Why is my house not selling ?? (San Antonio, Bowie: sales, mortgage, selling a home)

[firstclassflyer]

That is why I will wait.

[Berlin1980]

Originally Posted by firstclassflyer

That is why I will wait.

Very wise. I suspect 2011 may be good time to buy - but that is a wild guess

[rd2007]

Originally Posted by Berlin1980

Yes I agree that long term SA is not too bad - since we did not see the crazy high price appreciation. However in 2005 and 2006 a lot of houses in our area (> 400K) were sold to Californians who frankly paid too much.

Now there are a lot of houses on the market in our area and the owners are looking for 2006/2007 prices and nothing is selling. So compared to 2006 and 2007 house prices are probably down maybe 5 to 10%. I expect that this will continue - unless this overhang is removed.

That area is stone oak right? That's the only area in the entire city where house values have gone down (-3% according to the EN last week). It's pretty easy to figure out why also..
As far as the rest of the city, there is a slow down, but nothing like what's happening in states like california and florida. That one is also easily explainable..

[Berlin1980]

Originally Posted by rd2007

That area is stone oak right? That's the only area in the entire city where house values have gone down (-3% according to the EN last week). It's pretty easy to figure out why also..
As far as the rest of the city, there is a slow down, but nothing like what's happening in states like california and florida. That one is also easily explainable..

No the area is Inwood.

Be careful of the median price stats they do not mean much, since they are easily skewed.

Agree that it is nothing like CA or FL, but prices are not going up. Stone Oak however is a disaster, try getting out of there at 8 am. Any realtor who recommends Stone Oak should be struck off.

[rd2007]

Bingo. I have no idea why anyone would move there. Unless they only saw pictures of it and never actually visited..
and I'm not familiar with this Inwood section. I basically stay in my little hole and don't venture out much. Although I did go to stone oak for a company party last Saturday and was totally not impressed. It did give me a completely different perspective on my traffic though. Mine (1604/151/90) has issues, but I have no idea how anyone could deal with that traffic up there every day.

but back to the topic.. I think everything will settle down soon. This is an election year and that has quite a few people jittery, but basically things really aren't that bad. They're bad for a few people, but the vast majority of us are doing just fine. My income continues to rise at a very nice rate and for most people that is good enough. Seems the whiners and mental midgets that made seriously bad investments are getting the majority of the press for now, but we'll soon get bored of them and move along..

[Berlin1980]

Originally Posted by rd2007

Bingo. I have no idea why anyone would move there. Unless they only saw pictures of it and never actually visited..
and I'm not familiar with this Inwood section. I basically stay in my little hole and don't venture out much. Although I did go to stone oak for a company party last Saturday and was totally not impressed. It did give me a completely different perspective on my traffic though. Mine (1604/151/90) has issues, but I have no idea how anyone could deal with that traffic up there every day.

but back to the topic.. I think everything will settle down soon. This is an election year and that has quite a few people jittery, but basically things really aren't that bad. They're bad for a few people, but the vast majority of us are doing just fine. My income continues to rise at a very nice rate and for most people that is good enough. Seems the whiners and mental midgets that made seriously bad investments are getting the majority of the press for now, but we'll soon get bored of them and move along..

Yes you have the right attitude. San Antonio is probably one the the best cities to be in right now with this real estate tsumani - but do not expect much appreciation. However it is better than seeing a 50% drop - that will (and is!) happening in CA.

The best thing about this slowing down is that maybe we will move away from this real estate obsession and start doing more productive things with our time.

[traficdogn]

Originally Posted by Berlin1980

Now there are a lot of houses on the market in our area and the owners are looking for 2006/2007 prices and nothing is selling.

Out of curiosity, did used-homes in Inwood ever sell fast?

From my observation of custom homes in new areas, used homes have not sold fast whether it be during the boom or slowdown. I do see a lot of homes that are removed from listings yet never sold.

[Retired-&-going-back-2-CA]

Originally Posted by Berlin1980

However it is better than seeing a 50% drop - that will (and is!) happening in CA.

I've seen 10-15% drops, but not 50%. Where in CA is this? I'd like to pick up a few properties if this is true!

[Berlin1980]

Originally Posted by traficdogn

Out of curiosity, did used-homes in Inwood ever sell fast?

From my observation of custom homes in new areas, used homes have not sold fast whether it be during the boom or slowdown. I do see a lot of homes that are removed from listings yet never sold.

Yes, they never sell that fast - but there was a time in late 2006 that they sold VERY fast, sometimes less than 1 week.

However the problem is I think that the sellers of some of the houses are unrealistic. They expect top dollar for house so they let it sit on the market for years. Maybe they could get this price 1 year ago but not now.

Also Inwood is a great area with great transportaion/schools. I can just imagine that it is worse elsewhere.

[Berlin1980]

Originally Posted by Retired-&-going-back-2-CA

I've seen 10-15% drops, but not 50%. Where in CA is this? I'd like to pick up a few properties if this is true!

Have a look here:

Dr. Housing Bubble Blog

He runs a section called real homes of Genius. The latest one is down 40%

Real Homes of Genius: Anaheim Half-Off Sale! Down 40 Percent in Less Than Two Years.