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I am very disappointed my home's value (according to this site) has dropped 20,000 in the last 2 yrs

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emlow23

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I bought it for 169,000 and now it's worth 142,000?!? I know the housing market is horrible right now, and many people are facing this but this is just disheartening. My husband and I were thinking about moving to a bigger place, but there is no way we can take a 20,000 cut! Does anyone have any advice?  How long will it take before we have equity in this house??
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July 01 - Aurora
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Tina Johnson, "pltina1"

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It is hard for all homeowners to see the loss of value in homes.  It is hard for me as a Realtor.  Zillow is a great tool for getting an idea of how much your home is worth...but really you should have a Realtor come out and do a market analysis on your home.  Zillow is unable to account for upgrades or improvments made to your home over others.  Now more than ever homeowners looking to buy need a great agent.
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4 days ago
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mysql

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Some people have lost 40-50% of the value of their house in the last 2-3 years. So 20k loss is something many would kill to have right now.
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July 02
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sunnyview

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You need an agent in your area to do a CMA. Zillow is a great tool, but it is not what you need to see if you can sell for enough to get out of this house and into another one. Call 3 agents. Ask about market time for house like yours, list vs sold price and the % change in the market in your neighborhood this year. That should give you the info your need to see what options you have in selling now.
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July 02
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Yanni Raz, "yanniraz1"

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No one really knows how long this crisis will stay with us.
Many homeowners lost 100's of thousands of dollars, so $20K is not that much.
If you live in the property and can afford the payments so stay and don't worry about it.
If you're planning to move or can't afford the mortgage payments than short sale the property.
The bank will help you to short sale your home at no cost to you, they will forgive the debt and it will show as settled on your credit for couple of years.
Think about your options and do what's best for you today.

http://homesinsale.com
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July 02
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Pasadenan

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You think a $20k drop in 2 years is bad?  Mine has been dropping $10k per month consistently for well over a year, and other relatives have been dropping $50k per month for about the same time period.

Bubbles have to deflate, and until they are deflated, house values will not increase in value proportional to inflation.


Want to have equity in a home or other Real Estate?  Then pay the loan off.  It is as simple as that.
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July 01
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The good news first:  A Zestimate has no reference to what your home is actually worth.

The bad news:  You bought during the height of the bubble so your more than likely will have lost value.

The best thing to do to find your TRUE VALUE of your home is to do an appraisal, either from a appraiser or have a REA do a CMA for you to give you an idea as what your home is worth.


Best of luck!
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July 01
 

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Question I am very disappointed my home's value (according to this site) has dropped 20,000 in the last 2 yrs
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