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Old 02-19-2009, 03:40 PM
 
2,197 posts, read 6,521,347 times
Reputation: 1682

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Quote:
Originally Posted by Flat2MT View Post
You do understand basic economics and the law of supply and demand, don't you?
Gosh, is that where someone who wants something they can't afford thinks that everybody else has to supply it for them just because they demand it? Did Obama pass that into law, too?
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Old 02-19-2009, 03:44 PM
 
2,702 posts, read 3,100,704 times
Reputation: 2913
Capitalism is not what the Obamessiah is proposing. He wants to bail out the banks and people who decided that they wanted the big house when they could not afford it. Too bad. I hate all of this irresponsibilty. It is a disease that infects this country. We need to eradicate it and our government in condoning the behavior.

Also, for all of those that are selling and state that "I don't have to sell", please, take your overpriced home off of the market. If you don't have to sell, then why are you? If you want to sell, even if you "don't have to" get realistic with your price. In todays market, buyers don't care if you put in a new countertop in 2001.

And another thing, for all those whiners complaining about how buyers are greedy and are trying to buy a $500k house for $100k, get a grip. First off, the house is probably not worth $500K, which is why the buyer will not pay it and no, they don't or shouldn't care about how much you owe.
This is called a correction and we need one desparately. I remember when people in NJ were buying homes for $100k over listing price without a home inspection. WTF!!!!! We had a long period where prices skyrocketed and now need to come back down to earth.

I know I am rambling, but I am sick and tired of hearing about our government bailout of corporations and homeowners, their college buddies and their long lost cousins. TAKE RESPONSIBILITY. IF YOU MADE A BAD INVESTMENT, DEAL WITH IT.

BTW, will Barnie and Nancy give me a bailout on my equities losses?

Quote:
Originally Posted by goodbyehollywood View Post
As long as sellers own their homes, they can price them however they wish. If buyers don't like the price, they can move on to another house. It's called capitalism.

Buyers think they can set prices wherever they want them and sellers have to capitulate. Not all sellers agree. Yes, some homes are overpriced, but a lot of decently priced homes are sitting because buyers can't get mortgages. If I were a seller, I certainly wouldn't lower my price because marginal buyers can't get loans. I'd simply price within the comps, then wait until a qualified buyer came along and negotiate accordingly. Houses aren't commodities. Not all sellers have to sell... and they certainly don't have to arbitrarily lower their LP to 1998 pricing, because fencesitters think they should.
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Old 02-19-2009, 03:47 PM
 
132 posts, read 308,469 times
Reputation: 63
Quote:
Originally Posted by goodbyehollywood View Post
Gosh, is that where someone who wants something they can't afford thinks that everybody else has to supply it for them just because they demand it? Did Obama pass that into law, too?
Flat2Mt has his answer....now I personally would have given you the benefit of the doubt.

Oh well we can't all be right.
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Old 02-19-2009, 03:49 PM
 
Location: southern california
54,277 posts, read 71,066,153 times
Reputation: 46218
FMV for FSBO when its is his 1st house and he kept it after the divorce, 2 bedroom 1 bath, sacrifice 1st 4 trillion takes it.
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Old 02-19-2009, 03:51 PM
 
132 posts, read 308,469 times
Reputation: 63
Quote:
Originally Posted by keyweb View Post
Well, I certainly didn't mean to start a war here. And no, I am not a greedy, unrealistic, uneducated, underage, Cheerio-eating buyer either (Who eats Cheerios, anyway? I wouldn't even feed my dog that processed stuff!)

All I would like to say is that I am sitting on several hundred thousand dollars of a down payment, a decent credit score, and I would like to HELP this economy by buying a house. But instead, I wait. Because I see that the majority of buyers are still pricing their properties based on:

what they owe, what they paid, what they want, what their XYZ relative thinks they should get, what THEY think they should get, what they need to pay off their HELOC or Home Depot credit card account, what they need to send their kids to college, what they need to pay for that island vacation, and who knows what other factor,

EXCEPT THE FAIR MARKET VALUE OF THE PROPERTY (which is calculated based on VERY RECENT 30-60 day comps, which are 1998-2002 pricing in my area).

