Comments on: What Is Your House Worth? Both Less and More than You Think http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/ Sharon Astyk's Ruminations on an Ambiguous Future Tue, 04 Aug 2009 13:20:49 +0000 #?v=2.3.2 By: Bertie http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15775 Bertie Thu, 01 Jan 2009 02:10:56 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15775 I noticed that no one has brought up taxes on property that is passed down to family. Many people have to sell homes that they inherit because they aren't able to pay the inheritance taxes and settle the estate without selling the property. If people are going to start passing homes on to their children, something will need to change with regards to the way that taxes on inheritances are figured. I noticed that no one has brought up taxes on property that is passed down to family. Many people have to sell homes that they inherit because they aren’t able to pay the inheritance taxes and settle the estate without selling the property. If people are going to start passing homes on to their children, something will need to change with regards to the way that taxes on inheritances are figured.

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By: Jonathan Bentz http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15430 Jonathan Bentz Mon, 22 Dec 2008 19:23:31 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15430 Sharon - you make some great points about the real "value" of a home, and not simply a piece of property to invest in. While everyone is concerned about their home values, keep in mind that if you bought your house before the "bubble," then you are probably still in a spot where your home has more value than it did when you bought it. In fact, I just bought a house in November and, according to Trulia, it has already appreciated. For things like that, it totally depends on the region you live in. If I could recommend an article that does a great job providing tips on finding out the value of a house, I'd really appreciate it. Here's the link: http://www.getmyhomesvalue.com/how-much-is-my-house-worth. Thanks for your insight on real "home value." Sharon - you make some great points about the real “value” of a home, and not simply a piece of property to invest in.

While everyone is concerned about their home values, keep in mind that if you bought your house before the “bubble,” then you are probably still in a spot where your home has more value than it did when you bought it. In fact, I just bought a house in November and, according to Trulia, it has already appreciated. For things like that, it totally depends on the region you live in.

If I could recommend an article that does a great job providing tips on finding out the value of a house, I’d really appreciate it. Here’s the link:
http://www.getmyhomesvalue.com/how-much-is-my-house-worth.

Thanks for your insight on real “home value.”

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By: Pony http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15161 Pony Fri, 19 Dec 2008 05:01:51 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15161 It may be too late to comment, but I'll put it out anyway. I can remember when people who wanted to buy a house HAD TO put 20% down, could not get a loan for more than three times annual income, and the earnings of a woman of child-bearing age were not counted as reliable income. Restrictive, but safe. Relaxing those "rules", in addition to all the easy money, must have had a great influence on the huge inflation in house prices, as well as the inability of people to keep up their payments if the least little thing went wrong. It may be too late to comment, but I’ll put it out anyway. I can remember when people who wanted to buy a house HAD TO put 20% down, could not get a loan for more than three times annual income, and the earnings of a woman of child-bearing age were not counted as reliable income. Restrictive, but safe.

Relaxing those “rules”, in addition to all the easy money, must have had a great influence on the huge inflation in house prices, as well as the inability of people to keep up their payments if the least little thing went wrong.

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By: Joanna http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15125 Joanna Thu, 18 Dec 2008 19:50:02 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15125 We bought a 1920 farm-hut (originally less than 800sf) on 1.25 acres. It's just enough for hens, a couple of steers, a giant garden, fruit tres, a blackberry patch and more. There we re no out buildings left when we moved in, so we built a 10x12 cedar shed that is prettier than many cabins I've rented. Now that we invested in a wonderful new garage/shop, we are turnign the shed into a real cabin. Now friends and family can come stay and get some provacy, and someday we hope to ernt it to people wanting a 'farm vacation' or to people who come to learn some of the skills we want to teach. There are a lot of folks who want to do more for themselves, but just don't know how. I can teach canning and other food preservation, building, how to milk a cow, brewing, etc. I love how our tiny little house takes care of us, easy to heat with a small woodstove, built with care and love to maximize the microclimate, easy to paint and keep the roof in shape. I wouldn't trade for the world. We're hoping that by the time we want to move on, we can swap our turn-key micro farm for a cozy cottage and some occasional help. I have a lot of family, but we have a young family next door who are nearly kin, and I can see giving our place to them because I know they will understand how to use it fully. We bought a 1920 farm-hut (originally less than 800sf) on 1.25 acres. It’s just enough for hens, a couple of steers, a giant garden, fruit tres, a blackberry patch and more. There we re no out buildings left when we moved in, so we built a 10×12 cedar shed that is prettier than many cabins I’ve rented. Now that we invested in a wonderful new garage/shop, we are turnign the shed into a real cabin. Now friends and family can come stay and get some provacy, and someday we hope to ernt it to people wanting a ‘farm vacation’ or to people who come to learn some of the skills we want to teach. There are a lot of folks who want to do more for themselves, but just don’t know how. I can teach canning and other food preservation, building, how to milk a cow, brewing, etc.

I love how our tiny little house takes care of us, easy to heat with a small woodstove, built with care and love to maximize the microclimate, easy to paint and keep the roof in shape.
I wouldn’t trade for the world.

We’re hoping that by the time we want to move on, we can swap our turn-key micro farm for a cozy cottage and some occasional help. I have a lot of family, but we have a young family next door who are nearly kin, and I can see giving our place to them because I know they will understand how to use it fully.

