U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Thread summary:

Chasing the market: cutting prices, credit rating, inventory supply

 
Old 10-26-2007, 03:11 PM
 
Location: Woodlynne NJ
219 posts, read 789,308 times
Reputation: 123

Advertisements

Just want to reach out to folks like Judy and me who are trying to sell their house and move to NC. But can't.
The housing market it insane right now.
We have a deposit on a place but that will run out soon and we still can't sell. After months of wanting to cut my wrists we have decided to just SETTLE DOWN and take it easy.
Thanks to JJ, (who I only dislike now.... not hate...........) who told us there were still lots and lots of places in Brunswick for sale, and we found that here in NJ housing sales are no better or worse than other places including NC.
We sat down and searched the internet for other homes we had looked at and found they were STILL on the market and at a lower price. Just like our joint.
So, if there others out there who are going nuts and nervous like us.
Just settle down. I know it's tough. It will happen. It will.
Like I told Judy..............I don't care if it takes until I'm 80 to move to NC.
It is gonna happen.
Good luck to all.
Wonder if I should keep St. Joseph buried all winter?
Denny
Reply With Quote Quick reply to this message

 
Old 10-26-2007, 09:08 PM
 
2,784 posts, read 7,341,929 times
Reputation: 2801
[QUOTEThanks to JJ, (who I only dislike now.... not hate...........) who told us there were still lots and lots of places in Brunswick for sale, and we found that here in NJ housing sales are no better or worse than other places including NC.
/QUOTE]

AWWW- Dennis....I'm touched!!

Think early spring now, everyone is doing the "holiday" planning thing and not thinking about moving.
Enjoy your last Jersey Christmas here and get that house on the market with a hungry agent, I am sure the market will improve!
I'd dig St. Joseph up and keep him warmed up for March.
Best of luck to you and Judy!
JJ
Reply With Quote Quick reply to this message
 
Old 10-26-2007, 09:14 PM
 
Location: beautiful North Carolina
7,574 posts, read 9,725,116 times
Reputation: 5505
We're going through the same thing. We've been listed since early August in NJ, but now, hubby has more than likely gotten a job and may have to leave by January 1st! I will, of course stay behind with the children until the house sells, change my day hours to nights, so I can be home during the day, and my college-age boys will be home at night. Because of our children's ages and wanting to get them to NC before my 11 year old starts middle school next year, if the house doesn't go by early Spring, we will basically just list a price to pay off the mortgage, pray that it sells, and go.....
Reply With Quote Quick reply to this message
 
Old 10-27-2007, 07:16 AM
 
197 posts, read 876,873 times
Reputation: 144
Quote:
Originally Posted by njprintman View Post
Just want to reach out to folks like Judy and me who are trying to sell their house and move to NC. But can't.
The housing market it insane right now.
We have a deposit on a place but that will run out soon and we still can't sell. After months of wanting to cut my wrists we have decided to just SETTLE DOWN and take it easy.
Thanks to JJ, (who I only dislike now.... not hate...........) who told us there were still lots and lots of places in Brunswick for sale, and we found that here in NJ housing sales are no better or worse than other places including NC.
We sat down and searched the internet for other homes we had looked at and found they were STILL on the market and at a lower price. Just like our joint.
So, if there others out there who are going nuts and nervous like us.
Just settle down. I know it's tough. It will happen. It will.
Like I told Judy..............I don't care if it takes until I'm 80 to move to NC.
It is gonna happen.
Good luck to all.
Wonder if I should keep St. Joseph buried all winter?
Denny
Sounds like the settle down decision is a good one. Sometimes things only happen when you can allow yourself to do that.
Can you get an extension on your deposit? The market down here has really slowed down. I'm seeing builders throwing in closing costs, washers/dryers, etc. --heard that on the radio this week for a development just outside of Wilmington, and have seen others in the paper. I also talked to someone whose wife is real estate agent and he says things have really slowed down -- it's become a buyer's market -- so different from last year at this time. Also, prices on/near the beaches go down in the winter. Maybe a small dip, but a dip nonetheless. So, in the end, it might work to your advantage that it's taking a little while to get down here.
Stay optimistic -- it will all work out. Best of luck to you!
Reply With Quote Quick reply to this message
 
