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The house down the street just sold for $269K. If you multiply their dollar/sq-ft value by our home size, it means we've lost 23% in the value of our home in the last 5 years. . . . .basically our entire $90K down payment is gone. I'm not even sure any of the $40K in upgrades we've done in the last 5 years would be recoverable either. Makes me want to cry.
We have been seeing houses sell in my neighborhood during the past six months, after a long dead spell where nothing moved. Prices are down from where they were even 5-6 years ago but have rebounded a bit lately. Houses are taking up to 6-8 months to sell in some instances, which is quite a bit longer than it took for houses in our neighborhood before the downturn.
Houses seem to be selling pretty well in my neighborhood (Oxxford Hunt in Cary). Prices are definitely down, but I could sell my house for more than what I paid for it in 2008. However, I wouldn't recoup what I put into it fixing it up - which is okay because I'm not going anywhere. :-)
The sellers that bought within the last 4-6 years are taking losses. The most recent
sale was for $46000 less than what the seller paid 4.5 years ago. Thats huge on a $275 - $325K home.
Our street's doing well. House across the street from us sold for ~$550k after two days on market. Two houses down sold before being listed as a private sale for $375k and is getting a whole house renovation. Less popular parts of the neighborhood (those right on busy city streets) are slower, but generally things are moving fairly well. This may be a "hyperlocal" phenomenon right where we are, I suspect other parts of Durham are moving more slowly.
We're in NW Raleigh (Durham County) and the original model home in our little subdivision went "under contract" very quickly last month. This home was updated and staged. Others in the neighborhood have languished.
House next to our home was on sale only for few days. It was sold but for $20k less than what the original owner paid for it. But, 3 or 4 houses next to the one that is sold have been in the market for little over an year and still no buyers it seems. This is in West Cary (off of Davis Dr)
I think the houses in desirable areas that are priced properly are selling quickly. There just happen to be more sanely priced houses appearing on the market. Others just sit there.
LOL! I love these news articles. I've read similar claims in 2010 and 2011. Their thinking must be if the say it every year they will eventually be right once. The end of the worlders use the same tactic.
FWIW, which is not much, there hasn't ever been any issues selling in my neighborhood. That's what can happen when you buy in a neighborhood with a good location and all quality custom homes without zero lot lines. People will pay for location and quality. I think this area took a hit due to so many production builder homes being built in sub par locations. Once the market softened those types of homes were very hard to move.
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