anyone else get upset over their house losing value

Lately I've been so bummed about how much our house has decreaesd in value since we bought it in early 2008.

If Zillow can be trusted, it's gone down about $50K from when we purchased it.

Funny thing is, when we purchased, the market had already dropped a little, so we thought we were getting a good deal.

I love our house, but it's frustrating to see that we could have gotten a lot more for our money if we had waited (although waiting wasn't really an option at the time).

Not sure how long we will stay here, but the way the economy is looking, I doubt we'll recoup the amount we spent unless we stay a REALLY long time.

Ugh. Anyone else feel this way?

Re: anyone else get upset over their house losing value

don't go by zillow, you need an appraisal to determine your house worth accurately.

everyone is in the same boat, I think...all of us...but it's a cycle (the real estate market), and it flows with the economy.... right now, we are all "down," KWIM?

also, you're still better off than renting, IMO. Some will say no, but you're building credit and it's still an investment.

Message edited 11/17/2010 9:31:36 PM.

Re: anyone else get upset over their house losing value

also, I just looked up my address, and the current "value" according to Zillow is what I paid.

there numbers are not accurate.

Re: anyone else get upset over their house losing value

I don't really find zillow that accurate, to be honest.

The market has come down quite a bit, but as a pp said, if you really want to know, get an appraisal.

DH and I plan on being in this house for at least another 10 years, so while I'm not thrilled that the $ of the house is down, by then it will come back.

Re: anyone else get upset over their house losing value

the market will always go up and down short term

but long term it always goes up

Re: anyone else get upset over their house losing value

We bought in 2006 at the PEAK of the market....I cant even think about it. It just pisses me off, we are now stuck in our tiny starter home.

Re: anyone else get upset over their house losing value

we bought our coop end of 2005 (bidding war over this apartment!) we just sold it for 4 K less than what we purchased for ( not soooo bad) But we put in over 15K in renovations taht we are not getting back. by the time we close and pay fees, we won't even walk away with our downpayment, it is depressing.

I'm sure a house is much worse

Message edited 11/18/2010 8:10:43 AM.

Re: anyone else get upset over their house losing value

Re: anyone else get upset over their house losing value

I do sometimes. We just refinanced and our house dropped about 40K in value for what we paid. I think if we sold right now after paying real estate fees/closing costs etc we would probably walk away about 1/2 of our down payment. Very depressing! That is if we sold for what we appraised for, which is probably highly unlikely. I know we are here for at least another 4 years or so depending on what happens with DH's job. So we shall see.

Re: anyone else get upset over their house losing value

we are in the same boat, bought in early 2008 and even though we have done a ton of work to the house, the value has still dropped due to the market. sometimes i think about what if we had waited. but with the housing market, you never really know what it's going to do. you bought when you were ready and as long as you are happy with your house and not looking to move soon, try not to worry about it. the market will improve.

Re: anyone else get upset over their house losing value

We also bought in 2008 and our house value has gone down. Does it make me upset? Not really because we plan on living there a long time and I'm pretty sure by the time we'll sell we'll get what we paid for it, if not more with the improvements we've made.

Re: anyone else get upset over their house losing value

Yes. We put A LOT of work into the house - what we thought would be sweat equity. We have thought about selling recently and found out our house is worth 55K less than what we paid for it. That doesn't count all the money we would put into it. Its very depressing. I feel like it will be years and years before we would even break even at this point, let alone make a profit.
This was never meant to be our forever home, but right now we don't have a choice but to stay.

Re: anyone else get upset over their house losing value

It used to be very depressing. We bought at the peak too. By todays values we lost at least 75K. Luckily we completed a loan mod earlier this year and are saving a significant amount in interest. However it will still take tiem to build equity. We plan on staying here for at least 6 more years so hopeful by then the market is in recovery.

Re: anyone else get upset over their house losing value

Posted by speakthetruth

also, you're still better off than renting, IMO. Some will say no, but you're building credit and it's still an investment.

Re: anyone else get upset over their house losing value

Re: anyone else get upset over their house losing value

yes I bought a condo for my parents in 2007. They didn't stay. Now it's worth less than half and I can only rent it for 75% of my mortgage.

Really upset.

Re: anyone else get upset over their house losing value

Yup. It upsets me a lot. We wanted to have moved out by now...

Re: anyone else get upset over their house losing value

Upset: no. There is no need. Nothing we can do.

We are just riding the wave. Eventually the market will go back up.

Re: anyone else get upset over their house losing value

No - I have absolutely no control over it -

Re: anyone else get upset over their house losing value

not as much I thought I would be. We will sell for at least $50K less than we bought and we bought before the peak.

I'm just trying to hold onto the idea that I'm going to get a real bargain on an upgrade.

Re: anyone else get upset over their house losing value

This upsets me. I bought in 2007. This is my forever home but I get upset that if I bought now my mortgage payment would be a lot less or I would be in a much larger or nicer home for the same price.

Re: anyone else get upset over their house losing value

Yes I am upset. My house would probably sell for $100k less than what we paid in 2006 (and according to the Town of Hempstead my house is worth $200k less than what I paid for it )

While we did buy our house expectating to stay here I dont like feeling like we are stuck if we ever did need to move. Yes the values of homes always go up and down, but this was a more significant drop than anyone expected.

Re: anyone else get upset over their house losing value

I know exactly how you feel. I bought in very early 2008 also and since my house dropped in value by 60k. It's completely ridiculous. And to think of what I could have gotten now for the same amount we paid makes me sick. I could have doubled the size of my house. I know I can't think like this and we all shouldn't, we had no way of knowing, but I beat myself up over it constantly.

I hate my house and cannot wait to move. It just stinks that we are stuck right now in our starter home. So the house dropping that much in value makes me feel even worse.

Message edited 11/18/2010 8:14:20 PM.

Re: anyone else get upset over their house losing value

We bought in 2006 and are trying to sell now - it's not moving and we are priced $100K BELOW what I paid. I think we are stuck here forever

Re: anyone else get upset over their house losing value