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sdcellar
Participantseattle-relo– To your specific question of what others have done…
After I bought my 2nd house in 1990 and watched it quickly depreciate 20%, I enjoyed my life and newborn son, took a moment to get my property taxes reduced, and continued to enjoy life pretty much ignoring (but knowing) that my house still wasn’t worth what I paid for it for years.
I was probably underwater for 7 or 8 years and really couldn’t sell it for a “profit” after factoring in expenses for 10. But again, we were okay. We took nice modest vacations, my son was able to go to good schools and I didn’t worry about it (really!). It was hardly my dream house, but nice enough.
I finally did sell it in 2002 and made a good profit on the place (although in retrospect, should have held out longer!)
So, I guess my thought to you is if the place isn’t too bad, you should just enjoy it. You probably figured you’d be there at least 5 years anyway, and after that you can see where you want to go. If you want to move, maybe you can turn it into a rental. Perhaps you won’t be cashflow positive, but it might not be that bad.
ParticipantThey must have lowered prices because they’ve had standing inventory for over a year (and those were already at reduced prices).
The only other explanation is that there are even more people out there that think now’s the time to move because they’ll be getting such a “good” deal compared to last year.
ParticipantThey must have lowered prices because they’ve had standing inventory for over a year (and those were already at reduced prices).
The only other explanation is that there are even more people out there that think now’s the time to move because they’ll be getting such a “good” deal compared to last year.
ParticipantRay– You’ve mentioned this investing the difference thing several times and while it may apply to you, don’t kid yourself that’s the reason for most people that choose IO loans.
Nope, for most of them, it’s the *only* way they can (marginally) afford houses in this ridiculous market. I’ll bet a number of those even kid themselves that they’ll pay the fully amortized payments and only go IO during the “tough” times.
The road to hell is paved with good intentions.
ParticipantRay– You’ve mentioned this investing the difference thing several times and while it may apply to you, don’t kid yourself that’s the reason for most people that choose IO loans.
Nope, for most of them, it’s the *only* way they can (marginally) afford houses in this ridiculous market. I’ll bet a number of those even kid themselves that they’ll pay the fully amortized payments and only go IO during the “tough” times.
The road to hell is paved with good intentions.
Participant23109VC– Is this your latest attempt to get a “good deal” on what you already convinced yourself was a “good deal”?
Where are you with that?
Participant23109VC– Is this your latest attempt to get a “good deal” on what you already convinced yourself was a “good deal”?
Where are you with that?
ParticipantSDA – I’m wondering if that’s your artist’s rendition of powayseller!
ParticipantSDA – I’m wondering if that’s your artist’s rendition of powayseller!
ParticipantI’m under the impression that jg really gets this completely and is just screwing with us.
It’s so hard to tell with written communication sometimes. I know I’m (mostly) always just giving folks a good natured hard time, but I’ll bet others can’t always tell so easily.
I agree with you though. If anyone is truly serious with such hand picked down trend numbers, they should be prepared to be as skewered as the bull spinmeisters. jg’s skin seems thick enough either way…
ParticipantI’m under the impression that jg really gets this completely and is just screwing with us.
It’s so hard to tell with written communication sometimes. I know I’m (mostly) always just giving folks a good natured hard time, but I’ll bet others can’t always tell so easily.
I agree with you though. If anyone is truly serious with such hand picked down trend numbers, they should be prepared to be as skewered as the bull spinmeisters. jg’s skin seems thick enough either way…
ParticipantHopefully you don’t mean no soup for me as I understand very well that the May 2006 median is (absolutely) dependent upon the mix of sales.
I didn’t make this obvious point because I wasn’t arguing it. I’m also not arguing that there isn’t anything behind the difference.
So either way, I’ll enjoy my soup very much. Mmmm, tastes like lobster bisque.
ParticipantHopefully you don’t mean no soup for me as I understand very well that the May 2006 median is (absolutely) dependent upon the mix of sales.
I didn’t make this obvious point because I wasn’t arguing it. I’m also not arguing that there isn’t anything behind the difference.
So either way, I’ll enjoy my soup very much. Mmmm, tastes like lobster bisque.
ParticipantSDAppraiser– One of the main things median does “well” is factor out any extreme numbers at the top and bottom of the series, so the 17 million dollar sale should have no little or no effect on the number.
There may be flaws with median prices, but this isn’t one of them.
Ouch.
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