We just lost eighty thousand dollars. Good thing they're theoretical dollars.

[Redstone]

Our real-estate agent advised us yesterday that our house would likely sell for $80K less than it would have two years ago.

And this is in a shoreline town that, even in these parlous time, people are standing in line to move to.

Not a big deal for us, given the fact that prices in places we'd want to move to are down as well, but an eye-opener nonetheless; it's hard to decide to leave that kind of money on the table. Looks like we'll be sitting tight on this place for a few more years before making a move.

Good God, do I feel sorry for people who are stuck with ARMs and no options.

Redstone

[mnhtnbb]

1. Redstone--you may lose $80K--or more--if the market isn't done correcting

by waiting to sell.

After all, you just posted on the additional heating costs for your home. You have to figure
that into the reduction in value.

I think you have to make your decision going forward, and not looking back at what you might
have gotten for your house had you sold two years ago. You could wait a very long time
to regain that $80K.

[crimsonblue]

2. The market will recorrect itself..

Considering that 2000-2005 saw unprecedented home building and banks were throwing ARMs at anybody that wanted one, it's not surprising that values have come down in much of the country. Homes are an investment, and any investment will see short term downturns. I wouldn't worry about it unless you need/want to sell in the next five years.