bought house Jan 2006; are we stuck here? - Mothering Forums

Forum Jump: 
 
Thread Tools
#1 of 15 Old 12-07-2010, 08:56 PM - Thread Starter
 
onetrumpeter's Avatar
 
Join Date: Jul 2007
Posts: 289
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Same model as ours just sold on our street (forclosure) for $187k; we bought for $320k.  We put a decent downpayment way back when, and we've paid to improve the house quite a bit (new carpet, patio, crown moulding - not sure those any of those count toward house value? :p).  I feel like if we did a short sale we'd lose all that investment.  Plus there are other things about doing a short sale that make me feel uncomfortable; credit issues, our investments might be at risk?  We currently owe $240k in our first trust and $25k in a HELOC.

 

we don't _need_ to move.  We can make our 2bed, 2baths work.  I'm just craving less suburbs, more rural: chickens, goats, a bigger garden (110' sq right now).  and it may be impossible for quite a while. 

 

my one idea is to rent this house out.  I think we could get just about enough in rent to cover our monthly mortgage payments, but if we used a property management we'd lose a % of that.  Neither DH nor I are very handy so property management might really be wise.  anyway, we'd be at a small monthly loss there, not to mention upkeep costs.  roof is ~8 years old.  most appliances are newish, but HVAC is original...  so there are expenses to budget for that way, too.

 

anyone know how rent income would factor into what we could borrow?

 

thanks for any help or advice about not feeling "stuck" in our house.  Nothing like feeling foolish for having  bought at the top of the market, but we also felt "stuck" at that time, like this was our most affordable option and we didn't want to rent back then...


blessed Catholic mommy to DD 10/07 and DS 2/09, little one due 8/12!

onetrumpeter is offline  
Sponsored Links
Advertisement
 
#2 of 15 Old 12-07-2010, 09:05 PM
 
Thystle's Avatar
 
Join Date: Feb 2006
Location: USA
Posts: 2,423
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Have you tried calling your mortgage company and asking them how it would affect another mortgage?

 

 

 

Maybe try calling a few local management companies and asking them how it works and what their cost is?


Resistance is futile Matey
Thystle is offline  
#3 of 15 Old 12-08-2010, 07:56 AM
 
heatherdeg's Avatar
 
Join Date: Dec 2003
Location: Everywhere... thanks, technology!
Posts: 4,831
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 5 Post(s)

I can SO, SO, SO identify with your feelings right now.  They are currently killing me, too (although why we are stuck in our situation is completely different).  I went from a stunning home with a 40'x40' food garden and my 8 laying hens to... well... *tries hard to contain the rage* due to dh's job relocation.

 

It. is. killing. me.

 

On the flip side, I can't lose sight of our finances over it.  I have to have faith that if I manage to be patient and do what NEEDS to be done, I will be able to do what I WANT a lot sooner.

 

To that end, if you can resolve to just spend 2 more years where you are (since you ARE affording it--making the bank less likely to work with you) and see some kind of light at the end of the tunnel, maybe it will make it more doable for you.  

 

I can tell you as a landlord that if you have not done it before, there can be a learning curve.  Your rental income 1) will be cut by the local "vacancy rate" (which is the percent of time the local appraisers suspect your house will be empty and not producing income); and 2) won't factor in at all until you have a tenant--meaning you're already out of the house.  The property management company will not just take a monthly management percentage (this varies by area of the country and what they provide, but generally runs 8-10%) but will also cost you the cost of repairs and maintenance ANYway.  So if the market rent is just barely what you're going to need to cover the house, you're really rolling the dice on that one.

 

You could definitely call the bank and ask them to lower your rate.  Whether they will or not will depend on a lot of things.  The better a customer you are in terms of payment history and credit, the less likely that is these days.  :(  Backwards, but reality.

 

If I were in your shoes, I would stay where I am, learn a lot about container gardening, and pretty much "bloom where you're planted" knowing that it is long-term likely to be the more sound decision.  Keep in mind how feeling "stuck" originally got you where you are.  See if you can structure yourselves some 1, 2 & 5-year goals that help you keep sight of what you want and kind of put it in your face that you're GOING to get there at X-date so it doesn't feel like "someday" as much as it feels like "in X years" and helps you move in that direction to prepare in countless ways.  Every decision you make is then held up to the measuring stick of the goals and becomes "Does this get us a step closer to the goal, or no?"  Poof--decision made, goals achieved.  :)

 

But that's me...


