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When did you buy your home and do you think it's gone up or down in value?
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Anonymous
| I refinanced last year through this program: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx If your mortgage is backed by Fannie or Freddie you should be able to qualify. Good luck |
Anonymous
|
Some of the PP's need to remember that if you find a house you like, it shouldn't matter if home prices stagnate for a few years. Don't buy a house thinking you'll sell it in a couple years - it's not worth it. You should be buying a house for 5+ years or more. If you find a house you like at a price you can afford in a neighborhood that makes you happy, buy it. Rates are low. If it's still the same value in a couple of years, who cares? You're living in a house you like that you got for decent payments because your rate was low. You can not expect a huge return in just a few years. Yes, some folks got that because of luck or other reasons, but the point here is to buy a place to live that will stay the same price. If you rent, you're subject to market forces - and a landlord who will likely raise your rent at least 3% a year and more likely 5%.
(my perspective: bought a house in 1999 for $145K, sold this year for $325K after putting in about $40K of improvements. Decent return but would have been a lot more if I'd bought in Arlington instead of Fairfax. Just bought a place in Arlington for $560K. I plan to live there forever, or until they take me out on a stretcher.) |
Anonymous
Unfortunately those of us with loans not backed by Fannie or Freddie are just out of luck. I thought the smaller companies might come up with similar programs, but so far nothing. |
Anonymous
| Bought in 2004 for $620,000 (two level rowhouse condo in DC). In a recent refi, appraised at $575,000 - about a 7% drop. Given our location and some of the area improvements, that seems like too much of a drop, but of course you never know until you try to sell. We came in with 20% down from a prior sale, and have aggressively prepaid our mortgage, so we should have a good amount of equity. |
Anonymous
| Bought just outside the beltway in annandale in mid 2005 and paid waaaay too much - 650 for a rather small 1960's home. Now worth maybe 500 at the most. Recent redistricting may help a little, but it may take a while. This was at the time when you could not get a home inspection on anything and even this house, showing by appt only, had 4 offers that drove up the price. Ridiculous. Oh well, I guess we won't be moving soon. We put a huge amount down so we are ok, and we refied last year at a good rate. |
Anonymous
| Bought in the Alexandria section of FFX County (Kingstowne) in 2005 for $477k. Appraised at $400k a couple months ago for a refi, although I'm not positive we could actually sell it for $400k. We had also just put a new roof, new windows, and new HVAC in; otherwise I think it would have appraised for less. We would love to move to a better school pyramid and to a SFH, but we're stuck. I've just accepted it. We really like our house and our neighborhood (though we could use more space and would prefer better schools), and we have no issues paying the mortgage, especially after the refi, so we're in a better position than many others out there. |
Anonymous
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DT Bethesda, walkable to Metro.
Paid $1.6 MM in 2007 Could sell at $1.5 MM today? |
Anonymous
| 2006 - Germantown. Plummeted. |
Anonymous
| Bought a Capitol Hill rowhouse in 2008 for close to 900K. I can't imagine it has gone up, but things seem to sell pretty quickly in the neighborhood, so perhaps it is worth roughly the same or a bit less? (of course, that would mean a big hit if we sold b/c of realtor costs/transfer taxes . . . ). |
Anonymous
| Bought in Old Town, Alexandria in early 2003 - paid $470k. Put probably about $250k in. Could sell for probably about $850k today, but we are renting it out instead. |
Anonymous
If you can make the payments, there's absolutely no reason for a loan modification. None. |
Anonymous
| Bought in Arlington 22205 in 2001 for $370K. House 4 houses down from ours that is smaller, no renovations, just sold for $640K. We have done a $200K addition and think we could ask for $800K or more. |
Anonymous
That's where I struggle. We're in the same, unfortunate, boat as the folks who are refinancing, but because we didn't overbuy, or commit to more house than we can afford, we're stuck paying ourselves out of this hole, losing $150k+, while others who made poor financial decisons have a way out. I recognize we took a risk in the housing market, and it didn't pay off, but it feels wrong that others who took the same risk - a bigger one really because they didnt have the $ to back it up - get off scott free |
Anonymous
| Grow up. Paying off your debts ought to be it's own award. Whining about how deadbeats are treated suggests you aspire to join their company. |
Anonymous
If their company gets their housing loans paid off through modification programs I'm not eligible for just because my loan isn't through Freddie or Fannie? Yeah, i'd like to join that company! |