Tuesday, February 19, 2008

My House Value

Something I haven't changed in my NetWorth IQ data in the year I've been blogging has been my house's worth. This can be a hard thing to judge and for now I'm going to keep it at it's current level and maybe change it in a year's time. Here's why:

- Zillow.com says my house has dropped over $15K in the past year. On the other hand, it shows my zip code has had just minor fluctuations.

- Sold price in my neighborhood have been in the 130's for houses with less bedrooms/bathrooms for the past 6 months. (As shown on Zillow.com)

- Based on the income the house produces for us and the improvements planned for this year, I feel the house is still marketable at $131K.

I'm not planning on moving until this place is paid off (probably in 7 year's time) and we have enough cash to pay for another place. If this year's tax bill goes up because they think the value of the house has gone up, I'll get an appraiser to come over and see if the property has truly dropped in value. Otherwise, game on.


Anonymous said...

That's wonderful! Just keep paying and eventually it will be done before you know it!

I am going to check out Craigslist now. Thanks so much for the advice!

JW said...

I wouldn't rely on the value of Zillow. I know several people who have sold their homes for much more and much less than the value listed on Zillow.

MyBudgetQuest said...

Did you know:

House prices have increased by over 200% in the last 10 years! Incredible eh?

Did you also know that your mortgage can become unenforcable after 12 years? I didn't either. Apparantly it's something to do with the Limitation Act. Not sure whether it applies in the US though. Check it out if you get chance.