We just got our new home value assessment in the mail:

[Squatch]

Last March, we bought our current home in Prince William County for $400,000. Originally, the house listed at $432,000, but when we offered $400K, the sellers jumped at that. All indications were that the DC metro area markets were cooling off slightly, but the mid-range outlook was moderate to strong capital appreciation on real estate.

After a year of heavy foreclosures (21 units in our neighborhood of 52 have foreclosed), our home value assessment came in the mail today: $307,000.

On the plus side, our tax bill will be slightly lower. :thumbsup:

On the other side...:wow:

I've got 2 more years here in DC before the military, in all probability, is going to move us again. I'm going to fight to stay here longer, but the chances are high that we're going to take a huge hit when we are forced to sell. That'll absolutely wipe out our life savings. Not looking forward to that day.

[angstlessk]

1. That has GOTTA suck big time...hope the market goes up before you

you have to sell. Seems the military is screwn ONCE AGAIN!!!

[Squatch]

3. I'm hoping that the growth of Ft Belvoir under the BRAC plan

will cause an uptick in home values around here. They're supposed to bring in 20-30,000 more military, civilians, and contractors as other bases are closed, so demand should increase a bit...at least that's what I'm hoping.

[angstlessk]

5. I'm with you...we have to get a new loan due to a balloon..

and it ain't lookin good even though we really have more value than we owe, so we hope to get it in time! It's like whouda thought this would happen at the most inopportune time??

[Nickster]

2. Wow, that sucks. I got about 4 houses in the vicinity that have been foreclosed. My value went down

about 30k or so, but I didn't buy the most expensive house in the neighborhood, so I'm not getting beat up as bad.

[countingbluecars]

4. We are in Loudoun County.

The value of our house dropped by $150,000. I thought our tax bill would be lower, but I just read that the tax rate is going up from
$0.96 to $1.14.

[panader0]

6. Your assessment is not the actual value of your home.

It's the amount your taxes are based on. Local or county government doesn't necessarily have the pulse of the times. I predict that your home will appreciate in value before you have to move.

[MADem]

10. In Alexandria/Fairfax County, they kept pace with home values--never off by more than twenty grand.

And that was in a hot market.

I'd guess PW is the same.

That wasn't always the case in MA--homes were either over or undervalued. Lately, OVER seems to be the rule--gotta grab that tax income.

[Cronus Protagonist]

7. Why are you investing in real estate when you cannot control the entey and exit points?

I don't play in real estate because I don't have the capital, but I wouldn't get into it if I couldn't control the time to sell and the time to buy. It seems you would be better off renting and saving in an IRA or mutual fund sor omething.

[Squatch]

9. Lesson learned for next time...

I don't think we'll be making this mistake again.

[Cronus Protagonist]

14. Got it, and sorry to hear about it.

[MADem]

8. Think about RENTING, if you can cover your costs and get base housing

where you wind up in the interim. Maybe you can find a military renter, that would be the best bet.

Then you can return to your home at your next DC tour. They changed the tax law on "time in the house" and the time after retirement to sell your house for military personnel, making it easier for people who have to move around alot. Odds are the price won't go much lower, and it might recover in a while.

I bought low and sold high in Alexandria--got out just before the bubble burst (phew). I put my money into my family home; repairs and upgrades and some nice-to-have stuff, and whatnot. We're not going anywhere, so what the heck.

If you are PCSing around the time that there's a money crunch, they may be inclined to 'homestead' you a bit, unless you need to deploy/go operational and can't do it nearby.

[Squatch]

11. I'm in acquisitions and logistics, the center of which is Belvoir...

I'm hoping to get an assignment there, after my current tour in Arlington. That would be positively ideal. It's a long shot, but a possibility that I'll be working actively over the next 24 months.

But, you're right...I don't think we're going to buy again, at least for as long as I'm in the military.

[MADem]

12. I wish you luck--I'm sure you know to keep your eyes and ears open, and

never miss an opportunity to impress someone who might ask for you. Those flag/general requests are a great way to get a job you want, so if you have an admiral or a general in or around your workcenter who likes your work and can help you out, don't be shy about asking.

After all, there's no way to give out raises or bonuses to one's subordinates in uniform--all you can offer is liberty, medals, advice, decent fitreps, and, if you're a flag or general officer, help engineering a flag request assignment!

[Squatch]

13. Good pointers!

I'm normally a guy who likes to let my work speak for me, but I may have to have some candid talks with our GO leadership.

[MADem]

20. Believe me--the squeaky wheel gets the grease. And especially if the

wheel doing the squeaking is normally a quiet, reliable wheel that performs brilliantly.

I hope you get a retour. It's never too early to make your wishes known to your detailer/monitor/assignment personnel, depending on branch of service, too!

If they can find something for you that is progressive in terms of your career, is a viable billet, and is high enough priority to justify a fast fill, it makes sense to dump you in the job. It's a money saver--PCS costs used to run around, what twenty grand on average several years ago? I'm sure it's more now. Every bit of savings helps!

[Hekate]

16. Renting it out sounds like a good bet to me, too, if local rents = monthly mortgage

As for not buying again until retirement -- if you know where you want to retire, you might think about owning a home there in the interim.

All of that is contingent on your being able to stand being a landlord, though. It's not for everyone.

Best of luck.

Hekate

[Brigid]

15. Welcome to Bush's America.

But he will probably have been gone from office fora while before you have to sell -- I hope the market improves up by then.

[mahina]

17. In case you do decide to rent, here's a very useful site I wish I had known about years ago:

https://www.ahrn.com/

Military families are wonderful tenants.

[Wcross]

18. Any way you could rent the house out if you are reassigned?

Even if it were for a small loss it might pay off in the long run.

[Warren Stupidity]

19. That totally sucks.

There is a lot of analysis floating around (Soros recently for example) that we are just at the start of the process here and that there is a whole lot more to be wrung out of the system before it is done. But it all seems abstract until I read a post like yours, and then suddenly it is all very personal.

[MiniMe]

21. One good thing about being in the DC area, the market is pretty good when

the administration changes. Take advantage of it.

[Autumn Colors]

22. You're confusing assessment value and appraisal value

Assessment value is always lower. It's just for property taxes.

Try this webpage and put your address in. It will give you some idea of the current range.

http://realestate.yahoo.com/Homevalues;_ylt=AnS9pek5CeYAZKH085Np3RKkF7kF