Old 10-27-2007, 08:15 AM
 
Location: Morehead City, NC
1,676 posts, read 5,360,032 times
Reputation: 1245
Believe it or not-Statistically speaking for the Crystal Coast (and surroundng areas) real estate prices drop in July and rise in September/October.
It is a very intersting cycle that shows some very intersting trends during the course of a year. Here is a brief video that documents the month to month number sold and average sold prices over the past five years: Click Here (broken link)
We have a glut of inventory along the Crystal Coast. In fact, we have a 2 year supply of inventory. Nationally its 10 months. What's considered normal or stable is a 6 month supply.
Bill
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 11:45 AM
 
13 posts, read 30,938 times
Reputation: 22
Exclamation Price is (almost) everything

Real estate prices are cyclical: they go up, then they go down for years, stay flat for a while, and then they start going up again. But these cycles are long: they take many years to resolve.

You can't sell now because you have your minds set on prices that were prevalent in 2005/early 2006. Demand for housing has dropped, and the only way you can sell your house now is by reducing the price to what the market can bear now. Forget 2005 prices, we won't see them again until the next decade (i.e, after 2010 has passed).

House doesn't sell? It's overpriced for today's market. It may be cheaper than in 2005, but that doesn't matter any more. We are in late 2007, and the market-clearing prices today are much, much lower.

The solution for your problem: either drop the price considerably (tiny 5K-10K reductions are useless), or simply take your house off the market and wait for 5-7 years. Stop deluding yourself.

For daily doses of realism I suggest reading these intelligent websites:

Piggington's Econo-Almanac | Southern California Housing Bubble News and Analysis
http://thehousingbubbleblog.com
Reply With Quote Quick reply to this message
 
Old 11-02-2007, 03:10 PM
 
Location: Woodlynne NJ
219 posts, read 789,308 times
Reputation: 123
Quote:
Originally Posted by sim7396 View Post
Real estate prices are cyclical: they go up, then they go down for years, stay flat for a while, and then they start going up again. But these cycles are long: they take many years to resolve.

You can't sell now because you have your minds set on prices that were prevalent in 2005/early 2006. Demand for housing has dropped, and the only way you can sell your house now is by reducing the price to what the market can bear now. Forget 2005 prices, we won't see them again until the next decade (i.e, after 2010 has passed).

House doesn't sell? It's overpriced for today's market. It may be cheaper than in 2005, but that doesn't matter any more. We are in late 2007, and the market-clearing prices today are much, much lower.

The solution for your problem: either drop the price considerably (tiny 5K-10K reductions are useless), or simply take your house off the market and wait for 5-7 years. Stop deluding yourself.

For daily doses of realism I suggest reading these intelligent websites:

Piggington's Econo-Almanac | Southern California Housing Bubble News and Analysis
http://thehousingbubbleblog.com
Sim,
Thanks for the deflating advice. You are a real charmer.
As for dropping the price. We fully understood what is and has happened to house sales. We have a financial consultant who deals in just about every aspect of money concerns.
We have dropped our price $25,000.00 which is well below the 2005 market price for this area.
We have had three people in the last month who wanted the house. They just could not get a mortgage. Their credit rating was horrendous.
As I said in my original post...............we will settle down and have patience even though it isn't an easy thing to do.
Dennis
Reply With Quote Quick reply to this message
 
Old 11-06-2007, 06:00 PM
 
13 posts, read 30,938 times
Reputation: 22
Quote:
Originally Posted by njprintman View Post
Sim,
Thanks for the deflating advice. You are a real charmer.
Dennis, don't shoot the messenger; I only describe the market as it is.

Quote:
Originally Posted by njprintman View Post
We have had three people in the last month who wanted the house. They just could not get a mortgage. Their credit rating was horrendous.
This point proves that house prices got out of whack in 2002-2005 because of unqualified borrowers flush with funny money, who bid prices to the stratosphere. Take that easy credit out, and those inflated prices start being pressured downwards. Of course, house prices won't actually go down to 2001 levels until sellers recognize the situation and start cutting prices accordingly.

In the meantime, the housing inventory will continue to grow and houses will sit on the market for even longer periods. By 2009, sellers will realize "gee, had I cut my price by $50K I would've sold quickly in 2006, but now I'm stuck with this depreciating asset and I'm forced to sell for $100K less than my original asking price in 2006." Which is the definition of chasing the market all the way down.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top