House Prices - what is yours worth now? (rent, buyer)

[rotorholic]

Originally Posted by tkdmom

Really !?!? I'd never live in Texas...ew !

You mean ca is ewwww, I lived there for 30 years of my life, over crowded, overpriced and just nasty, nice place to visit but not to live...

[trmc2007]

I gotta tell u-- moving back to NY is looking better and better everyday!

[sheri257]

I've posted on this thread before but, obviously, values have declined even further ...

Bought my high desert house in 2003 at $150K. Just checked a couple of recent sales in the neigborhood yesterday and, based on those ...

I will probably get about $175-180K for it now ... give or take. I guess I could try to go for $190K but, I might as well price it to sell.

Thankfully, even rock bottom prices will still cover what we owe and then some ...

Some of my neighbors who overpaid are offering to leave all of the furniture and appliances in the house to try to move it. But they overpaid at $300K. Nothing seems to be moving in that price range unless it's a brand new house ...

[sheri257]

Originally Posted by rotorholic

You mean ca is ewwww, I lived there for 30 years of my life, over crowded, overpriced and just nasty, nice place to visit but not to live...

After returning from a trip to the Central Coast (where I'm in the process of moving...) it's hard to imagine that Big Sur, Carmel and Monterey is nasty ...

Overpriced? Yes. Nasty ... no.

But, if I lived in Texas ... I guess that's what I would keep telling myself.

[Donn2390]

Now is certainly not the time to sell. If you have a choice and don't have to move, I would just settle in and hang on for a couple of more years, maybe less. I tried to sell my home in Oregon, and after eight months with no success, I took it off of the market and rented it out. I would love to sell it, but as long as I can collect rent, I will wait for a year or two more to market the home. I feel bad for the people who have no choice but to try and sell in this market.
I do feel the market is going to improve shortly. The Feds just imposed new rules on the banks, in an effort to get to make more loans. The Feds have been cutting rates for months now, but the banks haven't been passing the low rates on to consumers. The banks are gun shy about lending, due to the current situation, so they have been hoarding the money. The new rules just passed will force the banks to lend more money. The money will also be given directly to lenders, and bypass the middleman (banks), which will create competition. Getting the loan will still be more difficult, requiring better FICO scores, but new lower rates will, should?, get the housing market moving again.
I have been in the market to refi my daughters loan for six months now, so I have been watching this very closely. I think the future is improving.

[YOU-CANT-EAT-SCENERY]

I agree, if you can hold on and make the payments, just sit tight. For me, this scenario is deja vu from 1992, when I was in fear of losing my job, and my house is worth less than I paid for it. I did end up losing my job, and my house back then... it was a hard time.

So far I am still employed, but am looking for a more secure job as they seem to be laying off at my job pretty often as of late.

Would love to refi, but no one is going to refi a home that is worth less than what is owed. We owe $540,000 and it might be worth about $500,000 ( 1/2 acre horse property in Norco)

[sheri257]

Originally Posted by Donn2390

Now is certainly not the time to sell. If you have a choice and don't have to move, I would just settle in and hang on for a couple of more years, maybe less.

Yeah but, we really want to get back to the coast and have some great job opportunities there. Houses are getting more affordable there also so ... we're gonna sell our house here. If it doesn't move then we'll convert it to a rental but, we'd rather slash price and be done with it.

We don't care if we make any money on it ... if we break even that's fine. We're not in a negative equity situation ... even at rock bottom prices we can cover the mortgage and then some. I've done rentals before and I don't like being a landlord ... too much hassle, especially from a distance. I've found property management firms to be a rip off and, generally, not worth it.

The desert has been good for us but, we're ready to get back to the coast and take advantage of these falling prices. Otherwise, we'll probably never be able to afford to move back again.

[tkdmom]

Originally Posted by rotorholic

You mean ca is ewwww, I lived there for 30 years of my life, over crowded, overpriced and just nasty, nice place to visit but not to live...

I don't disagree to the fact that it is over crowded, parts are not over priced anymore, though. I just meant that Texas is not as aesthetically pleasing. Also, there are other reasons I prefer not to mention !

[rotorholic]

Originally Posted by sheri257

After returning from a trip to the Central Coast (where I'm in the process of moving...) it's hard to imagine that Big Sur, Carmel and Monterey is nasty ...

Overpriced? Yes. Nasty ... no.

But, if I lived in Texas ... I guess that's what I would keep telling myself.

Yeah, I will keep telling myself that in my nice 3,000sf home that is paid off by the way, good luck in breaking even up in the high desert were homes sell under 100k
like i said before, I lived there for 30 years and been here in dallas for 10 months now and love it here......

[rotorholic]

oh forgot to mention, im 35 now.....