Property Values

Discussion in 'Forum for Polls' started by OcalaGator, Jan 8, 2008.

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With the current housing/credit "crunch", what has happened to the value of your home

  1. My home value has gone down more than $10,000

    1 vote(s)
    8.3%
  2. My home value has gone down more than $25,000

    3 vote(s)
    25.0%
  3. My home value has gone down more than $50,000

    1 vote(s)
    8.3%
  4. My home value has gone down more than $100,000

    2 vote(s)
    16.7%
  5. My home value has gone UP!

    5 vote(s)
    41.7%
  1. OcalaGator

    OcalaGator
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    With the current housing "crunch", what has happened to the value of your home in the last two years?
     
  2. annsni

    annsni
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    My estimation is that the value of this place dropped by about $100,000, if my calculations are correct. But we've still made a LOT of money in the 16 years we've been here!
     
  3. Joe

    Joe
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    I could use a new tandom and... :smilewinkgrin:
     
    #3 Joe, Jan 8, 2008
    Last edited by a moderator: Jan 9, 2008
  4. annsni

    annsni
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    ROTFL

    BUT, it won't help if we have to move anywhere else in this area. But we'd make a KILLING if we had to move to another part of the country.

    Yep, we pay killer property taxes but we live in a VERY expensive house for the rest of the country (and just higher than average for here on Long Island). Oh, the joy of living here! I'm just so grateful that we bought when we did (DH sold a business and we had the money to pay for this place) because we couldn't afford a SHACK around here with our income being what it is now!

    OT - but on the tandem bike thing - friends of ours took a tandem on a bike trip - riding from Long Island to Nova Scotia AND she came back pregnant! We always joke about what a tandem would do...... (but then again, knowing what it feels like on your bottom to ride for that many miles, I can't imagine doing anything to get pregnant on a trip like that! LOL! )
     
    #4 annsni, Jan 8, 2008
    Last edited by a moderator: Jan 9, 2008
  5. Joe

    Joe
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    Edited to say:

    Ann, one of my best friends is from Great Neck in Long Island, NY
     
    #5 Joe, Jan 8, 2008
    Last edited by a moderator: Jan 8, 2008
  6. David Lamb

    David Lamb
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    I did not vote in this poll, as it seems to be aimed at the American members, because the poll treats a rise in property values as the exception. Here in the UK, property values have risen for 28 of the past 32 years, and historically have doubled in value every 7 to 10 years. In an web article at: http://64.233.183.104/search?q=cach...y+values+have+risen"&hl=en&ct=clnk&cd=2&gl=uk I read:
    UK property values have risen in
    spectacular fashion over the past
    50 years. In 1953, an average
    house cost £1,891; today, it is a
    shade over £153,000.


     
  7. annsni

    annsni
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    David - Housing prices around here in the US also have risen a LOT over the past many years. We've been in my home for 16 years and the value of the house has tripled in that time. However, during the real estate boom, the values were even higher - and peaked but now it seems to have slowed down or even stopped in many areas so from the peak, many homes have gone down in value over the last year. So that's why I say we lost $100,000 in value because a year ago, we could have gotten that much more for our home but we still have made 300% on the home since we've been here.

    Hope that makes sense!
     
  8. FriendofSpurgeon

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    Yes during the boom, the prices were outrageous. While they have come way down - similar to or worse than LI, they really needed to come down as they were out of control.

    Thankfully, we bought when we did as regular folks have a tough time finding a single family home that is affordable.
     
  9. annsni

    annsni
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    What I find sad is that there are families who purchased homes with adjustable rate mortgages at the height of the boom. Well, now their homes are worth less than what they owe the bank and their mortages are jumping by a huge rate because it was, of course, unnaturally low. Many families are declaring bankrupcy. :(
     

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