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By: Shaunta http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15107 Shaunta Thu, 18 Dec 2008 14:49:13 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15107 We aren't ready to buy a house. Our town's main industry is a copper mine. Copper is at about $1.30 today. (Three or four weeks ago it was at $1.80 and our newspaper was devoted to the mine people saying that everything was okay...copper's at $1.80 and it can't get much lower. Right.) If/when the mine closes, historically the price of houses plummets. Last time they fell by more than half, and so did the population. So we're saving and waiting and hoping that when the time comes, with a big enough down payment, someone will give us a mortgage. The party line is that the mine has enough cash and contracts to last until June. I just wanted to point out that when we're talking about bailing out homeowners, it would be nice to mention those people who didn't buy when the buying was good and who now are stuck holding the bag. We aren’t ready to buy a house. Our town’s main industry is a copper mine. Copper is at about $1.30 today. (Three or four weeks ago it was at $1.80 and our newspaper was devoted to the mine people saying that everything was okay…copper’s at $1.80 and it can’t get much lower. Right.) If/when the mine closes, historically the price of houses plummets. Last time they fell by more than half, and so did the population. So we’re saving and waiting and hoping that when the time comes, with a big enough down payment, someone will give us a mortgage.

The party line is that the mine has enough cash and contracts to last until June.

I just wanted to point out that when we’re talking about bailing out homeowners, it would be nice to mention those people who didn’t buy when the buying was good and who now are stuck holding the bag.

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By: aurorab http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15087 aurorab Thu, 18 Dec 2008 11:30:03 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15087 Shaunta, have you tried getting a loan from a credit union? Many credit unions have always been fiscally conservative and still have money to lend. At least that's what they are advertising here (Upper Peninsula of Michigan). Banks are in business to make a profit; they were more inclined to make risky loans when all their peers were doing it and now they're in big trouble. Credit unions are owned by their members; they are much more oriented toward service to their members than banks. Just a thought. Shaunta, have you tried getting a loan from a credit union? Many credit unions have always been fiscally conservative and still have money to lend. At least that’s what they are advertising here (Upper Peninsula of Michigan).

Banks are in business to make a profit; they were more inclined to make risky loans when all their peers were doing it and now they’re in big trouble. Credit unions are owned by their members; they are much more oriented toward service to their members than banks.

Just a thought.

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By: Tickmeister http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15073 Tickmeister Thu, 18 Dec 2008 02:16:48 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15073 Thoreau's passage is so much better than my paraphrase that I have to add it. "Who knows but if men constructed thier dwellings with their own hands, and provided food for themselves and families simply and honestly enough, the poetic faculty would be universally developed, as birds universally sing when they are so engaged? But alas! we do like cowbirds and cuckoos, which lay their eggs in nests which other birds have built... Thoreau’s passage is so much better than my paraphrase that I have to add it.

“Who knows but if men constructed thier dwellings with their own hands, and provided food for themselves and families simply and honestly enough, the poetic faculty would be universally developed, as birds universally sing when they are so engaged? But alas! we do like cowbirds and cuckoos, which lay their eggs in nests which other birds have built…

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By: Evelyn http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15066 Evelyn Thu, 18 Dec 2008 00:40:21 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15066 Shaunta, I understand you’re angry but if you have good credit and you have a little bit of money save you can get good houses for a good price. If I were you I will wait until 2010 when more or less the housing bubble hits is down and you will definitely get a good house. Two days ago my husband paid a bigger amount of money to the principal of our mortgage and the bank offered him an equity loan, so they are still lending. I check houses all the time for investment and we have seen good investments for less than 50K. This is the time to get ready save like a lot of people got rich after the recession of the 80's. Even if this is another ball game but an inform person will always be ahead of the game. Shaunta, I understand you’re angry but if you have good credit and you have a little bit of money save you can get good houses for a good price. If I were you I will wait until 2010 when more or less the housing bubble hits is down and you will definitely get a good house. Two days ago my husband paid a bigger amount of money to the principal of our mortgage and the bank offered him an equity loan, so they are still lending. I check houses all the time for investment and we have seen good investments for less than 50K. This is the time to get ready save like a lot of people got rich after the recession of the 80’s. Even if this is another ball game but an inform person will always be ahead of the game.

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By: Shaunta http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15049 Shaunta Wed, 17 Dec 2008 19:38:46 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15049 I know. I agree. I'm working on my anger :) And I love your blog. I didn't mean to imply that you don't understand about those of us who didn't buy. I know. I agree. I’m working on my anger :)

And I love your blog. I didn’t mean to imply that you don’t understand about those of us who didn’t buy.

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By: Sharon http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15044 Sharon Wed, 17 Dec 2008 19:11:21 +0000 http://sharonastyk.com/2008/12/16/what-is-your-house-worth-both-less-and-more-than-you-think/#comment-15044 Shaunta, I do understand your anger - but I know a lot of people who are in situations *not* of their own making. Moreover, helping homeowners helps renters too - lots of renters are being evicted right now, often with minimal notice, because their landlords can't make payment on the house. It really isn't an either/or situation. Sharon Shaunta, I do understand your anger - but I know a lot of people who are in situations *not* of their own making. Moreover, helping homeowners helps renters too - lots of renters are being evicted right now, often with minimal notice, because their landlords can’t make payment on the house. It really isn’t an either/or situation.

Sharon

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