Well, now I know the value of my house...sigh. [View All]

[dixiegrrrrl]

A house 2 doors down the street, similar to ours, same age, ( 1960),
same amenities,( 3 bedrooms, 2 baths, hardwood floors, 1900 sq feet or more, large attached double carport) plus it has partial basement with 1/2 bath, which ours does not,
same good condition,sits on the usual half acre lot, ( we have 2 acres, but all woods and gully)
was put up for sale when the owner died, in 2008.

Asking Price: 100,000.
Typical price for house like that in this area of town.

No buyer. Few lookers.
Hell, we even looked at it, thinking maybe a rental property, but we also knew where the economy was heading and preferred to keep our money available, just in case.

Price was dropped 8 months later, asking 94,000.
No buyers.
Our town was being hit by the D/Repression, real estate was not moving.
Jobs disappearing, mills closing ( we live in very rural area)
Price was dropped to 80,000..no buyers.

Fall of 2010, house is sold, for 69,000. ( it had sat for TWO years)
Yikes. Hell of a bargain for this neighborhood.

But, seller had family problems, had to leave house, late this summer.
A neighbor up the street who had some extra cash, just bought it for a rental.
for 58,000.

Tenants moved in 1st of this month.