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Should have never looked to see what my old house is worth...
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Anonymous
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We've lost over $150K on this house after moving here from Texas in 2004. Right now, if we sell, we are underwater, AFTER putting $50K down. That means that our return over 5 years will be negative.
I was trying to make myself feel better thinking that the economy affected everyone the same, including my old neighborhood in Houston. So, I cruised on over to the local MLS site for Houston, and there was my ACTUAL house, back on the market. After freaking out to see it there, I checked the price. Sucker punch to the gut, but they're asking $50K more than what we sold it to them for. And we were lucky to squeak a break-even ourselves when we sold it to them! Instead of feeling better in any way, I feel like floor cake. I literally can't stop thinking about it, and just generally being pissed off at life right now. I'm almost convinced it's my husband's bad karma that's doing this to us. Every house I owned before I married him, I sold for decent profits. Every house we've owned together, we've lost money on. Current economy notwithstanding, why can other people make profits on their homes and not us? Why, why, WHY?!?!?! |
jsteele
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Site Admin Offline
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Well, if the people selling your old house used any sort of creative financing and then took out HELOCs, 50K more than you sold it for may be what they need to avoid a haircut. And, that's the asking price. Wait to see the selling price before you freak out.
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Anonymous
| Yeah, they may be wildly overestimating what they can get for the house. |
Anonymous
So, every house you owned before you married you made decent profits..... Over the long term, the housing market has averaged returns of 4%. If you add your current home into all of your housing investments - where do you stand? |
Anonymous
| Yeah, I agree with PP - wait until it sells to see what it's worth. The listing price may be overestimated. But regardless of what I just said, I'd be pissed too! |
Anonymous
Good point. Only when people stop thinking of houses as a way to turn a quick buck will our collective housing woes come to an end. |
Anonymous
| I would also consider that you needed somewhere to live, this place you are in now served that function, and try to remove thinking about the financial return. I know that is not helpful in terms of dealing with being underwater, but its how I feel better about our overpriced townhome... |
Anonymous
OP here. Yes, this is exactly how I try to position it to my husband who cannot discuss it or his 401k without turning purple. We had use of the house for 4 years, a tax deduction, and a chance at financial gain. If we'd rented, we'd have sunk as much money (or close) and quite possibly have had to move a couple of extra times due to owners' selling out from under us as tenants (more $$ and hassle). I'm good with it in my head, just not my heart or wallet yet. |
Anonymous
| It's hard. We just refinanced here in the city. Between having to restate our "assets" for the application and then seeing the new appraisal (which isn't that much lower, but is slightly less than we paid), it was tough. Still, I'm just trying to focus on the long-term and the happiness that the house brings us. |
Anonymous
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Check out zillow.com to compare the asking price with zillow's estimated price.
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Anonymous
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I would love to sell my house.
The agent does not want the listing unless the price is very negotiable and we are willing to pay closing costs and maybe even something at closing to be able to walk away. We put down 20% when we bought it. So what to do? |
Anonymous
| You could try another agent? Or, if you work with this agent, say you want to try your price with no closing help for two weeks to see if you get any showings, if you don't, move closer to what he/she is suggesting until you get an offer. |
Anonymous
| I agree with pp's who stated that just because the house is listed for that amount, it does not mean the house is worth that much! Watch how long it stays on the market and the final selling price. |
Anonymous
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I don't want to make you feel bad, OP, but if your Texas house is only going for $50K more than what you sold it for 5 years ago, then that's not such a huge gain.
Texas diddn't benefit from the crazy price appreciations prior to 2004. But job growth and population growth in that region in the last few years have led to strong gains. Things are flat-lining now, though. So maybe the house will sit a while. |
Anonymous
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Also, keep in mind, not "everyone" is making a profit on their house except you. What is it, thousands of people now who have lost their homes, their down payments, their jobs, etc. etc. You are not the only one in a bad situation.
This is real life, and into each life a little rain must fall 
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