[janette moss]

Originally Posted by Giesela

I don't think real estate is going to get better for a year or so. At some point people who are trying to wait things out won't be able to anymore. Credit will be tight for awhile but once the lenders stablize they will start giving out loans again though not as easily.
If you have to sell, try not to follow the market down. Lower your price as much as you can to sell now. Every month on market is another mortgage payment. What's the days on market in your area? What else is for sale and how does your price compare?

I think we are headed into another long term slump nationwide. Recession? Depression? Not sure. But once Bush is out of office I think we'll be schocked to find out what the war has really cost. It will take a few years to figure that out and will be bad news followed by bad news. I don't think we've begun to hear the whole story. Our national debt is crazy, foreign banks practically own us. I personally hope Democrats don't win only because I'm sick of them taking the blame when they follow Republicans in office.

Thank you sooo much for your input! I am in agreement with you and your Democratic philosophy. The truth always rises in most situations. The homes around us are lower and ours and one more are at the same price and age (built 2002). The only advantage we have for waiting to lower it (upon my husband's judgment, not mine) is that our home is paid for. I have been letting him read the blogs. Sometimes a neutral opinion is better than one (that being me) that has a personal insterest.

[Zmehappy]

Originally Posted by janette moss

Keep your crystal ball clean!! Sounds like it is pretty optimistic.

I am, as long as I don't lose both of them in this trying economy!

[Jswee]

I'm in the Traverse City area and my crystal ball says that the market will remain soft for another 12-24 mo. minimum. It's not as bad up here as it is in other parts of the State. Some properties are selling but it's the ones that are both priced right and are in superior condition. I've seen some houses sell quickly this summer but they were priced about 5% less than I thought they were worth and they were in absolutely spotless condition. Certain segments of the market are doing ok and others are in rough shape, so it depends on where you fall on the spectrum. What continues to amaze me are people who's houses have a ton of deferred maintenance, soiled carpeting, old roof, scratched wood floors, dated fixtures, etc., who are still trying to command top dollar for their homes. Get real folks, it's a Buyers market and you need to stage your home to get it to stand out from the pack.

[jimdhen]

This is the Crystal Ball:

When you see Employment (Job Growth) sustaining upward movement, and Unemployment heading in a downward trend, housing prices will rebound. Republican or Democrat, War or No War - watch those numbers. Nothing much else matters except higher demand for houses, and lower supply of houses that Job Growth creates. As long as you see that 7% unemployment rate, you won't have nice results. The best thing politicians can do is get out of the way and try to make every deal they can to bring jobs to MI. (Like any politician reads this board!)

I would also add that when we bought our house earlier this year in the $500k-range there wasn't a lot of excellent inventory so I don't know how deep the price pain is as we found a lot of homes for sale that needed lots of work, but few in tip-top shape. The issue that exists at that price point is that there are fewer Buyers obviously. (And no we didn't do an ARM or IO.)

Anyway my thoughts from Econ 101 & 102.

[janette moss]

Originally Posted by jimdhen

This is the Crystal Ball:

When you see Employment (Job Growth) sustaining upward movement, and Unemployment heading in a downward trend, housing prices will rebound. Republican or Democrat, War or No War - watch those numbers. Nothing much else matters except higher demand for houses, and lower supply of houses that Job Growth creates. As long as you see that 7% unemployment rate, you won't have nice results. The best thing politicians can do is get out of the way and try to make every deal they can to bring jobs to MI. (Like any politician reads this board!)

I would also add that when we bought our house earlier this year in the $500k-range there wasn't a lot of excellent inventory so I don't know how deep the price pain is as we found a lot of homes for sale that needed lots of work, but few in tip-top shape. The issue that exists at that price point is that there are fewer Buyers obviously. (And no we didn't do an ARM or IO.)

Anyway my thoughts from Econ 101 & 102.

Lesson well taught! Employment situation kind of scarey!

[Dr.Jim]

There are buyers in every market. Period. No matter how bad.

This slow market simply makes it more competitive, that is all.
What can you DO to sell your house?
There is ALOT more to it than dropping the price. People will always stretch themselves financially for a home they 'fall in love' with. It is a proven real estate fact.

