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Per Zillow, our house worth $50K less than we paid
AND it's currently only worth $20K more than we owe on the note.
The appraisal plummeted $60K since we bought it 2.5 yrs ago
The economy being in the crapper has not impacted out day to day living all that much - but this home value issue is bad.
I don't think the gov't can fix this for the whole country. Maybe it needs to play itself out - as painful as it may get.
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Re: Per Zillow, our house worth $50K less than we paid
That's about where we're at according to the tax assessment we got last week. Its depressing and it was such a shock when we got that letter last week. It was an $80k drop in a year.
ETA: We also hoped to refinance but now its impossible.
where are you? that is depressing - I'm sorry. I hope it rebounds soon.
Don't base too much on Zillow, it is VERY inaccurate.
The value of our home dropped between 2007 and 2008. We bought it as a "starter" and figured we'd outgrow it and move in 3-5 years. Well, it's been three, but I don't see us being able to move anytime soon. There's no way we'll get what we need to out of our home. It's sad and frustrating.
Our appraisal went down just a little but I think it was a little high to begin with. Luckily we got a great deal on our house and it's still worth $150-$200k more than when we bought it (this is not including the all the money we've put into it though / around $75k and still needing at least another $50k to finish it or $100k to do what we want to do to it.) Depending on which we end up doing will add another $100k-$200k which is great but DH doesn't want to sell it.
Another house of ours DH didn't listen to me and did more stuff that he should have and while it appraised well and appropriately but the market sucks for that neighborhood and we're down at least a $100k. I assume that will approve in the next few year...hopefully.
Dont bother relying on Zillow. It's very inaccurate for most people. And as long as you're not planning to sell it right now, it doesnt really matter what your house is worth (unless you got an ARM and need to refinance).
However, I feel your pain. We're selling our house right now and we'll be VERY lucky if we walk away without having to pay anything to the bank when we do sell it. We put 15% down 5 years ago, have paid extra to the principal and made major updates to the house. We'll be losing more than $90K. But it's worth it to us based on what we will be getting when we move.
Ryan 5/2010, Kyle 1/2007, Eric 3/2005
I was quoting Zillow b/c I just looked our house up on the site prior to typing my post - but we know from the bank that the current estimated value happens to be about what Zillow says -
We recently attempted to re-fi with our bank and they will not let us - well they will, but with closing costs etc. We want to avoid those costs if possible.
No offense, but why did you think you'd be able to get a new loan without paying closing costs? That's standard for a re-fi...
Zillow can be WAY off...try not to stress. According to it our house is worth $125K more than we paid for it 2yrs ago & trust me, we'd be luck to get $25K more that we paid for it right now.
According to zillow, our house price plummeted 100K, which is wrong. We own one of the bigger houses in the neighborhood, and it does not account for that. it only goes by what every house sold near you. Well next door was a run down house, which sold for low, but they had to put 100K into the house to make it liveable.
it really does not take into consideration proper comps.
That site is incredibly wrong for our area.
They have a house that is listed currently for about $800K for about $200K on their site. even if the house is over priced at $800K, it might be worth $750, but if you could get it for $200K it would be like winning the lottery. Our house is listed for about 1/2 of what it is actually worth and what houses sell for.