First, I found out how far truck and SUV values have really fallen.
Next, I found out how how far our home values have dropped. After talking with a neighbor, I found out she recently got her home appraised as she was trying to sell it after getting divorced. I was shocked by the number. First, to put things in perspective, we paid $390,000 for our house in late 2004. Our homes aren’t completely comparable (see below), but her house only appraised for $325,000.
Our house has at least the following extras:
- 800 more square feet (a large living room, a dining room and a mudroom). We both have an added bathroom, but her second one is upstairs while both of ours are downstairs
- NewER roof, siding, windows
- One more bedroom since they tore down a wall to create a dining room in one of theirs
- Completely remodeled kitchen with cherry cabinets, granite countertops, stainless steel appliances and an island
- An in-ground pool
- A second shed
- Cleaner landscaping and overall better curb appeal
However, they have a slightly larger parcel of land (500 sq ft more).
So, if they got appraised at 325k, what would our house pull in? $390? Would we actually lose money if we tried to sell now? At one point, our house appraised for $470,000, but going by the 18% estimated drop in values in our area, we’re right around our original purchase price.
Appreciating What We Have, When Nothing Else is Appreciating
So my grand ideas of selling the house and just renting, or becoming a full-time blogger, or moving closer to our current jobs in Virginia, or basically anything involving selling our house are out of the question.
Man, the economy sucks.
Yes, I could technically still sell the truck, but I’d rather keep it. And yes, we could sell the house, but we don’t need to just now. And we don’t want to take a loss either.
So instead, we’ll continue to enjoy the truck by using it to enjoy our home with more home renovations. And we’ll enjoy the truck buy using it to haul our possessions out of the house when the bank forecloses on us.
Well, let’s hope that never happens, eh?