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Went up 50, dropped 25. Still in the black by 25k. Not as much as it could, but better off than most
The Official Banter Away Thread
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Went up 50, dropped 25. Still in the black by 25k. Not as much as it could, but better off than most
mikedean441
6X HOF
Dang up 50k in 4 years would have been nice...not sure I've ever experienced that in the 3 houses I've owned during that time
I try not to sweat it cause buyers haven't typically paid near what the "value" is which negates any appreciation I've seen
I try not to sweat it cause buyers haven't typically paid near what the "value" is which negates any appreciation I've seen
JRod
Well-known member
Ohio.
LOL.
My house has gone up nearly 18k in the last two years. Whether I could get that out of it is an entirely different story.
Wake
Active member
I made 40k on my last house. I think I would make about 80 to 90 if I invested another 5-10k in my current house. Probably at least 60 if I sold it today.
Erky
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Wouldn't breaking even be the same thing as paying rent n your own house essentially?
No. You get that money back when you sell (mimus interest, repairs, insurance) If you rent, you walk away with nothing.
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Smallville
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It went up about 25k the first four years I owned it. Then the bubble burst. It actually went below what it was when I got it in 2003. Last year it got back to what it was in 2003.
JRod
Well-known member
How do you get upside down after it has appreciated 50k
After shopping for houses for the past week here I can see why. The pricing on new construction here is absolutely ridiculous.
Smallville
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Bigger than a 50k drop before the last four years.
Wake
Active member
Bought it in 05-07 I bet. 07-10 were brutal.
We have houses here that went up 100k in the past two years, and the owners are still upside down.
JRod
Well-known member
Damn that sucks. We were lucky here in Iowa, the market was pretty much unaffected.
Bought in 2005 for 191. Dropped as low as 111.
Are you still looking in Prescott area?
JRod
Well-known member
Damn, hopefully it gets back to where it was.
I still can't get over the pricing of new construction here.
JRod
Well-known member
Yes but Prescott Valley mostly. Not really a fan of Prescott it's a lot older and unless you can afford a 500k house you can't find anything in a nice community.
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- #5,616
Three words: Home Equity Loan.
Some people treated their home like it was an ATM. Home goes up 50k, pull out 40k worth of equity and go nuts spending. Market drops 50k. Uh oh.
My neighborhood held up better than most in Surprise. Luckily I bought it to live in so we're not too concerned.
JRod
Well-known member
Good to hear.
The Official Banter Away Thread
Nope. We just bought in an area that was hit harder then most. Luckily most of the houses remained occupied so were improving quickly.
Nope. We just bought in an area that was hit harder then most. Luckily most of the houses remained occupied so were improving quickly.
Wake
Active member
We had a seller that bought theirs for 220, and owes 470!!! Ouch, worst part is that is AFTER restructuring with some relief Can you say short sale.
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I was just using an example of how someone can go upside down 50k that quick. You live in AZ. I feel your pain haha
Last house in our subdivision sold for about 250k. His drop was equal to mine.
JRod
Well-known member
This is another reason I am leery of moving down here. Especially for the cost of a house here.
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- #5,624
Short sale, yes. I can also say Promissory Note and 1099 form too.
I can't speak for Prescott Valley. My parents have 10 acres up there that was worth a lot before the bust and now is still depressed in value. Some areas are better than others, if you were looking in the Phoenix Metro area, there are some great areas in Gilbert/Chandler.
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