Heather - Wife , Mommy  & Health & Wellness Educator, Speaker & Consultant 
 
Dairy, soy & corn free with limited gluten... yes, really. And journeying towards peace.  Blogging about both.
 
Let me guide you to find the food and lifestyle choices...
heatherdeg is offline  
#4 of 15 Old 12-08-2010, 09:44 AM
 
Join Date: Jan 2004
Posts: 4,669
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

We bought in October 2005 and our house is worth less than what we paid.Houses around us are going for even less whether forclosures or just cheap.It is a hard pill to swallow knowing our neighbors will (or have ) paid for the home before us. We don't have to move but I look anyway. I would LOVE to get a place with land. The thing is you have to forget about what you paid and what you put into the home.It will sell for what the other homes around you are selling for.Staging will help.Remind yourself that even if you sell at a loss you will be buying a house at a great deal.

 

We are staying for now.We would likely have to pay the same house payment in other places.We did do a refi,so that is something you can look into.In our area people who rent out homes  have to get a permit and pass a check list.Also,it seems to take a long time for people to get bad renters out of their home.I would not want to rent.Some are good,but a lot do not care very well for the home.

 

We have less than an acre.I got chickens. I added edible landscaping. I try to make the home better for us,and not dwell on what we paid.Remember we paid what we thought was a good deal back then.Who knew it really wasn't?? Maybe value will go up and maybe it won't.Life goes on.Hugs!

mattemma04 is offline  
#5 of 15 Old 12-08-2010, 10:01 AM
 
worthy's Avatar
 
Join Date: Oct 2010
Posts: 899
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 5 Post(s)

Ooh, I was going to say "bloom where you are planted" too!

 

See if you can keep a few chickens - check your local laws - and work toward keeping as many as you are allowed.  You may also be able to have other small livestock; find out!  Explore 'food not lawns' ideas and see if you can really maximize what you have.

 

It's hard.  I'm doing the same thing right now.  Not thrilled with our situation and wanted to leave it for several years.  Until I realized that financially, it isn't going to happen in any realistic or easy enough way, so we'd best make the most of where we are for now (and indefinitely).

 

I bet you can creatively do a lot more on your lot than you are right now, and it will feel good when you start really making the most of it.  Replace existing shrubs with food - blueberries, etc.  There is lots you can do.  Good luck!


- single homeschooling mom to 16, almost-15, 12, and 10
worthy is offline  
#6 of 15 Old 12-08-2010, 01:27 PM - Thread Starter
 
onetrumpeter's Avatar
 
Join Date: Jul 2007
Posts: 289
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

wow, thanks, all for the thoughts.  Heather, thanks for the ideas and suggestion to set goals.  Mine are quite vague and definitely not clear to DH nor are his to me.  I need to change my perspective from feeling "stuck."  We are very comfortable, our house is warm.  (brrrr it's cold and windy out!!!)

 

I just have had it on my mind for a while now, and yes, other places' prices are coming down/have come down (like our value, lol) and so it seems like a wise time to buy.  Except we already *did*.  Oy.

 

Honestly, I know one couple renting the same model we have and what they're paying is probably $50 less than what we pay monthly.  So, we'd already be at a monthly loss if we were renting it out.  And the idea of being a landlord is not appealing.  It's made a little moreso by property mgmt places as they seem to take the work off your hands (but of course we'd still be paying for repairs, etc.).  But which is worse: a monthly negative every month or selling for $75k less than we owe???  We can't eat that cost.  I think we'll probably end up staying here a while longer, but it's fun to toy with the idea of having more space.  Our townhouse is on something like .017 of an acre.  lol.  Our backyard is fenced, as are our neighbors' and so it makes gardening a little tricky, but yes, I can do it.  And I have so much to learn; it's not like I KNOW how to have goats, chickens, and garden and am being deprived of exercising that knowledge.  I want to learn (and dream of doing so in a bigger space) which might be pretty expensive.

 

Thanks for the empathy, too.  It's frustrating to be this "upside down."  And yes, we can afford our payments, so the bank is probably not motivated to do much for us.  It's just that we bought at the "wrong time."  We were happy and thought we were getting a decent deal back then.

