redtodd 7 Posted December 20, 2006 My house has dropped from an estimated 400,000 (its highest appraisal so far) to approx 350,000 in the last year and a half or so That means nothing unless you sell it. If you don't, it will go back to that eventually. You should bug your town to lower your property taxes. Share this post Link to post Share on other sites
SUXBNME 1,367 Posted December 20, 2006 I bought a home this year. I think I got a good deal. If you lived anywhere else but Cinncinati, I would say that you got a good deal That means nothing unless you sell it. If you don't, it will go back to that eventually. You should bug your town to lower your property taxes. True, but I felt kinda good seeing it at a very high appraisal price I paid 267,000 for it 3 years ago. Share this post Link to post Share on other sites
edjr 5,783 Posted December 20, 2006 My house has dropped from an estimated 400,000 (its highest appraisal so far) to approx 350,000 in the last year and a half or so it's only worth what someone will pay you for it. HTH That means nothing unless you sell it. If you don't, it will go back to that eventually. You should bug your town to lower your property taxes. yeah, RedTodd, the guy that couldn't afford to live in Mass any longer, listen to him. Share this post Link to post Share on other sites
SUXBNME 1,367 Posted December 20, 2006 it's only worth what someone will pay you for it. HTH Very true. My place isn't even that nice Share this post Link to post Share on other sites
bostonlager 2,521 Posted December 20, 2006 If you lived anywhere else but Cinncinati, I would say that you got a good deal True, but I felt kinda good seeing it at a very high appraisal price I paid 267,000 for it 3 years ago. Whats wrong with the Nati? Share this post Link to post Share on other sites
SUXBNME 1,367 Posted December 20, 2006 Whats wrong with the Nati? One of the bonenuggets in my local FF league grew up there. Ever focking sunday, all we here is cincy this, cincy that Do I really care that the first suspension bridge was built in ohio? Share this post Link to post Share on other sites
VikesFan 1 Posted December 20, 2006 I'm not convinced that "now' is the time to buy. It may be, but I'm not convinced that we've seen the worst of it just yet. I own 6 properties, all but one are in areas where housing is very very afordable. The one in the expensive area has someone lease optioning it from me, as I could not find a buyer. Guess what, she's going to pay about 30k less than the appraisal, which at the time was pretty reasonable for the area. I'll be glad when this is over, as I think the worst may not yet be here. Here's why: 1) Gas prices: This will hurt the market in a number of suburbs, especially places where first time buyers buy so they can commute 1 hour to work. Having just moved from Kenosha, WI, I can speak for this first hand. This has killed the market out there, and I don't think prices are coming down anytime soon. 2) Foreclosures: These are at an all time high, and rising. This means you will begin to seen an influx of cheap supply as banks will unload for what is owed or do a short sale to get something back. 3) Rising Interest rates: Here's another little secret. The dollar is falling world wide, leading to rising prices. Inflation means higher rates, but to do so would kill the realestate market, which is the only strong area of our economy (ok, not including retail stores). Those could balloon, which will take buyers off the market. 4) Bad loans coming due: 2-3% teaser rates are going to suddenly skyrocket to a market rate. People are going to see their mortgage payments double, and when that happens, they sell... Oh, but those loans are often negative ammortization loans, meaning that the principle has been increasing, as well as tough prepay penalties... but as we've established, the property values are not. That spells trouble. Those loans start coming due next year.... That's when you will begin to see a glut of panicing sellers, massive price drops, and massive foreclosures. If you've made money in the market with those realestate funds which package these loans, now is the time to sell them. 5) Stupid builders: I don't get why inventories are at all time highs, yet the builders keep building. This too adds to supply... I'm not convinced that housing will suddenly be worthless, but I wouldn't be surprised if what we've seen is no where near the end. I hope I'm wrong... I really do, but I think the pudits all want us believing that the worst is over, if for no other reason than to keep up the game. Unless you are buying for rental income, or living where I do now and can get livable property for 20-30k, I'd suggest you wait it out a bit longer. Share this post Link to post Share on other sites
redtodd 7 Posted December 20, 2006 it's only worth what someone will pay you for it. HTH yeah, RedTodd, the guy that couldn't afford to live in Mass any longer, listen to him. I had already bought and sold a house in MA for a great profit before the big move. Good thing you have been renting all these years. Share this post Link to post Share on other sites
