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Old 05-26-2008, 10:46 AM
 
Location: Utopia
1,999 posts, read 6,532,217 times
Reputation: 1342

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May 2008 "Money Magazine" predicts 4th quarter 2009 rates in Wilmington, Delaware, to go down 10.3% in total. Just passing it on for what it's worth.
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Old 05-27-2008, 09:52 AM
 
Location: Delaware!
243 posts, read 607,469 times
Reputation: 114
Quote:
Originally Posted by Delly View Post
You were one of the smart ones, movn2del! Many don't know they can get rid of PMI, and pay it for years. PMI release makes up a small percentage of my work assignments.
Quote:
Originally Posted by rossc View Post
I'm looking for a reasonable quick sale as well. I think the reason nothing is moving is because the seller owes more than the house is worth in our current market. They can't really take less or they won't be able to pay the bank, so the house sits on the market. At that point there are two alternatives. Foreclosure or hope the market comes back. I wouldn't hold my breath on the latter. I'm sure the market will come back at some point, but it won't happen overnight.
Quote:
Originally Posted by Laural View Post
That's great, it's amazing how many people don't know they don't have to continue you to pay it for ever.
In response to all the above, the best consumer is an educated consumer. People laugh because I spend so much time on research. No matter what the topic I look at is as "buyer beware". When we bought our house, they told us about the PMI and I asked questions. After we did some repairs, I did what I had to do to save us money. As far as the houses that are on the market, people have choices. If they can't afford to live there and risk foreclosure, then they will be forced to sell at a loss or go into foreclosure. Selling a house for prices of 2 years ago is just not going to happen. Nobody in their right mind will pay that much and will look elsewhere.
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Old 05-29-2008, 09:01 PM
 
70 posts, read 96,368 times
Reputation: 38
Default Sales down 80%!!

Check out this news item: Investment Sales Market Has Pros Thinking Antarctica... NY Invs. Sales Market ... "...Investment sales executives are marketing plenty of office and residential properties, yet very few are actually closing and investment sales are down by as much as 80%." !! Holy Shmoly!
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Old 05-30-2008, 11:17 PM
 
70 posts, read 96,368 times
Reputation: 38
Given this type of forecast, its only stupidity or complete-ignorance or lack-of-financial-awareness IMHO, not to offer at least 15% lower than the asking price presently in DE! (and this will be considered as rather generous come 2009!)
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Old 06-01-2008, 03:10 PM
 
70 posts, read 96,368 times
Reputation: 38
Default one has to be wary before pulling-out a pen to sign the contract ...

a good read: look for phrase ... " the situation is getting worse rather quickly " in the article.
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Old 06-02-2008, 08:29 PM
 
Location: Delaware
902 posts, read 2,485,692 times
Reputation: 348
Personally, I think offering less on a property for sale is a house by house decision. While we have only been living in DE for 9 months, we have watched the real estate market much longer than that. Last summer, when looking to move, we waivered on the choice of buying or renting.

That said, some sellers are coming down voluntarily on the asking price. I for one think that if you've been watching the local market, you will see that for yourself. We found a property that we've made an offer on (and it was accepted) on which we chose to offer the current list price. However, we'd been watching the numbers, and the family had come down almost $40,000 in the last year or so the house has been on the market. We felt like that was enough, as the property will still appraise at much more than the current sale price.

Yes, the housing market IS getting pretty volatile (sp?), but more and more sellers are coming to their senses regarding the realism of the market. Still very much a buyer's market, but doesn't need to be highway robbery either.

Mary
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Old 06-03-2008, 08:33 AM
 
Location: Magnolia
137 posts, read 201,944 times
Reputation: 169
Mary, I hope folks here in Michigan have been doing the same, that is, watching housing prices come down.

We have had to come down a whole lot since we first put ours on the market in 2006. Each time we lowered, it was because we talked to our agent who showed us comps, so we really were in line with comparable sales. Unfortunately, because of all the foreclosures here, average prices of all homes for sale are dropping. We are what you'd call a motivated seller since we really want to be able to move to Delaware soon. We even upped the buyer's agent commission to 3 1/2 %, but you can only do so much, I guess.

You were really smart to rent first and take lots of time to look over an area so you could really find something that was perfect for your family. Congratulations on your new home!
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Old 06-03-2008, 11:00 PM
 
Location: Delaware
902 posts, read 2,485,692 times
Reputation: 348
Thanks, sanddollar, for the compliments! For us, renting our first year in DE simply made sense to hubby and I. We were quite willing to "waste" a year on rent to give us flexibility at the end of such lease, which is what we wanted most of all this first year.

Thanks for the congrats on the new house. We love it, and can't wait to close and start moving! Should go to closing about 1 week before the kids go back to school, so I'll be having lots of fun the last few weeks of August!

I had heard Michigan and surrounding states were pretty hard hit with the housing problems. Here's hoping 2008 is your year to sell... finally! Hard to imagine what you folks have been going through for the last 2 years trying to sell!

Mary
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Old 06-04-2008, 03:28 PM
 
Location: Magnolia
137 posts, read 201,944 times
Reputation: 169
Well, I have it on authority from a certain psychic we all know that our house will sell this year.
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Old 06-04-2008, 03:35 PM
 
15,514 posts, read 7,634,628 times
Reputation: 28119
Quote:
Originally Posted by sanddollar View Post
well, I Have It On Authority From A Certain Psychic We All Know That Our House Will Sell This Year. :d:d
Lol!!:d:d:d
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