Home > Net Worth Has Fallen

Net Worth Has Fallen

March 20th, 2019 at 01:29 pm

I was doing a good job of keeping my net worth stable. It went down by $14K after I bought the car, but I was okay with that -- I had to have a car. Being in my gap year, I wasn't able to work at making it up, but I was keeping it on an even keel.

But now it has fallen again, because my condo was assessed at a lower value. In short, according to the assessor's office, it is worth about $8 less than I had it figured in my spreadsheet. Now, to be fair, I think I had personally assessed its value too high from sales of comparables in the area, and not from what the assessor said, because the actual change from last year is only $3K. But this assessment is supposed to be a fair market value, so I think I should adjust my spreadsheet. It is probably more realistic, as I do not see a lot of healthy sales in this area any more. It is probably what I would be able to get if I sold it.

Why did it go down? I am assuming that there are now more rentals in the building than there used to be, and that hurts property values.

At least I should see a drop in taxes. And I am not going to sell any time soon.

Yesterday was a no-spend day other than laundry. I did not make the Aldi trip, but I hope to get it done today. I'm going to use the $15 Visa gift card, and try to keep my purchases at that level.

I made some spaghetti sauce, but it cooked down to a pretty small batch, so I may just eat it rather than freeze it.

Today I'm going to make some granola.

After a lovely day yesterday, it's rainy and cold today. But it's spring!!!!

2 Responses to “Net Worth Has Fallen”

  1. Dido Says:

    The key is that it's your home valuation that has fallen, not the investment assets (which presumably were down at year-end and have rebounded--everybody's portfolio seems to show a "V" shape over end of last year thru early this year. And the decreased home value is good for the tax bill.

    When I try to value client homes on their personal net worth statements, I use a total of six sites, because the values can vary quite a lot (and some services aren't available in all areas). The six are,,,, (eppraisal actually gives you both the eppraisal and the zillow values), and the chase home value estimator. Try looking your home up on all of these sites to see the range of values you find.

    I actually just value my own home on my personal net worth based on zillow, since I've been doing it that way for years and at least the value is consistent, but it's fun to check periodically to see the variation.

  2. CB in the City Says:

    Thanks, Dido, that helps.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
Will not be published.

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]