How is the Real Estate Market where you live? (6%, mortgage, mortgages)

[HDL]

What are you seeing, hearing and reading about the Real Estate market where you live? Are you Planning to sell anytime soon? Will you buy in your same city? Will you rent? Are you upset that you didn't sell sooner?

Note: Please do not respond if you are involved in Real Estate as an agent, appraisor, broker, mortgage lender, etc. Thanks

[Need_affordable_home]

House prices are still dropping and have a long way to go. Could be 30-50% lower once the market bottoms out. I wont rent nor buy in my city because I hate it here and cant wait to leave south Florida!

[MoMark]

I'm in Southwest Missouri which is considered under the national average for home prices by 6% (that figure may have changed by now). I began looking at real estate here on the local MLS from Las Vegas in 2004, then I moved here in mid-June 2005 and began looking at homes myself. I found mine in Dec. of 05, but many I'd seen on the market had been on for up to two years by that time.
I bought my home in a strange situation. The owners had just purchased it months before, an older couple from Arkansas, but the wife didn't want to live here and the husband did. They replaced the roof, the carpets, waterheater, and repainted the whole house in a very pale coffee au lait tone, so light you aren't even aware it's not white at first until you see the white wood borders against it. Then a family member of the wife's family died and they had to stay in Arkansas (they'd never moved into the house here) and were eager to sell. I found out what they paid for the house and I only paid $7000 more than they did to buy it from them. They never knew I knew what they paid, and for all the work they put into the house, I got a great deal.
But, I still look on the MLS out of curiosity and there are still houses on the market - sometimes under changed MLS numbers with new pictures - on it from before 2005!
Prices are coming down some and the market is moving very slowly.
For me the value of the house isn't terribly significant as I own it free and clear and have no mortgage on it. I also have no intention of selling or moving...ever again.
But for those who are looking, with no-down loans becoming much tighter and criteria tightening up, there are fewer buyers who can meet loan qualifications I think.
My guess is the market will continue to decline, though I have no idea how far a decline in a place like Springfield, Missouri would go as there was never a bubble here.
If I were buying a home again, and needing a mortgage to do it, I'd make sure to put down 20% to give me some equity cushion and know that the house might decline in value from the date I purchased it.

[Janipoo]

I am in Maryland, between Annapolis and Baltimore and have had our house on the market 5 months, dropped the price by $31,000 with no luck. Very few people are even coming through. We are moving out of state to WV, my husband is already there working so this has been tuff.

That is my fear that now they are going to make the restrictions on mortgages tougher that there will be fewer people able to get loans. Our house is listed at $368,900 and with little down is still a big mortgage for some, on the other hand maybe it will bring more people down to our level. It seems now that young couple don't want a starter home, they want these big houses with all the bells and whistles and get way over their head with the mortgages. That is why there are so many forclosures now. It still gets me why couples with no children want these 4 and five bedroom houses (who wants to clean them). All the new construction around here start well over $600,000.

[msjbrent]

Trying to sell a second home in Florida. No luck! 1 yr old home like new. 1 showing in 5 months. 20 out of 32 homes are for sale in my neighborhood. No one wants to be in that area. My fiance really wants to unload it.

[daniellefort]

Originally Posted by Need_affordable_home

House prices are still dropping and have a long way to go. Could be 30-50% lower once the market bottoms out. I wont rent nor buy in my city because I hate it here and cant wait to leave south Florida!

We all keep hearing how you hate FL, you want to leave the state and all your posts discouraging new people from moving to FL. The whole state of FL isn't as expensive as where you live. You live in a 3000+ sq/ft home. that is 3 x the size of my home so yes, it's much more expensive but not everybody needs to live in a home that big. I'm just wondering why you haven't left already? What's keeping you from moving now? How long have you lived in FL? From all your posts you've been making, you've told us you live with your parents so that means your not waiting for your home to sell before you can move, you make enough money to live on your own, you don't have a car payment to pay for, you don't have any bills or credit card debt cause you don't use them. You said your parents spend a lot of money on you and your brothers and sisters so i'm sure helping with your moving expenses wouldn't be a problem to them. Don't get me wrong, i think it's great to be able to live debt free and have no bills but i'm just wondering why you haven't moved out yet seeing as you hate it sooooo much in FL? I don't think anyone knows your age because if we did, that would answer a lot of our questions.

[Torn2pieces]

I'm in SW Kansas and it's been picking up here. I close on my house March 16 after being on the market less then 2 weeks. Now, I have to say - I had my house listed last year for 5 months. Nothing, not a nibble...So, we relisted feb 1st and walah.....

Lots of houses being sold where I am. I think it depends on the state/town. Some places are still in a slump, others are picking up.

[Janipoo]

Originally Posted by Sammie

I'm in SW Kansas and it's been picking up here. I close on my house March 16 after being on the market less then 2 weeks. Now, I have to say - I had my house listed last year for 5 months. Nothing, not a nibble...So, we relisted feb 1st and walah.....

Lots of houses being sold where I am. I think it depends on the state/town. Some places are still in a slump, others are picking up.

I've heard a few people say that they had their house up for sale with no luck then took it off the market and relisted and it sold. Our listing contract is up at the end of the month and we are planning on taking a week or two break and relist with another agent. Can I ask, did you relist at the same price?

We actually had a offer come in today and they wanted another 19,000 off the price and 10,000 in closing help and wanted us to pay for a engineer to check out the house plus they have a house to sell that they just listed yesterday...needless to say, we said NO THANK YOU!

[HDL]

Are you buying up (li.e. a larger home) in the same area? What made you decide to sell in the first place? Why do you think it sold so quickly this year compared to last year?

Originally Posted by Sammie

I'm in SW Kansas and it's been picking up here. I close on my house March 16 after being on the market less then 2 weeks. Now, I have to say - I had my house listed last year for 5 months. Nothing, not a nibble...So, we relisted feb 1st and walah.....

[Torn2pieces]

Originally Posted by Janipoo

I've heard a few people say that they had their house up for sale with no luck then took it off the market and relisted and it sold. Our listing contract is up at the end of the month and we are planning on taking a week or two break and relist with another agent. Can I ask, did you relist at the same price?

We actually had a offer come in today and they wanted another 19,000 off the price and 10,000 in closing help and wanted us to pay for a engineer to check out the house plus they have a house to sell that they just listed yesterday...needless to say, we said NO THANK YOU!

I relisted at the same price - but need to explain - I have to say, when we first went on the market last year - we were asking for more. After being on the market for awhile, we dropped down in price, not alot, just a few thousand.

When we relisted this time around. We relisted at the price we last had right before we took it off the market. Hope that makes sense.

I don't know how long your contract is - The first time we signed a 6 month contract, this time around - we did 3 months.

Good Luck, I know how stressful it is to sell....

Just remember, when you go to relist after your contract has expired - it will be listed as A New Listing!!!!