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The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under anycompulsion to buy or to sell and both having reasonable knowledge of relevant facts.
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?
Yep, personal responsibility and every action has a consequence should be required teaching in our public screwl system.
So what does the Stimulus package have for those who did the right thing, didn't chase the rainbow, made all mortgage payments on time, understands the value of a dollar, lives within their means, etc etc.
Answer: The bill
I should have been an idiot and jumped on the bandwagon when I had the chance. Personal integrity doesn't have a value anymore....now that's disappointing.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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My observation is there are alot of angry buyers that were priced out during the last five years, but their friends weren't. They sat by, jealous, they couldn't buy the McMansion with the granite and stainless steel that their friends could. Envy ate away at them over the years and now that their friends have to sell, the disgruntled buyers of today want to seek revenge. They want their friends' blood!
MU-HA-HA-HA-HA-HAAAA!!!
(Disclaimer: that was a joke. Might be lame, but I found it rather humorous)
On a serious note...anyone can ask whatever price they want for their property. If you feel it's overpriced, oh well. Move on. It's not your right to tell them to pull their house from the market. It's none of your business, really. If you can't afford to buy in today's market, how about *you* stay the heck out of it. (Don't like no one telling you what you should do, huh??)
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.................
I think it's too late. If the majority of buyers and the rest of the world think something is too high priced...and they are exposed to what is happening on the market and the constant paranoia shown on the news, the RE market has NO CHOICE but to eventually give in to the buyer's demands. If no one is going to pay XX price any longer for XX property, then eventually the seller needs to meet the buyer's demands. The every-day Joe is now running the market here.
Texasnick, It's the every-day Joe that is now trying to buy in to being the Jones. From those that I have spoke to (not here on cd) they are wanting the move up houses. They don't want to purchase the lower end homes, they want to skip the moving up phases that our parents went through. They want to start with top quality, master suites, ect. They are looking at 250k house and wanting them for 175k
Texasnick, It's the every-day Joe that is now trying to buy in to being the Jones. From those that I have spoke to (not here on cd) they are wanting the move up houses. They don't want to purchase the lower end homes, they want to skip the moving up phases that our parents went through. They want to start with top quality, master suites, ect. They are looking at 250k house and wanting them for 175k
So what? If you can buy it for $175K and can afford it without being a burden on society, then go for it. Isn't this the land of opportunity?
You can't protect people from themselves....oh wait. Is that what the Prez is doing with the Stimulus package?
See this is where it gets one sided. If you can, go for it but if you are a seller forget it. So what for the buyer and who cares what happens to the seller, right? It is everyone for themselves I get it. It doesnt matter if it is right or wrong, it doesnt matter what the value is, it is what everyone gets for themselves, kinda the same mentality that has put us in this current situation isn't it? these people that wanted a house got the loan and now is walking away. Now the people that worked and lived correctly have to bend over to sell to some one that wants the best at the least price, yelling about historical prices and what is fair. Guess what I want a 1962 Mustang at the historical price too. Yea good luck there.
The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under anycompulsion to buy or to sell and both having reasonable knowledge of relevant facts.
Says who!?!?! In Fantasyland Economics?
When people have to sell- because of lost job, move, divorce, death, whatever - that is real life and real life is what causes prices to drop. Not "I can sit here for years with my house on the market and hold out for my price." Under your scenario, prices would never drop. This is a make-believe scenario.
Please, no offense, but is there someone at the NAR telling realtors this, or where does this come from? I have heard realtors say this before....
One of the things I love most about real estate is it's one of the fields out there where the non professionals always seem to know more than the professionals...
(Note - Check your sarcasm meter to make sure it isn't broke.) (Disclaimer-not all licensed real estate agents are professionals.)
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