With today’s economy and the housing market continuing to swirl downward in a never ending spiral, one has to wonder how long it is going to take for the value of our homes to once again start heading upwards. I read a report the other day on the financial page stating that homes had already dropped 8% of its’ value this year over the previous year and were losing another 1% of its’ value each month and who knows when the market will hit bottom and start turning upwards again.
Several years ago, when I checked on recent homes sold in my neighborhood, $100K to $115K were the going rates and these homes were built back in 1963-1965 and they average approximately 1200-1400 square feet. When I checked this past week, my house is now only worth between $72K and $92K and my heart sank!
I, like many other senior citizens, figured that investing in your own home was like a built-in nest egg, the value would continue to increase. When we felt like we were no longer physically unable to handle the chores and maintenance, or needed the equity out of it to live comfortably, we could sell our home and have enough to help ease our financial worries for quite a few years.
Or we could rent it out and get ourselves a little apartment for less money than we’d be collecting on the rent and have some left over to put into the bank.
Wish so many people losing their homes to foreclosure and not able to purchase another home because of their poor credit now, the rental properties are at a premium and much higher than they were a year or more ago. This indeed leaves us seniors in a quandary as to what to do. Believe me, there have been many sleepless nights lately as I toss and turn, mulling over different options in my mind. At this point in time, I have decided all I can do is continue to play the waiting game, do what I can and hold on tight.
I have lived through some hard times in my life, but never have I been through anything as tough as this! Perhaps it is just my age finally catching up with me to where I know that I am not able to do all the things I once could and had all the options that I used to have. You used to be able to back me into a corner and I’d come out fighting but lately that hasn’t been the case.
