Monday, March 12, 2007

House Hunting

I took advantage of the extra hour of daylight today and took a small tour of northern Rhode Island to do some drive-bys of houses for sale. The plan was look at 14 houses in 6 towns (Scituate, Foster, Johnston, Glocester, North Smithfield, and Cumberland). I got a somewhat late start and didn't get on the road until 4:00, but still managed to see at least 10 of the houses (I never made it Cumberland). After seeing some of these places and the prices people are asking, all I can say is I think whomever bought my condo got a pretty good deal! People sure are asking a lot of money for very little in way of land or house. Everything I saw that seemed to be a decent price had something seriously wrong with it and houses that didn't have anything obviously wrong seemed significantly over-priced. It looks like my tent idea is getting better and better.

Out of the 10 houses, there were a couple I might make an appointment to see. But, I'm glad I took the time to drive by them all first before making any appointments - on paper they all sure looked a lot better.


JD said...

Yeah, I really don't understand the housing market. It seems all I've heard for the past year or so (from the media and friends trying to sell their places) is how soft the market is, and how hard it is to sell. But that doesn't seem to actually translate to lower prices for buyers. You'd think that lower demand would mean lower prices, but I guess that's just not how it works when it comes to real estate.

Mostly Torn said...

According to an article I read a few months ago, housing prices in RI fell 2.6% over the past year. It was the first decrease in prices since 1993. But, a 2.6% decline does not amount to much given we were having 10 to 20% increases in house prices for the past few years.

Even though other condos in the same building had sold last year for my original asking price, I ended up dropping my price by about 15% before it finally sold.