house_well-11(NOTE: This post is an updated copy of my 2011 post [see also: 2010,  2009,  2008])
(Check our your property value using the official Fairfax county link.)

THE BASIC SUMMARY: Our real estate assessment went up again, from $307.1K to $315.9K. A 2.85% increase (house went up 3%, land went up 2.7%), which is less than the average of 5.8% yearly gains, and slightly less than last year’s 3% increase. Our house value increased $730 a month (and our mortgage is only $1025 now that we refinanced).

In 1999, we bought the house at  $141K.
In 2000, we  were  assessed  at  $142K.
In 2001, this  grew   by 3.5% to $147K.
In 2002, this  grew   by  39% to $205K.
In 2003, this  grew   by   3% to $211K.
In 2004, this  grew   by  24% to $261K.
In 2005, this  grew   by  34% to $349K.
In 2006, this  grew   by  13% to $395K. [addition basically complete]
In 2007, this  grew   by   3% to $406K  (peak)
In 2008, this dropped by   7% to $375K. [addition officially complete]
In 2009, this dropped by   3% to $364K.
In 2010, this dropped by  18% to $298K. (ouch)
In 2011, this  grew   by   3% to $307K. Finally a gain! 
In 2012, this  grew   by  ~3% to $316K.

We’re 22% down from our peak (but not 37% like 2 years ago), and it’s still worth 2.32X (2011=2.27X) more than we owe on the mortgage (which is $136.1K, actually about $700 more than last year due to rolling our refinance costs into the mortgage).

This means we’re still $179.8K ahead (2011=$171.7K, 2010=$163K). We’ve lived here 12 years, so that’s $14,903 (2011=$15,609) ahead each year, $1249 (2011=$1300) ahead each month. Our mortgage is down to $1025 from  $1300 (refinanced), so this place seems to practically be paying for itself.

(Of course, the addition wasn’t free, it was about $80K, so we’re really only $99.8K ahead ($91.7K in 2011), or only $8,317 ($8,336 in 2011) ahead per year, $693 ($694 in 2011) ahead each month. Still not shabby. These people who say houses aren’t a good investment don’t know what they’re talking about. Even if it’s value drops 90%, you’re still getting 10% more of your money back than if you were renting! And we’re sure as hell doing better than dropping 90%!)

Here’s the new graph:

2011’s graph:

Broken down via land vs. building:

LAND:
2000: $71K
2001: $71K
2002: $90K (+27%)
2003: $100K (+11%)
2004: $150K (+50%)
2005: $184K (+23%)
2006: $166K (-10%) [addition completed]
2007: $166K
2008: $184K (+11%)
2009: $166K (-10%)
2010: $148K (-11%)
2011: $148K
2012: $152K (+2.7%)

BUILDING:
2000: $71K
2001: $76K (+7%)
2002: $115K (+51%)
2003: $111K (-3%)
2004: $111K
2005: $165K (+49%) [addition possibly counted here]
2006: $229K (+39%) [addition completed]
2007: $241K (+5%)
2008: $192K (-20%)
2009: $198K (+3%)
2010: $150K (-24%)
2011: $159K (+6%)
2012: $164K (+3%)

FOOTNOTE: 2006 was about when the construction was mostly finished, but due to problems with it being completely finished, it might not have been legally counted as finished until 2008.

RANDOM NOTE: The Google Chart Playground is very, very useful. Saves a lot of manual page refreshses…

Mood: suddenly less dissatisfied with unemployment
Music: NOT Megadeth – Tornado Of Souls

THE END