a new house, rent it, and just wait it out. I know if I sell my existing house now I will be taking a major hit and I refuse to allow myself to take such a capital gain loss.

I can buy a new house now, rent it for a little while, then move into it when I am ready and I know I will get good value on my existing place.

Re: Ugh - just had our home assessed by a Realtor...

I'm so sorry to hear that. We bought in 2006 and would love to get ours assessed but we know it's going to be way less even with all that we have done to it.