Tag Archives: value of your home

Real Estate

What is My House Worth?

Ready to sell your home, than how do you value it? I’ve worked with many sellers over the years and here’s what I hear from some of them. But first, a funny video from Youtube that illustrates our perception of values: .

httpv://www.youtube.com/watch?v=7RJOGzFuVBE

Some comments I’ve heard from sellers:

1. I built this home and I know how well it’s built and I want to sell my home for —— (It’s too bad we can’t value a home this way)

2. I need to get this much for my house. (It’s too bad buyers will only pay market value for a home and not what a seller needs to get)

3. I don’t care what the market is, I know what my house is worth. (It’s too bad buyers will only pay market value for a home)

4. If I can’t sell it for what I want, I will not sell it. (Than why put it on the market?)

5. The house up the street just sold for —————— and my house is better, so I should get a higher price for my home. (Maybe, you don’t know if the seller of that house gave concessions to the buyer, which reduced the actual price paid or what other variables might be involved.)

The only way to set a value of the sales price of your home is to have a Realtor® do a comparative market analysis (I do them for you for free) or get an appraiser of your home.

So if you are ready to sell or want a free comparative market analysis, send me your e-mail me at

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Real Estate

Should I Walk Away from My House?

8 Comments
  • walk

    So your house is worth less then you paid for it. Maybe the value has dropped thirty percent or more. Are you thinking of just walking away from it because you feel you are just wasting money?If that seems like a silly question to you, it’s surprising to me how many people are actually saying that to me. When they pose that question, I ask them why they bought a home. Did they buy the home to live in or to make a fast buck?  I can’t seem to get a straight answer other then the value of their home has depreciated.  So here’s what I think:
    History has shown that real estate goes up and down. We are in a down cycle right now. In the 1980’s people were saying the same thing to me. I’m going to bail out of my house, it’s worth less then I paid for it.  Well, houses are worth more now than they were in the 80’s. Prices will increase in the near future. So here are some reasons to stay in your home.

    Pride of Ownership

    This means you can paint the walls any color you like, attach permanent fixtures and decorate according to your taste. Home ownership gives you and your family a sense of stability and security.

    Appreciation

    While this may sound silly with the real estate market decreasing in value at the present in  real   estate has its cycles. Long term it will increase in value, that’s a given. Why do you think so many investors are buying homes now? They realize this is a buying opportunity of a life time. They are there to make money.  Holding on to your house will make you money in the long run in my opinion. If you walk away from your home now, you wouldn’t be able to buy another one for three to five years.  Back to renting and your credit score drops like a rock.

     Mortgage Interest Deductions

    Yes you can deduct the interest on your mortgage.  Home ownership is a superb tax shelter and our tax rates favor homeowners. Interest is the largest component of your mortgage payment. Check with your accountant on this deduction.

    Property Tax Deductions

    IRS Publication 530 contains tax information for first-time home buyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. In California, the passage of Proposition 13 in 1978 established the amount of assessed value after property changes hands and limited property tax increases to 2% per year or the rate of inflation, whichever is less.

    So my advice to you is, even if your house is worth less then you paid for it, so what, you have a place of your own to live in. Values of real estate will go up and it’s far better to have a place to call your own then it is to rent.