Saturday, January 31, 2009

Plunging

Yeah, so the housing market in my neck of the woods has dropped 12.5%.

On Monday, my property's individual value will have dropped more than 20%, when I drop my price one more time, this time, a full $7K at once.

No, I did not start out priced over value. I started out right in the middle of the range for what this property was worth, at that time.

So, yes, Virginia....it's just that bad.

Plus, now, part of the deal is that I will pay part of the buyer's closing costs.

This basically indicates that, not only am I going to lose everything I have invested in this property, but, in effect, I will sweeten the deal by offering to pay someone else's expenses for buying it.

I will walk away from 7 years of home ownership WITH NOTHING. Nothing.

I had hoped to, at least, close with money enough in my pocket to pay for moving.

Now, that is simply not going to happen. Keeping my price high enough to allow for that has pushed me out of the market.

1 comment:

bhd said...

Sweep, if recouping on your investment is paramount, then it makes sense to rent it out until the market rebounds. In the meantime, would it be possible for you to refinance? Mortgages are at record low rates. It might be worth looking into how you can bring down your monthly payment, which would make renting it out a bit more attractive financially. *hugs*