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Old 10-13-2011, 07:01 AM
 
Location: Norwalk, CT
6,797 posts, read 5,202,804 times
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What about flooded markets like Manchester? There are like 170 houses on the market in that town right now for under $200K. Many of them are similar, have nice updates and features, etc. Are those risky investments, due to excessive inventory? Kinda reminds me of condos.
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Old 10-13-2011, 07:10 AM
 
Location: Fairfield County, CT
12,055 posts, read 12,836,555 times
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Again, if you're looking to invest, nows not the time. Rent.
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Old 10-13-2011, 07:34 AM
 
3,602 posts, read 3,264,934 times
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There have also been 130 closed sales in Manchester of homes under $ 200,000 in the past six months. ( between 4/10/2011- 10/10/2011) . Taking all 130 that sold, the median list price to sale price ratio was 97.3 % ( meaning the home sold for 97.3% of its asking price) and the median days on market was 43 days. Manchester is certainly marketable. We can also run statistics to find out how many listings there were, how many expired or withdrew, how many were never serious about selling, how many are on deposit, etc. And all it will do is drive you around in a circle. Nep321, pay attention to what people have been trying to explain to you in this thread. That being -- 1 ) a house is a home, not an investment vehicle and 2) , if you take a home, price it right, keep it modernized, in great condition, sparkling clean on the interior, exterior and market it well, it will sell in a reasonable amount of time in any market.
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Old 10-13-2011, 07:49 AM
 
5,306 posts, read 3,979,328 times
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Quote:
Originally Posted by kidyankee764 View Post
I actually made money on my last house, and it sold in 12 days for over asking price. Granted we put some elbow grease into it (blood, sweat, tears - literally) but it paid off. We added a fence (I constructed it myself), and changed cosmetics like outdoor lights, mailbox, shutters, dug up some nasty looking bushes/replaced with new ones, painted the deck and the entire interior of the home (more work than it sounds, trust me), shampooed carpets in the bedrooms to make them look brand new (and they did) and powerwashd the exterior.

It was a lot of work but I was more than satisfied with the return. If you spruce up the home a little, and price it right, it will go.

Priced right...the magic words.
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Old 10-13-2011, 09:24 AM
 
258 posts, read 502,093 times
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Quote:
Originally Posted by jp03 View Post
Priced right...the magic words.
Amen...... Often, that 'right price' is only determined AFTER the house is sold Besides 'normal' factors in any RE climate (time of year, sales backlog, interest rates, etc)

"Right price' is especially tricky when
  • a more unique house/property that is (correctly) priced at or above average for the neighborhood, town, etc
  • more unstable current and future housing, employment/business, investment markets (interrelated)
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Old 10-13-2011, 02:11 PM
 
Location: Norwalk, CT
6,797 posts, read 5,202,804 times
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Quote:
Originally Posted by willow wind View Post
There have also been 130 closed sales in Manchester of homes under $ 200,000 in the past six months. ( between 4/10/2011- 10/10/2011) . Taking all 130 that sold, the median list price to sale price ratio was 97.3 % ( meaning the home sold for 97.3% of its asking price) and the median days on market was 43 days. Manchester is certainly marketable. We can also run statistics to find out how many listings there were, how many expired or withdrew, how many were never serious about selling, how many are on deposit, etc. And all it will do is drive you around in a circle. Nep321, pay attention to what people have been trying to explain to you in this thread. That being -- 1 ) a house is a home, not an investment vehicle and 2) , if you take a home, price it right, keep it modernized, in great condition, sparkling clean on the interior, exterior and market it well, it will sell in a reasonable amount of time in any market.
Is there a reliable website where I can run these types of reports and data that you speak of? It would be very helpful.
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Old 10-13-2011, 07:48 PM
 
