*sigh*

[gosling]

Our condo just got assessed for WAY less than we expected. Other folks have been talking about their property values really dropping too.

Now we pretty much HAVE to sell before we end up oweing the bank more than it's worth and get stuck here forever.

I think our standards of what we will settle for just radically dropped.

Comments

[chhotii.livejournal.com]

Yikes!

*hugs*

[bikergeek.livejournal.com]

Yikes. Good luck. *hugs*

You won't be stuck there forever. Even if you end up with negative equity in it you can always rent it out and go live somewhere else.

[skreeky]

Aw, geez. Sorry to hear it, but it makes me less torn about renting for another year.
:-/

[koshmom.livejournal.com]

I thought property values were on the upswing, not the downswing.
Is your place now worth less than when you bought it, or more? And, do you really think it is a good time to sell if the prices are indeed dropping?
good luck,

[quietann.livejournal.com]

Things are really leveling off, especially in certain sectors of the market. I don't know about Cambridge condos (which I have always thought were way overpriced, even before the late-1990s run-up in prices), but the $600-$900K part of the market -- Mc Mansions, basically -- is undergoing a major downswing. The only part of the market that seems to still have rising prices is single-family "starter homes".

OTOH -- for gosling -- renting the current place out and finding a smaller, possibly cheaper place closer where you want to be might be the best path for a while.

[ceo]

The problem with renting it out, while it may be worth thinking about if we really can't sell, is that we'll lose pretty severely on capital gains (assuming the value goes back up when we do sell) and the mortgage deduction.

Now, it turns out that we were misreading the papers Polly gave us, and she's actually suggesting something closer to her original ballpark figure.

[teddywolf.livejournal.com]

*phew*

That's a relief to hear.

[klingonlandlady.livejournal.com]

Does your broker say assessed value is the same as asking price? I thought assessed values have typically been lower than selling prices.