[bsanva]

We moved to Scranton, PA (Yay Dunder Mifflin). We loved our house and neighborhood in the West End of Hartford. But like everyone in the country, we are having trouble selling, even though we have lowered the price ridiculously.

So my question is, are people really swapping houses, or is that an urban myth? It seems that people have to move, and no one can sell their house. You would think someone from Scranton is moving to Hartford and can't sell their house. How do I find these people. I posted on Craigslist. But are people really checking the house swap section of Craigslist? House swapping sounds so far fetched, but what do people do in a market like this?

Just curious if anyone had any suggestions. I have found a couple of websites, none of them seem very good. I doubt anyone is checking the classifieds for house swapping opportunities. Maybe my realtor knows if anyone is moving from PA.

Thanks for any input you might have.

[notjustamom]

I have not heard of anyone having problems selling their home where I live in Fairfield County, nor have I heard of house swapping. I'm sorry you are having difficulty selling your home. Have you considered renting it?

[hfd]

While the real estate market in metro Hartford has been weak like the rest of the northeast, realtors say the West End has been particularly strong. Houses are selling very quickly there, and some have had multiple offers. Case in point, a house on Prospect that sold within days of an open house with multiple offers.
There are two factors that may be delaying the sale of your house:
1. Price. Is it too high?
2. Location. If you are south of Farmington Avenue, it is considered less desirable.

[Bob The Builder]

Originally Posted by bsanva

We moved to Scranton, PA (Yay Dunder Mifflin). We loved our house and neighborhood in the West End of Hartford. But like everyone in the country, we are having trouble selling, even though we have lowered the price ridiculously.

So my question is, are people really swapping houses, or is that an urban myth? It seems that people have to move, and no one can sell their house. You would think someone from Scranton is moving to Hartford and can't sell their house. How do I find these people. I posted on Craigslist. But are people really checking the house swap section of Craigslist? House swapping sounds so far fetched, but what do people do in a market like this?

Just curious if anyone had any suggestions. I have found a couple of websites, none of them seem very good. I doubt anyone is checking the classifieds for house swapping opportunities. Maybe my realtor knows if anyone is moving from PA.

Thanks for any input you might have.

First of all. I am sorry you are having a difficult time selling your house.

Housing swaps are generally for a season or a few weeks to avoid having to pay for or live in a hotel. I am considering swapping my house in Italy for a home in New Haven in the Spring. Swapping is not a myth, but I think your needs might be different.

We are shopping for a possible move back to the US. Quite frankly, we are seeing a significant drop in prices. One deal brought my way in CT was a house bought in 2004 for 1.03M and an additional 300k was added to build a guest house. It was snapped up at 875k. If prices were not falling, I would not be particularly motivated to even look.

My broker is asking me to hold back another 6 months to see even more drastic reductions. Who am I to argue?

[Rich Lee]

Originally Posted by Bob The Builder

First of all. I am sorry you are having a difficult time selling your house.

Housing swaps are generally for a season or a few weeks to avoid having to pay for or live in a hotel. I am considering swapping my house in Italy for a home in New Haven in the Spring. Swapping is not a myth, but I think your needs might be different.

We are shopping for a possible move back to the US. Quite frankly, we are seeing a significant drop in prices. One deal brought my way in CT was a house bought in 2004 for 1.03M and an additional 300k was added to build a guest house. It was snapped up at 875k. If prices were not falling, I would not be particularly motivated to even look.

My broker is asking me to hold back another 6 months to see even more drastic reductions. Who am I to argue?

CNBC ran a scoll the other day calling the real estate market, the "worst since the Depression."

I keep statistics on several towns. One town/city (Waterbury) has 50 percent more inventory this year than it's had in the past three years.

[Bob The Builder]

Rich

In California, the antideficiency laws allow the borrower who has grossly overpaid in most but very exceptional cases to escape any liabilty or a deficiency after the foreclosure sale. This removes most of the burden and thus the barrier from the borrower from walking away in this market. Consequently California is experiencing a lot of people (especially the more unethical but savvy) who are not motivated to go through the trouble of honoring their debt obligations.

From a Google search, it looks like CT does not have such antideficiency laws. Owners are still on the hook for the difference between what the bank is owed and what the foreclosure sale renders. Consequently, people are motivated to hang in until they cant.

A NY realtor called me last week. She told me that she attended a foreclosure seminar a few weeks ago. She had no idea whether NY had antideficiency laws. But wanted to go back and look through the materials. Gee, she wants to represent me. She attended a seminar on Foreclosure, but she still maintains that Real Estate is the best investment!

There are a few more moving parts to this market than meets the eye.

[Rich Lee]

Originally Posted by Bob The Builder

Rich

In California, the antideficiency laws allow the borrower who has grossly overpaid in most but very exceptional cases to escape any liabilty or a deficiency after the foreclosure sale. This removes most of the burden and thus the barrier from the borrower from walking away in this market. Consequently California is experiencing a lot of people (especially the more unethical but savvy) who are not motivated to go through the trouble of honoring their debt obligations.

From a Google search, it looks like CT does not have such antideficiency laws. Owners are still on the hook for the difference between what the bank is owed and what the foreclosure sale renders. Consequently, people are motivated to hang in until they cant.

A NY realtor called me last week. She told me that she attended a foreclosure seminar a few weeks ago. She had no idea whether NY had antideficiency laws. But wanted to go back and look through the materials. Gee, she wants to represent me. She attended a seminar on Foreclosure, but she still maintains that Real Estate is the best investment!

There are a few more moving parts to this market than meets the eye.

You're correct: we do not have anti-deficiency laws here in Connecticut.

As for real estate being the best investment, it is ONLY if you can hold on to your investment (READ: make mortgage payments) during the cyclical lows. Otherwise, buying high and selling low is no better than the stock market.

I was at a listing appointment this morning where the individual, after making 11 monthly mortgage payments, owes just about what she paid (100 percent financing). Unfortunately, the market has gone down further since last November. Needless to say, I couldn't take the listing since there's no money in the equation for attorney's fees, conveyance tax, property taxes, and agent commissions.

She will be doing as you described: holding on until she can't any longer...

[glxyman21]

The conveyance tax, isn't that the one you pay the town for selling your house? Wasn't that supposed to be withdrawn a few years ago..its still around?!!? For me that tax sounds insane because you already pay taxes to the town on the property. Its double dipping at its worst

[Rich Lee]

Originally Posted by glxyman21

The conveyance tax, isn't that the one you pay the town for selling your house? Wasn't that supposed to be withdrawn a few years ago...it's still around?!!? For me that tax sounds insane because you already pay taxes to the town on the property. It's double dipping at its worst

It's still around. It's paid to the town AND the state. A law was passed that allows towns to double their percentage to match the state's percentage.

[BloggerQueen]

I too am looking to sell, trade...whatever. The key is finding someone in the location in which you wish to move to, and vice versa!

Go to my blog Find-Trade-Move! and list your house. The more PR your house gets the better!

BQ