 

will focus on "bloom where I'm planted."  I know I'm richly blessed to be in a nice house.  smaller=less to clean!! :)

 

Thanks, ladies!!!


blessed Catholic mommy to DD 10/07 and DS 2/09, little one due 8/12!

onetrumpeter is offline  
#7 of 15 Old 12-09-2010, 09:33 AM
 
mnnice's Avatar
 
Join Date: Apr 2003
Posts: 2,172
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)


Quote:
Originally Posted by onetrumpeter View Post

wow, thanks, all for the thoughts.  Heather, thanks for the ideas and suggestion to set goals.  Mine are quite vague and definitely not clear to DH nor are his to me.  I need to change my perspective from feeling "stuck."  We are very comfortable, our house is warm.  (brrrr it's cold and windy out!!!)

 

I just have had it on my mind for a while now, and yes, other places' prices are coming down/have come down (like our value, lol) and so it seems like a wise time to buy.  Except we already *did*.  Oy.

 

Honestly, I know one couple renting the same model we have and what they're paying is probably $50 less than what we pay monthly.  So, we'd already be at a monthly loss if we were renting it out.  And the idea of being a landlord is not appealing.  It's made a little moreso by property mgmt places as they seem to take the work off your hands (but of course we'd still be paying for repairs, etc.).  But which is worse: a monthly negative every month or selling for $75k less than we owe???  We can't eat that cost.  I think we'll probably end up staying here a while longer, but it's fun to toy with the idea of having more space.  Our townhouse is on something like .017 of an acre.  lol.  Our backyard is fenced, as are our neighbors' and so it makes gardening a little tricky, but yes, I can do it.  And I have so much to learn; it's not like I KNOW how to have goats, chickens, and garden and am being deprived of exercising that knowledge.  I want to learn (and dream of doing so in a bigger space) which might be pretty expensive.

 

Thanks for the empathy, too.  It's frustrating to be this "upside down."  And yes, we can afford our payments, so the bank is probably not motivated to do much for us.  It's just that we bought at the "wrong time."  We were happy and thought we were getting a decent deal back then.

 

will focus on "bloom where I'm planted."  I know I'm richly blessed to be in a nice house.  smaller=less to clean!! :)

 

Thanks, ladies!!!



Honestly, given what you shared I am not sure selling at $75k loss is really an option (unless you have that money sitting in a taxable account somewhere)

 

If renting it out for a loss is feasible is much more a function of your current monthly cash flow and how much your housing that you replace it with would be.  We currently rent out the house we own to tenant and live in and rent a different house.  In our case it was good for our cash flow because since we make a profit after expenses on the rental (and don't have to pay the utilities and water bill on an empty housejoy.gif) also our current rent is about half the amount that we recieve in rent.  I personally don't think the housing marked has bottomed out and I would love to not own any houses right now.  I wouldn't seriously consider owning more than one house in this climate unless I had a way higher net worth than I have (that's totally just my layperson opinion and only time will tell if I know what I'm talking about.)

mnnice is offline  
#8 of 15 Old 12-09-2010, 12:29 PM
 
heatherdeg's Avatar
 
Join Date: Dec 2003
Location: Everywhere... thanks, technology!
Posts: 4,831
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 5 Post(s)


Quote:
Originally Posted by mnnice View Post

Honestly, given what you shared I am not sure selling at $75k loss is really an option (unless you have that money sitting in a taxable account somewhere)

 

If renting it out for a loss is feasible is much more a function of your current monthly cash flow and how much your housing that you replace it with would be.  We currently rent out the house we own to tenant and live in and rent a different house.  In our case it was good for our cash flow because since we make a profit after expenses on the rental (and don't have to pay the utilities and water bill on an empty housejoy.gif) also our current rent is about half the amount that we recieve in rent.  I personally don't think the housing marked has bottomed out and I would love to not own any houses right now.  I wouldn't seriously consider owning more than one house in this climate unless I had a way higher net worth than I have (that's totally just my layperson opinion and only time will tell if I know what I'm talking about.)



Yeah... good point in that if you're making ends meet, the bank is HIGHLY unlikely to approve a short sale unless they put you on a repayment plan for the difference.  We're in the process of buying a house that's in short sale and we wondered if the couple would qualify (we still wonder).

