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Wide White: Home values

Thursday, March 11, 2010

Home values

My wife and I have owned our home for 2 years as of less than 2 weeks ago. While we bought at a point where the market had already dropped quite a bit and we paid $50,000 less than the original list price, values haven't exactly gone up since, so I pay close attention to the value of my neighbors' homes that sell.

Two houses in my townhouse complex have sold in the last month. One was originally purchased in 2002 for $178,500. It sold 2 weeks ago for $150,000. The second was originally purchased in 1999 for $146,500. It sold less than a week ago for $126,000.

Considering how high the market got after these homes were originally purchased by their last owners, it's amazing how far they've fallen. Of course, both were foreclosures, which certainly hurt their value, but still, it's not good.

Here's to hoping my neighbor who closed on her home today got a better price for her place...


Blogger Kara Jo declared,

Oy. We're hoping to sell our townhouse this spring and this hits all too close to home. Three years ago we bought it at more than $20,000 UNDER market value, have since doubled the number of bedrooms and finished a 3rd level...yet we'll probably need to be grateful to make even a slight profit.

3/13/2010 8:40 AM  
Anonymous Bill Roehl declared,

We're just waiting it out--for as long as it takes. I have too much of my own money invested (about $80,000) and it's not worth it to sell and take the hit.

We bought it for $169,900 in 2004 and it's currently worth between $140 and $150k.

Problem is that when it does come time to sell and the market rebounds, the units in this development are all too similar and it will be very difficult to get out when everyone else is selling the same house.

While we've done some improvements (Pergo in the living room, new water heater, new dryer, new dishwasher, etc) it's not going to be nearly enough to position ourselves in an advantageous spot in the market here.


3/13/2010 11:39 AM  

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