Sunday, September 27, 2009

is the timing suiting me or am i just ready?

About a year ago, I joined an online financial tool -- mint.com
It's a cute, helpful budget device, collecting all your financial information in one location to provide a convenient financial snapshot of your activity. Additionally, you list all your funds, your vehicles and your home, and it accesses published resources to tell you their suggested value.
The news on my property has been discouraging. I have to say, I didn't think it carried up-to-date values on property until the day I saw the bottom fall out of the value of my home. In the space of two weeks, I went from a position where the sale of my home would bring me a 40-50K profit, to being upside down in my loan.
For all you math students out there, that affects your net worth!
Two weeks ago, I noticed the value of my home had increased. Still less than I owed on the note, but not as bad. This week, the projected value has increased again, and the good news to report is that if I sold it today, I could expect a profit. Not nearly as much as I could have gotten two years ago, but it's a start.
For me, it's encouragement. During these challenging economic times, I've been extremely fortunate to have a stable income. And I've been using the money to repair my debt position. While many have dug a deep hole of debt, I've been able to climb out of the hole. And when things turn around, I will be able to take advantage of the improvements.
Will I be able to sell my house before I move, or will I need to rent it until the prices improve? I don't know that yet. A friend of mine and I discussed that yesterday, how it's a shame that I'm not ready to rent right now -- with the flooding that happened this week, people are going to be looking for new places to rent; new places to live. I would love to be able to sell the house without a problem and move without having to worry about keeping this place rented. One of my friends rents her condo. Another friend rents her house while living in Arkansas. I know it can be done, but it definitely requires persistence.
Doing it alone is daunting. I will have to be committed to keeping this promise to myself in order to make it happen.

-Laura

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