We received our tax appraisal today. The value of our home and property has, according to King County decreased 16%. According to the King County Assessments website, they change the appraisal annually.
Like everything else, I've never known the values to go down. Personally I think it's a good thing as it makes it easier for us and all of us to purchase a home.
I really like my house, we've lived here 22 years. We bought and sold at the bottom of the market in 1987. A great time, btw. We felt fortunate to get out of our old house cleanly. I remember the realtor screwing up his courage to let us know that we were only going to clear 3K out of that house. I knew that, I was thrilled that we did not have to put on a new roof and we got something. But, even then, I think it only took 3-4K to get into this house as it's price was depressed (89K). It worked out great! At the time I had 3 kids (4th on the way pretty darn quickly). We had a 1200 sf house, 3 bedrooms 1 bath. I would have killed for another bedroom and bathroom, it was SO SO important to me. I wanted that BAD. So I was thrilled to get into this house, a 70s era split entry, 2000 sf, now 5 bedrooms, 3 baths. Oh yeah, I couldn't believe my good fortune. It's paid off and now I've got extra rooms.
We don't have the problem (maybe widespread) of being 'upside down' on our house. I have not used the equity to fund something else. It just means lower taxes for us. that 60K was never real anyway. Though there was some REAL money I lost in the crash.
Not so bad....
Picture used without permission from another blog
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