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I had my niece down for a couple of days and I wanted to show her some "fancy houses". I drove her around Providence Downs South. A couple of days after she left, I went on CarolinaHomes to see what the prices were. There was a surprising number of homes for sale, considering the total amount of houses in the development. Many of these homes are over a million. I wonder how long these will be sitting on the market?
Americans can not afford 500K houses. Americans can not afford 300K houses. Those "500K houses" weren't worth 50K when they were built. All part of the scam.
I had a RE agent tell me that anything under 150K sold in a week, but became sluggish over 150K. I have had several appraisals on my house that range from 180K to 220K. I don't understand why there is such a wide range of opinions.
I wonder what you people think of Zillow.
I may be forced to sell, since I have enough money to last another three months. I don't know where to go, or even whether to stay here.
But people are saying (rightly) that it's a bad time to sell. But my house was built in 1979, and structurally and aesthetically is much more appealing than the recent housing inventory. Still I would make less on it now than in a few yeas (next year will be worse).
It's a dilema. No job. I hate it here. Alone and lonely. No "boom town" to move to. Bad time to sell. Old and penniless (I have over 100K equity in my house. but still owe 70K). No pension. No IRA. No 401K.
I went and looked at a tiny log cabin in Shelby for 25K. It was moldy and in bad condition. But it's on a private wooded lot. It's 65 miles away, but it's quicker to uptown than south Charlotte is. I'd have to put a minimum of 20K into it to make it liveable. I have no money, but a 25K credit limit on my credit card. I could buy it outright and then sell my house and pay off the credit card. Am I stupid to be thinking of this?
I know you feel like you are the only person going thru/ such a terrible situation, but sadly, I think there are quite a few people all across the country in situations that are somewhat similar.
Zillow is not reliable, so don't bother.
I don't think you are stupid for thinking about the log cabin in Shelby if you can put it on a credit card. Credit card debt is unsecured. Seems like a good move to me if you can pull it off.
However, you are not gonna sell your house any time soon unless you drop the price. I can tell you that - sight unseen. You are looking for a very narrow band of consumers who will want a home that age. You and I know that your house is well built and probably has top notch materials in it, as well, but you and I also know that even on this forum - we continually here people expressing their desire for newer properties.
If you have had real appraisals (and not comps by realtors) w/ a price range that wide, that tells me you need to shoot for the low end of the value range to get your house sold. If you have 3 months cash left . . . you need to put your house on the market at a fire sale price and get the hell out. Otherwise, what is next? Lose everything w/ a foreclosure? If you even make $10,000 off the house, that is better than going into foreclosure, losing everything and screwing up your credit (at least that is what I am thinking, if I were in your position).
You know, you could sell and just rent for a while . . . keep looking for a job and be free to relocate if you found one elsewhere.
Whatever you decide, I hope things fall in place for you so you can move forward w/ a plan.
I had my niece down for a couple of days and I wanted to show her some "fancy houses". I drove her around Providence Downs South. A couple of days after she left, I went on CarolinaHomes to see what the prices were. There was a surprising number of homes for sale, considering the total amount of houses in the development. Many of these homes are over a million. I wonder how long these will be sitting on the market?
Oh, I dunno. Til hell freezes over?
People who have $1M to spend on a house usually want to build one and customize it.
Oh - and those folks who "have" $1M to spend on a house . . . they are few and far between, especially in this economy.
House 2 doors from us in Mooresville has been on the market for over a year-must be approaching 2!
Started off at around $500,000 and has gradually dropped to $349,000 for last 3-4 months.Still not sold.
Get the price right at the beginning to take advantage of the "new to the market" period.
Knowing that a house has been on the market for forever, IMO, is off puttingyou wonder what is wrong with it, if the seller is really motivated and realistic. The house is empty as the sellers moved out shortly after it went on the market, so that is another negative point.Must be a hassle maintaining it for all this time.
I have just accepted an offer on house in UK and knowing that the market has dropped around 20% since 2007-I looked at sold prices in 2007 for slightly smaller properties in my neighborhood and priced it at offers over those selling prices minus 20%. We were under offer in a week, although some people were offering less than the offers over price.
We needed to sell-have to be realsitic and look at costs of continuing to pay mortgage and maintaining 2 homes rather than 1.
