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Hey, how did my post get hijacked? All I suggested was that those who CAN manage it, consider renting a place in the land of their dreams while they wait for the market to improve. And maybe in the meantime consider renting their own house out to someone else (who's maybe also waiting for the market to improve). Gee, I thought that was a great idea!
Father John, we wish only the best for you--you know that. And you're certainly not naive--you know far more than we do, for sure, about selling houses. But... hmmm... we hope we're proved wrong when we say we think you'll have a tougher row to hoe than you can imagine right now, in your "honeymoon" phase, when it comes to selling anything in today's market.
And we have far more respect for realtors and sales people in general than your experience seems to have gleaned for you. I have a ton of successful professional sales experience--but have never sold anything to anybody that he didn't want or need. The very definition of sales, in fact, is "finding a need and filling it." Successful professional sales people, including realtors, serve their clients and have their interests in mind, profiting only by serving. In the larger view of life, everyone (including the clergy) is selling something, and they will succeed in what they do only to the degree that they serve. Their reputation--and future success--will also depend upon the quality and reliability of that service. No service=self-service=no sale. But, as you say, different folks, different experiences. I like my experience better.
Going back to the original topic (renting): We still have a mortgage in San Diego, and we do not intend to rent out our house there for a number of months (so that the house is easy to show), but that hasn't stopped us from renting a house right now in Hendersonville. We'd eat a lot of rice and beans to do what we're doing--starting our new lives NOW. But, then, we actually like rice and beans....
Any others out there who have decided to RENT--or are considering it?
I've been following these posts and have even added my two cents a couple of times on this one, but have you thought about using a flat fee MLS service? I don't know if you have one of these companies in your area, but a website you might look at to get an idea of what kind of services are offered is highcountryflatfee.com. I know this one is in Boone, but it is a great alternative to using a full service RE broker, especially since you are doing most of the work yourself. Just a thought. I wish you and everyone else who is trying to sell their home in this market the very best!
And no it didn't get hijacked it just got tweaked a bit. I love what you guys did and that is what my hubby and I will be doing (just have to decide on one of the three homes we saw) We will be making an offer soon almost did last night and leave Fl and our home to our realtor and see if it sells in a few months.If not we will put the Fl home up for rent. We will first TRUST OUR HOUSE TO OUR REALTOR. I love your posts. Oh we lived in CA for 25 years but sadly left it in 2004. I loved it there but we lived up north a bit from you in the SF bay area.We are so priced out of that market now oh well NC is just as beautiful and the few times I have been up there looking for homes the people are nicer. Keep on posting please you add a bit of zing to this board.
A few thoughts in general, blunt to be sure, right or wrong depending on your point of view.
Moving on to a new area into a RENTAL, while your old home is selling is not a bad idea.
Moving on to a new area and BUYING, BEFORE you old home sells is FOOLISH!!!! Especially if you are moving from dead selling or depressing area's (hello florida). I say this because I know several people that bought their new house, just "knowing" that their old house would sell quickly, they wound up carrying 2 mortgages for months/years.
If you receive a qualified offer, in todays market, you'd best think twice about turning it down, as it may be the only offer that you get or at least the follow on offers may be less, especially in a declining market. Those same people that I know, that carried their old homes for years, turned down offers that they thought were "stealing" it, and only to turn around and sell it eventually for less, later on. This is especially frustrating when the sellers are looking at a 2000% profit, but don't want to get a penny less.
Market conditions were HYPER inflated over the last 3 years and are now falling, on a national basis, first time since the Great Depression. The CEO's of some of the nation's biggest home builders are not looking for the housing market to bottom until late 2008, early 2009, while analysts are looking at 2010 for a rebound. But that would start a rebound from a bottom, so to get back to todays pricing, will take, what, 5 - 7 years??
Believe what you want, prices for housing will continue to come down and people will continue to "hold" for their price and do nothing but chase the market downhill. The boomers are just starting to retire, more big high dollars houses are coming on the market and with the drying up of the no down, no doc, teaser rates, easy financing and the reverse of the housing mantra of housing only goes up, up, up.....buyers will be in short(er) supply.
Good luck to all with their sales, moving and renting, I'm neck deep in it myself this year and hoping for the best as well.
Tony I hear you and we (I) will take a low ball offer. Hubby is coming around. I can as I posted rent this FL house out and get what our mortgage payment is and we can wait a bit to do that since the mortgages in NC on the homes we are looking at we can handle. this is not to say I am not worried but for my own sanity I have to get out of this state. We also had done this once before in the late 70's Then we had no right doing it and we bought a home in CA and at that time the CA home was $100,000 and it took months to sell the FL home for a small sum of $59,000. Did I say I am afraid???? Forgot to add this . for years hubby has been trying to get me to go to Boone NC for over 20 years (he loves the area but we cannot afford Boone but we can afford right down the mt in the lenoir and hudson area) to look since he has had good customers in that area.I never did untill a few months ago and fell in love with it also.
Tony, that is partially true, but LOCATION drives a lot. Arizona is still #1 in population growth (not counting illegals). This place is exploding with new people looking for houses. While the speculators bought a bunch and drove prices up and while we have a glut of homes right now, that glut is already disappearing under the weight of people coming in. The Spring of '08 will see sales going up again.
It is foolish to ask what the prices peaked at, but it is not foolish to ask a fair price - especially if you have a great location.
MANY factors come into play.
I agree on the rent versus buy, though, even if you have sold your home. Renting gives you a chance to see if you like the new neighborhood, town, etc. If not, you don't lose a bundle selling what you just bought.
AND wondering when the homeowner, after you've moved all your stuff in, will decide to give you 30 days' notice! There's no safety net for renters beyond the lease agreement....
Father John, we hope you have a grand adventure in beautiful New England. We will miss you on the Board!
Thanks, Jan. My dad (Boston) says the leaves are peaking! My sister (northern Vermont) says they are pastel rather than fiery. My cousin Bangor, Maine) says ignore the weatherman - it won't rain 5 of the first 7 days like he says...
We will have fun. Back in a couple weeks. Take care of your teeth!
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I have been following your posts Jan & Bill
There's no safety net for renters beyond the lease agreement....
