[scottmi]

People want to pay off their existing loan/mortgage and then get an extra $10-$20k to start over elsewhere. This sounds good on paper....except SO MANY PEOPLE ARE SELLING RIGHT NOW!

The supply far exceeds the demand and it serves people right who paid too much a few years ago for their MI homes when the market was booming. No industry booms forever...duh.

[Br1234]

When was MI's housing market booming? I must have missed it.

I would like to get what I paid (TO BUILD MY HOUSE MYSELF) 6 years ago. But I will not only lose money, I will lose all my labor as well. You would have to pay a builder well over $200K to build my house but I have been told to expect (if I'm lucky $130K). Houses here are not overpriced when you can't even have all the material dropped in a pile on your lot for what the house will be worth finished.

[mpaquette]

Yeah, I can't even sell my house for $10,000 less that what is cost to build it 4 years ago. Houses are sitting on the market for years and years because there are a lot more houses for sale than there are buyers. Statements like the one your posted make you sound very ignorant.

Originally Posted by Justme285

People wonder why houses are not selling...mostly is because people who are selling their houeses what quadruple (plus) of what they paid for it!!

Prices of houses got so far out of hand and the sellers are wondering, "Gee, why can't I sell my house"!!

That is partly of why you see houses just sit on the market for years and years!!

[TaxBait]

Originally Posted by Br1234

...I would like to get what I paid (TO BUILD MY HOUSE MYSELF) 6 years ago. But I will not only lose money, I will lose all my labor as well. ...

Of course you can! My tax assessor swears my house is worth $80,000 more than it cost me to build. That's only 4 times more than I can gross working on other people's homes .

[Cliffie]

What you may not realize is that some of these houses have been on the market for 2 or 3 years. The asking price may not have changed but you can very easily haggle the owner down to a closeout price. My neighbor, 2 doors down, put his place on the market for $100,000. He turned down an offer for $85K, didn't get another nibble for two years, and finally unloaded it last spring for $20,000. That's what I said. For this area that is typical, since the boom went bust.

About 4 years ago, houses were selling insanely around here -- a realtor friend of mine said that in our county properties were staying on the market an average of 5 days. You could ask any crazy price for a place and get it without a fight. Yeah, there was a housing boom here once.

[michigangolfer]

If people think homes are over priced let me tell you my experences from trying to sell our home. Currently we have our home listed $20,000 less that it should have sold 2 years ago. At that time our home may have been over valued but If people think I am going to give it away they have another time coming. Also last Sunday we had a open house and not a single person showed up. I am hoping to sell but if we don't we will survive.

[MIhome]

location,location,location.

[Dr.Jim]

"mostly is because people who are selling their houeses what quadruple (plus) of what they paid for it!!"..............that is a ridiculous statement.

Please provide the factual statistics that show the majority of houses on the market were purchased for 1/4 of their asking selling price. Gotta love the internet's ability to let every misinformed, uneducated person have a public voice.

That aside,.....houses are moving,....and many are priced too high. The market is not being set by buyers,....but by sellers who simply cannot lower the price. Not everyone can afford to sell the house they paid 250K for 3 years ago, for 150K.
Simple math. So this house will sit at the lowest price the owner can afford to sell at.