My schedule has been a bit hectic but there have been a few new listings pop up. There’s nothing that screams logical about listing your home in early December. The home at 849 Sheldon listed at $899K and “coming soon” (read as for-sale but I don’t want to mess with open houses) is in default on their mortgage.
The power of the internet is scary. In just one click I can find out that you are behind the eightball and need to sell.
Sold in 1996 for $258K a new loan for $620K was taken out in 2005 and even with a couple hundred in equity the home owner is in default? So sell your shelter and get $250k and do what with it? You can’t afford to even buy the home you just sold and rents in the area will be substantially higher than the mortgage you haven’t been able to keep up with.
The problem with these sub-million dollar homes is that investor money comes in and swoops it up for a flip. Even if they drop $100k they are bound to make another $100k if they act quickly.
Right down the street at 917 Sheldon we have a new tiny house for sale at $899K. It looks to be a nice, old home that needs some TLC and because of the size of the lot is ripe for a flip.
We’ll see if this Santa/Trump rally can keep feeling like they are happy and that the world (all of sudden) is fine.