If you bought your house in 2005/2006...

when the prices of homes were way up, do you think if you sold your house now you would lose $$$, break even or make $$$?

We bought our house last year and I think it would be a prayer for us to break even in the market right now. I love our house but am considering moving to suffolk to be closer to family. I just dont think now is the right time. I am hoping over the next few years, the market will change again.

Message edited 11/17/2007 10:43:59 PM.

Re: If you bought your house in 2005/2006...

Probably could sell it at the same price - but that's only because we've put in 50K plus worth of work to it bringing it out of the 70s...

Re: If you bought your house in 2005/2006...

We lucked out and got our house at an excellent price. If I sold today I am fully confident that I would get at least the same amount of money back and probably more.

Re: If you bought your house in 2005/2006...

I think we would get the same for it or a bit more right now. We got our house for a great price.

Message edited 11/18/2007 7:14:50 AM.

Re: If you bought your house in 2005/2006...

I'm not sure...they are asking around the same for houses in our area (We bought 8/2005) but they aren't selling.

So, although we have done some updating - I'm not sure that we'd get what we paid.

I don't really care though, cuz I don't plan on selling soon and Real Estate is a long term investment.

Re: If you bought your house in 2005/2006...

We paid WAY too much for our house and gutted the whole thing

So, even with all the $$ we put into it I still don't think we'd get what we'd paid for...

Re: If you bought your house in 2005/2006...

We bought in April 2006 and the market was already slowing. Our sellers were in a rush to get out so I think we got a fair price. Houses in our area still aren't going for less than what we paid. With the upgrades we did (new heating system, windows, carpeting etc) I think we would get asking price if not a little more. But we are staying put for a few years and hopefully when we sell the market will heat up again.

Re: If you bought your house in 2005/2006...

We bought in the middle of '05- and we are going to be selling soon (which was not the plan when we moved in). I think we'll make a little something- houses in our area are selling for more than what we paid, and we made a lot of improvements. We got a good deal at the time.

Re: If you bought your house in 2005/2006...

we'll probably break even if we are lucky

Re: If you bought your house in 2005/2006...

Re: If you bought your house in 2005/2006...

we got a great deal on our house. our house should value at about $150-200k more than what we paid in may 2006. plus we've made some serious changes to it. so we should make money if we sold, which we have no intentions of doing right now.

Re: If you bought your house in 2005/2006...

we bought in 2004, a little before the crazy overvalued market but you still can't even get a two bedroom bungelow in our neighborhood for what we paid.
I know two couples that got wrapped up in the rush to buy in late 2005. One couple has very similar but more updated houses selling in their very desirable area for $60k less than they paid. The other listed their house for only 10k more than they paid not including their updates, it was listed for 6 months & they didn't get any offers at all. They were going to move OOS, now they are staying put.

The good news is people that are selling to buy again in this area may "loose" or break even on their current house but should also get a very good price on the new house they buy.

Re: If you bought your house in 2005/2006...

We bought at the end of '06, closed in Jan '07.....honestly, I don't think we'd get the same price we paid. Not that we over paid, but the market is over swamped with houses and not enough buyers. Our neighbor is selling for $29K more than we paid, and they've lowered their price at least once and no one has shown up to their open houses.

Re: If you bought your house in 2005/2006...

From what I am hearing from real estate brokers and mortgage brokers, pretty much anyone who bought when the house prices were jacked up will 99% lose money if they tried to sell right now.
Even if renovations were put into the home.
The market has hit an all time low and people cant give away their homes.

Re: If you bought your house in 2005/2006...

Re: If you bought your house in 2005/2006...

I'm thinking we might break even. I'm thinking about contacting an agent within the next few months to see what we could put it on the market for.

Re: If you bought your house in 2005/2006...

We put alot of $ into our house and gutt the kitchen and bathroom and attic so far. Given house prices, I believe we would make money on it, but not as much as we could.


eta: We bought in June '05

Message edited 11/18/2007 7:05:44 PM.

Re: If you bought your house in 2005/2006...

We bought our house for $200K less than all comps that recently sold at that time and the appraisal. When the neighbors heard they were very nervous about who was moving in because it sold for so low.
This style of house was selling in my neighborhood at that time in less than a day, every one. Ours was the only one that stayed on the market and it was for several months because of the condition... it was really bad.

It was a complete gut job.

We put a lot into it with quality and custom materials. We were able to have a tremendous amount of work done for a lot less than most would pay because we have family in the business.

We recently had a real estate agent (friend of the family) look at it (who saw it before) and he said, even in this market given what we paid and the work we put in we would still make money on the deal.

We bought in August 05.

Re: If you bought your house in 2005/2006...

We bought in february 2005 and would make $50-60K it we sold it today. We're in Chicago.

Message edited 11/18/2007 10:37:57 PM.

Re: If you bought your house in 2005/2006...

We bought in November 2006 and got a GREAT, GREAT price. We've fixed up three rooms so far and I'm pretty confident we'd be able to sell for more.

Re: If you bought your house in 2005/2006...

prices went up in our neighborhood 10% after we bought in 2005 - so i think now we would do a tiny bit better than breaking even

Re: If you bought your house in 2005/2006...

WE BOUGHT IN SEPTEMBER 05, AND BASED ON AN APPRAISAL I HAD IT'S STILL 100K MORE THEN WHAT WE PAID, NOW IF I PUT IT ON THE MARKET, WOULD I GET THAT EXTRA 100K , WHO KNOWS.... BUT SINCE I'M NOT LOOKING TO SELL IN THE NEAR FUTURE, THEN IT DOESNT MATTER TO ME.
PS SORRY FOR THE CAPS... KEYBOARD IS STUCK

Re: If you bought your house in 2005/2006...

We bought in Sept 06 and got a good price.

but we knocked the house down and are redoing the entire thing.
There is no way we are going to get back what we are putting into it. but our house will be our home for a long time, and we are happy about that

Re: If you bought your house in 2005/2006...

We bought at the end of 06 and I think we definetly would lose money if we tried to sell now. Many people in our neighborhood put their houses up for sale I think after they saw what our sellers got from us. Only two of them have sold in the last year. Good thing we are planning on staying there for the next 30 years!

Re: If you bought your house in 2005/2006...

we bought our condo in 05 and sold it this year in 07. we made a modest profit --- however in our area if we had bought some of the homes we were looking at in 05 - we would not have made anything i dont think.