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Old 05-24-2010, 01:56 PM
 
Location: N. Colorado
345 posts, read 758,656 times
Reputation: 284

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Ok so we are going to go back to the East Coast...most likely lol.

Have you tried to sell your house in this market?
If so did it sell?
After how many months?
Did you get alot less than you wanted?

We are out in the country on small acreage, zoned ag, but there are stores nearby ( within 6 miles), we have high speed internet and etc, so we are not out in the middle of nowhere with nothing around for miles and miles. Firestone is getting more stores and such and is growing nicely, we also have rec centers and etc. So it is not totally lacking, or unappealing to move here.

A while back our house apraised at 425K, I am sure it has dropped since then but not sure how much. Even if it has dropped say 30k we still have equity that I would rather not loose. Friends of mine are upside down by that much or more, a realtor told them it would sell, it has not so they are thinking of just letting it go. I do not want to do that. I hesitate to ask a realtor since they will tell me to just go ahead and put it on the market and sure it will sell. I would rather have feedback from people who have had their house on the market recently.
Thanks
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Old 05-24-2010, 02:05 PM
Status: "October is the eighth month" (set 22 days ago)
 
Location: Just south of Denver since 1989
10,679 posts, read 28,504,890 times
Reputation: 6842
A lot depends on your location, the condition, what's for sale in your area. A good local broker would be more helpful.
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Old 05-24-2010, 03:15 PM
 
Location: Colorado
486 posts, read 1,235,561 times
Reputation: 639
Quote:
Originally Posted by gmm_24 View Post
Ok so we are going to go back to the East Coast...most likely lol.

Have you tried to sell your house in this market?
If so did it sell?
After how many months?
Did you get alot less than you wanted?

We are out in the country on small acreage, zoned ag, but there are stores nearby ( within 6 miles), we have high speed internet and etc, so we are not out in the middle of nowhere with nothing around for miles and miles. Firestone is getting more stores and such and is growing nicely, we also have rec centers and etc. So it is not totally lacking, or unappealing to move here.

A while back our house apraised at 425K, I am sure it has dropped since then but not sure how much. Even if it has dropped say 30k we still have equity that I would rather not loose. Friends of mine are upside down by that much or more, a realtor told them it would sell, it has not so they are thinking of just letting it go. I do not want to do that. I hesitate to ask a realtor since they will tell me to just go ahead and put it on the market and sure it will sell. I would rather have feedback from people who have had their house on the market recently.
Thanks
whoa, get a realtor or an appraisor in ASAP to tell you what your house is worth at this point in time.... (anything appraised "a while back" is null/void/moot in the crappy market as of May 2010). Friends of mine have a huge 400k plus home in Firestone that has been on the market for over 3 years or more and they have dropped the price over $100,000! Still have not sold it.

I don't mean to freak you out, but the bottom seems to have fallen right out of the housing market here in the last year or so. It's nasty out there
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Old 05-25-2010, 04:15 AM
 
Location: Virginia
1,938 posts, read 6,193,775 times
Reputation: 865
Yup, location has a huge imfluence. We sold our house in less than 3 months but we were in Fountain in Colorado Springs.
What job market is available for someone to purchase your home at that price?
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Old 05-25-2010, 11:57 AM
 
Location: N. Colorado
345 posts, read 758,656 times
Reputation: 284
I am not looking to get 425k I am sure the price has dropped. I have looked around for houses similar to mine in this area and they are priced pretty high but are not moving as far as I can tell.

A friend of mine was told sure her house would sell, It is right on a 65 MPH highway, house is over 100 years old and it was on the market for over a year.
Mine will be 8 yrs old, has 4 times the property she had, and is set far back from a road, has mountain views so to me it is more appealing than hers. But that does not mean it will sell. She let hers go back to the lender which is sad.

