Comments on: My House Appreciated $44,000!!! http://www.bargaineering.com/articles/my-house-appreciated-44000.html personal finance blog with anecdotes, advice and commentary. Sun, 22 Nov 2009 06:04:27 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: jim http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-56096 jim Sat, 06 Jan 2007 17:22:28 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-56096 Khyron... you didn't read the whole thing did you (or my facetiousness didn't come out as strongly as I thought it did)? :) Khyron… you didn’t read the whole thing did you (or my facetiousness didn’t come out as strongly as I thought it did)? :)

]]> By: Khyron http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-56086 Khyron Sat, 06 Jan 2007 16:32:35 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-56086 Jim, you're smarter than this. Think. YOUR house didn't appreciate 44K. The only value something has is when it is bought/sold. They can list at any price they want; that doesn't mean they'll get that price. If that's not a sale price, its irrelevant. (Nevermind contract cancellations. These happen to existing homes too. The govt stats don't consider an existing home sold until its actually sold, not when the contract is signed as for new homes.) Dude, that's a theoretical value at best. Now, I know you're a longer term thinker and all that, but I think you're getting a bit overexcited on this one. Jim, you’re smarter than this. Think. YOUR house didn’t appreciate 44K. The only value something has is when it is bought/sold. They can list at any price they want; that doesn’t mean they’ll get that price. If that’s not a sale price, its irrelevant. (Nevermind contract cancellations. These happen to existing homes too. The govt stats don’t consider an existing home sold until its actually sold, not when the contract is signed as for new homes.)

Dude, that’s a theoretical value at best. Now, I know you’re a longer term thinker and all that, but I think you’re getting a bit overexcited on this one.

]]> By: Foobarista http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55997 Foobarista Sat, 06 Jan 2007 10:03:36 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55997 @Traveler: if you sell your condo, be sure to do it within 3 years, so you can get the homeowner's exemption of $250K (or $500K if filing your taxes married) on capital gains. If you wait until after three years, the entire profit is subject to capital gains taxes, although it can be rolled into a 1031 exchange. @Traveler: if you sell your condo, be sure to do it within 3 years, so you can get the homeowner’s exemption of $250K (or $500K if filing your taxes married) on capital gains. If you wait until after three years, the entire profit is subject to capital gains taxes, although it can be rolled into a 1031 exchange.

]]> By: miller http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55903 miller Sat, 06 Jan 2007 05:49:19 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55903 burst burst burst!!! burst burst burst!!!

]]> By: MillionDollarJourney.com http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55838 MillionDollarJourney.com Sat, 06 Jan 2007 01:54:45 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55838 You're also not counting real estate commissions as an expense. In Canada, you're looking at an extra 6-7% for an agent. FT http://www.milliondollarjourney.com You’re also not counting real estate commissions as an expense. In Canada, you’re looking at an extra 6-7% for an agent.

FT
http://www.milliondollarjourney.com

]]> By: 2 Pennies Earned http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55657 2 Pennies Earned Fri, 05 Jan 2007 17:46:06 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55657 My thoughts exactly! My thoughts exactly!

]]> By: mbhunter http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55568 mbhunter Fri, 05 Jan 2007 04:51:21 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55568 Sell the house, get your money out, and rent. ;) Sell the house, get your money out, and rent. ;)

]]> By: Lazy Man and Money http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55548 Lazy Man and Money Fri, 05 Jan 2007 02:00:24 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55548 My neighbor sold (not listed) a nearly identical condo to mine for 40K less than what I bought mine at. I reacted with an OMG, I just lost 40K. I'm in for the long term though, so it's not a big deal. My neighbor sold (not listed) a nearly identical condo to mine for 40K less than what I bought mine at. I reacted with an OMG, I just lost 40K. I’m in for the long term though, so it’s not a big deal.

]]> By: The Travelin' Man http://www.bargaineering.com/articles/my-house-appreciated-44000.html/comment-page-1#comment-55537 The Travelin' Man Thu, 04 Jan 2007 22:49:57 +0000 http://www.bargaineering.com/articles/my-house-appreciated-44000.html#comment-55537 It's funny that you discuss this today. I was researching my net worth statement and realized that I haven't adjusted my home value in about two years. The two year time frame includes the apex of the so-called "housing bubble" (by the way, the area in which I live, likely does suffer from home prices that have soared past their realistic value) and a slight drop back down into reality. I went to the county web site to see home sale prices in my neighborhood. The condo that I purchased back in 1998 for $30k (yeah...that's right...a condo about 5 miles from the Atlantic Ocean could have been purchased for that amount only eight years ago!) is on my own books at $90k. Comparable units have sold in my area, in the last 18 months, in a range between $95 and $125k. I don't think there is too much harm in raising my own personal appraised value from $90 to $95k, especially considering the equity I have in the home is probably more than 2/3 the value of the property. Why is this relevant to me? Well, I am considering a job change that would require a move and I am trying to weigh the benefits of selling in a down market versus renting until the market improves. There are a ton of things to consider, not the least of which is the housing market in my destination city. I do think that it is worth keeping an eye on, especially in a volatile market. In the meantime, I am going to take my $65k "profit" and continue to work this year! It’s funny that you discuss this today. I was researching my net worth statement and realized that I haven’t adjusted my home value in about two years. The two year time frame includes the apex of the so-called “housing bubble” (by the way, the area in which I live, likely does suffer from home prices that have soared past their realistic value) and a slight drop back down into reality.

I went to the county web site to see home sale prices in my neighborhood. The condo that I purchased back in 1998 for $30k (yeah…that’s right…a condo about 5 miles from the Atlantic Ocean could have been purchased for that amount only eight years ago!) is on my own books at $90k. Comparable units have sold in my area, in the last 18 months, in a range between $95 and $125k. I don’t think there is too much harm in raising my own personal appraised value from $90 to $95k, especially considering the equity I have in the home is probably more than 2/3 the value of the property.

Why is this relevant to me? Well, I am considering a job change that would require a move and I am trying to weigh the benefits of selling in a down market versus renting until the market improves. There are a ton of things to consider, not the least of which is the housing market in my destination city. I do think that it is worth keeping an eye on, especially in a volatile market. In the meantime, I am going to take my $65k “profit” and continue to work this year!

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