Jul 17, 2008 11:20 pm US/Eastern
House Raffle Winner Fails To Find Buyer
HAGERSTOWN, Md. (WJZ) ―
There's little relief for those trying to sell homes in our current economy.
Kelly McPherson reports selling a house is getting tougher, even if you won the house for a $100 charity raffle.
That's what happened to a Hagerstown man earlier this year, and now he's stuck with a house he can't sell to cover the costs of his win.
Who would have thought that winning a home in a charity raffle would turn out to be a curse?
"Up until last night, I never regretted buying the ticket. Now I'm a little worried," said Dennis Weaver.
His prize sits empty in Big Pool, Washington County racking up property taxes. This year, he'll also pay income taxes on the value.
He tried to auction off the house, but buyers are scarce and cheap.
The owner needs to sell the house for $206,000. The only bid was for $150,000. That's a sign of the entire housing market in Maryland.
The Maryland Association of Realtors reports Baltimore City had almost 40 percent fewer homes sold in June 2008 compared to 2007. Baltimore County saw a 26 percent drop. Anne Arundel County was 29 percent down. Carroll County was down 33 percent, Howard County down 25 percent and Harford County down almost 30 percent.
Sellers are accepting lower bids this spring. On average, they are four percent cheaper than last June.
Another sign of the slumping housing market is home construction. It's at its slowest in 17 years.
So while luck won Weaver the home, fate is not in his favor in this housing market.
Dennis Weaver says one option is to move into the house for a few years until the housing market turns around and he can make up the money the prize has cost him.
The Maryland Association of Realtors also reports there are more homes actively for sale in June 2008 than in 2007.
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