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May I ask why you even have the house up for sale then?
Your house has been on the market for what 10 months now? Have you had a price decrease? From what I see you're in Mass, isn't the market there getting a large price correction?
I'd still love to see the MLS listing to see what your competition and the pricing is for the area.
Quote:
Originally Posted by defiance
I don't believe my house is anything special... It's just a house. That's why I know the sale price history, square footage, and time on market for the past few years, and not only am I pricing in the average of that range (even though smaller houses like mine have brought a few bucks per square foot average premium), and have the flexibility to accept up to 10% below average.
[quote=Roselvr;1542734]May I ask why you even have the house up for sale then?
Your house has been on the market for what 10 months now? Have you had a price decrease? From what I see you're in Mass, isn't the market there getting a large price correction?
I'd still love to see the MLS listing to see what your competition and the pricing is for the area.
we want to sell but don't HAVE to sell, so i guess we can "play" the game.
We have had lots of serioius offers and accepted a few of them. A few fell through because of their financing. Three fell through because they had (still have) a house to sell and one couple was moving in with their inlaws because our house has an inlaw aptmt. (the day they were signing and were on their way to my realtor's office, the MIL decided she didn't want to live with the daughter and husband). Oh, and one more backed out because of $200.00 fix on the back deck. So when you ask, yes i want to sell but do buyers really want to buy??
i would be happy to send you the MLS. I am not very comfortable telling all the world on this web site, though.
I don't believe my house is anything special... It's just a house. That's why I know the sale price history, square footage, and time on market for the past few years, and not only am I pricing in the average of that range (even though smaller houses like mine have brought a few bucks per square foot average premium), and have the flexibility to accept up to 10% below average.
Not to mention, we could honestly pay the second mortgage for nearly a year just based on what we have saved to get us through this process.
Plus, most people are upgrading to 50% or something - but that's not the case with us. We waited a LOOOOONG time to do this. This house was bought by my wife when we had a total household income in the 30k range, and that income has more than quadrupled. We aren't stretching the budget by a long shot with the new mortgage; in fact, when we calculated our budgetable limit, it could actually cover BOTH mortgages indefinitely.
I understand it's a risk, and I understand that most people should never consider it - but we've prepared for that risk THOROUGHLY. If the worst case scenario happens, we'll still be fine.
I didn't mean to hijack the topic, though
Your only willing to accept up to 10% below average?
This makes absolutely no sense to potentially put yourself in a bad financial situation because mainly your "anxious" to get this done.
What's wrong with doing the financially prudent thing in this case?
Giving reasons for justification to carry two mortgages (when you don't have to) is something I'll never understand.
Your only willing to accept up to 10% below average?
This makes absolutely no sense to potentially put yourself in a bad financial situation because mainly your "anxious" to get this done.
What's wrong with doing the financially prudent thing in this case?
Giving reasons for justification to carry two mortgages (when you don't have to) is something I'll never understand.
good luck anyway w/your choice.
I'm willing to accept 10% below average *immediately*. If a month goes by without an offer, obviously that would change, and we could afford to take a LOT more than that.
Our realtor already has people waiting until we put the house up (we have to finish painting - I've taken off time early next week, so we'll probably list the following monday, and there's an expected tour within the first week.
The market in my area has cooled, but fair-priced homes are still moving quickly. Slightly overpriced stuff has completely died, but homes with fair asking prices are moving almost as quickly as normal.
Look, who cares, I'm in no trouble, and I've examined all aspects of this situation thoroughly. Save your advice for those who need it. If I end up bankrupt next month you can feel vindicated. don't hold your breath.
Prim2007 sums the situation up very well in few words in post #178.
Looking at recent posts, I really would not recommend boosting the feeling that buyers/viewers can go to blazes. In essence, you have no sure means of knowing who will buy. A lot of assumptions are being made here, in what is essentially a buyer’s market.
Punching the air and feeling good about turning away a viewing? Hmm… I wonder if that’s the way to go. I don’t think I will be doing that.
We really need to know the ratio/percentage when you slag off the lowballers. 70 drop on 210 is appalling, 70 drop on 700 ain’t so bad.
