Wednesday, March 18, 2009

I think I am going to be sick

I like torturing myself. I have become obsessed with looking at the real estate websites in our area. We aren't looking move. I look at these sites, just to watch the steady decline in home prices. It is like watching a horror movie. Everyday I am shocked and appalled. And a little nauseous.

We bought our house in early 2006, at the height of the market craze. We live in New Jersey, where everything is SUPER DUPER expensive. We literally paid three times more for our house in NJ than we did for our house in KY. At the time, we couldn't find anything cheaper. But now? Oh my fucking god, the houses are going for dirt cheap. Houses nearly twice the size of our house are selling for less than we paid for our house. Ugh.

I am pissed off and angry. What if the market continues to decline? What if the market doesn't recover in the next few years? Are we doomed to live in this crappy little house forever?

17 comments:

Danielle said...

I am with you. The condo we are living in is selling for a hundred thousand less than what we paid. I am stuck in a crappy condo in NJ! At least you have a back yard!!

Christy said...

I wish I had a crystal ball so I could tell you when we'll be out of this recession and when housing prices will pick back up. I think you just need to try to stop looking at those sites and just keep transforming your house into ghetto-fabulousness! We moved to our house here in NJ at the same time as you - three years ago today as a matter of fact - and similar houses in our neighborhood are now selling for WAY less than we paid. But, like you, we're not planning on moving anytime so I'm just trying not to think about it at all.

P.S. I'm looking forward to having a playdate with you soon!!

iMommy said...

Have heart, Christy! I can't say that prices will get back to what they were in the next few years (the N.E area has been pretty sky-high in prices, we live in MA) but your house won't be worth dirt, either!

America will pull through this. We just all need to hope/wish/pray that it's sooner than later, and without too much "collateral" damage.

For now, though... if you can keep away from those real estate sites, that's best I think. Spend that time making your current home "recession fabulous" or, you know, blogging. :)

Amanda said...

I can feel your frustration Christy, i think we are all feeling the same way at the moment. I hope this recession is over sooner rather than later.

love,
Amanda x

Jeninacide said...

The economy will pick up- I think we just have to be optimistic and hold tight for now- if we can!

My mom was telling me yesterday that there was an article in the NY times that talked about a 1.5 million dollar house in the Hamptons that went up for auction and the only person that showed up to the auction was someone from the bank- they bought the house for $500.00.

FIVE HUNDRED DOLLARS!

I could invest in THAT if I could afford to pay the damn taxes!

amanda said...

it really is bad isn't it friend.

the part that gets me though is that everyone keeps saying its just going to get worse.

what does that mean?? and how could it get any worse?

dani said...

as of yesterday, the housing market took an upward turn, christy... last night i was watching larry (the) king live, and the donald called in to say that apartments were the start of a trend that we should see move over into housing:))) i hope he was right!!!
love,
dani

Midwest Mommy said...

Seriously are you sure we aren't twins. I check the real estate sites a couple times a week or more. I hate seeing how much houses are now going for. We have a townhouse and for what we paid we could have easily had a house instead now. I fear the day we sell this place...it will end up costing me money.

Eva said...

No help for you there since we have the same problem and we NEED to sell.

Tabitha said...

It is just the same over here in the UK too!
I sometimes wonder where it will all end.
Love and hugs Tabitha XXXX

Mama Kalila said...

Yup. I keep seeing more and more women online asking for ways to cut back and save money too. I'd be doing those things wether we needed to or not, but still is odd to see.

We actually are looking into places to live. Our lease is almost up and we're not sure if we're staying or going. We've looked a little at houses, but that's prob not going to happen yet. I wish though. And as much as I hated living in a trailor growing up, I'm even ok w/ us looking at that. (I think its the knowing we won't be there forever lol). Most likely it'll be another apt though...

Kate Coveny Hood said...

The important thing is that you're not looking to move anytime soon. Don't worry - home values will eventually go back up. Probably when you're ready to move.

Rachel said...

I sold commercial real estate for many years and this is what real estate does. Every 7 years there is a huge change in the market. Prices will fall and then they will come back up but it may take another 3 years. Don't worry-our house dropped in money as well and then it will go back up. Don't get yourself depressed and crazy because this is a strange time in the world-not just in the US.

Rachel said...

I sold commercial real estate for many years and this is what real estate does. Every 7 years there is a huge change in the market. Prices will fall and then they will come back up but it may take another 3 years. Don't worry-our house dropped in money as well and then it will go back up. Don't get yourself depressed and crazy because this is a strange time in the world-not just in the US.

Mary said...

I know how you feel completely. The house we own is SC is being built brand new (with top of the line appliances, granite, tile, etc) for nearly $40K less than we bought it for. It's frustrating and depressing.

Cristina Mathers said...

i feel the same way. we moved about 50 miles north of my desired place about 5 years ago because it was the cheapest place. we lucked out and were able to buy a brand new place. now i look in the papers and see places just as nice for almost 100k less than what we paid, in my old hometown. =( i am blessed to have our home, but wonder if we will ever be able to come out from underneath it. thank goodness we've never taken out equity!

Laura McIntyre said...

Im constantly doing the same and we are looking to move. Our place is a tiny 2 bedroom flat and with 5 of us we just cannot fit anymore (have no gardens or anything either) .Our flat is worth around £25,000 (about $50,000) less than it was worth 2 years ago - so depressing.