SIGNUP - FREE Membership and 1 FREE Sewing Lesson
| FAQ | Login
 

Forum > Miscellaneous > Real Estate Woes ( Moderated by Deepika, EleanorSews, CynthiaSue)

Please LOGIN or Join PatternReview
Go to Page:
Real Estate Woes
no new sewing machine for me
allycovey
star
allycovey  Friend of PR
Intermediate
AR USA
Member since 11/16/07
Posts: 1592
Send Message

      



Date: 3/21/12 6:11 PM

We were lucky in that my sister wanted to buy our house and we had agreed to a price two years ago. She was renting it until they got their credit score up to buy. So their credit score is now up and they went to buy. Real Estate Values in our area have dropped 40% in the last two years apparently. We bought that house 30 years ago and completely remodeled it. Her purchase was going to pay off our new home (with just a little extra) DH was going to get to take his retirement. Sis is willing to wait until the markets go back up so that is good, but DH is devastated the value's of homes dropped so drastically. I was all set to get a Horizon 7700 but I guess not now.

KathySews
star
KathySews  Friend of PR
Advanced
MI USA
Member since 10/1/06
Posts: 3881
Send Message

      



Date: 3/21/12 8:04 PM

40% drop in 2 years? wow I am so sorry. It seems like all the rules have changed on us.

jeanau
jeanau
Intermediate
PA USA
Member since 4/19/07
Posts: 231
Send Message

      



Date: 3/21/12 9:38 PM

It is so hard to know what is up and down anymore...I hope that this is a temporary down and values will go back up again for you soon!

Peggy
star
Peggy
Advanced Beginner
MT USA
Member since 10/8/02
Posts: 679
Send Message

      



In reply to allycovey <<


Date: 3/21/12 10:34 PM

Wow that is a huge drop in two years. Have you had your property appraised? I sell real estate in Montana and we have suffered too but not that bad. I know we are luckier than other areas of the country.

SouthernStitch
starstarstar
SouthernStitch  Friend of PR
Intermediate
LA
Member since 8/24/02
Posts: 10063
Send Message

      



Date: 3/22/12 9:26 AM

I'm so sorry to hear this. Things will get better - and you are very lucky you have such a sister who is willing to wait till things get better for you. I hope you find a way to get the machine you want someday.

------
Bernina 780, and 530
Juki TL2010
Babylock Evolution
Singer 403a

When life gives you green velvet curtains, make a green velvet dress.

poorpigling

poorpigling
Advanced
TX USA
Member since 12/28/07
Posts: 11066
Send Message

      



In reply to allycovey <<


Date: 3/22/12 11:08 AM


Ally, am so sorry you are being affected by this downturn in the housing market. Pity you could not sell it outright two years ago. but at least you have a really good renter for now.
Its much the same through out the USA.. Except for some areas for the most part home prices are down. The only upside is the drop in our property tax bill.
There were many reasons why home prices dropped.. but the main one was the artificial values placed on them in the first place ...too many were wayyyyy overpriced for their actual value. Seemed strange to me at the time.. that a home had several thousands of dollars tacked on the value beyond what it cost in lumber , materials and labor.. That did not make sense to me.. that you could build another home just like it at less than half the cost..

However, that is not the point now.. the message I wish to send is this.. it may be quite a while before your market recovers.. Some are advising over l0 years away.. Only you can determine if it would now cost more to build your home than to buy one just like it. if it would.. then your value may recover faster.. Foreclosures are keeping down some markets that should have been on the upswing by now.
It is a particularly rough situation for those of us who were planning on the equity in our homes to partially fund our retirement. I don't think that is a comfortable bet to make anymore.. I think you are going to have to plan on your retirement funds coming from other sources.. for quite some time.. Perhaps you can just pay off your present home you are living in.. so not to have mortgage payments there.. or pay off the first home.. then using the rental income to supplement your other income.
Don't depend on the market to recover ANYTIME soon.. it may be years and years away.. Homes that were overpriced to begin with will take even longer to recover. In fact many homes will not return to their old market values in my lifetime I am afraid.
The whole economy has been quite a shock to us all.

