Slow housing market!!!!!! (Cincinnati, Springfield, Mason: extended stay, fit in, sale)

[fauxgal]

Just curious as to how those of you that have your houses for sell are dealing?????????
We currently have our house on the market in Lebanon and was just wondering if anyone else is as frustrated as we are.

Please give me your thoughts as to how you seem to be handling it.

[CTtoOH]

I live in Connecticut and am planning to move to Cincinnati by the end of the year. We never thought we would have trouble selling our house, but it's been on the market since July 1st and we've had no offers, in fact very few people have been here to look. We have the worst timing ever!

I just keep thinking that, when it's our time to buy, sellers will be more willing to negotiate and there will be lots of homes to chose from. When we look at how much we paid 8 years ago, we will still make a nice profit.

We've already reduced price by $20K, and are expecting at least one more reduction. It is frustrating. Just remember, the market is going to work in your favor when you are on the buying side!

Good luck.

[fauxgal]

Yeah our house has been on the market since Mid July. It is only a year old and we have just been so frustrated because we have not had any activity since the beginning of Aug. We are in Lebanon and it is beautiful but we have to compete with Mason. That is what kills us. It is like we as the home owner have to sell our own town instead of our real estate agent.

You are looking into the Marimont area here in Ohio correct...

[CTtoOH]

Well, I'd like to look in Mariemont, but I think the taxes will be too high. I've been looking more at Blue Ash and Wyoming. Where are you moving to?

[fauxgal]

Originally Posted by CTtoOH

Well, I'd like to look in Mariemont, but I think the taxes will be too high. I've been looking more at Blue Ash and Wyoming. Where are you moving to?

We are actually moving to Charlotte. Husband is being transferred. I wish I could take my house with me. I love it and we just built it a year ago and we have done so much to it. And it is 3500 total sq ft with the finished basement so it was plenty big enough for us to grow into. And Lebanon is such a great family community. But I am sure we will fit in when we move

[hairmetal4ever]

At least you can still buy a home in Cincinnati without being either a rock star, drug dealer, or millionaire. It sucks for a seller, but I've looked at real estate in the DC area, and even with a market slowdown I couldn't afford an entry-level home!

[Cosmic]

It is not just any particular area. A lot of things are at work. It can be a super long discussion.

With this recent run up in prices in many areas a big disconnect developed between how buyers and sellers see things. It is not just the price any more.

For your particular area, you must understand what is generating the new buyers. Where are they coming from, what is driving them to buy at all and how they can make out in the long run by being a home owner. Arguments like the prices will continue to rise forever in many markets don't wash.

For way too many areas the market is topped out, any buyer is a fool to risk buying, even if they can get the money. The smart thing is to wait a bit. There is more a chance of falling values, than rising values. It is supply / demand but with some weird twists.

The failure to cut the broker fees as prices rose are part of the problem. The float amount the new buyer has to overcome to ever get out even can be huge when all costs are factored in. Then throw in interest rates and where they are going. Nay, no way would I be a buyer in this market, if I had to borrow money. Most areas don't have the price appreciation any more to over come the built in deficits in the predictable future.

Many areas in Ohio, now if you really want to sell a home, it goes at some type of auction. I want to buy a second property but have become extremely choosy. I can afford to buy it cash. Probably only going to do it via one of the auctions. Got to be exactly just right. I got to get a deep discount due to something like it needs a little work, not to many people show up that day at the auction, I get in well below what I figure I can resell for at some near point in the future. Got to be well within my comfort zone.

I think the understanding of how a buyer sees things is the key to selling today. Dropping the price a little probably doesn't get into the comfort zone. That float amount to ever get even takes a lot to overcome. There has to be something in the game for the new buyer. Ain't the way brokers and all those who profit from the game see things. The big disconnect will continue until the views of the buyers are accomodated in some manner. I just about will never pay a broker for nothing in the future. Didn't pay one the last house I sold either. Got to be something in it for me the seller, but I must realize the buyer also needs some comfort zone too. Being the last buyer who can ever afford the property is not the way to play the game.

[MoMark]

I think you're right on the money Cosmic. The market is still moving in some places, but overall it's stalled. I thought this would happen back in 2004 after that first big rush up in prices. I lived in a fantastic house in Vegas then with a view over the valley and Strip. But then the market cooled, I got sent by my job overseas, and I worried I'd missed the boat to sell. However, by early 2005 I saw the market began to spiral up again and by May it was a frenzy, so I put my house on the market and got seven offers in 2 days. I couldn't even get into my house the first day as there was a line of realtors with clients parked outside on the street taking turns to go through the house. I had so many people walk through that I had to vacuum the traffic patterns out of the carpets three times the second day. I was amazed by the interest and sold at full price I asked for. There were Indian, Polish, other foreign and American investors, and professional people who wanted it, including a couple of retired couples who offered cash (price was $410K) and I saved money by insisting the realtor representing me take a 4% commission, not 6%, if she wanted my business. I had been so worried about the coming Housing Crash that I'd lost sleep over it many nights worrying that I'd missed my chance or would if I didn't act soon. So the sale closed quickly by June 3rd, 05 and I had almost $300K in cash to buy a new home. I had wanted to move to Missouri, so I put my household in storage and drove to Springfield, took my animals with me, stayed at an Extended Stay America, and took my time. I lowballed my offers as the market here wasn't moving anyway, even last year, but, the first house had a bad inspection and I really disliked the wife half of the couple and wanted out of the agreement. Luckily the appraisal came in low and they refused to budge, so I used my contractual right to break the agreement. I finally found my house I did buy on Dec. 1st, 2005. It was listed at $240K. I offered $225K. They countered with $235K. I didn't respond, but told my realtor that if they changed their mind and I hadn't yet settled on another home, to please let me know. They didn't get any offers all through Dec. and were desperate to sell. I got a call Dec. 28th saying "we accept". So, I concluded the sale, paid cash, moved in after the inspections proved fine. They'd installed a new roof, carpets, painted the interior, new propane heated water heater, and sealed the blacktop driveway. The property was absolutely pristine and in perfect condition. The property is 4.3 acres, half forested (behind the house 2 acres of forest all fenced), in front, 2.3 acres of rolling lawns and scattered Oaks and Hickory trees. I was bowled by the property, could never have afforded a property like it in cash on the coasts or expensive areas of the U.S., and the house is custom brick built in 93. My mentality was, so what at this point if the house value declines as it's paid for with cash that I earned off the house in Las Vegas in only 5 years just from the LV appreciation. So I don't sweat it. But, if I were seeking a home and buying with a mortgage, I know that buyers are worried about buying high and ending up with a house that's worth less in two months to a year. It's a tough time to be a seller.

[fauxgal]

Ok I understand all about what the buyers needs are. I worked in the real estate biz for a long time. We are not out to rip people off we are now at the point where we would just like to break even. We are now even thinking about renting for awhile.
I think what has happen out West in Cali & Oregon and washington is totally ridiculous. People getting triple for their houses is just crazy, and now it has hurt everone. Because now those that have grown up in those areas can no longer afford to stay there.

[momof2divas]

We are moving from Mason are to Raleigh area. You can get alot mmore house in Mason for the money then you can in the Raleigh area. I miss our home in Mason and we had GREAT NEIGHBORS AND SCHOOLS.