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The market in my area is almost dead. Without any incentives from the feds, or any chance that mortgage rates are going to start rising, there seems to be no incentive to buy.
We are in a really bad buyers market.
IMO, if you want to sell, its only and specifically only, about price. The property must be a steal compared to everything else. Not just well priced, not just a really good buy, but a total steal.
In the early depths of the recession, I know of a house on Mount Desert island (home of Acadia National Park in Maine) that was selling for $329K--- a huge house, almost brand new on 3 acres. It was a great price. The owners had moved to Portland and needed to get rid of it. But..... in a moment of possible insanity, they reudced the price to $250K. The lines formed at the brokerage, and it became first come first served. It went on the market at the new price on Monday, and was sold by Wednesday. it was probably sold on Monday afternoon, but they couldn't put the paperwork together until Wednesday.
In an extreme buyers market.... its really ONLY about the price, isn't it.
When you look at incomes to home prices my area is pretty close to 3.0. That means that homes are starting to be inline with incomes. It isn't about the price as it is about affordability. Consumers that are left to buy aren't going to push themselves to financial ruin.
see post #273 on page 28 of the Sinking real estate market for 15 years? thread for a graphic explanation of this
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btw (to anyone):
how would you quote and capture images posted there?
you need a URL to the JPG.
to get this you right-click on the photo. Depending on your browser, it'll give you different options... view the source code, inspect the element, etc.. you may need to understand how to read basic HTML.
The market in my area is almost dead. Without any incentives from the feds, or any chance that mortgage rates are going to start rising, there seems to be no incentive to buy.
We are in a really bad buyers market.
IMO, if you want to sell, its only and specifically only, about price. The property must be a steal compared to everything else. Not just well priced, not just a really good buy, but a total steal.
In the early depths of the recession, I know of a house on Mount Desert island (home of Acadia National Park in Maine) that was selling for $329K--- a huge house, almost brand new on 3 acres. It was a great price. The owners had moved to Portland and needed to get rid of it. But..... in a moment of possible insanity, they reudced the price to $250K. The lines formed at the brokerage, and it became first come first served. It went on the market at the new price on Monday, and was sold by Wednesday. it was probably sold on Monday afternoon, but they couldn't put the paperwork together until Wednesday.
In an extreme buyers market.... its really ONLY about the price, isn't it.
Using "about" as a verb, in this context, is a non sequitur.
It's like asking, "What is the sky all about?" What exactly are you asking?
Price matters. Price has always mattered. So has condition, and location.
What has changed is that the volume of money being created by new mortgages has shrunk, due to unemployment, higher external costs like gasoline, and stagnant wages which are eroding household balance sheets, disposable incomes, savings, and downpayments. The horrible condition of American household balance sheets means Americans cannot borrow as much, and when combined with changes in bank lending, means that the volume of money created in the mortgage markets is shrinking drastically. Mortgage markets are what drive these price changes.
It is about VALUE.
Value includes condition, location, AND price.
^^ this
I think the spirit of the OP is incorrect in that "price" alone assumes condition and location don't matter - when we all know they do. Arguably more then price.
There are homes I wouldn't buy no matter what the price is because the schools are zoned a certain way, the 24hr gas station is next door, etc, etc, etc, etc.
I think the spirit of the OP is incorrect in that "price" alone assumes condition and location don't matter - when we all know they do. Arguably more then price.
There are homes I wouldn't buy no matter what the price is because the schools are zoned a certain way, the 24hr gas station is next door, etc, etc, etc, etc.
If someone wanted to sell me a house in my area, in a bad school district next to a gas station for $1, I'd buy it.
However, if someone wanted to GIVE me a house for free in a city like Detroit where the property tax liabilities were so high that "free ownership" of the house was actually a liability, I'd say no.
Quote:
Originally Posted by rational1
> Using "about" as a verb,
Umm, no. The verbs in this sentence are is (part of it's, which is missing its apostrophe) and is again (in isn't, which isn't).
actually you're right... but it is still a nonsense statement, asking if "It" is "about price".
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