Offers on beach homes (Oak Island, Leland: sale, crime, mortgage)

[robma44541]

Originally Posted by rubber_factory

"You told me a few days ago that you built a house, in Wilmington, on a golf course in '06. This is a thread about beach houses. There are no beach houses in Wilmington, and there are no golf courses at the beach".

I never said the house was in Wilmington, it is near the Brunswick Islands.


"Good luck with that perspective".

Considering the emotional attachment people have with their homes and the stress of selling right now, yes I think its unnecessary and rude.

"Sometimes, yes".

I hope you are not a real estate sales agent..........


"I don't think it's possible to list at fair market value. You only know what fair market value is once the home sells".

Well seeing as you appear to know so much about real estate, what method do you suggest for a 'listing price' on a house today? Seeing as I do not have a crystal ball to see what the house sold for to get a 'fair market value'

[NCBND]

One way to avoid all of this angst about lowball offers, offending sellers, heartless buyers, etc. is simply to stick to foreclosures. That way you don't trod on some seller's often unrealistic, emotion-laden expectations of value. Despite many protestations to the contrary on various forums, I think that it's a rare realtor who'll refuse to list a house at a price dictated by the seller rather than by a realtor's own CMA. Foreclosures are being peddled by soulless corporations who have no feathers to ruffle; they just want to get rid of the stuff and accordingly price it to move. No emotional baggage there.

[NCGT]

Originally Posted by husbandofraleighwife

Any thoughts on why those two beaches have done so poorly?

We are simply seeing the corrections of an over inflated market that occured in 2005/2006. Oak Island has been hit the hardest because it's a little less desirable than Holden Beach. Holden Beach is less desirable than Ocean Isle Beach and Ocean Isle Beach trails Sunset Beach.

Oak Island has two primary contributors to a more rapid decrease in property values. The first is the existance of a significant amount of manufactured housing and existing homes that are 40+ years old. These properties have little curb appeal, are less desirable and most folks with the resources to buy a beach home will avoid living near these properties. Second, Oak Island has a huge inventory of vacant land which wears on the value of existing housing. Holden Beach has faired much better than Oak Island but it's still dropping rapidly. Neither beach is a bad place to own a home. I personally just wouldn't consider a purchase until the market hits bottom. Imagine if you bought a home in January of 2009 for $250,000 and it was worth $200,000 today? That's the type of property value loss the beaches have seen this year and there are no signs that's gonna change in the next 6-12 months.

[rubber_factory]

Originally Posted by robma44541

Well seeing as you appear to know so much about real estate, what method do you suggest for a 'listing price' on a house today?

Me? I'd look at comparable sales, including foreclosures and short sales, within the past 30 days. Or I'd hire a real estate agent.

[dadsdiesel]

Originally Posted by rubber_factory

Me? I'd look at comparable sales, including foreclosures and short sales, within the past 30 days. Or I'd hire a real estate agent.

Comps in the last 30 days is telling. Agents that quote from 2008 in its entirety are telling... a fib.

I don't know if this is a formula.

I look at the age of the property, when it was last sold, (or originally sold) try to figure the market (price) at that time to know how much (if any) equity the seller has. I'd also like to know the motivation for the sale.

I am just about to finish negotiation on a job and move to New Bern. My kids want to finish this school year. My current home has a ridiculously low mortgage balance and I may just keep her. (seeing I built it).

One thing I hate is when an Agent asks, "What price range are you looking at?" I don't want to be shown homes that have a "list price" in that range. Yes, I want a bargain.
Just like a car, I don't want to buy a payment, I want to buy a house.

FWIW - dad

[robma44541]

reply

Originally Posted by dadsdiesel

"Comps in the last 30 days is telling. Agents that quote from 2008 in its entirety are telling... a fib"

Agents we have worked with are only looking at comps from the last 6 months.

"I don't know if this is a formula.

I look at the age of the property, when it was last sold, (or originally sold) try to figure the market (price) at that time to know how much (if any) quity the seller has. I'd also like to know the motivation for the sale"

House is 3 years old, paid 495,000 on market for 439,000....no equity.
Your formula isn't working. Also you need to know the 'motivation for the sale'? Could be a death in the family, a job loss, divorce, a transfer, do you really need to know a persons private business to buy their house?

"I am just about to finish negotiation on a job and move to New Bern. My kids want to finish this school year. My current home has a ridiculously low mortgage balance and I may just keep her. (seeing I built it)."

No emotional attachment there.....

"One thing I hate is when an Agent asks, "What price range are you looking at?" I don't want to be shown homes that have a "list price" in that range. Yes, I want a bargain"

First thing an agent checks is how much you can afford to buy, that way you're not wasting their time or the sellers time looking at property that you can't afford, then you would be told what price range of house you can go look at. How do they know "what price range you looking at?" if they don't know what your paycheck will cover?.
Just like a car, I don't want to buy a payment, I want to buy a house.
?????? say what????
FWIW - dad

[dadsdiesel]

So, you are upside down on your house. I am sorry about that. That would preclude your home from my search.
I can afford more than I am willing to buy. It just annoys me when an agent assumes I want to buy the max I can afford... Thus my comment, "I want to buy a house not a payment."

[melbern]

Agree with you there dadsdiesel...when agents see what you are pre-qualified for they always assume you want to go at the very top end (which is usually more than someone can realistically afford anyway). And we wonder why we have a mortgage crisis? (and no I'm not blaming realtors for that! )

[rubber_factory]

I've never heard it called a "mortgage crisis". That is an interesting way to put it.

[Bill Hitchcock]

It just annoys me when an agent assumes I want to buy the max I can afford.
As well it should. But believe it or not-Most Realtors in my area do not check financials with a buyer until the buyer is ready to put an offer on a property.
There is no point in a buyer's broker-A contracted buyer's broker to do anything with the buyer until they know the buyer's financial status. Why show a $300K house to someone who is approved up to $200K? Why show property at all to someone who can't get a loan?
I have told buyers that now is not the time for them to buy after examining financials. And on the other side of the fence-I have turned down and canceled listings because the seller still had their head in 2005-2006.
A buyer who can't buy or a seller with an unrealistic price will both end with the same result.
Bill