MovingIL is right to say: ’Please, don't forget to look at it from the buyer's side.’ Unless you are in a very unusual position, you are a buyer as well as a seller.
With regard to online viewing, and ‘why do they bother coming?’, I have seen many properties that look great online, and when viewed, there are significant problems such as access, the lie of the land, the neighbourhood etc. So don’t criticise people for not wanting to buy when they view. After all, you would expect the same prerogative when viewing. defiance at #188 seems to agree with me there. He/she seems to have a good grip on what they are doing, so I wouldn’t pick holes in that strategy. It is beautifully summed up with ‘The market in my area has cooled, but fair-priced homes are still moving quickly.’
Blow out viewings if you like, but in a few months time with further falls you may wonder if you made the right decision.
Defiance, I'm going to be blunt here, you'd be better off to sell your house first before you buy. Everyone thinks their house is the taj mahal and won't have any problems selling, however nothing could be further from the truth.
All you have to do is listen to the horror stories on this website.
Why put yourself in that position if you have the CHOICE not too?
I could not agree more. We are one of those stories and swore it would never happen to us. We had double house payments for over a year. I won't go into all of the details here but I will never, ever go through that again. We learned a hard lesson.
Defiance, if you're so sure your house will sell quickly, why not just sell it before buying? I think that's what has everyone puzzled here about your situation. Everyone told me that my house would sell quickly, too. Even my loan officer thought I should go ahead and buy another property, but I'm very cautious and believe in doing things the most logical way. Here it is 5 months later and my house still hasn't sold. It's priced right, in a great neighborhood, and is in tip-top condition. It's been buyers who are just starting to look, want something slightly larger, house needs to face east because of religious reason - you name it. Glad I took my own advice and not everyone else's. You're getting good advice here, tried and true accounts of what's been happening to folks in all sorts of markets. Take heed.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,590,742 times
Reputation: 677
Defiance,
I promise you no one is trying to be negative on you or your plans, you are getting very good advice and no one wants to see anyone here get into a mess bigger than you could possibly fathom. You are taking a huge gamble, and if you are prepared for that, well, all I can say is be prepared for it...
If we are wrong, you can rub it in our face later :-)
And I hardly ever agree with CouponJack, but the advice he gave you is right on...
Defiance,
I promise you no one is trying to be negative on you or your plans, you are getting very good advice and no one wants to see anyone here get into a mess bigger than you could possibly fathom. You are taking a huge gamble, and if you are prepared for that, well, all I can say is be prepared for it...
If we are wrong, you can rub it in our face later :-)
And I hardly ever agree with CouponJack, but the advice he gave you is right on...
Defiance, if you're so sure your house will sell quickly, why not just sell it before buying? I think that's what has everyone puzzled here about your situation. Everyone told me that my house would sell quickly, too. Even my loan officer thought I should go ahead and buy another property, but I'm very cautious and believe in doing things the most logical way. Here it is 5 months later and my house still hasn't sold. It's priced right, in a great neighborhood, and is in tip-top condition. It's been buyers who are just starting to look, want something slightly larger, house needs to face east because of religious reason - you name it. Glad I took my own advice and not everyone else's. You're getting good advice here, tried and true accounts of what's been happening to folks in all sorts of markets. Take heed.
Wish you well no matter what you decide...
Because, quite simply, we have NOWHERE else to live. Nearest family to either of us is over an hour away in good traffic, and since we both work 8-5, there's no such thing as good traffic. And we've been watching the market in the neighborhood we want for over a year in preparation for this; houses we like for reasonable prices in the neighborhood we want are few and far between. Based on the last year, the chances of one being available when we happen to sell are nearly nil.
We are going to have the house on the market the *SECOND* we have an offer confirmed; the agent already has most of the pictures (and will get the last few when we finish painting the related rooms - this weekend), and is already talking about the house with potential buyers.
But in short, we're not willing to live in a hotel or something while we wait for a viable house to come up in our neighborhood. That could end up MUCH more expensive than double mortgages.
And like I said - If we are financially capable of paying both indefinitely, why chance being forced to move to a different neighborhood? Why not do what it takes to get the house we actually want?
I know from reading this now that this is universally thought to be a bad idea, but there ARE situations where it's the best option.
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