Image by Getty Images via DaylifeThe housing market and economy have been and continue to be front and center of the news headlines.
I’d like to focus on the housing market and specifically home values.
I live in the southeastern, non-coastal, region of the United States and generally speaking have not seen the huge declines in home values as those seen in Michigan, Florida, or California. But recently a neighbor has been forced to move due to family health and adult dependent care related issues. She has had multiple dogs over the last several years. Mostly large breeds and some were kept indoors at various times. This had lead to lots of wear and tear to the carpet and hard wood flooring. This combined with the need for paint, etc. she and her realtor felt that the quickest and easiest way to sell her home was to auction it off.
I am not at all familiar with real estate auctions. This past Saturday was my first experience. I expected the house to go lower than expected or compared to recent homes, but boy was I SHOCKED!
Recent homes on the same street and a nearby street, with equal to or less square feet, sold for $188K and $165K. This was in the last 6 months. Within the last 2 years, the range for the same area, including my own home purchase ranged from $185K - $195K.
This house sold for $130,000!!
How have the home values been in your area? Are you concerned with the value of your home? Have you seen these types of real estate auctions in your area? (not by the bank, but by the home owner)
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