Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I live in Dallas Texas, my house was valued at $125,000 in 2009 when I bought it. well I bought it for $102,000 because it was a fixer upper. but for the last two years it has it and stayed at $104,000.. Ive tried nice landscaping keep my yard mowed, Im on the corner and it was built in 1989 but most around my neighborhood went down.
But for some reason mine went from 125K down to 104K for 2 years in a row now. and I didnt know if it would go back up a little in 2012 or not? can someone help me on how this works or what I should do?
Your buying it for 102k probably dropped its value (along with other people buying similar houses for a lower price like you did too.) Property doesn't rise within a few years except in boom areas. Booms are bad because busts always follow booms eventually. Then you can end up in a terrible situation with a mortgage that's higher than the value. It's better to own property in a stable area where property values rise slowly over decades.
How much apprwciation are you expecting on a $100k house? You're not going to flip it for $200k any time soon, if thats what you're looking for. The double digit annual appreciation that was going on during the boom is a thing of the past, and people need to start thinking of their houses as "homes"- not as "investment accounts".
I remember back in the late 80s I was flipping homes. I decided I'd get my real estate license so I could have better access to potential purchases as well as learning that end of the business. I can still remember the teacher telling us that since 1929, homes have never gone down in price except for one year which I can't remember now.
Then 1999 came and I ran to Las Vegas where homes were appreciating 10% per month. Yes I wrote that right, per month. Fast forward to about 2005 when things started flattening out. Then in 2006 we began to call it a recession. That's where this govt failed to call a spade by a spade. But the honest, neutral, unbiased truth is we are now in a deep deep economic depression. By all truthful numbers we are in a worse depression then 1929. You won't hear that from your govt though.
Currently you hear all kinds of predictions and guesses on the news about when the economy will come back. It's all just that. Predictions and guesses. No one but no one but no one but God knows. But an honest, not a dreamer man who has no alterior motive can say this economy, especially the housing and construction market will not come back anytime soon.
Well you say: This economy has to come back, it always has come back from economic downturns. A smart man would say: Just because the economy has always come back in the past is no guarantee it has to again. Right? Other downturns had a much easier time to recover. Back then we did not have $4/gal gas, $100+ cell phone bills, $150/m cable TV bills, $200/m grocery bills, $2000/m mortgage and on and on.
Those are facts, my professional opinion is we will not see home appreciation for a very very very long time. I made a similar post on this very forum in 2007. I'm not wrong so far am I. The construction industry has been devastated and this industry has always been responsibility for an 20% of our economy employing millions upon millions. It's all gone now and it ain't coming back in my lifetime.
Never forget places like Las Vegas, Miami, Phoenix, Detroit, Southern California where homes have lost as much as 70% of their 2004 value. At this time the only bright spot in USA homes is Washington DC and it's suburbs. And there my friends lives the very Politicians who caused this whole mess yet they are enjoying the fruits of your stupid insistence to exercise your right to vote. For what I ask?
What's your "value" based on?
Are you quoting your tax assessment; or is this based on an actual appraisal?
Or are you looking at some pre-descriptive evaluation like Zillow or other RE site?
Value by definition-The value of a product (in this case- RE/home) is the mental estimation a consumer makes of it. It's the consumer's perceived benefits in relation to the perceived costs of receiving these benefits.
All depends on the employment trends. The more jobs, the better the housing market.
"All depends on the employment trends"- What?
So, why is the first rule in RE, Location, Location, Location? I could go on an on; but why?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
