Is anyone else trying to sell their home and getting depressed? (Orlando: mortgage, credit)

[TriMT7]

Drop the price further! As a poster above mentioned, only price will get the traffic coming in to see the home, especially if there's a lot of inventory. Don't be too greedy, as long as you come out ahead, I think the days hoping for big returns for minimal time and investment are over for a while!

I was overly optimistic at first, and finally just listed at what WAS my "bottom line"...... ended up getting 5k less than my original bottom line, but rationalized the smaller asking price as less "carrying cost" trying to stick it out for months trying to get that extra 5k!

[HockeyMom72]

Originally Posted by SKB

You can be assured that you are not alone, there are thousands of people in the same situation.
If you really want to move it, reduce it much lower than your comps and it will be sold. There are still some people that will purchase thinking they are getting a good deal and will be satisfied with that.
Others like me are waiting for the big reductions down the road as in 2008.

It is going to be a big decision for you, to take a larger loss and get your new house or just sell the land and forget about it.

Best of luck

SKB

When I was in Naples in October, my husband took me to see a single family condo in a golf community. It was a 3 bedroom, 2 bath, 2 car garage, and a screened lanai with a pool. The owners are a retired couple who are moving back to Michigan and were asking $469,000 for it. My husband said it was a typical price for "Naples". I told him it was too much money. It was not worth over $400,000. It was not that big, the kitchen/bathrooms needed updating, windows were old (very important in Flordia???), etc, etc. These points don't change from state to state. He went back again to see it in December and they reduced it to $419,000. I told him to watch that it would go down even more. As of now, it is listed on MLS at $389,000. I am betting that it will go to the $375,000 range. I don't especially want it, although we could afford it. They are a very nice couple and I feel a bit sorry for them. I don't want to lead them on. Just watch this from afar. It's interesting. I used to have a NY real estate license.

[Jammie]

Turtle, I'm sorry that you and so others are going through this. Not sure what to say since you already have it listed where you will be taking a loss. I take it that you must've just bought it recently when the market was high. Is that correct? Could you possibly rent it out until the market changes?

Well, I can't show you my crystal ball, but everything I've read says that the market will not improve during 2007. Who knows what 2008 will bring, but the market appears to be sluggish so far this year.

[DeLaSalle]

Originally Posted by Turtle

We have had our house on the market for a while now with no luck...no we're not trying to make a killing on it, in fact for what it's listed at, we are actually taking a loss. We already have land bought and plans for the house that we are going to build, and I am so excited about the move, I am actually getting a bit depressed....and a little irritated that we are just stuck here until the market takes a bit of a turn.

Anyone else in the same boat with some positive thoughts? I am trying to make the best of it here, but I am getting very discouraged since nobody really knows when the market will change (though I know there are plenty of people making claims of fact of how long it will take, unless they can show me their crystal ball, I ain't buyin')

Anywho...just looking for anyone else in the same situation...misery loves company you know

Sorry Turtle...
You only need one buyer...

BTW--I get depressed ,thinking about getting depressed and my home is not yet for sale, lol.

Best Regards

[robeve310]

my neighbor is 35K higher than me. she has shown her place 1X and my place has shown 8X in the same amount of time.

since i lowered my price to the LOWEST in my developement have had about double the showings.

if you really want to move, you might consider dropping to the lowerend of your neighborhood.

even so, with SO many properties competing it will take longer than usual.

i am going to do two open houses in the next two weekends and hope for the best.

good luck to all of us.

[Floridasunshine]

We bought our home 20mos ago 195,000. investors were selling them for 245,
for 6mos or so, Now the builder has 6homes to sell and be gone, He has dropped the homes too low. He is selling our model for 191,000 base house. and the 2 stories 202,000( they should sell for at least 325,000. So we are stuck here for at least another year. We were hoping to downsize to smaller house, as our electric bills are eating us up. and gas to work, so we wont be able to move closer to work. We were wondering why they were able to sellt he houses so fast only 3 left.

[tallrick]

Originally Posted by Floridasunshine

We bought our home 20mos ago 195,000. investors were selling them for 245,
for 6mos or so, Now the builder has 6homes to sell and be gone, He has dropped the homes too low. He is selling our model for 191,000 base house. and the 2 stories 202,000( they should sell for at least 325,000. So we are stuck here for at least another year. We were hoping to downsize to smaller house, as our electric bills are eating us up. and gas to work, so we wont be able to move closer to work. We were wondering why they were able to sellt he houses so fast only 3 left.

Why should a house sell for an absurdly high amount like 325,000? If the market says it sells for less than 200K nobody can change that. Your home was purchased for 191,000 so why would anyone want to pay more than that, post bubble?

[macguy]

Originally Posted by tallrick

Why should a house sell for an absurdly high amount like 325,000? If the market says it sells for less than 200K nobody can change that. Your home was purchased for 191,000 so why would anyone want to pay more than that, post bubble?

I was going to ask the same thing. I don't know if it is wishful thinking or denial but I keep hearing people say they will just have to wait for the prices to go back up to sell. This may not happen for years if at all, who knows how long it may be. Sometimes you have to cut your loses and make a move, weather with a stock or real-estate. Hopefully the next deal will be better. It is all relative. Now that I am a buyer instead of a seller I am shifting to predatory mode as well.

The idea of the possible deals out there now excites me. Deals though is the wrong word. Maybe deals by the standards of the last few years price wise, but just the market value today. As long as I feel I can't really take a bath I will be happy and with a fixer upper who knows, you may still be able to make a buck if you get it at the right price.

[SKB]

I don't see it as "predatory mode" at all to want a lower price and to be watching for a lower price. I think the predators were the banks, appraisers and realtor's and investors.
The people that are left are the ones like me and you that didn't get caught up in the buying frenzy. People that didn't believe "buy now or be priced out forever" dogma.
Those rantings were all lies and scare tactics used to try to prey on the emotions of people.
They were also used to prey on the greed of everyone involved. People actually started to believe it was normal for your house to appreciate 20+% a year. Look at what this poster said:

"We bought our home 20mos ago 195,000. investors were selling them for 245, for 6mos or so, Now the builder has 6homes to sell and be gone, He has dropped the homes too low. He is selling our model for 191,000 base house. and the 2 stories 202,000( they should sell for at least 325,000. So we are stuck here for at least another year."

So I ask:

Based on what should this house be selling for 325,000?
What is staying for another year going to do?

Banks have clamped down on lending, sub-prime is dead, stated income is dead, ARM's are limited and based on being able to afford the higher adjustment amount. Banks are requiring down payments again, proof of income and high credit scores.

How and why would the prices start going back up again when the lending practices are going back to what they were pre bubble?

It's just not going to happen, this was the largest bubble in the history of the world.

SKB



SKB

[jbravo]

Originally Posted by tallrick

Everyone's wising up and waiting for a property tax fix. Let's make it happen and you can all enjoy a higher standard of living in Florida!

tallrick;
You know I enjoy your posts; however, I beleive you are mistaken on this one. If the market takes it's course, then when properties are assessed at the lower price, the property tax problem takes care of itself.
I know the Rubio croud that sponsored this. Beleive me, they do not have your best interests at heart.