I have talked to a couple of realtors but they all assure you they will market it well and sell your home. I do not want to be pressured into listing it if it will not sell.

froggin I am not sure what the job market is like as I have one I am 30-40 mins North of Denver, 30 mins to Greeley, about the same to Longmont, 40 to Fort Collins, so we are not horribly far from larger areas that have work, but it might not be a commute alot of people want to make.
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Old 05-26-2010, 11:15 AM
 
Location: Sunnyvale, CA
4,888 posts, read 8,906,945 times
Reputation: 2435
Quote:
Originally Posted by gmm_24 View Post
Have you tried to sell your house in this market?
If so did it sell?
After how many months?
Did you get alot less than you wanted?
Coworkers and people I know around here (Grand Junction) are with the experience of it taking several months to sell, they have to drop their price a few times from what they originally want.

Quote:

A while back our house apraised at 425K, I am sure it has dropped since then but not sure how much. Even if it has dropped say 30k we still have equity that I would rather not loose. Friends of mine are upside down by that much or more, a realtor told them it would sell, it has not so they are thinking of just letting it go. I do not want to do that.
Sounds to me like you gotta make a choice: how bad do you want to sell your house vs. how much equity do you want to keep? Can't have it both ways.
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Old 05-26-2010, 03:20 PM
 
2,437 posts, read 7,110,434 times
Reputation: 1506
Quote:
Originally Posted by 80skeys View Post
Sounds to me like you gotta make a choice: how bad do you want to sell your house vs. how much equity do you want to keep? Can't have it both ways.
That's basically the it of it. Nice homes in a good location at a low price still sell easily. Overpriced homes don't.

I lost nearly 50 thousand dollars on my home in CA when I sold it about 2 years ago. But I was happy and relieved to eat that loss because I needed to move. I just chalked it up to the cost of living for 7 years in a house. Even with all the interest I paid along the way, it still comes out to about the same (maybe less) that I would have paid to rent a lousy apartment for all those years.
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Old 05-27-2010, 11:26 AM
 
Location: Wherabouts Unknown!
7,755 posts, read 16,457,602 times
Reputation: 9292
treedonkey.....OUCH!

There always seems to be some kind of trade-off involved. Unless you're a bankster you can't have your cake and eat it too. Hopefully we will teach those banksters that too much sugar ain't good for long term health.
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Old 05-27-2010, 11:45 AM
 
2,437 posts, read 7,110,434 times
Reputation: 1506
Quote:
Originally Posted by CosmicWizard View Post
treedonkey.....OUCH!
Yes, OUCH, but not really. It was all just numbers on paper to me. The key for me was never buying into the false notion that house=equity. Housing is and always will be an expense to me, not a gold mine. Incidentally, I more than made up for that 50k on the home I bought here during the 'crisis'. Just take the good with the bad. You know that.
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Old 05-27-2010, 12:41 PM
 
Location: Wherabouts Unknown!
7,755 posts, read 16,457,602 times
Reputation: 9292
treedonket wrote:
Yes, OUCH, but not really. It was all just numbers on paper to me. The key for me was never buying into the false notion that house=equity. Housing is and always will be an expense to me, not a gold mine. Incidentally, I more than made up for that 50k on the home I bought here during the 'crisis'. Just take the good with the bad. You know that.
I started out the same way ( house = EXPENSE ). By the time I sold it 15 years later, it had tripled in value and it changed my thinking to ( house = equity ). When I purchased my next home in GJ 4 years ago, I used 75% of that equity ( which was $$$ in the bank at that point ) as a down payment on a bigger home in a nicer neighborhood, which kept my mortgage payment about the same as it was for my previous, much smaller home. So that's a pretty good deal actually! I couldn't rent a comparable house for the amount of my PITI mortgage payment.

On the downside, I was also thinking...a bigger, more costly house = MORE appreciation and more equity. I hadn't considered the other side of the coin...a bigger, more costly house = more DEPRECIATION and less equity. But you're right, the depreciation is just numbers on paper, as long as I'm living in the house. In reality, I am tremendously blessed to live in such a nice house with an easily affordable mortgage, but it's hard not to play the..... what-if-I'd-have-seen-the-crash-coming-and-I would-have-waited-to-buy mind game.
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