Wednesday, June 18, 2008
More Depressing Housing News
I shouldn't have looked at zillow.com to see my home value. I knew it probably went down. I looked last month and it was at $175-$170K. That was ok. Today it said $160K. That is bad. At its highest it was worth $185K. I don't plan to sell now so that low number doesn't mean very much. By the time I do (or can) sell, I hope the value will have increased. I paid $131K. I am still in the black. Even adding the $30K I will have paid in mortgage interest (if I pay it off early), I am still in a good position. If I had to pay 10 grand to a realtor then I would lose some money but I'm not selling yet. With interest rates down I can make more money from renting it than from investing the equity anyway. I am not thrilled about being a landlord but I am in a better position than others who are upside down in their loans or in foreclosure. At least I have the choice to rent it. I guess I am pretty lucky. I just need to stop checking that web site so I don't get depressed about it.