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07-26-2008, 09:56 AM
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Member
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Join Date: Mar 2008
13 posts, read 9,787 times
Reputation: 12
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Location, Location, Location ???
We bought our home based on the number one rule of real estate "Location, Location, Location". Has that rule fell to the wayside?
Our home is for sale and has a great location.
We are priced within market value.
We have a blue ribbion school.
Easy access to NYC and surrounding Long Island. Quiet street.............
Are the buyers that are out there so consumend with price that they are forgetting the first rule of real estate ?
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07-26-2008, 11:41 AM
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Senior Member
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Join Date: Jun 2007
1,058 posts, read 980,184 times
Reputation: 162
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Where are you located?
Quote:
Originally Posted by YankeeOnTheMove21
We bought our home based on the number one rule of real estate "Location, Location, Location". Has that rule fell to the wayside?
Our home is for sale and has a great location.
We are priced within market value.
We have a blue ribbion school.
Easy access to NYC and surrounding Long Island. Quiet street.............
Are the buyers that are out there so consumend with price that they are forgetting the first rule of real estate ?
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Where are you located?
Maybe the people here can give you some insights.
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07-26-2008, 12:12 PM
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Real Estate Agent
Status:
"Leaves, too many leaves..."
(set 29 days ago)
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Join Date: Jul 2008
Location: Huntington
1,952 posts, read 884,530 times
Reputation: 458
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How is your curb appeal?
really not enough info to give meaningful reply ;-)
--Location and "blue ribbon school" - could mean high price, and therefor more limited number of buyers
--what parameters is the price based on?
recent sales? (no more than three months back) recent appraisal?
Quote:
Originally Posted by YankeeOnTheMove21
We bought our home based on the number one rule of real estate "Location, Location, Location". Has that rule fell to the wayside?
Our home is for sale and has a great location.
We are priced within market value.
We have a blue ribbion school.
Easy access to NYC and surrounding Long Island. Quiet street.............
Are the buyers that are out there so consumend with price that they are forgetting the first rule of real estate ?
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07-26-2008, 08:06 PM
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Senior Member
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Join Date: Mar 2007
313 posts, read 246,931 times
Reputation: 70
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I think buyers are trying to time the market and are waiting for prices to level out. It's possible that this is the bottom right now. Hard to say. Prices may keep falling through autumn - or not.
The thing is, buyers really won't know when the bottom has hit until after prices begin to rise. And they will be back on the upswing at some point. That you can count on. This won't go on forever. Trouble is my crystal ball is broken.
Your house is probably very nice and in a good spot. But with the way economics are currently, not many houses are selling.
We also have our house up for sale - been around 2 months now. We've had 2 lowball offers that were from people feeling us out to see if we are desperate (not). Otherwise, lots of appointments, lots of people driving around stopping at the sign in front of our house taking down our realtors number.
It's a waiting game unfortunately. Of course I'd rather sell now than later, but I will not accept a very low price. We refuse to give sellers thousands of dollars as a gift, and that's what those lowball offers we got would have resulted in.
Buyers don't want to get ripped off, but sellers don't want to be taken either.
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07-26-2008, 10:26 PM
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Real Estate Agent
Status:
"Leaves, too many leaves..."
(set 29 days ago)
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Join Date: Jul 2008
Location: Huntington
1,952 posts, read 884,530 times
Reputation: 458
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Another issue of course is the large inventory--lots of houses to chose from!
And more buyers looking for the most motivated sellers=willing to take a much lower price...
Quote:
Originally Posted by AndreaII
I think buyers are trying to time the market and are waiting for prices to level out. It's possible that this is the bottom right now. Hard to say. Prices may keep falling through autumn - or not.
The thing is, buyers really won't know when the bottom has hit until after prices begin to rise. And they will be back on the upswing at some point. That you can count on. This won't go on forever. Trouble is my crystal ball is broken.
Your house is probably very nice and in a good spot. But with the way economics are currently, not many houses are selling.
We also have our house up for sale - been around 2 months now. We've had 2 lowball offers that were from people feeling us out to see if we are desperate (not). Otherwise, lots of appointments, lots of people driving around stopping at the sign in front of our house taking down our realtors number.
It's a waiting game unfortunately. Of course I'd rather sell now than later, but I will not accept a very low price. We refuse to give sellers thousands of dollars as a gift, and that's what those lowball offers we got would have resulted in.
Buyers don't want to get ripped off, but sellers don't want to be taken either.
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07-27-2008, 07:51 AM
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Senior Member
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Join Date: Nov 2007
537 posts, read 578,146 times
Reputation: 113
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The bottom line is price. Why would a buyer pick your house over any of the others in a similar location?
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07-27-2008, 08:48 AM
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Senior Member
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Join Date: Jan 2008
382 posts, read 325,797 times
Reputation: 150
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Wait It Out!!
Location - Location - Location -  - is still the only way to buy a single family home...and those that ignore this rule always suffer the most when the market takes a down swing...  ...
The market is still in a down swing...and buyers are out there looking to steal something that they probably can't afford anyway...  ...were I live...there are several homes for sale...the ones that are have sold have the best curb appeal...which unfortunately, includes what you neighbors property looks like...  ...as well as yours...fresh paint...no stuffed closets...clean kitchen...bathrooms...etc...always help the appeal...but what I found really helps is to boil a pot of water with a few cinnamon sticks or vanilla beans in it...it gives the buyer a feeling of comfort and a pleasant smell as they enter your home...however an apple pie baking in the oven works the best...  ...good luck
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07-27-2008, 01:08 PM
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Member
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Join Date: Jul 2008
96 posts, read 49,334 times
Reputation: 28
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Is your house in good condition? At any given time, 90% of what's on the market is junk being sold by people who don't even care enough to clean the place up before showing it to buyers. A good amount of what's on MLS is junk and has been sitting there for a while - usually as a result of either being overpriced, poorly maintained or some other downside (corner property, no basement, main street, etc.). Good homes will always sell, especially in the NY metro region. Are you sure you're not ignoring the downsides to your property?
There was probably a time when people didn't care about that sort of thing but buyers can afford to be more picky now. I know that in my personal experience, my wife and I looked at over 50 homes before buying and the vast majority of what we saw wasn't even close. People are freakin' animals, it amazes me how they live.
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07-27-2008, 03:29 PM
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Member
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Join Date: May 2008
74 posts, read 68,885 times
Reputation: 21
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Quote:
Originally Posted by rusty78
The market is still in a down swing...and buyers are out there looking to steal something that they probably can't afford anyway...  ...
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According to the above, in order for the house to be sold, we need at least one of the following:
1. Lower the house price
2. Buyers make more money so they can afford the current price level
3. Easy credit (sub-prime mortgages)
Good luck waiting!
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07-28-2008, 06:26 AM
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Senior Member
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Join Date: Jan 2008
382 posts, read 325,797 times
Reputation: 150
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LowBall Buyers!!
Quote:
Originally Posted by lxl
According to the above, in order for the house to be sold, we need at least one of the following:
1. Lower the house price
2. Buyers make more money so they can afford the current price level
3. Easy credit (sub-prime mortgages)
Good luck waiting!
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Unfortunately...todays market is a buyer's market and those that have the funds to buy are not willing to pay what the house is worth...instead...they make lowball offers hoping the seller is desparate enough to take it and or counter...other buyer's are out there...who don't have the down payment...or don't make enough to purchase a home...so they shop and make offers...hoping once again that the seller will take their offer...and as far as easy credit...those days are over for now...for it appears that all those teaser adjustible low rate mortgages are gone forever...  ...
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