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>compared to some other states that have been hit hardest by the housing bubble. The states that will see the biggest drop in prices are Florida, California, and Michigan.<
Poor MI. Never had the run up. Just the run-down. And with Chrysler, GM, and Ford on the ropes...
Overall units sold is down, as is average price... BUT the % difference between final asking and selling remains about about 96%... here's how it is calculated:
House comes on at: $150,000
Price is lowered to: $100,000
House sells for : $96,000
% of selling/asking is 96%
Proving that sellers who price their homes to sell in THIS MARKET are selling.
*The house next door that remains at $150K is still on the market.
** Stats for Garden State MLS.
We bought our house here in Oklahoma in early January 2008, came home and put our house in NJ on the market (we had already put money into the house in preparation for selling it). We listed it at $210,000. Two other houses in our immediate neighborhood listed at the same time, both higher than ours. We eventually reduced ours to $173,000, and sold it in June for $165,000. The two houses in our neighborhood are still on the market. We were happy. We managed to cover our (re-financed for repairs and downpayment on Oklahoma house) mortgage, and had enough left over to cover our moving expenses.
BTW, the two houses still on the market have lowered their prices by less than 10%. Time to get real, folks.
I just don't get how prices can't come down. Income levels don't allow people to buy houses and with people losing jobs, foreclosures, incomes going down or equal, and lending practices going back to the normal of 10 years ago, house prices have to come down to affordable levels. I just wish it would happen sooner than later. Cause I want to buy a house.
I have my house up for sale and compared to other houses in our area I think it's reasonably priced (even a bit lower).
We've had about 10 people look at it so far (it's been on the market for about a month now) and had 2 people who were pretty interested, one who even asked for the seller's disclosure. Unfortunately, we have yet to hear back from them.
I understand the market is in a bad place and some people are expecting to get unreasonable prices for their houses but also some people are expecting to get houses for unreasonable prices too.
I think that the main problem that most buyers are running into as well (and this is from a buyer's perspective) is that when it comes down to it - many of us are willing to pay what the house is worth, but we are worried that it won't appraise for said price. If we had offered the asking price of the house we are looking at getting now, it would not have appraised for that amount. Luckily, it did appraise for the negotiated price.
I can only speak for myself, but we were not looking to screw anyone - just wanted to make sure that we as buyers were not underwater in a house before we even moved in. Honestly, for the most part, what is listed out there for listing prices is nowhere near where many close at.
I have my house up for sale and compared to other houses in our area I think it's reasonably priced (even a bit lower).
We've had about 10 people look at it so far (it's been on the market for about a month now) and had 2 people who were pretty interested, one who even asked for the seller's disclosure. Unfortunately, we have yet to hear back from them.
I understand the market is in a bad place and some people are expecting to get unreasonable prices for their houses but also some people are expecting to get houses for unreasonable prices too.
Who determine what is unreasonable? The seller, the buyer, the market?
I just sold a home and took a nice loss. So I have been through this on both sides now. And the more I think about it the more I think houses are still SUPER inflated. So I refuse to buy a house TODAY for say $300k and 1 year from now it be worth $270 or less. That is like my whole down payment (20%) gone after the loss and if I sold (realtor fees/closing). Is a 10% drop unreaonable to think over the next year? I certainly don't. So to buy now I need that BUILT in protection of the next year possible drop. Maybe not all of it but a piece of it. Is that fair? That is up to the seller to figure out as I clearly think it is.
The news out there is not good. Sure it could be overhyped but there is no upswing in sight regardless. So I am willing to wait for a great deal or wait till the market stops declining.
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