I guess what I left out was what i praying for. I’m not praying for them to get an extra $50,000 in their bank a/c’s. I’m praying that it will be over for them. We reduce the price to make it the best priced home in the area and don’t know if that will be enough. Sure they could reduce another $50,000 and offers might come pouring in. Would you do that or would you want fair market value for your property? The problem is that we dont know what FMV is right now in this transition period and its very stressful finding out.
What I find funny is that the general public’s consensus is that everyone who bought a couple years ago and is now selling has a $500,000 gain. Personally, I bought extremely well in 1999 in a neighborhood that has appreciated far above the norm. After factoring in everything I put into my home in improvements, I could sell and net about $300,000. Don’t get me wrong, thats a HUGE amount but not $500K in 3 years. The truth is I dont really think about it much because my home is my home not a financial instrument. I have no plans to move in the next 20 years. Some day I hope its worth something but I really plan on giving it to one of my kids some day.
