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Old 06-18-2008, 08:17 AM
 
79 posts, read 220,527 times
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I'm amazed at how the housing prices in some of the neighborhoods we've looked at in Union County are not dropping!! We are looking at resales and people just are not budging on price. I'm wondering if it is because the price is as low as they can go without bringing "money to the table" or if they are in denial about the value of their home. Surely, a house on the market for months without any activity would be a sign that a price reduction is in order. Would love to hear any feedback!!
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Old 06-18-2008, 08:32 AM
 
Location: Wouldn't you like to know?
9,115 posts, read 16,493,925 times
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Quote:
Originally Posted by anacott steel View Post
I'm amazed at how the housing prices in some of the neighborhoods we've looked at in Union County are not dropping!! We are looking at resales and people just are not budging on price. I'm wondering if it is because the price is as low as they can go without bringing "money to the table" or if they are in denial about the value of their home. Surely, a house on the market for months without any activity would be a sign that a price reduction is in order. Would love to hear any feedback!!
The title of your thread is incorrect.

Overall, prices have dropped in Union County. However, there will be people who can't go any lower than what they've listed, but that doesn't mean prices haven't dropped "overall". Depending on their situation, those people that you're talking about will either 1. Take their house off the market. 2. Short sell 3. Wait it out w/the price listed or 4. Foreclose.....
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Old 06-18-2008, 08:37 AM
 
Location: State of Being
35,883 posts, read 71,298,142 times
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Quote:
Originally Posted by CouponJack View Post
The title of your thread is incorrect.

Overall, prices have dropped in Union County. However, there will be people who can't go any lower than what they've listed, but that doesn't mean prices haven't dropped "overall". Depending on their situation, those people that you're talking about will either 1. Take their house off the market. 2. Short sell 3. Wait it out w/the price listed or 4. Foreclose.....
Jack, am in total agreement w/ you on this. I know of situations that are driven by fear of having to write out a check at closing (rather than get one) and those houses will either be taken off the market or for some - the house will go into foreclosure or a buyer will enter into a short sale . . .

I know of houses that are not selling b/c the owners won't drop the price. There are just so many properties on the market that are similar - and when a buyer can purchase one for $15,000 less than the others . . . no mystery what is going on.
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Old 06-18-2008, 09:32 AM
 
Location: North Carolina
6,957 posts, read 7,672,064 times
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Quote:
Originally Posted by CouponJack View Post
The title of your thread is incorrect.

Overall, prices have dropped in Union County. However, there will be people who can't go any lower than what they've listed, but that doesn't mean prices haven't dropped "overall". Depending on their situation, those people that you're talking about will either 1. Take their house off the market. 2. Short sell 3. Wait it out w/the price listed or 4. Foreclose.....
CouponJack - Your "real estate assessment" is "spot on"! Given that much of the housing stock of Union County is relatively new, I suspect that many owners go into shock when they discover that the house they bought 2 years ago is not worth what they paid for it. Most homeowners would consider a short sale as a "financial anathema" and end up listing their house at what they paid for it or a little above. This results in the house sitting on the market forever. Couple that, with the fact that many subdivisions in Union County aren't completely built out and those homeowners are facing competition from the builders who will throw in "extras" at low prices or for free. It makes for a daunting real estate market. The only happy folks are those who have owned their homes for 20 years or more and even with a price decrease in the overall housing market, will still make out like bandits! Guarantied profits in the housing market become more of a "sure thing" if you treat your home as a "very long term investment".
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Old 06-18-2008, 09:55 AM
 
338 posts, read 830,846 times
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It's a myth that prices have not fallen in Charlotte.

My wife and I are moving there in a few weeks. We've been following the market since December, and MANY houses that were on the market then are still on the market.
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Old 06-18-2008, 10:18 AM
 
Location: State of Being
35,883 posts, read 71,298,142 times
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Originally Posted by Londonlawyer View Post
It's a myth that prices have not fallen in Charlotte.

My wife and I are moving there in a few weeks. We've been following the market since December, and MANY houses that were on the market then are still on the market.
Lost me, LL . . . didn't know anyone was saying that housing, overall, has not readjusted across the USA - including here in the CLT metro. ????
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Old 06-18-2008, 10:23 AM
 
743 posts, read 2,106,631 times
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Quote:
Originally Posted by anacott steel View Post
I'm amazed at how the housing prices in some of the neighborhoods we've looked at in Union County are not dropping!! We are looking at resales and people just are not budging on price. I'm wondering if it is because the price is as low as they can go without bringing "money to the table" or if they are in denial about the value of their home. Surely, a house on the market for months without any activity would be a sign that a price reduction is in order. Would love to hear any feedback!!
I can say for a fact that the houses in my neigborhood are priced as low as they can go, well a few of them. The builder has decided to change the price point of the newer models this year causing the people who settled even a year ago to be "overpriced" Yes for the current market they are but not a year ago and unfortunately not all people put lots of money down. I know one house for sale in my neigborhood, and its FSBO, is breaking even literally. He is asking exactly what he paid a year and a half ago but still is a little higher than current sq footage models. BTW, I live in Annandale and we have 7 resales already and not even 50% built yet.
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Old 06-18-2008, 11:03 AM
 
Location: North Carolina
6,957 posts, read 7,672,064 times
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Quote:
Originally Posted by md to nc View Post
I can say for a fact that the houses in my neigborhood are priced as low as they can go, well a few of them. The builder has decided to change the price point of the newer models this year causing the people who settled even a year ago to be "overpriced" Yes for the current market they are but not a year ago and unfortunately not all people put lots of money down. I know one house for sale in my neigborhood, and its FSBO, is breaking even literally. He is asking exactly what he paid a year and a half ago but still is a little higher than current sq footage models. BTW, I live in Annandale and we have 7 resales already and not even 50% built yet.
md to nc - One thing that may help current homeowners in the future, unload their homes, is the rising cost of energy. As many of you well know, food prices have started to climb because of the increased costs of getting food to the marketplace. The same thing will happen to all of the materials which make up a new house. The builders can only absorb so much until they will be forced to raise prices. That will increase the price of a new home to a point where resales will be more desirable. Just how long this process will take to materialize, remains to be seen!
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Old 06-18-2008, 11:08 AM
 
Location: Wouldn't you like to know?
9,115 posts, read 16,493,925 times
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Also, not to get OT, but as Ani has been driving for awhile, people need to watch interest rates...this is the 800lb gorilla...

I check them everyday on bankrate and a 30yr fixed is aro 6.3%...they were in the high 5's for awhile, but who knows if this is a sign of things to come...
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Old 06-18-2008, 11:09 AM
 
338 posts, read 830,846 times
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Quote:
Originally Posted by anifani821 View Post
Lost me, LL . . . didn't know anyone was saying that housing, overall, has not readjusted across the USA - including here in the CLT metro. ????
Everyone that I meet in Clt. say that housing prices have not fallen in the metro.
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