 

And we SERIOUSLY considered the scenario mnnice was in before we sold our last house.  We weren't underwater on it, but the expense was really overwhelming and keeping us from doing other things/investing.  We didn't want to sell our house because we loved it.  We just needed a temporary "suspension" of the expense and that seemed the way to go.  We knew that even if we rented at a $100-$200/month loss, rent on another (smaller) house (in a less desirable, but still safe town) plus that loss we were paying out monthly was still significantly less than what we'd be paying to stay in our house--saving us about $600-$800/month (depending on whether we'd need a storage unit for some of our stuff.  I know that sounds insane, but it was true.  We wound up having to relocate so it was a mute point.


Heather - Wife , Mommy  & Health & Wellness Educator, Speaker & Consultant 
 
Dairy, soy & corn free with limited gluten... yes, really. And journeying towards peace.  Blogging about both.
 
Let me guide you to find the food and lifestyle choices...
heatherdeg is offline  
#9 of 15 Old 12-10-2010, 08:24 AM
 
mnnice's Avatar
 
Join Date: Apr 2003
Posts: 2,172
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

heatherdeg--

Our choices were relocation driven too.  DH used to work 8 miles from the house we rent out/own.  Now he works 37 miles away from that place, but just a mile from where I work. It just really didn't make sense to live there anymore (although I like the house just fine).  In our case we also saved enough on gas and child care to make it cash flow neutral with the other house vacant (Housing prices/rents are also less in town we work in than were we own our house).  

 

OP-I would look around and see if there are any rentals around that would suit your family better and see how much they are.  Then you would know if the renting out your current house and renting something else is anything potientially worth the effort/logical.

 

mnnice is offline  
#10 of 15 Old 12-10-2010, 11:36 AM - Thread Starter
 
onetrumpeter's Avatar
 
Join Date: Jul 2007
Posts: 289
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

Really appreciate the thoughts - helpful to have different perspectives on similar issues.  Yes, DH's job location is key to considerations, too.  Right now he has a 10 mile commute each way.  If we were to move where I'd like (where there are affordable houses with ~3+ acres) it'd be around 30 miles each way.  Hard to imagine, but it's not a rarity where he works and he may be be willing.

 

When I look online at rentals, they're more expensive, beautiful, new houses that have pretty high rents - at least twice our current monthly payment.  So those are out.  Unless I'm not looking in the right places for rentals.  More research to do there.  There are some houses for sale (some are short sale/pre-forclosures) which if we bought the monthly payment would probably be about 80% of our current monthly payment, so if we could rent out our current home it *might* balance out the monthly negative of rental income vs. payment on current house as well as gas costs...  I sort of think we might be able to do it, if DH and I are up for the commute change.  Of course none of these houses have I seen in person, lol.  And I agree (was it mnnice?) that the housing market may not have bottomed out yet... so maybe we'll just continue to wait.  Lots to think through.  Heatherdeg, how's the short sale buying process?

 

We're in a nice little subdivision with great playgrounds, paths, nice neighbors, etc.  I'd really miss that if we were to move to a rural area where we could have animals.


blessed Catholic mommy to DD 10/07 and DS 2/09, little one due 8/12!

onetrumpeter is offline  
#11 of 15 Old 12-10-2010, 05:26 PM
 
heatherdeg's Avatar
 
Join Date: Dec 2003
Location: Everywhere... thanks, technology!
Posts: 4,831
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 5 Post(s)

Well, by "relocation" I meant 800 miles. :) From NJ to IL. >:(

 

Another thing I just thought of (and because we happen to be renting from someone that is underwater on the house we live in and the landlord is an absolute scum) is that if you rent from someone that's in foreclosure and the foreclosure goes through (while they are renting to you and pocketing the rent to try to recover something out of owning the place), then you pretty much get 30 days notice to vacate. So it's kind of a scary time to be a tenant right now anyway. I absolutely would not be surprised if that was what was going on in the house I'm in right now. I don't know it to be the case, but it wouldn't surprise me in the slightest.

 

And seeing my son run around with the neighborhood kids IS helping me make peace with the fact that I can no longer own chickens--let alone expand to sheep. :( But I do miss my food garden.

