Location, Location, Location ??? (Accord: mortgage, credit, real estate)

[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 ?

[nbres]

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 ?

Where are you located?

Maybe the people here can give you some insights.

[Elke Mariotti]

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?

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 ?

[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.

[Elke Mariotti]

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...

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.

[UpsonDowns]

The bottom line is price. Why would a buyer pick your house over any of the others in a similar location?

[rusty78]

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

[Interlude]

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.

[lxl]

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......

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!

[rusty78]

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!

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......