home value vent

does anyone else get sad/disappointed when you look at today's real estate ads and then look at the value of your house? Every time i see the prices of houses in the paper nowadays i want to kick myself in the butt for not waiting to buy...now i see how much more of a house i could have gotten for the same price PLUS a lower interest rate... i know i really shouldn't think that way because there's nothing i can do, i only bought a year ago, but i know if i tried to sell my house today, i would get nowhere near what i paid for it, despite us sinking lots of money into it to make it nicer... plus the taxes would prob make it even harder to sell if we ever wanted to... oh well just wanted to vent my frustration i guess!

Re: home value vent

Yes. Which is why I try to avoid reading the real estate listings.

We look at it this way though:

We bought in 2008.

DH is self-employed.

We may not have been able to get a mortgage at this point because of that, especially based on the fact that when we bought, he was bringing in a lot more money, so the bank saw that.

I also know us enough to know that even if we got a different house, we probably would still find issues we didn't like about it after we moved in.

It's human nature, and the market is what it is.

At least we're not the only ones going through this either.

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I bought in 2008 for more than I could sell my house for today. But it doesn't really upset me, because I plan to be in my house long-term. The market will eventually rebound... we knew when we bought that housing markets change and values go up and down.

But I viewed my house as more than an investment.... it's first and foremost our home, where we are going to raise our child, make our memories, etc. I always try to tell my real estate clients that a home -- if you are buying a primary residence -- is a financial investment for sure, but it's so much more than that. And if you get too hung up (in the buying process of thereafter) in trying to focus on the exact dollar value of the house, you might lose sight of a lot of other important aspects of home ownership that bring a lot of joy.

And people who wait for the "perfect" time to buy --- there's no such thing! True, now the prices are lower and interest rates are lower, but as the pp said, mortgage criteria is much stricter. And buyers who are holding off on buying now, hoping the market drops further are going to be upset when the interest rates go up, as all of the mortgage people I deal with tell me they expect them to. Interest rates really impact affordability. The bottom line is, there will always be pros and cons to buying at any given time, but I always think the best time to buy is when it's best for the buyer at their particular point in their life (due to circumstances unique to them --- new baby, new job, marriage, etc.)

I also know that there are many benefits to home ownership, regardless of what your home is worth. There are tax benefits, of course, but also non-financial benefits (community ties, stability, etc.).

Finally, while sold comps are a pretty good indicator of the fair market value of your home, the only one who really determines what you home is worth is a buyer. I've seen plenty of overpriced homes that I thought would never sell be purchased for unbelievable prices. Sometimes a specific buyer has a specific need... We had house in Levittown that was ramshackle and had a crooked frame. Didn't think anyone would buy it, but a buyer HAD to have it, and paid top dollar for it. Turns out his mother lived on the block and he wanted/needed to be near her. So that made the house worth more to him than what would have been expected just by looking at surrounding home values and comps. Of course, I recognize that most buyers get mortgages and the house has to appraise, but I still think that it's hard to say what your house is worth without testing it on the market. It may be worth more than you think!

Hope all of this makes you feel better (or at least makes sense! )

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I am very lucky, I bought my house in 1998 and have never refinanced to pull out any equity. So for me, it doesn't really effect me too much.
It pays to be old LOL

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thanks for the reassurance (and listening!) i know i have to tell myself to stop looking at that section of the paper!

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we tried to refi but our home value was too low. Its p!ssed us off b/c we pay our mortgage on time, pay our taxes and we just wanted to lower our montly payments.(I was laid off in Feb). Couldnt catch a break.
We were not serious abt moving but now we are definitly not for a while. So we just have to live with it.

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We "might" break even if we sell now. But we are house hunting also.

Because like you we can NOW get a bigger house for a lot less $$$ that I could not afford when the market was much higher.

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I was just discussing this w/ my neighbor last night. We both feel trapped bc we can't go anywhere. We both want to move but with what little equity we have, it won't be enough for a down payment on another home elsewhere.

I think homeowners who are current on their mortgages should be rewarded. DH and I have never been late. EVER. I think we should be allowed to purchase another home @ 3.5% down

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at the end of the day we will have to pay out tens of thousands to get rid of our house


we bought in '05 at the height of the market...


i know how you feel.

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I hear ya. We bought in 07 at the top for $420 and I think our home is worth about $375 now and we put so much into it! We owe what its worth, however being that its a buyers market IDK if we would get that. Ugh.

So upsetting.

Message edited 7/29/2011 8:07:47 PM.

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Re: home value vent

Posted by KimberlyScott

I think we should be allowed to purchase another home @ 3.5% down