Market Watch: Danny & Sherri Patterson lose over $6,000 on sale of $41,500 Carbondale home
The home: 713 N. Carico St., Carbondale
The 786-square-foot home has 2 bedrooms, 1 bath, central air, an eat-in kitchen, a laundry room and a utility room.
The seller: Danny E. & Sherri L. Patterson
The purchase: In July 2015, the Pattersons paid $45,000 for the home, or roughly $47,931 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2015, the Pattersons paid $45,000 for the home, or roughly $47,931 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Pattersons sold the home for $41,500 on March 28, or $6,431 less than the original purchase price, in today's dollars.
The Pattersons originally listed the home for $49,900 in May 2018. In July, August and September 2018, they lowered the price to $49,500, $48,500 and $47,000, respectively. In October and November 2018, the price continued to drop to $45,000 and $43,000. The home was last listed for sale in February for $41,500.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Pattersons paid $4,727 in property taxes between 2015 and 2017, or 11.39 percent of the sale price.
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $45,000 | $41,500 | $4,727 |