 

We are in the process of trying to buy a short sale that is literally 5 doors down from where we're living. We made an offer in late August and the seller didn't want to accept it. We made another offer 6 weeks later and came to agreement. From there, it goes to the bank. This particular seller is a couple in the process of divorce and they are with an experienced short sale attorney that pre-screened them for being good candidates for getting a short sale granted, but not all of the paperwork had been filed yet. We just got word 2-3 days ago that the bank had everything they needed (their own estimate of value of the property, the seller's documentation, etc.) to make a decision and had assigned a processor, but we wouldn't hear anything at all before Jan. 7th. Even then, we're not sure if they'll hand down a decision or what. It's a LOOOONG process. And really, if the bank turns around and says that someone will need to come up with $10,000 (or whatever) for them to make this deal, we're pretty sure that the seller will say "The buyer wants to be on this block--let them pay it!" What they don't know is that we're no longer feeling like it's critical to be on this block--so they would be sorely mistaken. But we made our initial offer and they'd wanted us to come up $10,000 and we didn't want to. Six weeks later when they hadn't had a single offer and the buying season was pretty much over, we came back and offered at the $10,000 higher they initially wanted. Well, they now wanted us to come up ANOTHER $10,000. So we're thinking that they're just going to assume we'll do anything to be here because we live here already and love our neighbors. And we do, but... The other thing is: the contract is writing such that we can void the contract if the house doesn't appraise at or above the contract price. The process is going on so long and the available comps will now be from the slowest time of the year. It's close to impossible that the house would appraise for what we offered (and when we offered, we were already cutting it pretty close. I estimated we were about $10k-$15k over what it was worth already). So that one has good odds for not working out. It's going to depend on how badly the bank and the sellers want out of the house and how much it actually appraises for. If the bank will let it go for the appraised price without asking that "someone" come up with more money, great. But I'm not sure how likely that is. The current owners aren't in pre-foreclosure, both work, etc. I can't imagine the bank writing off $60k or more and not holding them accountable for some portion of it. And that's where I think they will try to pawn it off on us thinking we'll just eat it to be in that house. Sometimes the amount that the bank needs is so small that the realtors will get together and shave their commission a bit to help the sellers with the amount they're stuck with and then the buyers do a "little" something and everyone is happy. We're not doing that.

 

HOWEVER, we are also about to close on a foreclosure a few blocks away. We made the offer on that one in late October. The offer was accepted after some banter (there were multiple offers) within a few days (maybe 3?). But from there... blech. There aren't any appliances in it and depending on the loan program, it could've needed for us to buy the appliances and put them in before we owned the house. We escaped that, but the appraiser had to have the water turned on in order to do the appraisal. Well, that got into us not wanting the water turned on because our inspection showed that there was a leak. We happened to apply for the mortgage with the large, national bank that owns the property thinking it would be a quicker process (WRONG! But sometimes it is) and this has all resulted in the bank doing an awful lot of plumbing repairs that we honestly thought we would be doing (the house was winterized, so we just wrote off all the plumbing and made our offer under the assumption that most of it would need replacing). Of course, the process of getting bids for the plumbing work and getting them approved to do the work has been LONG. We are now on our second closing extension. The initial work scope was expanded. They claim that they've repaired all the stuff they ripped apart to DO the plumbing work. So, score for a huge expense that we no longer have to deal with--for sure. We could've changed loan programs to a 203k so that the water wouldn't need to be on for the appraiser, but this works out way better for us (especially since we can wait it out). So we just need the appraiser to get in there and after the bank looks over the appraisal, we can close (we know that it will appraise at LEAST at what we're paying for it, but likely a little more). Our current extension has us closing Dec. 20th--which is possible if the appraiser can get out there tomorrow. It's a smaller house, so we can't live there forever; but if the short sale falls through--we at least have a place to live. Heaven knows we're not staying here with the landlord who has yet to fix the sump pump that flooded the basement in early August... 2 weeks after we moved in. >:(

 

Wheeeeeee.....


Heather - Wife , Mommy  & Health & Wellness Educator, Speaker & Consultant 
 
Dairy, soy & corn free with limited gluten... yes, really. And journeying towards peace.  Blogging about both.
 
