To show that the housing market isn’t totally dead, as long as you price the house right, our neighbors sold their house for $900 less than their original asking price in just 12 days! They listed the house for sale almost two weeks ago, and I was concerned that it would kill our own home’s value (see “And We’re Officially Stuck“).
They had a number of couples come through the home, and one came through a second time this past weekend. They put in an offer of $5,000 less than asking, and the owners countered with $900 less and the buyers accepted.
Overall, I think if we stay in our home for another 2 years, we’ll be ok (i.e. we might break even after seller’s costs). But who knows what’s in store with the economy over that time. All heck could break loose (even more than it has now) and we could lose even more on our home.
As for the other house (the cheaper one), we haven’t seen anyone checking it out. Something tells me that’ll be on the market a bit longer.