U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-02-2007, 05:40 AM
 
889 posts, read 2,850,999 times
Reputation: 343

Advertisements

Quote:
Originally Posted by the Parkies View Post
Hi, everyone,

We’ve been thinking a lot about those of you who are now—or will be soon—trying to sell your house and move forward with your lives. We want to offer our perspective to those who may benefit from our recent experience and insight.

In January 2007, we listed our house for sale for the first time in 37 years. The real estate market in San Diego had skyrocketed during that time (we laughingly called ourselves "poor folk living in a rich house"). We still remembered twenty-cent bread and five-thousand-dollar houses. We paid more for our 2005 car than we did for our 1969 home.

Understand, however, that what you may see as our huge real estate profit is only on paper, only potential. We are still "poor folk," meaning that we still live comfortably but not extravagantly on our retirement income, and we have no guarantee that anything will change. To be honest, once it's all sorted out, we do not expect much of anything to change--ever!

Imagine, then, if you will, our feelings last winter when we realized how much we might be expected to pay to buying and selling realtors, at the traditional combined 6%, for the seemingly simple transaction of selling our house. [Pause here for reality check and smelling salts.]

Our reactions ranged from incredulousness to downright anger. We had never paid that kind of money for anything--home, car, anything--in our lives! Surely these realtor fees were the world's biggest ripoff. Never mind that there would also be Capital Gains taxes, while the State of California (believe it or not) would also tax our Capital Gains as personal income!

Bottom line: We felt totally abused. (On certain levels, we still do.)

That was last January. We managed at that time to negotiate realtor fees to "just" 4.5%. We still gasped and reeled, but tried to consider and honestly understand the current difficult market. Surely we did not want to sell our house ourselves in this market!

Fast forward eight months--eight long months during which our realtor/friend/neighbor has planned the work and worked the plan, has spent the advertising money and smiled the smiles--and still is doing all that, in fact, despite her own raw emotions. She has been the only reason we are still sane. Yet she has received only one offer on our house after all that time and all that money, energy, effort, and caring!--and that one offer was from an investor hoping to "steal" the place.

I won't detail realtors' costs to do business, but I have seen them outlined and they are substantial. Their commissions are not their net profit, by a lot!! We have been embarrassed, in fact, to think about the hourly wage our realtor has potentially made this year. Her potential income is like our potential profit. And in this market, neither picture is pretty! We do not envy her! In fact, we feel sorry for her!!

Our house is now listed for only three-fourths of the original listing price, yet we have chosen to raise realtors' commissions to a total of 6%. (We would raise them higher yet if we thought it would do any good.)

Our point: If you want to sell a house in this market, our advice is to hire the best realtor you can find. Don't even think about selling it yourself on a couple of websites. You're only wasting dream time. Bottom line, you'll be lucky if you sell your house even using the big guns, in today’s market. And, whether we like it or not, today’s market may be tomorrow’s market for a long time to come. Bottom line, nobody really knows!!

For eight months, folks, we have spit-shined our house, arranged every pillow, worked the yard, and proudly invited realtors to show the property--an exceptional San Diego house with an unmatched bay/city view. We have learned to "do the drill” in as little as 15 minutes. We have evicted ourselves every week for hours so that we could show our beautiful home at its “Sunday best” at the convenience and in the privacy of more than 125 "qualified" buyers.

We have finally moved OUT of our house in exasperation without selling it. Despite our normally joyful personalities, we were finally losing our sanity! As recently as two days ago, after again reviewing those horrible California “disclosure” forms, I found myself screaming as I windexed ceramic entry tiles on my hands and knees (because our cleaning tools had already been packed). I suddenly could not recognize myself. We left the following morning and are only now seeing the fog lift.

Our advice to those who can find the way:

Dream the dream NOW. Leave NOW. If you can't buy, then RENT, even if it's a one-room shack on a hillside--while you leave your house in the hands of a professional realtor and divorce yourself mentally and emotionally from the whole trauma.

Or take it off the market for whatever number of years it will take for this market to “correct.”

Either way, save your sanity!

We only wish we had left our “FOR SALE” sooner!

With warmest wishes,

Jan
Welcome to NC!!!
I feel your pain,almost. We listed in Nov.05 just when in Calif. it was starting to change but nobody quite knew it.
We sold in April of 06 and now look back and know we got out just in the knick of time.
Could not agree with you more about the RE commission. We were at 4% with ours, ( personal friend) and learned late in the game it was more appealing for Realtors to have showing our home at the 6%.
Good luck
Reply With Quote Quick reply to this message

 
Old 10-02-2007, 04:20 PM
 
Location: Woodlynne NJ
219 posts, read 789,162 times
Reputation: 123
Parkies,
Know what you mean.
If we had listed just 6 months sooner we would be in Shallotte RIGHT NOW.
We still have one two backups to make things happen BUT.................
Sooooooooo, we realize everybody wants to make a big buck and we don't care just so we can get on with our retirement.
We have come to realize it is gonna be a long tough road but we are gutting it out and pray and pray and pray.
It will happen...........
Best of luck
Dennis and Judy Gormley
Woodlynne NJ
Reply With Quote Quick reply to this message
 
Old 10-02-2007, 10:12 PM
 
Location: East Asheville
758 posts, read 2,088,233 times
Reputation: 397
Mvn2NC, you're right--you were VERY lucky to get out when you did. We, on the other hand, were very lucky to buy into the CA market in 1969 just before prices rose dramatically, so we're not complaining now--we just want out!

Dennis & Judy, I've been following your situation and praying with you. If it isn't possible for you to leave and rent in NC... or if you can't rent out the house you own in NJ and move on... there is nothing to be done but tough it out until the market "corrects." We hope that happens soon--for ALL of us!

Jan
Reply With Quote Quick reply to this message
 
Old 10-05-2007, 10:35 AM
 
5 posts, read 7,493 times
Reputation: 10
Thank you for stating the case for real estate agents for accurately! So many people think we are getting rich, but only a few in unusually hot markets actually are. I won't even attempt to figure out my hourly wage. I feel certain I would quit selling, a business I thoroughly enjoy, if I actually knew how little I earn per hour. The biggest misconception most people have is that an agent gets 6%. In the majority of cases, that gets split four ways and then expenses are taken out before an agent gets a share. I am glad you got a good agent who is sticking with you even in these tough times.
Reply With Quote Quick reply to this message
 
Old 10-07-2007, 09:48 AM
 
889 posts, read 2,850,999 times
Reputation: 343
Quote:
Originally Posted by the Parkies View Post
Mvn2NC, you're right--you were VERY lucky to get out when you did. We, on the other hand, were very lucky to buy into the CA market in 1969 just before prices rose dramatically, so we're not complaining now--we just want out!

Dennis & Judy, I've been following your situation and praying with you. If it isn't possible for you to leave and rent in NC... or if you can't rent out the house you own in NJ and move on... there is nothing to be done but tough it out until the market "corrects." We hope that happens soon--for ALL of us!

Jan
Yes, 1969 i'd say you'll do quite well!!! Good for you
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top