Last summer I posted about the heartbreaking discovery of a condo a few doors down from mine that was selling for about 2/3 what I paid for mine not five years ago… I had hoped that it was a fluke, but apparently it wasn’t. I received my Notice of Real Property Assessed Value recently, and according to the County Assessor’s Office, I have officially lost 25% of my home’s value since I purchased it.
Shoot me. Someone please shoot me.
It’s not like this is surprising… Home values all over have been plummeting in the last couple of years since the housing boom went bust. With foreclosures sabotaging housing prices left and right, and some markets finding themselves with way more homes for sale than possible buyers, it’s not a good time to have a home you purchased right before everything went to hell. And yes, a lot of people have it much worse than me. I can [barely] afford my mortgage, at least, which is a step above many people right now.
Still, it sucks. It means I am effectively trapped in Charlotte until the housing market recovers enough that I can walk away without owing anything. That officially dashes any hopes of revisiting my years-old scheme to move to New York City, as it would be incredibly foolish to try and rent this condo out (taking a loss every month that it IS rented, much less when it isn’t) when I already bite my nails every few months worrying about tenants in the other condo I have in Charlotte.
Fortunately, I love my home, and I love my neighbors. It’s a good location, very comfortable, great for having friends and colleagues over, convenient for getting to work and to most of the places I like to frequent. If you gotta be trapped, it’s a good place to be trapped.
But damn do I wish I had waited a few years to buy it!