This is a bit of a story, so if you just want to read an article about the future of the housing market, jump down to the link.
I went home this weekend to my parents house for the first time since last summer. Our next door neighbor is quite the compulsive hoader. He owns three lots and houses, and they are all filled with trash and junk. There are cars and boats in his yard that just sit, never to be used again. It is quite the eyesore, but we don't really care because it is his property, and he can do what he wants with it. However, the woman who lives on the other side of him is not ok with his lifestyle. She is trying to sell her home, and has had no success. She is blaming our hoarding neighbor for this, saying that no one wants to live next to such a monstrosity. After hearing this gossip, I asked my parents what she was asking for her home. They said, $450,000. This is extremely high for the area. My parents then told me she got her home appraised in 2007, right before the housing bubble burst. My whole family agrees that our hoarding neighbor is not the main reason she is not selling her home. I almost want to explain to her that since 2007 things have changed quite a bit, but I don't think I will.
A New Housing Boom? Don’t Count on It
I think that's pretty funny about your neighbor. Right now all the expensive and quality homes are cheaper and it has been nice for finding places to rent. Many places I've looked at for my move are really nice houses that have been opened up for rent. Some have been turned into duplexes just so they can put some people in them and earn money. It's nice for us, if you're renting you can find places built in 2007 and barely lived in for a nice price.
ReplyDeleteSome people are just don't understand things like this. It's hard for them to comprehend that if their house was worth something at point it isn't still worth that amount. You should put an Econ 101 text book on their porch
ReplyDelete$450,000! It this woman crazy! Doesn't she know we are in post-crisis mod? Does she read/watch the news? Was she in a coma from 2008-2009? Mind you I do not know what her house looks like or where it is located, but honestly you could buy the Pontiac SilverDome for that price (it was recently sold for less than half a million). Though housing pricing are going up, they are nowhere near prices in 2007.
ReplyDeleteDuring the mid-2000 my parents were thinking about selling our house (which they bought to sell), they had it appraised for a little less then half a million. Today I think they would be LUCKY to get 250,000 for it.
I agree, she must understand what she is up against. The economy is clearly not the same as it was in 2007, and it is hard to comprehend that an adult with a home doesn't understand that concept and logic. With that being said, I am sure the hoarding neighbor should still consider cleaning up his mess.
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