We bought the house ten years ago almost exactly, in September of 2001 for $267,000. We have finished the basement, replaced the roof, carpeting and countertops. We added additional cabinets and granite counters in the breakfast room and put plantation shutters throughout the home. We added crown molding to the whole upstairs and covered the back deck.
When we moved in I was about three months pregnant with Brian, September 11th had just happened and Ben was a little over a year old. The world was scary and I remember being happy to be moving so far out of the city of Atlanta—nobody knew what to expect and the world was at war.
We took out a second mortage in 2003 when the economy was booming and we did a ton of work on the house. We tried to sell a year ago and priced the home at $325,000 which seemed right at the time. Although in hindsight it may have been a little high. Rob was intent on not pricing the home below what we owed.
The economy and the real estate market in particular continues to decline. The recession has no end in sight and our home has dropped $50K in value over the last 18 months.
Hopefully, we will be able to manage a short sale or take a loan back on the balance because we owe $310,000 when you count the first and second mortgages.
For Sale–any buyers?