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  • The Depreciation Thread

    I bought my house like 9 years ago (thank goodness) and prices skyrocketed. Over the past year the homes in my area have dropped considerably.

    Anyone else having a problem with the house's value depreciating? Luckily we never plan on selling the house, at least as long as the kids are with us.

    Chad

  • #2
    Re: The Depreciation Thread

    I love you.

    There is a depreciation problem outside the Portland area for people who bought in the last few years with a variable interest rate and who are trying to sell to avoid the boost in interest. Their homes haven't appreciated like they thought they would.

    Thankfully in Portland, things are okay. Houses aren't selling as quickly as they were, but home values keep rising.

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    • #3
      Re: The Depreciation Thread

      ^^ Well, yes. My mom bought her house right before the real-estate boom for around 400K and at the peak of the boom it was appraised at about 800k. She recently moved and was having trouble selling it with an asking price of 600K.. It sat dead on the market for the last couple of months we lived there. Luckily, he employer bought the house from her at its appraised value (600K) because they really needed her over there and I guess it's a common thing for them to do. So she ended up on top but it def. depreciated since the "boom"....
      She owns a condo in Cali that she rents out, and she bought it for around 150K when my parents first got divorced and now its worth a lot more so she lucked out there....she still rents it out so that if she wants move back she can.. once you leave CA real estate its hard to get back in (or at least it used to be).
      <3 Chloe

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      • #4
        Re: The Depreciation Thread

        See then I'm not alone. For those that are renting an apartment, please don't feel left out in this thread.

        Comment


        • #5
          Re: The Depreciation Thread

          My husband and I are trying to decode whether to refinance our house or not. We got a crappy loan two years ago so now even though we've been making payments for all this time, we actually owe more than we did two years ago. It makes me really depressed when I see the numbers and the equity we have lost, but thank God our house has kept its same value in two years.

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          • #6
            Re: The Depreciation Thread

            WE are in a boom here. We bought our house 9 years ago and it is now worth 3 times what we paid!
            If things drop here a bit, I am tempted to buy a rental property to give to our daughter when she is old enough to move out.

            Comment


            • #7
              Re: The Depreciation Thread

              I see all the houses on the market and they are just not selling anymore. It is a problem in NY. I bought my house last year and talked the seller down since their house had been on the market for 7 months with no sale. Of course they tried to convince us there were other buyers but wanted to sell to us- um O. We didn't budge from our offer and they finally accepted :clap:
              Now I am never moving again becuase it is such a PITA
              Fratsor Sister - Delta Mu Chi Alpha

              ΔΜΧΑ

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              • #8
                Re: The Depreciation Thread

                Our house went up in value $50k and now has dropped down to virtually what we paid for it :botox: It bites. BUT I'm so glad we decided against moving in January! The house we were looking at buying then ended up FINALLY going for almost $75k less. We would have been soooooo upside down!



                Delta Mu Chi Alpha ΔΜΧΑ

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                • #9
                  Re: The Depreciation Thread

                  All the way here in Chicago, and my house went down in value in the last three years. I went from a Home Eguity loan back to a conventional mortgage. My home was appraised about 25,000 dollars less. Of course, I don't think it's worth as much as they say, but I don't like the lower appraisal. I don't plan on selling, unless I can't maintain it after my husband retires.
                  BarbaraAnn

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                  • #10
                    Re: The Depreciation Thread

                    the housing market here is vegas.. is pretty bad.. it is a buyers paradise though.. but not for sellers.. we bought our house last year at the beginning of this crunch..so we bought for a great price.. just wouldnt be able to sell it for anything much more than that if we wanted to sell right now

                    Friends for life

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                    • #11
                      Re: The Depreciation Thread

                      Originally posted by Princess Buttercup View Post
                      My husband and I are trying to decode whether to refinance our house or not. We got a crappy loan two years ago so now even though we've been making payments for all this time, we actually owe more than we did two years ago. It makes me really depressed when I see the numbers and the equity we have lost, but thank God our house has kept its same value in two years.
                      I'm in the same boat as you.
                      Our loan wasn't really crappy but we had to take a lot more out on a 2nd than we wanted. We now owe more than what we bought the house for but I do think our house will appraise for more than we owe. I hope so at least....
                      I hate paying that mortgage every month!! It makes me sick to see how much we pay!

