2006-12-31 15:12:40 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I seem to have left the impression that I own a house and am trying to sell it. I am simply weighing the idea of home ownership. I understand why people say you should own a home, but I simply think all that stuff doesn't matter if you can't sell it.
2007-01-01 06:14:14 · update #1
none - unless you are trying to mortgage it i suppose.
2006-12-31 15:13:50 · answer #1 · answered by I know, I know!!!! 6 · 1⤊ 0⤋
All homes have a market value (defined as whatever price a reasonable buyer and seller agree to).
Your home might actually be worth less in the market than what you think it's worth simply because no one is willing to pay what you're asking.
The value of your home is considerably more than it's market value, though. Your home can also be valued according to the payments you're not making living in a rental. (For example, your home has an internal return value of about $2500 for every $100 that you think you can get from renting it. This is not a value that you can ever add to a selling price. Rather, this is a hidden cost to you if you ever move out and into a rental in addition to the asset you lose. Put simply, you sold your asset, and now you have to pay out just to live somewhere, and the payments are over and above whatever you lost on the home.)
Houses can be valued at a market price, but homes are considerably more valueable.
2007-01-01 06:30:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The real question is why you can't sell your house, assuming you want to. Any property will eventually sell if it's priced right. That means that the price was set based on the actual condition of the house, and the local real estate market.
If you want a quick sale, you price it low; if you think you can wait, you can put it on the higher end of what the comparable sales show it's worth. A realtor can give you a list of comparable sales for your type of house in your area.
2006-12-31 23:22:59 · answer #3 · answered by stella m 2 · 1⤊ 0⤋
A house is only worth what someone will pay for it from a dollar prospective. An appraisal will only give you an estimation of value.
From a value perspective a house can be a home however which is worth far more than a dollar amount.
2006-12-31 23:22:04 · answer #4 · answered by Kdude 4 · 2⤊ 0⤋
It's all about timing. I am selling my house right now and I know it's worth our asking price but it just is a bad time right now. Things will get better after the holidays.
2006-12-31 23:15:23 · answer #5 · answered by lins0043 3 · 2⤊ 0⤋
Renting it....I live in a horrible house...but very good neighborhood and that's how come the landlord can justify the rent...
And eventually you can sell....
2006-12-31 23:17:28 · answer #6 · answered by mailjunkie123 3 · 0⤊ 0⤋
It matters in terms of how much property tax you have to pay. It also matters in how much of an equity loan you could get. And when you die, it will matter to your estate.
2006-12-31 23:21:02 · answer #7 · answered by auntb93again 7 · 2⤊ 0⤋
If you don't plan on selling it, then what it's worth will affect your property taxes.
2006-12-31 23:16:21 · answer #8 · answered by Jess H 7 · 1⤊ 0⤋