What is the Asking Price of Your Home?

[TonyClifton]

In 1998 I purchased a three bedroom red brick home with two baths and an attached garage for $60,000.

It sits on 1/2 acre of land and has a great view of the neighbor's pasture.

Anyway, several years ago the price of my homestead doubled.

It skyrocketed to $120,000

The neighbor next to me has the same exact house, but it is a two bedroom.

He purchased it for $110,000

Today, my house is worth $60,000 and I paid it off early.

I sent the mortgage company a couple of $5,000 checks and that ended our relationship.

Anyway, here is my question:

"Do you owe more for your house than you can sell it for today?"

 

[hobbit.]

zero. my house is deaf mute.

 

[TonyClifton]

zero. my house is deaf mute.

Evidently you rent.

 

[TonyClifton]

zero. my house is deaf mute.

There is nothing wrong with living with your parents.

 

[Whornado]

I don't think you understand what asking price means.

 

[hobbit.]

There is nothing wrong with living with your parents.

living with them? er.. they are under the patio as we type. so in a way i am living with them.

 

[TonyClifton]

I don't think you understand what asking price means.

There is nothing wrong with living with your parents.

 

[Fuckette]

I don't think you understand what asking price means.

He means fair market value.

 

[Whornado]

He means fair market value.

I was getting a she vibe.

 

[semen4her]

"Do you owe more for your house than you can sell it for today?"

No, I could make about $40k.

When I'm done renovating I'll at least double that.

 

[ksmybuttons]

The value of my home is worth 6x more than what we paid for it. We paid it off in 1995 and took out a new mortgage for improvements the same as our original and pay less than half in mortgage payments then the few rental houses in the neighborhood charge.

Housing is expensive around these parts.

 

[TonyClifton]

The value of my home is worth 6x more than what we paid for it. We paid it off in 1995.

I don't think so.

 

[piccicatopolka]

My average size home with a few acres was worth almost $800,000. before the crash. Now it's only worth just over 5 but its not intended fore sale since its a family survivalist zone. The water well alone is priceless and it would take the most massive quake ever to make the land uninhabitable. And a tsunami (unless epic) can't reach it either but its a half hour drive from the ocean. If any relatives need a place to live for whatever reason; its here.

 

[hummermania]

1/2 a mil

 

[piccicatopolka]

But what do you owe?

I'm the heiress and the resident, as well as the sweat equitor, but I'm not responsible for the mortgage unless someone dies. The debt is probably at about $375,000.

 

[warrior queen]

Current value?
About a mil.
Purchase value?
Quite a bit less.

Equity is a wonderful thing.

 

[photobuff56]

arket

The housing market will comeback, you didnt say what state your from but all states will differ.The fact that you paid it off is great now apply the money you would have spent on your mortgage into a retirement account. I paid 130.000 in 1996. I have 18 more payments and its worth about 300.000.

 

[Fuckette]

My average size home with a few acres was worth almost $800,000. before the crash. Now it's only worth just over 5 but its not intended fore sale since its a family survivalist zone. The water well alone is priceless and it would take the most massive quake ever to make the land uninhabitable. And a tsunami (unless epic) can't reach it either but its a half hour drive from the ocean. If any relatives need a place to live for whatever reason; its here.

False sense of security. You can't predict an earthquake.

Is the house off-the-grid?

 

[richard_daily]

My primary residence would probably be about 750. I have a home equity line on it, but I could still easily roll it over into something else assuming lending standards got a little more realistic again.

 

[piccicatopolka]

False sense of security. You can't predict an earthquake.

Is the house off-the-grid?

Its not completely off the grid yet and the systems in place like solar still have to be maintained. No one can predict an earthquake but relatives in Southern Cali and Oregon who are in more dangerous living areas due to quakes, fire, mud slide, or hard economic times know that they have a place to come to.

 

[Beco]

But what do you owe?

I'm the heiress and the resident, as well as the sweat equitor, but I'm not responsible for the mortgage unless someone dies. The debt is probably at about $375,000.

off grid is the way to go....looking for a piece of ground now in a remote area, plan to do solar and all that stuff....got to be near a beach town, is there such a place?

 

[mercury14]

My wife and I are house shopping for the first time ever right now. We're amazed at all these gorgeous homes with plenty of land all the way down in the 300 range.

 

[piccicatopolka]

Commutability is a big factor in home values out here. I'm one hour drive north of San Francisco and there are many who live here that commute into The City. Home values also depend on a great school system which I also found. "Silicon Valley" where I grew up is not longer an ideal place to be unless you're up in the hills heading towards Santa Cruz or Half Moon Bay.

I wouldn't buy raw land again. Building and making improvements is a pain in the ass. Remodeling is a much better way to go. A good water source is gold but if you can't get the water out of the aquifer its useless.

Beach towns vary when it comes to the community. I moved back up here from Hermosa Beach on Santa Monica Bay for economic reasons but also... the ground is really shakey down there. I lived six blocks from the beach and heard the tsunami test siren at noon everyday. There have been two earthquakes in Sonoma County where my house is in the last fifteen years that were felt but minor. In Hermosa I felt at least five quakes in a two year span that were pretty significant.

 

[renard_ruse]

"Do you owe more for your house than you can sell it for today?"

I live in an apartment.

Rents keep going up though.

 

[Beco]

Commutability is a big factor in home values out here. I'm one hour drive north of San Francisco and there are many who live here that commute into The City. Home values also depend on a great school system which I also found. "Silicon Valley" where I grew up is not longer an ideal place to be unless you're up in the hills heading towards Santa Cruz or Half Moon Bay.

I wouldn't buy raw land again. Building and making improvements is a pain in the ass. Remodeling is a much better way to go. A good water source is gold but if you can't get the water out of the aquifer its useless.

Beach towns vary when it comes to the community. I moved back up here from Hermosa Beach on Santa Monica Bay for economic reasons but also... the ground is really shakey down there. I lived six blocks from the beach and heard the tsunami test siren at noon everyday. There have been two earthquakes in Sonoma County where my house is in the last fifteen years that were felt but minor. In Hermosa I felt at least five quakes in a two year span that were pretty significant.

I didnt know that. Santa Cruz is the spot....also I like the weather up your way! I need to make a trek up that way soon....

Home values get better, if you can just wait it out. Thats what RE is, battling the storms and holding on, then you look up and you have new restaurants, stores, grocerry stores and mass transit just a few min away....

I'm talking about going off grid....like getting water from a rain barrel and solar panels on the roof.....