For buyers its a great time to buy.. We are tossing around the idea of looking for a retirement home now.. knowing we would still keep our present home till the day my DH does retire.. then most likely rent it out for the income. or simply sell at market value at that time and take the hit for any loss of value.. as really.. what else can we do. In some areas home prices are still falling btw.

So perhaps you and your DH should sit down and ask yourself. . ''What should we do if the market value of that home does not go up anytime soon ?''

quiltingwolf
star
quiltingwolf  Friend of PR
Intermediate
MD
Member since 12/15/02
Posts: 6618
Send Message

      



In reply to allycovey <<


Date: 3/22/12 11:33 AM

Can hubby postpone retirement a few months so you could get your machine. I think sometimes you have to ask yourself if not now when? Everyday we get older. I've been lusting after that machine also. But I know right now it's a pipe dream. So I try to be content with the machine I have which is a nice one. Have you thought about the Janome 6600? It has a lot of the same features but less stitches and I think 500-900 dollars cheaper.

------
quiltingwolf.blogspot.com

allycovey
star
allycovey  Friend of PR
Intermediate
AR USA
Member since 11/16/07
Posts: 1592
Send Message

      



Date: 3/22/12 6:44 PM

thank you all. I think we have settled in our minds we arent getting what we want. Foreclosures were the problem. Maybe it will come up a little in the next two years DH is going to wait that long to retire. I can wait for awhile on the SM who knows maybe something even more spectaacular will come around and i can get it. boy did it take me by surprise.

PattiAnnJ
star
PattiAnnJ
Advanced
OH USA
Member since 12/3/06
Posts: 7244
Send Message

      



In reply to allycovey <<
thumbsup 1 member likes this.


Date: 3/22/12 7:14 PM

Quote: allycovey
We were lucky in that my sister wanted to buy our house and we had agreed to a price two years ago. She was renting it until they got their credit score up to buy. So their credit score is now up and they went to buy. Real Estate Values in our area have dropped 40% in the last two years apparently. We bought that house 30 years ago and completely remodeled it. Her purchase was going to pay off our new home (with just a little extra) DH was going to get to take his retirement. Sis is willing to wait until the markets go back up so that is good, but DH is devastated the value's of homes dropped so drastically. I was all set to get a Horizon 7700 but I guess not now.

"Apparently"? I would do some research on this.

And.......no matter how much you love your sister, never do business with a relative or friend.

------
I dont give them Hell, I just tell the truth about them and they think its Hell. Harry Truman

"Improvise, adapt and overcome." - Clint Eastwood/Heartbreak Ridge

Sweetsong

Sweetsong
Advanced
MI USA
Member since 12/26/05
Posts: 1052
Send Message

      



In reply to PattiAnnJ <<


Date: 3/22/12 8:52 PM

Quote:
And.......no matter how much you love your sister, never do business with a relative or friend.


...unless you have a legally binding/signed agreement. Never by word of mouth or a hand shake. Loaned or borrowed money should always have the paperwork to back it up.
Go to Page:
Please LOGIN or Join PatternReview

printable version Printable Version

* Advertising and soliciting is strictly prohibited on PatternReview.com. If you find a post which is not in agreement with our Terms and Conditions, please click on the Report Post button to report it. Miscellaneous >> Real Estate Woes

 
adv. search»
pattern | machine | member
        
Sewing Basics
Sewing Basics

Register

Sew a Designer Unlined Jacket
Sew a Designer Unlined Jacket

Register

BurdaStyle Magazine 09-2008-104

photo
by: Carolyn.S

Review
Favorite Things The Boot Slippers Pattern

Favorite Things The Boot Slippers Pattern

Buy Now
SewBaby More Animal Wrappers Pattern

SewBaby More Animal Wrappers Pattern

Buy Now

Conditions of Use | Posting Guidelines | Privacy Policy | Shipping Rates | Returns & Refunds | Contact Us | About | New To PR | Advertising

Copyright © 2014 PatternReview.com® , OSATech, Inc. All rights reserved.