My home is worth how much?

Plus, a NOLA listing for the (Middle) ages

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  December 16, 2023 • Issue #121 Happy Saturday! This week, we’re discussing the wave of recent homebuyers who may be feeling a twinge of regret and a fairytale home in New Orleans.

Is this the year of buyer’s remorse?

Money, Shutterstock Buying a house is a major milestone and a rite of passage that has long been considered a great way to build long-term wealth. Home values tend to rise over time, and recent years have been kind in that respect. As Money reporter Brenden Rearick writes, U.S. homeowners with mortgaged properties gained over $1.1 trillion in equity during the third quarter of 2023, with New Jersey, California and five other states seeing year-over-year increases that topped $40,000. Sometimes, though, the opposite happens. Many people who bought homes in 2022 and earlier this year are in a particularly tricky situation. According to a recent report from Point2Homes, a real estate search site, single-family homes purchased in many of the hottest markets last year have lost as much as $223 in value per day. That works out to a little more than $81,000 lost between September 2022 and September 2023; a big chunk of change for most American families. The cities with the most significant drop in median home price include: San Francisco - down by $81,250 Oakland, California - down by $62,988 Atlanta, Georgia - down by $44,000 Memphis, Tennessee - down by $35,000 Urban Honolulu, Hawaii - down by $27,499 It’s not just house owners feeling the pinch, either. During the same period, condo owners lost even more, especially in San Francisco. Condo owners in the Golden City lost an average of $336 daily, or about $122,000 a year (an even bigger chunk of change for the average American). How concerned should the rest of us be? Andra Hopulele, author of the report, tells me that since price drops are happening in some markets, not all, this shouldn’t be considered a generalized trend. And while owners who bought when prices and mortgage rates were rising “might be disappointed” by the drop in their home’s value, if they’re not actively trying to sell, it might not matter all that much. “Those who bought a home and are still living in it have plenty of time to see the value of their home go up in future years,” she said.

10 States Where Home Equity Increased the Most Over the Past Year

When to Lock in a Mortgage Rate

Listing of the week

Caitlyn Reisgen Rapunzel, Rapunzel . . . This medieval-themed single-family home overlooks the Irish Bayou in Orleans Parish, about a 30-minute drive away from downtown New Orleans. It has two bedrooms, one bath, a circular kitchen with waterfront views and a tower that’s perfect for letting your hair down. Murals adorn the ceiling with a sky motif, so you’ll always have a sunny day. There’s also a two-bedroom, one-bathroom camp house — a cabin that can be used as temporary lodging — on the property. The home can be used as a summer rental or primary residence. Listed by Eric Hernandez of NOLA Living Realty, you can own this one-of-a-kind home for a regal $500,000. Caitlyn Reisgen

’Til next time, P.S. Have you seen a unique listing on social media I should feature in this newsletter? Or have a question about housing or mortgages you desperately want answered? Let me know on Twitter at @LeslieLCook or via email at leslie@money.com. P.P.S. Have a friend who loves real estate or is looking for a home of their own? Please forward them this email or send them to the Money Moves subscription page.

Money’s Essential Home Buying Resources: Fall

On the hunt? Check out Money’s Mortgage Calculator, list of The Best Mortgage Lenders and look at the latest mortgage rates. Thinking of refinancing? Our list of The Best Mortgage Refinance Companies can help. You can also use our Mortgage Refinance Calculator or these refi tips. Key question: How much house can I afford?

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