Is anyone else trying to sell their home and getting depressed? (Ocala: work, housing)

[the_pines]

Anyways my sisters house here in Florida was just foreclosed yesterday. The timing couldn't be more valid. That makes almost my entire family(that I know anyway) that has lost their homes and* small businesses. They even used eminent domain to bulldoze the church my grandma and uncle built with their money. My entire families assets are liquidated and gone. Well just about. My grandma is still hanging on to her house here just barely. She hardly owes anything on it now since my grandpa almost had it paid off. But she remortgaged a couple of times to try and save my sisters house. My sister didn't even know it was foreclosed until she read the paper and seen it listed for $1. She actually had the cash to pay them the past dues too.

[MyHomeIsInOcala]

Originally Posted by 121804

Do you see this as a nationwide thing or more specific to the areas that have been hit the hardest

Just wondering others opinions b/c it is an ongoing debate b/w my husband & I as we are about to purchase a home though not in the state of FL.

Since we've been living here, though, we are assuming the situation in SW FL is everywhere else & we assume everything is overvalued. But is it?

Are people really going in at 20% off asking price & getting it accepted? I know in certain parts of SW FL they are but not so sure about other areas; even nationwide.

No, this is not a national thing. Just certain Hot Spots on a map.

But, never feel bad about making an offer, I always told my clients that if they feel their offer is to low or even offensive, then it is a good starting point! (unless I knew that the home was hot, then I would let them know what was going on with the property).

Heck, I offered more like 30% below "asking price" along with closing costs! It NEVER hurts to ask!!!!

[121804]

Originally Posted by MyHomeIsInOcala

No, this is not a national thing. Just certain Hot Spots on a map.

But, never feel bad about making an offer, I always told my clients that if they feel their offer is to low or even offensive, then it is a good starting point! (unless I knew that the home was hot, then I would let them know what was going on with the property).

Heck, I offered more like 30% below "asking price" along with closing costs! It NEVER hurts to ask!!!!

There has been so many recent articles, etc. on hotspots. Anyone know of a good source to get some reliable info on hotspots, etc?

[hiknapster]

For the most part this is national. Yes, Florida, California and Arizona are the worst, since they are true bubble areas, but make no mistake that their issues have trickled down to other parts of the country.

People that wanted to move to other states are now stuck, so the anticipated growth is not happening. Of course, the builders, in their infinite wisdom, didn't think that far ahead, so now there are empty houses all over the country.

What I want to know is, are people across this county so into instant-gratification that they refuse to see what is going on around them?

I'm seeing a lot of people that are buying land or houses in other areas, going on and on about how excited they are to move, then they casually mention that they have a $3,500 mortgage where they live now and really hope they can sell their house.

This generation just keeps digging themselves in deeper.

[BUBBAboyTM]

I totally agree with hiknapster. People tend to do whatever they want to do and then they expect that things will sort themselves out later. If you can barely afford where you are living... why in the heck are you buying another place? LOL Things are the way that they are today because people don't plan. Conspicuous consumption just "happens"... kids just "happen"... overloading your credit cards to keep up with everyone just "happens"... and then they start banging their heads against the table screaming, "Why me?" Well, yeah YOU dude! You made the bed... time to sleep in it. I feel bad for everyone that is getting foreclosed on... that must be the most heartbreaking thing. But, at least from what I have observed, most people getting foreclosed on didn't have any business buying a house in the first place. All that the subprime mortgage people did was put people into houses that had no business being home owners. If you don't have a down payment and at least a couple of months of expenses in reserve, then you have absolutely NO business getting into a mortgage!

[MyHomeIsInOcala]

Originally Posted by 121804

There has been so many recent articles, etc. on hotspots. Anyone know of a good source to get some reliable info on hotspots, etc?

Housing Valuation Analysis*-*Corporate*-*National City Corporation

This map is pretty close to true in areas that I have personally worked in over the past 12 years. AL, GA, OH, NY (state) and watching the greed in areas like FL, NJ, NYC, CA and NV has been comical to say the least.

I see foreclosures all over, that is nothing new, it is just getting worse... they are not just sub-prime either... it is happening to even those that bought an over-priced home who then got a shock of a lifetime from the new tax bill and HOI. Not only where they unprepared for the shock, they had poor "Professional" assistance, many of these people had agents and lenders frothing at the mouth to make a sale with no real desire to provide information that would have been in the best interest of their client... and YES, there are those that just should never have bought anything to begin with.

I can not imagine trying to sell right now, especially if I had been fool enough to pay an over-inflated price or took out loans against my home (because it looks like an ATM to me). It is scary that some people even bought into that notion that they could take out a 125% equity line of credit! Silly! Not to mention, some listing agents just can not afford to pay for all that fabulous advertising, Licensing & Membership fees or their e-box monthly payments, that they once did.

Yes, hiknapster is right, many in this "generation" is digging it's own financial grave! But it started before they ever bought that second home, or even that new Lexus, Caddy or Hummer with the new-found value and equity in their home.

