My former neighbor in Coral Gables, FL was an older British gentleman who loved to come over and talk real estate. “What’s my house worth today,” he would chuckle as I opened the front door to let him in. That was, of course, back in the days when house prices were going up almost daily.
I suppose if I were to greet him at the door today, he might still say “what’s my house worth today,” but probably with more of a grimace than a chuckle. Actually, knowing Patrick, he wouldn’t have grimaced and I can tell you why.
Over the course of the eight years that we lived next door to each other, we had many of these conversations but one thing that Patrick said still rings in my ears today. It was one of those “pearls of wisdom” that perhaps we should all consider embracing.
Patrick said, “when we were coming along, we were THRILLED if we sold our house at the end of our mortgage term for the same price that we paid for it — that meant that we had essentially lived in our houses for FREE. At the end of our mortgages, we got our money back”!
We might all be well served to stop obsessing about the values of our homes (unless you NEED to sell which is another story altogether) and hope that by the end of our mortgage term we’ll sell our homes for what we paid for them. I kind of like that idea — what about you?
Thanks for reading – I hope you’ll join me for my next real estate adventure!