Let me guide you to find the food and lifestyle choices...
heatherdeg is offline  
#12 of 15 Old 12-11-2010, 02:12 PM
 
Peony's Avatar
 
Join Date: Nov 2003
Posts: 15,914
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 5 Post(s)

We are stuck as well, we bought in very early 2007, at what was the height of the market in my area. The house across the street from us sold last month for a stupidly low price for what was a high COL area. Granted our house is bigger, it isn't 175K bigger. Needless to say, we are going nowhere. We bought this house in a hurry, we lived 35 miles from the hospital, DD2 had chronic health problems, there was a mill down from our old house and it was harming her already damaged lungs, there was a theory that the dust was preventing her from coming off O2, so we decided to move. I was in mama bear mode and basically bought the first house I could stomach living in. Fast forward almost 4 years, the girls school is a 20 minute one way trip that I make twice a day, in bad weather I creep into town at 20 miles an hour We are still 7 miles out of town, and I make the trip 2-3 times a day, the little kids spend like half their life in the car. We can't get sitters to come out here while I work, I finally found one last week and then she got lost. 

 

I don't know we just didn't rent, I had this tunnel vision, "must buy house now, save child". We have outgrown the bedrooms and bathroom, I don't want to sink more money into a house that we are so upside down in already. Rentals are way cheaper then what buying a house is, renting it out is not an option. No suggestions because I don't have any for myself, but I know how hard it is to want to be some place else and know that it isn't going to happen. I want to be in-town, not to be driving back and forth so much, I pick up from school and then then we go spend more money hanging out for 1.5 hours until after school activities start, it isn't worth it to drive all the way home again. I want to be able to walk somewhere, ride our bikes, go to the store without it taking an hour for 2 things because of the drive. 


There is no way to happiness, happiness is the way.
Peony is offline  
#13 of 15 Old 12-11-2010, 06:58 PM
 
zebra15's Avatar
 
Join Date: Oct 2009
Location: State of Confusion
Posts: 4,732
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 20 Post(s)

Well, when you buy a home its not a short term thing.  2006 was 4 years ago.  I was always taught that you should plan for a minimum of 7 years in a home before you 'break even' on the closing costs, taxes, fees etc.  I know that 7 yrs is just a guideline and things change with the economy.  Also buying a home is an investment and there is no guarentee that your investment is going to increase in value.  Now with all that being said, I don't think you are stuck but I don't think its time for you to move.  You are only 4 yrs into your home.  I bet there are many things you could do to your home to make it feel better.  A bit of decorating, container gardening, new linens etc. OP your said you have a townhouse.condo thats 2bedrooms.  Do you have a basement you can turn into a playroom?  Do you have a patio/deck space you can use in the warmer months?   Buying a house is a huge committment and really not something you can just 'change'.


Mom to J and never-ending , 0/2014 items decluttered, 0/52 crafts crafts completed  crochetsmilie.gif homeschool.gif  reading.gif  modifiedartist.gif

Seeking zen in 2014.  Working on journaling and finding peace this year.  Spending my free time taking J to swimteam

zebra15 is offline  
#14 of 15 Old 12-18-2011, 06:17 PM
 
Bellaiscute's Avatar
 
Join Date: Dec 2011
Posts: 1
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

I am in the same boat here.....but reading your comments have helped me to try and feel like I can "bloom where I am planted" too. 

 

WE bought our home in 2006 for 415,000 and now it is worth 355,000. It is a townhome, and we definitely need more room due to some un-for-seen circumstances that happened right after we moved in.  I always seem to be looking for another home even though the monetary loss is extreme. Our home is paid off though and we only have a 30,000 HELOC.....so with this situation...it would be easier to move, but we would still have to pay more for a single home in this area....I know that it is a bad idea to move...

 

 

It's frustrating, and I need to stop looking at other homes so I can 'enjoy' the house we are stuck in.....it;s tough, but like you said, our home is comfortable and we can make do...i know I am blessed just to have a home....

 

Yes, we are all in the same boat with this housing market....but buying a home at the height of the market did seem like a good idea at the time...who knew?? 

 

I really did find some comfort reading the positive comments that everyone wrote about just trying to be happy where I am...thanks!

Bellaiscute is offline  
#15 of 15 Old 12-21-2011, 02:13 AM
 
Join Date: Jan 2004
Posts: 4,669
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

It really is better not to look. I get those house magazines and seeing all the great deals gets me all wound up. Our home is decent too. Just hard to know neighbors around us got theirs for 20k -50k less. Oh well. Unless we are ok with taking a loss on our own to get another house at a good deal then selling isn't good.

 

It is too bad trading homes isn't an option. I might trade homes with someone who bought theirs around the same price(but now valued less).That way neither of us would lose!

mattemma04 is offline  
Reply

User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off