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I'm such a sucker for a story! Just letting you know up front, I don't believe you but I don't have another freaking thing to do till my husband gets home and we have cocktail hour! So here goes. And I know that other guy, whoever he is, thinks I'm a big liar and while I'm shattered by that, really I am, I've got no reason to lie about.
So here goes. I BOUGHT BELOW MARKET AT THAT TIME - MAY NOT BE BELOW MARKET NOW BUT IT WAS AT THE TIME SO SOME OF THE DEPRECIATION HAS BEEN ABSORBED. I DON'T HAVE TO SELL. I PUT MY CONDO ON THE MARKET 40k BELOW THE LOWEST ONE IN THE BUILDING WHICH WOULD STILL BE A PROFIT TO ME IF SOMEONE CAME ALONG AND PAID THE PRICE I AM ASKING OR JUST BELOW. IF THEY DON'T, I WILL NOT SELL. I WILL STAY HERE.
Is there really anything about that statement that I've made over and over again that you truly don't understand?
Oh, and ETA: How is selling for a loss giving it away? Because I'm not in the market to lose money. Anything less than profit to me is a give-away. I'm giving you what I put in and then some. Not interested in that. That is for distressed sellers, which I am not; hence, different circumstances.
I'm such a sucker for a story! Just letting you know up front, I don't believe you but I don't have another freaking thing to do till my husband gets home and we have cocktail hour! So here goes. And I know that other guy, whoever he is, thinks I'm a big liar and while I'm shattered by that, really I am, I've got no reason to lie about.
So here goes. I BOUGHT BELOW MARKET AT THAT TIME - MAY NOT BE BELOW MARKET NOW BUT IT WAS AT THE TIME SO SOME OF THE DEPRECIATION HAS BEEN ABSORBED. I DON'T HAVE TO SELL. I PUT MY CONDO ON THE MARKET 40k BELOW THE LOWEST ONE IN THE BUILDING WHICH WOULD STILL BE A PROFIT TO ME IF SOMEONE CAME ALONG AND PAID THE PRICE I AM ASKING OR JUST BELOW. IF THEY DON'T, I WILL NOT SELL. I WILL STAY HERE.
Is there really anything about that statement that I've made over and over again that you truly don't understand?
Oh, and ETA: How is selling for a loss giving it away? Because I'm not in the market to lose money. Anything less than profit to me is a give-away. I'm giving you what I put in and then some. Not interested in that. That is for distressed sellers, which I am not; hence, different circumstances.
You may need a better accountant because your number do not 'add' up.
I'm such a sucker for a story! Just letting you know up front, I don't believe you but I don't have another freaking thing to do till my husband gets home and we have cocktail hour! So here goes. And I know that other guy, whoever he is, thinks I'm a big liar and while I'm shattered by that, really I am, I've got no reason to lie about.
So here goes. I BOUGHT BELOW MARKET AT THAT TIME - MAY NOT BE BELOW MARKET NOW BUT IT WAS AT THE TIME SO SOME OF THE DEPRECIATION HAS BEEN ABSORBED. I DON'T HAVE TO SELL. I PUT MY CONDO ON THE MARKET 40k BELOW THE LOWEST ONE IN THE BUILDING WHICH WOULD STILL BE A PROFIT TO ME IF SOMEONE CAME ALONG AND PAID THE PRICE I AM ASKING OR JUST BELOW. IF THEY DON'T, I WILL NOT SELL. I WILL STAY HERE.
Is there really anything about that statement that I've made over and over again that you truly don't understand?
Oh, and ETA: How is selling for a loss giving it away? Because I'm not in the market to lose money. Anything less than profit to me is a give-away. I'm giving you what I put in and then some. Not interested in that. That is for distressed sellers, which I am not; hence, different circumstances.
Quote:
Can you explain to me how your (sellers) circumstances change the value someone is willing to pay for your property?
I understand your scenario and situation as you have stated that clearly. What I don't get is how you can be so sure that when you bought that property you are underpaid by 10%? You just seem to make a lot of assumptions like that and when someone suggests otherwise you seem to blow that off and deflect down other avenues.
And I was being honest about wanting to understand. I already filled my quota today for "winning fights on the internet with strangers!"
It was 10% below what the closest closed comp for the building was AT THAT TIME. It is priced 40k below the closest comp in the building now. Are the prices in the building now unrealistic? Maybe so. But what if someone does come along and pay me my price? What will you say then? Just curious. Will they be delusional buyers then? LOL!
In general, in inflation-adjusted dollars, housing will continue to go down for an absolute minimum of a couple of years. There've been estimates that, based on population, there are over 1 million excess housing units in the US. Relative to rents, prices remain high. Relative to income, prices remain very high. Not to mention that job loses are expected to continue to grow and will likely top 10% nationally by year's end. If you look at the Shiller index, house price declines are still only accelerating.
The flip side is that mortgage rates are at all-time historical lows. Who knows how long that will last? Maybe throughout this year? A total guess. But the way we're printing money, I worry about inflation (and mortgage rates) jumping a bit next year.
I'm actually actively looking to buy a home now. I happen to think most houses are still 'overpriced.' I remember looking at housing prices in Cherry Hill when I first finished grad school. Back then, pre-bubble, I could see houses I liked for around $250k. A couple years later, I couldn't see anything I liked listed for under $425k. Currently, I see some decent homes listed for around $375k. Will prices in Cherry Hill keep coming down? Probably. As good as the school district is, it is ultimately jobs that determine how a town fares. Ironically, I am now looking for a house in PA. So those years of studying my local market in preparation of buying a home are totally wasted. Figures!
At any rate, I don't blame Sellers for trying to get as much as they can for their house. If I were a seller I'd certainly be doing the same. We'll either agree on a price or we won't. And, since I'm not the one paying property taxes and maintenance, well, time is on my side. Okay, that's a bit of an exaggeration as well. My Wife can nag like nobody's business so I probably only have a few months before I lose my sanity . . .
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