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Old 09-12-2018, 01:00 PM
 
Location: midvalley Oregon and Eastside seattle area
2,924 posts, read 1,348,540 times
Reputation: 2437

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^ Aggressive listing price?? towards the high side or low side?
You held out for a higher price than original offeer?
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Old 09-12-2018, 04:23 PM
 
25,832 posts, read 49,727,953 times
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Two schools of thought I have encountered... price it high and let the market decide... or price is low and let the market decide.

Problem is property priced to high often languishes and can become stale... property priced under market here will generate multiple offers... at least since about 2012.

Foreclosure home I was interested in was on the market for 650k with 10 days to submit offers... 14 came in to Wells Fargo with the highest being 742k.

Then Wells Fargo "Invites" those that submitted offers in proper format to submit final and highest... this is when I bailed...

It worked for the bank... Highest and Final offer came in 800k all cash As-Is

In 2012 I looked at an interesting property that the kids were selling to settle an estate... they had plenty of money and put a high price on the 35 acres... that property just sold 3 weeks ago... so it was on the market for 6 years and the broker said they are not interested in coming down... well after 6 years they did accept less... 25% less than list...

Last edited by Ultrarunner; 09-12-2018 at 04:45 PM..
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Old 09-13-2018, 01:23 PM
 
2,621 posts, read 2,027,509 times
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Two houses just down the street from me where right next door, listed at the same time and both sold in a week. Market is still going hot.
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Old 09-14-2018, 07:39 AM
 
Location: Paranoid State
12,685 posts, read 9,432,561 times
Reputation: 14942
Quote:
Originally Posted by Serious Conversation View Post
Here in east TN, loan originations are beginning to slow down as layoffs at major local employers are occurring. It is now getting cheaper to rent and hopefully valuations will soon return to normal.
What are the major local employers? Are they public or private companies?
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Old 09-14-2018, 08:00 AM
 
Location: Tennessee
20,968 posts, read 15,285,903 times
Reputation: 23765
Quote:
Originally Posted by SportyandMisty View Post
What are the major local employers? Are they public or private companies?
Eastman Chemical Company, a regional health system, local government, and a regional state university. There are also various banks and one of the largest credit unions in the country. Aside from that, employment pickings are fairly slim and mostly small to medium sized businesses. Only Eastman Chemical is public.

Median household income in Kingsport is still below $40k. The trend here, and I say this only somewhat in jest, is to buy the biggest house on the biggest lot you can, but never update it.

https://www.trulia.com/p/tn/kingspor...60--2040358639
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Old 09-14-2018, 01:00 PM
 
1,319 posts, read 293,260 times
Reputation: 1137
Quote:
Originally Posted by TimtheGuy View Post
So its the agent's greed that drives the market??
lol
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Old 09-14-2018, 01:03 PM
 
1,319 posts, read 293,260 times
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Not hot where I live. North Shore suburbs of Chicago. Some of them are really bad. I am hearing some of the properties have property taxes of $25k on a $600k home.
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Old 09-14-2018, 03:46 PM
 
25,832 posts, read 49,727,953 times
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Property tax can be a real killer... also a disincentive to maintain for fear or taxes going up.

It also forces people from homes when neighborhood gentrify... those that can afford take over.

Thankfully, in California, property tax is not based on what your neighbor does or doesn't do... each tax bill stands alone and is based on what YOU paid for the home... not on what someone down the street paid for theirs...
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Old 09-14-2018, 03:54 PM
 
2,769 posts, read 1,498,302 times
Reputation: 2173
Quote:
Originally Posted by Serious Conversation View Post
employment pickings are fairly slim

Median household income in Kingsport is still below $40k. The trend here, and I say this only somewhat in jest, is to buy the biggest house on the biggest lot you can, but never update it.

https://www.trulia.com/p/tn/kingspor...60--2040358639
I think I get what you are saying (in jest), but how do people with such little disposable household income afford to upgrade a home(?)
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Old 09-15-2018, 12:54 PM
 
6,822 posts, read 4,412,863 times
Reputation: 11951
Quote:
Originally Posted by damba View Post
I think I get what you are saying (in jest), but how do people with such little disposable household income afford to upgrade a home(?)
And more importantly, given the glacial (if not outright negative) growth in local housing, prices, is it not the case, that improving one's house is a financially unsound proposition?

Example: $100K house sorely needs a kitchen renovation. The renovation would cost $20K. If the house were to be sold upon completion of the renovation, its market-price would rise to $110K. Ten years in the future, the house - if updated - would still be $110K. Meanwhile, the un-updated house would have declined to $95K.

In the above example, which action is the better financial proposition: to update, or not to update?
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