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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Lost Value in home???
Anyone here who lost alot of value in their home?
My friend bought in suffolk county and basically all the houses selling around her are for at least 30K or less than what she paid.
If you were in this situation what would you do?
Message edited 10/16/2008 4:00:32 PM.
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Posted 10/16/08 3:56 PM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Lost Value in home???
what can you do?
real estate is a LONG term investment
the market has cycles
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| Posted 10/16/08 4:03 PM |
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JennZ
MY LIFE!!
Member since 8/05 25463 total posts
Name:
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Re: Lost Value in home???
If you dont have to move, ride it out. HOPEFULLY things will turn around.
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| Posted 10/16/08 4:04 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: Lost Value in home???
Posted by JennZ
If you dont have to move, ride it out. HOPEFULLY things will turn around.
Our house is worth probably about 50K less than what we paid for it (possibly more). Of course, DH FINALLY says to me the other day "We should really consider moving off LI"  Meanwhile I was bugging him to move for years before we bought. MEN!
So really you either ride it out or suck it up and take a major loss.
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| Posted 10/16/08 4:11 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Lost Value in home???
Your house NEVER loses value until you sell, or refinance. Right now, it's worth what you paid for it, so it doesn't matter what the market does. If you try to sell, then your house will lose value.
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| Posted 10/16/08 4:28 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Lost Value in home???
Posted by JennZ
If you dont have to move, ride it out. HOPEFULLY things will turn around.
not hopefully - things WILL turn around. RE is cyclical.
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| Posted 10/16/08 4:28 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Lost Value in home???
Mine has. We bought 4 years ago for $450k and we have it on the market for $419k (nevermind the $20k we put into it). We are probably just going to rent it once we find a new house.
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| Posted 10/16/08 4:38 PM |
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Re: Lost Value in home???
If I were in that situation but I could afford to keep paying for the house, then I probably would.
So far, we have seen some houses comparable to ours selling in our area and we are not in a terrible position. I'm not so sure we'd be compensated for what we have put into the house since purchasing it, and there is a chance we'd take a loss but I feel that we did get a good deal on this house, even though the market was rather high at the time we purchased. The down turn had started, to some extent.
Message edited 10/16/2008 5:33:01 PM.
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| Posted 10/16/08 5:31 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Lost Value in home???
I have a friend in this situation. She bought 6 years ago, great area, small house. Unfortunately, she put a good deal of money in this house and when all is said and done will break even at best. However, she can now afford a much better home, in a part of town she could not have touched 6 years ago, so she feels ok about the situation. In essence, she believes that she selling something that has depreciated but is buying something much better that has depreciated even more. I'm not sure if her economics are sound, but she's feeling ok about the situation.
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| Posted 10/16/08 5:59 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Lost Value in home???
Posted by 2girlsforme
I have a friend in this situation. She bought 6 years ago, great area, small house. Unfortunately, she put a good deal of money in this house and when all is said and done will break even at best. However, she can now afford a much better home, in a part of town she could not have touched 6 years ago, so she feels ok about the situation. In essence, she believes that she selling something that has depreciated but is buying something much better that has depreciated even more. I'm not sure if her economics are sound, but she's feeling ok about the situation.
This is exactly how I feel about my situation. I may break even or lose a little, but will get a house for a l ot cheaper than if the market were booming.
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| Posted 10/16/08 6:23 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Lost Value in home???
If you stay long enough it will eventually gain it's value back
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| Posted 10/16/08 6:28 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: Lost Value in home???
Posted by Goobster
Posted by 2girlsforme
I have a friend in this situation. She bought 6 years ago, great area, small house. Unfortunately, she put a good deal of money in this house and when all is said and done will break even at best. However, she can now afford a much better home, in a part of town she could not have touched 6 years ago, so she feels ok about the situation. In essence, she believes that she selling something that has depreciated but is buying something much better that has depreciated even more. I'm not sure if her economics are sound, but she's feeling ok about the situation.
This is exactly how I feel about my situation. I may break even or lose a little, but will get a house for a l ot cheaper than if the market were booming.
this is also how I need to look at it too! I think i could probably break even on my house in terms of being able to cover the mortgae and get my DP back but I will lose anything we put into the house plus principal in the mortage paid. BUT, that is probably less than the money i'm "saving" now for the bigger house that I want that is much cheaper now than it was back then.
Does that make any sense?
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| Posted 10/16/08 6:35 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Lost Value in home???
Posted by Goobster
Posted by 2girlsforme
I have a friend in this situation. She bought 6 years ago, great area, small house. Unfortunately, she put a good deal of money in this house and when all is said and done will break even at best. However, she can now afford a much better home, in a part of town she could not have touched 6 years ago, so she feels ok about the situation. In essence, she believes that she selling something that has depreciated but is buying something much better that has depreciated even more. I'm not sure if her economics are sound, but she's feeling ok about the situation.
This is exactly how I feel about my situation. I may break even or lose a little, but will get a house for a l ot cheaper than if the market were booming.
it's better to trade up when the market is down vs. when the market is at the peak
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| Posted 10/16/08 6:40 PM |
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