Thursday, September 15, 2011
Towne was one of four winners in ForSaleByOwner.com’s “Is Your House Priced Right?” contest, which invited homeowners around the country to submit short essays explaining what they thought their houses were worth, and why. The prize package included an appraisal to find out once and for all what the house is worth.
The verdict: $209,000.
Ouch. That means nearly $50,000 in lost equity , factoring in the agent’s commission.
Towne is adjusting to the news. He has dropped the price to $230,000. And he has no illusions about buyers’ expectations : “It’s worth what a buyer says it’s worth,” he says.
Nearly a quarter of mortgage holding American homeowners are also ‘underwater,’ or, owe more on their mortgages than the houses are worth. To figure out what your house is worth, visit the ForSaleByOwner.com Pricing Guide.