Post by cherry1111 on Sept 25, 2012 20:41:32 GMT -5
Homes in my area in our price range were never really part of any bubble so luckily ours is worth slightly more than we paid. We don't intend to move for a whole though.
Post by schrodinger on Sept 25, 2012 20:44:14 GMT -5
I voted SS. Bought in 2006, sold in 2008. But I was moving for a job change, so my company paid my loss on sale at 100%. I technically broke even, but the house closed for $20k less than what I paid for it.
SS - we moved for work so we're renting it only until the market returns. As soon as I can sell it without losing my shirt, I will be getting out of the landlord business.
Post by pig's eye on Sept 25, 2012 20:55:00 GMT -5
I cringe whenever I think about it.
Bought in 2006. We can't sell without having to bring at least 40k to the closing table (if we're lucky) so we rent it out now.
It sucks but it's what we had to do to move on. The neighborhood is not a good one to raise kids and I wish I had known that or realized it was no longer going to be "up and coming" after a year or so. Our next door neighbors had landlords that increasingly didn't care. It became a drug hangout for sellers and users. My guests were harassed (surprisingly, I never was) and it got to the point where I didn't feel comfortable walking around my neighborhood with my daughter. So, it was time to move. It's too bad because I love that house. LOVE.
We're building now and it will never have the same character as my 1912 house with beautiful woodwork, original hardwood flooring and stained glass windows. It also had a front porch with a swing! Sigh.
Post by hopecounts on Sept 25, 2012 21:01:28 GMT -5
We have a contract on our house and unless there's a big shock with the home inspection we will be selling for a profit. But we bought a fixer upper (cosmetic) for a great price due to the owner passing and the executor wanting o get rid of it.
Post by explorer2001 on Sept 25, 2012 21:05:49 GMT -5
Bought in 2007 in Phoenix. The market crashed royally and the house is worth about half of what I bought it for. Thankfully I bought a nice house in a good school district with 3 bedroom and 2 baths. So it is a long term livable house and should be marketable. Still I like the house and plan to live here until there is a good reason not to.
Post by marchmom06 on Sept 25, 2012 21:16:22 GMT -5
Bought in December of 2005. In the last six months, property values in our neighborhood have gone up substantially. Prior to that, we were down $250Kish.
We're actually planning to sell within the next year & relocate, & it looks like we'll get about $150K over our purchase price. We also put a bunch of money into the house to try & bring it under a jumbo, so we have equity.
I'm in a suburb outside of Seattle, which has traditionally had a very strong market.
Post by ruthie7532 on Sept 25, 2012 21:22:08 GMT -5
We haven't tried to sell yet but probably will in the next year. We're not underwater, but I don't have a lot of hope that we'll get what we paid for it. We'll get enough for most of a downpayment on our next house, though. I hope
Post by winemaker06 on Sept 25, 2012 21:23:20 GMT -5
We're trying to stay as long as we can. I love the house but it's laid out badly if we want to have a kid. And it's not a good neighborhood for kids and schools, so it's private schools or move to a better area. Unfortunately better areas here in MD will be pricey. I think we'd have to pay about $30k to sell now, so are paying down principal as much as possible to make it hurt less later... so we'll see.
I selected "stay until the market returns". But really, we have no plans to move because this is our long term home, we plan to live here for another 20years. The market peaked here in Aug 2007, we bought in Jul 2007. Our home is worth about 90% of what we paid for it.
We bought in that time frame, and even with the relo help, locked in a ~$60k loss when we moved for a job for DH. We never should have bought when and where we did, but I know it could have been way worse. Sigh.
Oh man, I bought my condo in '06 and what a huge mistake. It is so far underwater the only plan that makes any good financial sense is to hold and rent it. We are currently in the process of looking for a new house (would like more space) and it makes me almost cry to think of what we could buy if I weren't bogged down by the mortgage on the condo. I could be approved for $200k more, which would mean we could buy whatever new construction we wanted instead of battling investors for short sales and the handful of standard sales that fall within my current pre-approval.
We sold (so we did benefit big time) & bought in 2006. We still own that house we bought & rent it out. We could sell it for a decent profit ($40-50K) but it makes us a good rental income & is a long term investment so we choose to hold on it. We really lucked out.
DH (long distance BF at time) bought condo for $200K. Foreclosures/short sales in complex are going for $90K now. We won't wait forever to sell, but a >50% loss hurts. Non-foreclosures/short sales aren't selling at all, though some are listed at $120K.
We do daydream about buying a house and just walking away from the condo, but never would.
Post by wanderlustmom on Sept 25, 2012 22:02:49 GMT -5
we bought in 2007 and the house has lost some value but we are planning to stay until our youngest finishes high school and she's in kindergarten, so it's okay.
We bought in 2006. We are probably 70k underwater. (Thought it was WAY more but evidently I was looking at foreclosures. A house with the same floor plan like ours down the street just sold for 410k). We are planning to stay since its a great neighborhood/school district and I can't stomach pulling money from savings to make up the difference at closing! We refinanced to a 20 year so we hope to be able to move in the next 5-10 years.
SS- either bring 100k to the table, or give back to the bank. Its ridiculous how much we have put into it and how much its underwater. We could never rent it in our area for what we pay per month. some days I truly hate this house.
Well we bought in 2005 (April) but we don't plan to move. The house (condo) is big enough for us and up to 2 kids. We love the layout, the location, and honestly... we have no desire to move.
We plan to buy some land in a few years, or something with a small old house on it and knock that down. The idea would be to plan a house and build it there, but not for another decade or so. That will be our "last house." I told you we have moving
Post by kelly072206 on Sept 26, 2012 9:04:25 GMT -5
We currently owe about what houses in our neighborhood are listing for so we are hopeful if we stay another year or two we can break even. The thing that is really killing us right now is we have an 80/20 loan and cannot refinance so we have crazy high interest rates. Sigh.