633 posts, read 674,231 times
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Quote:
Originally Posted by willow wind View Post
There have also been 130 closed sales in Manchester of homes under $ 200,000 in the past six months. ( between 4/10/2011- 10/10/2011) . Taking all 130 that sold, the median list price to sale price ratio was 97.3 % ( meaning the home sold for 97.3% of its asking price) and the median days on market was 43 days. Manchester is certainly marketable. We can also run statistics to find out how many listings there were, how many expired or withdrew, how many were never serious about selling, how many are on deposit, etc. And all it will do is drive you around in a circle. Nep321, pay attention to what people have been trying to explain to you in this thread. That being -- 1 ) a house is a home, not an investment vehicle and 2) , if you take a home, price it right, keep it modernized, in great condition, sparkling clean on the interior, exterior and market it well, it will sell in a reasonable amount of time in any market.
+1 It took us one week to show our house to only 3 potential tenants and the 3rd tenant made us an offer. A lot of work but worth it.

Another house near our street that is 400sq ft more and $400 less is still on the market since June.
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Old 10-13-2011, 08:10 PM
 
Location: Central Virginia
834 posts, read 1,308,674 times
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I feel sorry for sellers who are underwater in their mortgage or just waiting hoping for the right buyer. I see homes that have been on and off the market literally for the past 3 years. There are homes I saw in the listings back before we moved to CT and that was in 2008 and they are still for sale.
Oddly enough, many of them haven't moved much in price at all, while there are a couple that have gone up in price. That I don't understand at all.
Selling a house was one of the most stressful things we ever did. ( and we lost a TON of money-bought in 06, sold in 09 after 5 or so months) I cannot imagine having a house on the market for years! OMG.
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Old 10-13-2011, 08:58 PM
 
Location: New England
8,156 posts, read 13,084,253 times
Reputation: 3182
Quote:
Originally Posted by jp03 View Post
You got me calculating ..have been paying 110 dollars a week here for daycare the last 4 and a half years...that was one place I have to admit where I was better off down here. What is it up there on an average now ..about 250?
At least for something decent. My wife's center (Bright Horizons, one of the best) is in the $275-345 range depending on age.

You can find cheaper, but there are some crunchy screwed up places out there.

Quote:
Originally Posted by nep321 View Post
What about flooded markets like Manchester?
It's not flooded, and honestly it's a good place to live on a budget. Property taxes are a little high but lower than other blue collar towns.

Quote:
Originally Posted by willow wind View Post
There have also been 130 closed sales in Manchester of homes under $ 200,000 in the past six months. ( between 4/10/2011- 10/10/2011) . Taking all 130 that sold, the median list price to sale price ratio was 97.3 % ( meaning the home sold for 97.3% of its asking price) and the median days on market was 43 days. Manchester is certainly marketable.
Bingo! I just went through this with an appraiser on my home. He said he was surprised that Manchester was actually pretty strong the last six months on sales and price.

My house came in at it's 2006 value. Granted I pretty much gutted the place and redid it. LOL But still it didn't really cost me much out of pocket. $15K in materials maybe. Honestly, I think I have one of those houses I CAN price a little aggressive because it's in the best area of town, has a lot of land - much more than average in the neighborhood and most importantly, it's basically a brand new home from top to bottom with high quality custom work All someone basically has to do is put the key in the door and live in a new, beautiful house.
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Old 10-14-2011, 08:39 AM
 
Location: Cheshire
56 posts, read 159,874 times
Reputation: 33
There are so many reasons a home can sit on the market for a long time. It can be an unrealistic seller who is overpriced, it can be a home that was under contract and the deal fell through for inspection or mortgage issues, it can be that there is just too much inventory in the same price range, certain times of the year are just slower than others...etc.

In terms of looking at homes, I wouldn't rule anything out because of how long it's been listed. Homes in certain areas have been averaging out at about 100 or so days on market. Your offer contract will always have contingencies built into it for inspections, mortgages, appraisals so that if there is something that pops up that is a deal breaker, you can walk away. The only way to find this out though is by getting out there and looking!
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