There's nothing new to report on the Double Hovel flip house. No offers, or walnut-stealers, or signs of real estate agents showing it to prospective buyers. Of course, we don't get notified of showings by our agent, or other agencies. So showings could still be happening.
Hick and The Pony and I are fine with this. We think that people are waiting to see what happens with the election, and what changes might then occur with interest rates early in 2025. A clue is that when I checked yesterday, there were 5 multi-family investment properties available in our county. As I've said before, it's hard to find investment properties around here. They usually go quickly. So it's not that people just don't want our Double Hovel. They don't want anything right now.
That $35,000 "tear-down" house is still listed. And a house for $1, which requires online bidding through an auction service. The $18,500 house that Hick looked at twice, but declared too money-sucking, is still unsold. Our realtor had 11 properties for sale when we listed the Double Hovel a little under two months ago. Now she has 20 properties. Looks like nothing is moving.
The other available investment properties, through assorted agencies, include a 4-unit apartment building. A house with three outbuildings that are currently occupied, and rented month-to-month, which listed for about $20,000 under the price of our Double Hovel. A house with three mobile homes behind it that are currently rented. And a new duplex that is located in an area that has a 99.80 risk of flooding within the next 30 years.
As I've mentioned, we don't have a loan on the Double Hovel. All it's costing us is electricity and water. That's about $50 a month for us, and for The Pony. Plus the insurance, which is for a renovation property, since we can't get regular homeowners' insurance because it is not occupied. That's around another $50 per month for each of us. Not a hardship. We are planning to sit tight at the current listing price until mid-summer next year. Then we will re-evaluate our asking price.
Hi Val, I like your plan going forward for the sale on the double hovel.
ReplyDeleteAs Hick says, "It ain't eatin' nothin'." Or in this case, it's only nibbling a little. We are fortunate that we don't HAVE to sell quickly to avoid making payments on a loan.
Delete$100 a month is less than a storage unit fee to store crap which no one really wants but is afraid to get rid of because they don't know what is in it! Not that it bothers me very much. Well, maybe A LITTLE!!
ReplyDeleteHick would probably store that crap for you at only $99.50 a month, so you could make a 50 cent profit on your storage bill! AND he would take your check without a thumbprint and ID.
DeleteReal Estate is generally slower at this time of the year. Spring will be much busier. With the holidays people are focusing their money on that. I did hear that interest rates are to drop so that will help too.
ReplyDeleteYes, we had hoped to have the Double Hovel ready before summer this year. That inconsiderate Hick had the AUDACITY to get back surgery, heh, heh, and then put the QuickFlip ahead of this one. So it took longer.
DeleteWith the other multi family properties still in the listings, I know it's not just our Double Hovel that isn't being bought. I'm thinking that in March or April, the lookers will be driving around, and checking the innernets for property again. A drop in interest rates would certainly help.
I'm not surprised things aren't moving with all the election fuss, people are being extra cautious, but I had hoped your double hovel would have sold by now. I bet it gets snapped up when the warmer weather comes again.
ReplyDeletePeople are being cautious, because prices of everyday items are up so much, and their stocks aren't gaining as they did in the past. So I understand them not wanting to take a chance right now since interest rates increased over the past year or two. I can't remember when, since we don't have any loans. I do know that Hick's 401k has suffered. WE are not wanting to buy anything right now, either, unless it's a really, really good deal.
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