The two best things about getting old are menopause and owning my house outright.
When I start feeling all old because you post things that remind me you're all 28 and I haven't been 28 for 28 years, I remind myself that I haven't had a period in at least five years, or a mortgage payment in even longer than that!
:like:
We are not underwater. The housing market already sucked here before the bubble burst nationally. So, yay? Selling would be hard for other reasons. No one wants to move to a manufacturing town with no jobs.
Post by thatgirl2478 on Aug 23, 2012 15:16:58 GMT -5
One of our homes is. We got a CMA from our realtor just 2 months ago that gave us a recommended listing price $25k less than what we owe. However, we rent it out for a bit less than the mortgage and can afford to continue making payments. Hopefully the market will meet our mortgage in the next year or two.
Our other home isn't. That one was a wise purchase...
When I looked at Zillow yesterday we were around 18k under. That doesn't seem like a lot but we bought out house for under 100k so it is a higher %. We were around the 50% under and have been slowly climbing.
We are looking at a house on Tuesday (not ready to buy but curious about the neighborhood etc) with my SIL who is a REA. I looked the house up last night and it sold in 2006 for 450k and is now on the market for $189... that is how bad the housing market still is where I live.
No, but we had a very unique situation. The house has been owned by family for over 80 years, so we got a big gift of equity and only had to bring $500 to the table. If we had bought it from another owner, we may have been.
Our house is down about 10% since we bought but thanks to extremely generous ILs and aggressive savings/payment, we don't have to worry from a mortgage standpoint. I still hate that the market is down.
We bought a condo in FL 2 years ago and are about to close on another to capitalize on the sh!tty market there, though. For some reason rents are still good where we own (Delray Beach) so the 1st condo will pay for itself in 5.5 years unless we lose our renters, and the 2nd one will pay for itself in about 6.5 years. Ridiculous ROIs. However, as Canadians we found the mortgage rules there stricter for us, so we just paid cash for both. So thats risky, we'd rather have it 1/2 mortgaged and not have risked our own $.
We are very much underwater on our rental property. Which is why it is a rental property and we still own it. Our house is worth more than we owe and we hope to keep it that way!
We put 20% down. I think without the improvements we made, we'd probably be selling at about 10% less than we paid (new construction neighborhood with construction still happening although we have a larger lot than the few left). However we put a $$$ pool/patio in outside and I know we'll never see the money for that back but with that, I know we could sell it for more than we paid for it. We've got no plans and no need to move till we retire.