(no subject)
Ugh! I just looked at the latest home sale news for our zip code. Just 12 houses sold in that 1 week period - 8 existing and 4 new. I did a quick average of the price per square foot of the existing homes (since this info isn't reported for the new homes) and multiplied that average by the square footage of our home....it comes out to less than we originally paid for our house. Who could have guessed that this would be possible?!
So according to that bastardized formula, our house would be valued at $7000 less than we originally paid for it, $69,000 less than we last refinanced it for, and $142,000 less than it was last appraised at.
Egad! What a disaster. It's got to bottom out soon.
The only upside is that we've got the sports stadium, the new city hall complex and the new mall going in all within a mile of the house in the next few years (all in various stages of development at present) and NASCAR races twice a year less than 5 miles from here. That's got to increase the value of this area in the short term....hopefully.
So according to that bastardized formula, our house would be valued at $7000 less than we originally paid for it, $69,000 less than we last refinanced it for, and $142,000 less than it was last appraised at.
Egad! What a disaster. It's got to bottom out soon.
The only upside is that we've got the sports stadium, the new city hall complex and the new mall going in all within a mile of the house in the next few years (all in various stages of development at present) and NASCAR races twice a year less than 5 miles from here. That's got to increase the value of this area in the short term....hopefully.