I mentioned that the house next door to me recently sold. Zillow says it is worth 106k. It just sold for 120k. This seems like good news to me.
The man who bought the house is an investor who owns several rental homes in the area already. He seems rather astute.
The family who had owned the house previously had 4 young children. The house is a 3/2 with 1296 sq. ft. The family had made an extra room out of the garage. They had walled off, so that the garage door was no longer an entrance into the home, but the garage door was still in place. In other words, you couldn't tell from the outside that the garage was no longer a garage, yet the family had some additional living space. They did this without any permits. So the buyer knew he would have the expense of converting that extra room back to a garage. He was still willing to pay 120k.
So, I am hopeful that my home value may not be quite as bad as Zillow says. It doesn't really change anything, but does make me feel better.
My house is a 4/2 with 1441 sq. ft.
Home Value Improving?
November 18th, 2012 at 05:59 pm
November 18th, 2012 at 06:10 pm 1353262251
I believe these two homes were also sold by the owners - who had been apparently waiting for prices to rebound a bit. One had been a rental for a while and they just sold it - they must be thrilled to unload the property!
November 18th, 2012 at 06:12 pm 1353262366
November 18th, 2012 at 06:14 pm 1353262463
November 18th, 2012 at 06:45 pm 1353264348
It certainly has been a wild ride.
November 18th, 2012 at 11:28 pm 1353281282
I only wish I'd been better off in the 1980's when the bust hit Houston last time.