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Old 07-26-2011, 04:00 PM
 
Location: Tucson, AZ
55 posts, read 141,942 times
Reputation: 32

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Almost 40% in 1 year.. really?

Last edited by Kimballette; 07-26-2011 at 06:52 PM.. Reason: keep it PG-13 please
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Old 07-26-2011, 04:19 PM
 
Location: Arizona
461 posts, read 1,314,086 times
Reputation: 641
Yea me too. I bought mine for the same amount in 2003 and it's only worth about $120k if I'm lucky. Hopefully, in a few years the market will climb enough for me to break even if I sell it!
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Old 07-26-2011, 04:22 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,698,072 times
Reputation: 9980
Quote:
Originally Posted by Tornado of Souls View Post

Almost 40% in 1 year.. really?
Unless you are trying to sell what's the difference?
How much was your car worth when you bought it?

Last edited by Kimballette; 07-26-2011 at 06:52 PM..
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Old 07-26-2011, 06:36 PM
 
Location: Southern Arizona
9,601 posts, read 31,701,421 times
Reputation: 11741
Quote:
Originally Posted by Boompa View Post
Unless you are trying to sell what's the difference?
How much was your car worth when you bought it?
Excellent point, Boompa . . . a vehicle usually loses about half its value the first few years of ownership.

I paid about $90k for my place back in '97 and it "falsely appreciated" to a whopping roughly $250k at the peak. Now it is "only" worth about $160k, give or take $5k.

To the local Real Estate Agent my place has lost money, to me these are just a bunch of numbers that mean absolutely nothing since it is my home and I have no intentions of selling.
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Old 07-26-2011, 06:57 PM
 
Location: outer space
484 posts, read 970,169 times
Reputation: 393
If you are going by Zillow (or likely a RA), the price is even lower. My house was listed as worth $102K but it sold for 50% of that. I bought at $185K! Yikes.
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Old 07-26-2011, 09:39 PM
 
Location: Tucson, AZ
55 posts, read 141,942 times
Reputation: 32
Quote:
Originally Posted by robabeatle View Post
If you are going by Zillow (or likely a RA), the price is even lower. My house was listed as worth $102K but it sold for 50% of that. I bought at $185K! Yikes.

Yea, I was going by Zillow. Well that's even worse.

Those of you asking why it's a big deal - it's 40% in one year (and possibly more). If that's not alarming and an indicator of something really wrong, I don't know what is If something happened and I had to move/sell, it would be game over for me (and hundreds of others in the same boat)
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Old 07-26-2011, 09:55 PM
 
Location: In my own world
879 posts, read 1,731,771 times
Reputation: 1031
Single family homes are shelter, not investments. When you factor in maintenance and repair, they are a cash drain. They are, at best, a forced savings account. Anyone buying a house expecting appreciation will be sorely disappointed. The early to mid 2000's were an anomaly. Welcome to reality.
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Old 07-26-2011, 10:49 PM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,698,072 times
Reputation: 9980
Zillow just change the way they compute values and everything went down
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Old 07-27-2011, 07:45 AM
 
Location: Tucson, AZ
55 posts, read 141,942 times
Reputation: 32
Quote:
Originally Posted by Boompa View Post
Zillow just change the way they compute values and everything went down
That's interesting, I didn't know that. I suspected that market value might be different than their estimates, but who knows.

I certainly wasn't expecting the house to appreciate, I just wasn't expecting a 40% dip in literally 12 months. I'd been hearing 10-20% loss year over year, so the 40% really alarmed me.
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Old 07-27-2011, 10:38 AM
 
Location: Sierra Vista, AZ
17,531 posts, read 24,698,072 times
Reputation: 9980
Quote:
Originally Posted by Tornado of Souls View Post
That's interesting, I didn't know that. I suspected that market value might be different than their estimates, but who knows.

I certainly wasn't expecting the house to appreciate, I just wasn't expecting a 40% dip in literally 12 months. I'd been hearing 10-20% loss year over year, so the 40% really alarmed me.
They value mine at $265K but I haven't seen anything on my block go under $310K. They include some cheap houses a couple blocks away which must drag down the base.
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