Now, if your home is obviously overpriced for the comps in your area, then do a reality check, and adjust. But if you are priced competitively, then look at your home for improvements.

Do you have crappy linoleum that you think is fine because you grew up with linoleum? Maybe the other houses in your neighborhood have linoleum? Well, forget....put in tile.

Do you have a nice, worn lovely berber carpet all over the house? Or worse...short pile? Get with the times and ahead of the curve, put in hardwood in areas like livingroom or den,...etc. Carpet for bedrooms though will be fine.

Lets think 'fixtures'.....light fixtures,....if you have the same fixtures in your house that it was build with,...then you probably could improve the look ALOT with new fixtures,...and I mean ALL of them...the old 'frosted glass half dome with the little brass nipple' that is standard in most bedrooms has GOT to go.

Paint? Paint the trim!

Appliances?....Nice white on white aye? Proud of them? Well, donate them and take a tax deduction. Get stainless. Cheap stainless is fine, but stainless none-the-less.

Don't you love all those pictures of your kids and relatives? Well, I dont. I want to be open to thinking of your house as mine,...I do not want to feel like I am visiting somone elses home when I look. Take them down. Get rid of those knick-knacks you think are soo cool or cute,....guess what? They are not. And one final note? If you have wallpaper, remove it. If you like it? You are 1 in a million.

The point to all the above is that there are things you can do that cost 'a little' money.....that can make the TOTAL difference in whether someone likes you house or not. And if they do not LIKE your house, it doesnt matter how low your price is. They will walk.

So often people think it is the price,..which is TRUE,....BUT the price only comes into play when someone wants to BUY your house. And for them to want to buy it, they have to LOVE IT.
This is a very overlooked fact. People so often are complacent about there home being 'fine'. Not realizing they can make it much more appealing. And people need to swallow there design ego's as well, do it the right way. Not your way. Most realtors give solid advice about painting, staging and such.
Most people listen to about 20% of it, and then get busy overtime and do little.
I have been to showings where people do not turn on all the lights!, Where people have dishes in the sink, toothpaste sitting in the bathroom...etc. Sorry, but every room in your home should be as spot-free and uncluttered as a display in a store. The psychological impact this has on a buyer is HUGE. Do not underestimate it.

As for my crystal ball? The market will begin to turn in 1st quarter 2008, with 'noticeable change' before spring 08. You CAN sell your house now, but it will take WORK. Every detail matters. Every showing matters!

Good luck, and remember: In this market, there is more you can do to sell your home than your realtor can!

[magellan]

1st or 2nd Quarter 2009 at the earliest before prices and sales are steady in Michigan (barring any unforeseen Michigan catastrophes or additional mass layoffs). Some regions of Michigan will do better than others.

I would say if you don't HAVE to sell your home right now, don't do it. You'll take a bath. Wait it out 2 - 3 years and allow the people who do HAVE to sell (company relocation, family change, persistent job losses,etc.) to get a little less pounding on their sale price.

[janette moss]

Originally Posted by magellan

1st or 2nd Quarter 2009 at the earliest before prices and sales are steady in Michigan (barring any unforeseen Michigan catastrophes or additional mass layoffs). Some regions of Michigan will do better than others.

I would say if you don't HAVE to sell your home right now, don't do it. You'll take a bath. Wait it out 2 - 3 years and allow the people who do HAVE to sell (company relocation, family change, persistent job losses,etc.) to get a little less pounding on their sale price.

I don't have to sell right now. I am just getting too anxious. If you take your house off the market, can you raise the price when you put it back on the market?

[Dr.Jim]

Yes. But realtors can see if it was on the market in the past, and can inform their buyers of that as well.

Unless the entire housing market makes a definite upswing, it would not be a good thing to raise the price.

[janette moss]

Originally Posted by Dr.Jim

Yes. But realtors can see if it was on the market in the past, and can inform their buyers of that as well.

Unless the entire housing market makes a definite upswing, it would not be a good thing to raise the price.

Okay -- you're the doctor. You know the best "house call". Thank you. Just often wondered.