The bf and I are getting itchy and want to get out of our house. Of course, we are stuck in it. So we had a realtor come out and give us a quote for rent. I almost fell to the floor. It was way below what I believed and know we should get. I think we might try to rent it on our own and see if we get some bites. Now Im not looking for anything astronomical but enough to cover the mortgage and small fees. I really don't think the amount I would be asking for is too high or out of place for our location and school district.
Americans can not afford 500K houses. Americans can not afford 300K houses. Those "500K houses" weren't worth 50K when they were built. All part of the scam.
I had a RE agent tell me that anything under 150K sold in a week, but became sluggish over 150K. I have had several appraisals on my house that range from 180K to 220K. I don't understand why there is such a wide range of opinions.
I wonder what you people think of Zillow.
I may be forced to sell, since I have enough money to last another three months. I don't know where to go, or even whether to stay here.
But people are saying (rightly) that it's a bad time to sell. But my house was built in 1979, and structurally and aesthetically is much more appealing than the recent housing inventory. Still I would make less on it now than in a few yeas (next year will be worse).
It's a dilema. No job. I hate it here. Alone and lonely. No "boom town" to move to. Bad time to sell. Old and penniless (I have over 100K equity in my house. but still owe 70K). No pension. No IRA. No 401K.
I went and looked at a tiny log cabin in Shelby for 25K. It was moldy and in bad condition. But it's on a private wooded lot. It's 65 miles away, but it's quicker to uptown than south Charlotte is. I'd have to put a minimum of 20K into it to make it liveable. I have no money, but a 25K credit limit on my credit card. I could buy it outright and then sell my house and pay off the credit card. Am I stupid to be thinking of this?
You might consider renting the house out. There is a decent rental market out there now and if your mortgage is low, you have some flexibility in the payments. that way, you can hang onto it until the market gets better to sell.
Contact a company like TR Lawing and ask them to come out and give you an idea of what you can get. If nothing else, you could break even on the house and that would be one less expense, yet an asset while you are getting back on your feet.
Buying that log cabin on your cc will be very expensive. See if you can get owner financing. They might be willing to accept payments, chances are they own it free & clear. Work on it this summer while you could live in a tent or something, finishing up in the fall so you can get indoors before it gets cold.
Please keep up with us and let us know how you are doing.
. It was way below what I believed and know we should get. .
BINGO!
You just proved my point about being too emotionaly involved to think objectively.
This is the problem right now why homes are sitting. Sellers in most cases don't understnad that there are 100 homes just like yours. Savvy buyers understnad this and if your not priced aggressively, they'll just move on to the next one. The good realtors will help sellers face reality as I'm suspecting what went on in your case.
Here at the beach,
the 3-year median sales price in 2001-2003 was $450,000
the 3-year median sales price in 2004-2006 was $1.2 million
I believe now the median sales price is hovering around $1m, owners are asking $$$ like there's no recession (plenty of $2.5m, $3.5m for sale), but only the best of the best of the best are selling.
I've noticed that most of those buyers came from Raleigh and Charlotte.
It is hard to imagine a scenario where housing values are any higher 10 years from now.
I was sent a listing that I'm going to look at next week. The numbers are hard to believe. Near Uptown. Very trendy area in 2007 when I said "These people are crazy!" House needs work BUT everything that has been done in it is new. Incomplete from what I see in the pictures.
Here are the numbers:
From the public record:
1997 sold $60 460
2006 sold $60 000
2007 sold $150 000
Asking price $40 000. What is wrong with this picture other than this is the state of things in the real estate mkt. today. AND, I'm not so sure I want the house at THIS price. Like Jack said, you don't lower your price, buyer says "Next".
Sad, but true. Way too many house to buy.
Contrary to what the herd here (and realtors) have been saying, Charlotte DID experience a bubble over th e past 10 years or so.
Although it wasn't as steep or inflated as NY, Miami, Phoenix, etc (you get my drift), we still experienced home and commericial prices WAY above historical norms.
RE is a cycle. Buyers were feeling the pain of not being able to purchase something that was "affordable" for many years. Now the tide has turned and were 180 degrees where we were 2 yrs ago.
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Nose dive
