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Old 02-10-2008, 10:11 AM
 
Location: Ocean County
3,851 posts, read 6,120,588 times
Reputation: 2167

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Quote:
Originally Posted by wileynj View Post
I purchased my home in 2003...new construction and I was able to knock the builder down by about 40K - which was unheard of back then : )) I'm not looking to make a fortune, mostly to get my investment back plus a little spare change. My neighbor is one of those folks we are chatting about...selling too high. He put his home on the market over a year ago at the same price he is asking today - he is 100K over what I am asking... I feel so bad for his realtor as he is really wasting her time if he's not willing to budge a little he should just take it off...agreed?
Wiley 2 posts ago you said you have to had bought a house 50 years ago to make a profit. Now you said you bought your home 5 years ago and you want to make a profit. I don't know your answer. You seem all over the map, your next door neighbor is at 100K over your listing and then you say people are giving the houses away for below what you think they are worth. A house is ONLY worth what someone is willing to pay you for it. It is not worth what you want or think the market should pay you. It is only worth what someone cuts you a check for. If you lowered your price to what someone was willing to pay than that is what the true value of your home. I see it all over people list there house high and if they get a buyer that is willing to pay to much they will sell if not it sits on the market for years. I'm not trying to talk down the value of your house I just giving you a dose of reality, Sorry.
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Old 02-10-2008, 11:45 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,019,024 times
Reputation: 1186
Quote:
Originally Posted by JERSEY MAN View Post
Wiley 2 posts ago you said you have to had bought a house 50 years ago to make a profit. Now you said you bought your home 5 years ago and you want to make a profit. I don't know your answer. You seem all over the map, your next door neighbor is at 100K over your listing and then you say people are giving the houses away for below what you think they are worth. A house is ONLY worth what someone is willing to pay you for it. It is not worth what you want or think the market should pay you. It is only worth what someone cuts you a check for. If you lowered your price to what someone was willing to pay than that is what the true value of your home. I see it all over people list there house high and if they get a buyer that is willing to pay to much they will sell if not it sits on the market for years. I'm not trying to talk down the value of your house I just giving you a dose of reality, Sorry.
Jersey Man - I never said profit...I said a few nickles..Believe you me, I have paid over a few nickles in mortgage, tax, etc. payments over the past 5 years so it won't be profit..just some money back in my pocket that I have spent over the past few years. I actually had an offer a few months back...a little lower than I would have liked but when I counter offered, the buyers just dissappeared...It was wierd..I was willing to play the game..talk to them and see if we couldnt negotiate but aliens must have abducted them : )) I haven't had any complaints yet that I was priced too high and besides, like you say, if someone wants a particular property they will put in an offer of what they feel is fair. Sorry for being all over the place...it's just frustrating : ))
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Old 02-10-2008, 09:08 PM
 
Location: In My Own Little World. . .
3,238 posts, read 5,815,929 times
Reputation: 1559
Quote:
Originally Posted by wileynj View Post
Jersey Man - I never said profit...I said a few nickles..Believe you me, I have paid over a few nickles in mortgage, tax, etc. payments over the past 5 years so it won't be profit..just some money back in my pocket that I have spent over the past few years. I actually had an offer a few months back...a little lower than I would have liked but when I counter offered, the buyers just dissappeared...It was wierd..I was willing to play the game..talk to them and see if we couldnt negotiate but aliens must have abducted them : )) I haven't had any complaints yet that I was priced too high and besides, like you say, if someone wants a particular property they will put in an offer of what they feel is fair. Sorry for being all over the place...it's just frustrating : ))
So many people seem to forget that basically, first and foremost a house is your home. The place you eat and sleep in. You say over the past 5 years you've made improvements, payments, etc. Well, you LIVED there. You most likely also took the interest on the mortgage as a deduction on your income tax filings as well. Even if you sell your house for what you bought it, you're still ahead because you weren't paying rent --- and you were taking deductions.
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Old 02-10-2008, 09:10 PM
 
Location: Ocean County
3,851 posts, read 6,120,588 times
Reputation: 2167
Quote:
Originally Posted by colleeng47 View Post
So many people seem to forget that basically, first and foremost a house is your home. The place you eat and sleep in. You say over the past 5 years you've made improvements, payments, etc. Well, you LIVED there. You most likely also took the interest on the mortgage as a deduction on your income tax filings as well. Even if you sell your house for what you bought it, you're still ahead because you weren't paying rent --- and you were taking deductions.
Thank you Colleen Plus 1 for you Spoken as a true tax person. LOL
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Old 02-11-2008, 08:57 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,019,024 times
Reputation: 1186
I understand what you are both saying but it's still not profit folks. Profit is what you make over all expenses - money over and above what something cost you. So if you buy a car for 10.00, use it, fill it up with gas, do routine maintence, etc. and then turn around and sell it for 10.00 - would you consider that profit or your initial investment back in your pocket? If you bought the car for 10.00, never used it or never spent a penny on it and sold it for 15.00...now that's profit.
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Old 02-11-2008, 09:38 AM
 
9,125 posts, read 23,748,232 times
Reputation: 3348
But if I bought the car for $10, drove it for a year, which requires gas, oil, tires, etc., and then sold it for $20, yes, I'd consider the $10 to be "profit". The gas, oil, etc., are called "operating/ownership expenses", just like mortgage payments, taxes, utility bills, etc., are for a house.
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Old 02-11-2008, 10:29 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,019,024 times
Reputation: 1186
lol..ok, I surrender : )) Isn't this Thread about Foreclosures in your area??? My answer is No.
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Old 02-11-2008, 01:32 PM
 
Location: Cherry Hill, New Jersey
1,368 posts, read 3,163,187 times
Reputation: 661
NJ didn't see the huge housing bubble that my soon to be former state (California), Nevada and Florida did.

We took a HUGE loss. We paid $586,000 for our house in 2004. We put 50-60K in improvements. We just sold for $610,000. After we paid our realtor fees ($36,000), buyer's closing costs, escrow and title fees, etc....you get the picture.

However, we sold a house in LA also in 2004 and made a HUGE profit.

Foreclosures in my town aren't too bad but neighboring San Jose was killing us. We didn't have to move but we really wanted to. In order to compete we had to lower our price drastically. Even last year, we probably could have sold our house for $750,000.

At the end of the day....It is what it is!

Look at this article. It lists the top 100 zip codes that are in foreclosure. Las Vegas is the worst.

Foreclosures: Worst hit zip codes - Feb. 5, 2008

Not one zip-code in NJ is on this list. Very Lucky indeed!

Shanny
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