For those still trying to sell, it is interesting to read your comments and experiences right now... Keep the info coming!!!

[carolac]

The Orlando Sentinel contained an interesting article about some meeting where one of the topics discussed was how the Orlando commercial and retail real estate was booming, yet the residential real estate market was down. Wouldn't they sort of go hand in hand--if one is booming, wouldn't that have at least some effect on the other?

Also, one of the speakers at this meeting was a local economist whose opinions I have seen on national blogs. He defined a housing bubble as increasing prices on houses with the expectation that prices will continue to rise without any outside influences. He said we weren't suffering a housing bubble as much as we experienced a never-ending supply of "fools" and builders building an over-abundance of homes (not to mention that condo conversion mess) creating a high supply and demand. Now, with the abundance of homes on the market, again, it is a matter of supply and demand. I realize this is stating the obvious. Isn't, then, this a market correction? Or again, do housing bubbles and market corrections go hand in hand/are one in the same as they relate to housing?

[journey1]

I have had my house on the market 11 months not one showing. I think the agent is lazy. He doesn't need the money or he would have been showing the house. If is below market price. Not planing to put it back on the market until fall of 2008. Hoping for improvement by then.

Good luck too you! God Bless!

Journey1

[121804]

Originally Posted by MyHomeIsInOcala

Housing Valuation Analysis*-*Corporate*-*National City Corporation

This map is pretty close to true in areas that I have personally worked in over the past 12 years. AL, GA, OH, NY (state) and watching the greed in areas like FL, NJ, NYC, CA and NV has been comical to say the least.

I see foreclosures all over, that is nothing new, it is just getting worse... they are not just sub-prime either... it is happening to even those that bought an over-priced home who then got a shock of a lifetime from the new tax bill and HOI. Not only where they unprepared for the shock, they had poor "Professional" assistance, many of these people had agents and lenders frothing at the mouth to make a sale with no real desire to provide information that would have been in the best interest of their client... and YES, there are those that just should never have bought anything to begin with.

I can not imagine trying to sell right now, especially if I had been fool enough to pay an over-inflated price or took out loans against my home (because it looks like an ATM to me). It is scary that some people even bought into that notion that they could take out a 125% equity line of credit! Silly! Not to mention, some listing agents just can not afford to pay for all that fabulous advertising, Licensing & Membership fees or their e-box monthly payments, that they once did.

Yes, hiknapster is right, many in this "generation" is digging it's own financial grave! But it started before they ever bought that second home, or even that new Lexus, Caddy or Hummer with the new-found value and equity in their home.

For those still trying to sell, it is interesting to read your comments and experiences right now... Keep the info coming!!!

Very interesting map.

We are in the process of buying though in an area with not much inventory in our price range.

There are people out there who want to buy; not a lot, but some; it's just a tough time to buy b/c the fear of the value of the home going down the toilet.

Being home buyers, I can say that the cleanliness/TLC of the home & curb appeal have been playing a HUGE factor in our wish to see a home, etc. Clutter & too much stuff is a real turn off. We understand the nuts & bolts of the home are the most important, but someone who puts no effort in PRESENTING their home...well, we just assume they could care less if it sells or not. One home we viewed had dirty dishes in the sink & clothes on the floor in one of the bedrooms.

I think one can sell right now if they price it competitively & put effort into selling the home.

BUT, there is also the geographical area...here in SW FL, I can find 2 homes for sale on every street & both homes look the same. Where we are moving, the home we want is the only home for sale within 5 streets.

There is almost too much for sale in SW FL. If we were staying here, I'd be in no rush to buy b/c I'd think either low ball beyond belief or wait for desperate sellers to slash their price. It's going to happen in some areas of SW FL or else the same homes will be for sale for years.

[firemed]

Originally Posted by 121804

Very interesting map.

We are in the process of buying though in an area with not much inventory in our price range.

There are people out there who want to buy; not a lot, but some; it's just a tough time to buy b/c the fear of the value of the home going down the toilet.

Being home buyers, I can say that the cleanliness/TLC of the home & curb appeal have been playing a HUGE factor in our wish to see a home, etc. Clutter & too much stuff is a real turn off. We understand the nuts & bolts of the home are the most important, but someone who puts no effort in PRESENTING their home...well, we just assume they could care less if it sells or not. One home we viewed had dirty dishes in the sink & clothes on the floor in one of the bedrooms.

I think one can sell right now if they price it competitively & put effort into selling the home.

BUT, there is also the geographical area...here in SW FL, I can find 2 homes for sale on every street & both homes look the same. Where we are moving, the home we want is the only home for sale within 5 streets.

There is almost too much for sale in SW FL. If we were staying here, I'd be in no rush to buy b/c I'd think either low ball beyond belief or wait for desperate sellers to slash their price. It's going to happen in some areas of SW FL or else the same homes will be for sale for years.

Very true statement.