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                      • #12
                        Re: The Depreciation Thread

                        Problem is with propery taxes it makes no sense to sell if you bought low. Thank heavens my wife understands this.

                        Comment


                        • #13
                          Re: The Depreciation Thread

                          Mine has depreciated about $20k in a year, but I'm still way up from when I bought it 5 years ago! It's basically held steady for a few months. Keeping my fingers crossed it stays, doesn't fall further, and in a while grows again.

                          Comment


                          • #14
                            Re: The Depreciation Thread

                            Originally posted by aashee View Post
                            Problem is with propery taxes it makes no sense to sell if you bought low. Thank heavens my wife understands this.

                            That's what my hubby tells me every now and then when I get in the mood to sell our 45 year old home and buy a newer one! The prop taxes would kill us!



                            I'm in a great mood now though because I just got done talking to my WAMu rep and she can get me a MUCH better deal than what the broker was offering us! Thank God I talked to her before signing or paying anything with the broker!

                            Comment


                            • #15
                              Re: The Depreciation Thread

                              Originally posted by Princess Buttercup View Post
                              I'm in a great mood now though because I just got done talking to my WAMu rep and she can get me a MUCH better deal than what the broker was offering us! Thank God I talked to her before signing or paying anything with the broker!
                              Do you think it would be inapproprite to start a WAMU rep appreciation thread? I mean the dude did save you some money!

                              Comment


                              • #16
                                Re: The Depreciation Thread

                                We dont have WAMU here...............but I do appreciate watching their commercials.

                                Comment


                                • #17
                                  Re: The Depreciation Thread

                                  I don't know much about depreciation of my parent's house. But I know they bought it for a little over $100k back in the late 80s and during the big housing boom in the Bay Area it jumped up to $500k. I don't think there has been much lowering from that though, as our street is mostly renters now, very few owners.

                                  Comment


                                  • #18
                                    Re: The Depreciation Thread

                                    Down with WaMu! Credit Unions are better than Banks. (Glad a bank was actually able to save you money, PB)
                                    <3 Chloe

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                                    • #19
                                      Re: The Depreciation Thread

                                      I feel for you Chad. What sucks is I remember reading in the Times that the housing prices are down all over So Cal, but it is expected to be the worst in the IE.

                                      If you are already planning on staying, then its probably not a bad idea.

                                      As for me, since my divorce I have been living with my parents. I pay over $800 per month in child support and don't have much after that when you factor in bills and other living expenses. So I guess the grass is always greener, so they say.

                                      On the bright side, when my son turns 18 you are all invited to the biggest party ever! (You just have to wait 9 years)

                                      Comment


                                      • #20
                                        Re: The Depreciation Thread

                                        Originally posted by DisneyIPresume View Post
                                        I feel for you Chad. What sucks is I remember reading in the Times that the housing prices are down all over So Cal, but it is expected to be the worst in the IE.

                                        If you are already planning on staying, then its probably not a bad idea.

                                        As for me, since my divorce I have been living with my parents. I pay over $800 per month in child support and don't have much after that when you factor in bills and other living expenses. So I guess the grass is always greener, so they say.

                                        On the bright side, when my son turns 18 you are all invited to the biggest party ever! (You just have to wait 9 years)

                                        Honestly depreciation doesn't bother me one bit. It's funny, people whine and say "why didn't I sell last year!?" Well the fact is if your sold last year, you would have bought another house with a high price.

                                        My motto is if you are staying, who give a flying fart what the house is worth.

                                        I'll be there for that 18th party. Wait, he can't legally drink then. Forget it.

                                        Comment

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