My wife and I are feeling this pain as we live in one of the outer suburbs. Two years ago, we could have sold our house for nearly $35,000 or more than what it just appraised for during our refinance (we had a five year ARM to redo since we are not moving right now).
Our house is a townhome in a pretty well situated area commutable to DC via mass transit (with some driving) and Baltimore (driving), three major airports within an hour and change, shopping, good schools and a pretty good neighborhood. Townhomes in our area have been on the market for better than three months whereas two years ago those houses would have been gone in about two weeks. Most of the townhomes and single family homes in our neighborhood have had to drop prices and that $35,000 figure is not a joke.
We have decided to stay, in large part due to imminent job changes and the start of schooling for our oldest. We will be doing some improvements to the house--a kitchen remodel is on the horizon along with some bathroom changes, new flooring, and a few smaller tasks that I will do for storage. I figure that in about 2-3 years, we will see the market rebound and we will be able to recoup our investments and then some.
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