This is not rocket science: If you bought your house in 2005 for 500k, and did nothing to it since then, it should NOT be priced at 500k today. Sorry. If you have to bring a check to closing, well, guess what: Everyone's doing it! The houses that are overpriced sit on the market for 6 months to a year. They go through price reduction after price reduction and they still won't sell because by then a buyer thinks the property is old, undesirable, etc. Then these properties come back on the market about a year later as a short sale or foreclosure. So sad. And the housing crisis never ends.

Be a patriot! Help ease the housing crisis and improve the economy. Price your house accurately. Think of how much further along our economic recovery would be if we had a huge run-up in home sales!
No war just good social discourse. Wait before you pull the trigger and you will be presently surprised on how much better off you were.

Buyers are driving most of RE markets so sit back, take in the scenery and enjoy the ride. You will know when you near your exit......it is going to be very obvious to those who are patient and have a well thought out strategy.
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Old 02-19-2009, 03:52 PM
 
Location: Where I want to be!
6,196 posts, read 4,723,359 times
Reputation: 2574
Not being ugly here but I will give you my own story in short version. I am rural, large house, acreage, pool, barn the whole bang. I am competing with 7 other properties, none have pools, horse ready barns, fencing (rail not wire) and 5 of them have less land. I am the lowest priced of the seven. Well guess what the "buyers" are still coming in with 50k to 100k less, and yes they are all saying everything that is being posted here. Those buyers are looking to buy big on a beer budget, they dont care what the current comps are, they just want all they think they deserve. They even throw out statements like the sellers isn't listening to the news. Give me a break. I am not being unrealistic in my pricing, I am lower than the comps.................
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Old 02-19-2009, 03:52 PM
 
2,197 posts, read 6,521,347 times
Reputation: 1682
Quote:
Originally Posted by VivaLaEvie View Post
Does the individual buyer's situation change the FMV of a specific house? Of course not.
And that was all that I said. That and the fact that I have the right to price MY house any way that I deem appropriate; if a buyer doesn't like it, they can move on. I'm sure I'm totally right about that.
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Old 02-19-2009, 03:54 PM
 
132 posts, read 308,469 times
Reputation: 63
Quote:
Originally Posted by the painter View Post
Heads in the sand???? IF a house is listed at say 150k and all the houses for sale in the area are priced in the same range, and they are listed correctly for the area sold comps why in the heck would a seller lower their price to what it MIGHT be worth in the future? If you want to buy at a future possible reduced price then by gosh wait till then. No one is telling buyers they have to buy and if you are so worried about what the home will be worth in 6 months then wait 6 months and hope the home you are wanting is reduced and not sold. I cant wait to see what happens when all the deal seekers do when they have to sell, are they going to go back on the market in say 5 yrs and sell it at a low price or are they going to try to sell at a profit???
Actually if they did their due diligence, if and when they bought in this market, then they should be fine. And that means not looking at their home as an 'investment.'
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Old 02-19-2009, 03:59 PM
 
2,197 posts, read 6,521,347 times
Reputation: 1682
Quote:
Originally Posted by stosh View Post
Flat2Mt has his answer....now I personally would have given you the benefit of the doubt.

Oh well we can't all be right.
Good God, can you not even dig down deep and find a sense of humor? It's free, you know, so you don't even have to wait for someone to hand you one.
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Old 02-19-2009, 04:02 PM
 
Location: Tricoastal
353 posts, read 669,988 times
Reputation: 264
I sympathize with OP. I have been seeing this for months now. One effective way for the economy to come back is by house prices dropping further (thereby driving home sales). I guess this is too bitter of a pill for many sellers to swallow. Let's say it all together now: Getting to the bottom in prices is a good thing. Cheap housing is a good thing.

Saving the Housing Market By Speeding Up Foreclosures - TIME
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