Whew! That’s a load off my mind. I didn’t think I would sell it in this crazy market. Only came down $15,000 off asking. Taking my LAPC severance and moving the wife and I out of our big ole house to a modest apartment to ride out this mess. I can rest a little easier from now on and I encourage the rest of you to look into this option.
15 replies (most recent on top)
Real estate is actually still doing well. I left Oxy a while back and became a REALTOR, and business is still moving.
Appraisals are always based on expected sale price as of January 1
Your mud taxes in tx are insane. No chance of growing old there on a fixed income.
Near The Woodlands I paid 300K for a nice 3000 sq ft house out off 1488. My tax appraisal this year is 396K, and that is Montgomery County. It took my neighbor almost 9 months to sell his house which was just a little less sq ft for 307K, and the new owner just got his appraisal and it is 379k. The taxing authorities did all these appraisals before the virus, and many are going to be stuck paying large tax bills at the end of 2020. The protest procedure usually gets me down about 20K, but these taxing authorities are going to have to cut us some slack. Between my mud, county, and hoa, I pay around 12K a year. If you can't pay the tax bill they will just out a lien on your house. There is nothing wrong with renting when you factor in taxes, upkeep, interest, repairs, etc. Good luck and congrats on your sale!! If the USA does not get back to work soon this virus will have done more damages than the actual virus deaths.
Having a 30 year mortgage in this industry is a gamble. Hell, even 15 year can be a dice roll. Glad you sold and almost broke even. The fact that you had a small loss should be a red flag warning to everyone else who is thinking of selling. Nothing wrong with not buying a house and just renting.
Your realtor must be happy, they owe you a case of fine wine ...
Consider yourself lucky, mate
@cqf: you are right about the taxes, but I just decided to cut my losses and run. Wife and and can live real lean in a modest apartment for a good year or two on my severance. Hopefully by then jobs will come back around again. But I’m telling you one thing, I’m NEVER buying a big house again. Lesson learned.
Damn. I knew I should have put my home on the market a month ago.
Conroe area
Good time to sale if you can get the right price. Both Harris and Montgomery counties came out with the 2020 appraisals and they are up a lot in some cases, so your tax bill at the end of the year will probably be much higher than what your house can actually sale for at that time. If this keeps up there will he many foreclosures and appraisals will be down next year, but this year you are stuck with the inflated appraisals. When you close your closing papers will reflect the estimated taxes and you will pay that for the buyer up until the point of sale.
@rcf: I bought it 3 years ago for $630. Asked $645 and got $628,000 for it. I’m gonna call that a win, wife and I didn’t need that big house anyway. It’s just the two of us. Hell, it cost a fortune to heat and cool that thing anyway. I’m out boys!
OP: How much you house go for? What area?
WTI Crude $3
Smart move.