Sold, Sold and Sold again

One of the best ways to find accurate data as to home prices and appreciation levels is to find homes that have sold a few times recently, that have had no upgrades since the time they were built.

Sold New on 3/30/93 for $210,000

Sold again on 2/27/03 for $349,300

Sold again on 7/8/05 for $466,000

Sold again on 6/25/08 for $540,000

Appreciated by 66% in the first 10 years.

Appreciated an additional 33% from 2/03 to 7/05

Appreciated an additional 15.8% from 7/05 to 6/08

No granite countertops or stainless steel appliances.  No upgrades except maybe some updated paint colors.  A run of the mill 2,300 sf four bedroom 2 1/2 bath home in a good school district.

It was on the market for 75 days or so and had a $50,000 price reduction before it sold for $10,000 to $15,000 less than that.  Would it have been worth closer to the original $600,000 list price if the market hadn’t slowed down?  Probably.