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re: This crazy real estate market
Posted on 1/13/22 at 7:22 pm to StringedInstruments
Posted on 1/13/22 at 7:22 pm to StringedInstruments
quote:
This kills me. We sold our rental in 2018 and broke even. We considered it a win because we had been nailed by the 2008 housing crisis (the year we bought the house).
Are you really "nailed" if you didn't sell it till later. Isn't that like talking about unrealized capital gains or unrealized losses in the stock market?
Posted on 1/13/22 at 7:27 pm to BearsFan
quote:
Are you really "nailed" if you didn't sell it till later. Isn't that like talking about unrealized capital gains or unrealized losses in the stock market?
Sort of. I mean, when I say “broke even,” I mean we bought in 2008 for $179k and sold in 2018 for $179k. Sure we had some equity in the home, but we replaced two A/C units, a garage door opener, a section of gutters, water heater, dishwasher. Some other things I can’t remember. I can’t say we really had a profit.
And by nailed, I mean the drop in home value limited our life decisions. We wanted to move three years later, and our house was getting offers for $150k at the most. Realtors said that was the reality of the market at the time. So we gave up some opportunities because we didn’t want to write a check to sell our house.
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