The Housing Market (Dalton Gardens, Hope: short sales, rental market, loans)
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And if you have to, is there any way to sell below what you owe to get it sold? And don't forget, people today are used to a house being sold after 1 week on the market. The period we just experienced was not normal and was quite inflated... realistically it takes a few months. There is a reason standard listing agreements are 90 to 180 days.
I might not be a Realtor in Idaho (although I did grow up there), I am a Realtor/Broker in California and I have lived through the changes and cycles.
Eventually the market will turn and/or the right buyer always comes along. Just a matter of when! :-)
I hate o brake it to you. Housing market will even get worst. To many house for sale. Not enough job that pay for a mortgage in Idaho. Plus to many people moving elsewhere & no clue what they get themselves into.
I hate o brake it to you. Housing market will even get worst. To many house for sale. Not enough job that pay for a mortgage in Idaho. Plus to many people moving elsewhere & no clue what they get themselves into.
Not so fast. Currently Boise (not Boise-metro, but Boise the city) has seen a 1% increase each month in the rate of appreciation of their homes. Holding steady at an 8% increase so far this year, Boise is on it's way to a double digit increase. Don't let the news media fool you into a frenzy. Boise has one of the lowest unemployment rates in the country and an expanding job market. These factors alone have continued to to make this a very desireable area to live. We are in much better shape here than most places in the country and the stats in MLS show this with the increase in home values. Home values will continue to go up so don't believe everything you read in the paper, it's not always accurate and it doesn't always apply to the area where you live.
The only problem I have with Torrie's post is appreciation rates. It's great that homes are still appreciating but what about salaries? There comes a time when homes are no longer affordable with a 12% yearly appreciation rate. Boise may be different but the question begs to be asked:
Why is Boise different?
Then ask yourself why home sales are 27% off of last year's mark in July alone. At some point the supply and demand theory has to work...doesn't it?
We are the second cheapest house in the market for our size (in our area)and the other houses don't have a back yard - we do! We are literaly making no profit out of this house, since it is only a year old and we decided to price it for sale! I guess it is just a matter of time and luck. We have done everything possible to make the house look nice, even some staging, the front looks amazing, the back too and the inside looks like a new house! I guess I should just be patient, 3 weeks on the market is not that long and hopefully things will pick up in August. Maybe I should put an add on the CA board - hahahahahha! Just kidding! Fab
Your panicking Fab-- It takes 3 months to sell a house-- about 2 months into it, all the thinkers and lookylews will come in lookin for a deal and will buy , -- stay firm with them-- drop it 1000$ and call it good.
Gosh!! Imagine not making a profit???? Better *********r head on better and rethink life....
Your panicking Fab-- It takes 3 months to sell a house-- about 2 months into it, all the thinkers and lookylews will come in lookin for a deal and will buy , -- stay firm with them-- drop it 1000$ and call it good.
Gosh!! Imagine not making a profit???? Better *********r head on better and rethink life....
I believe time is relative, last year our house sold in 2 weeks and our previous house sold in 1 month. So 3 months might be realistic in this market, however nothing says the house will take so much time to sell. Actually we just got an offer and we are very pleased. That means our house sold in 5 weeks - not 3 months! And for your information, we dropped the price 20K, if you look around, no one is able to sell unless they are in the bottom 5, the other houses are just sitting there empty. There are 14 thousand homes in the treasure valley just sitting because builders decided to over saturate the market with houses and there are not enough buyers for them. You would think they would stop building, but no, there are subdivisions popping out everywhere. I don't know what they are thinking; there are not enough people to purchase these houses. Anyway, as far as not making a profit, last year we put down a large down payment on this house, so it is upsetting that we are now coming out with nothing. I would have liked to at least have recovered that amount, but in this market, you have to be happy the house is sold. So please no need for your sarcasm and be happy you don't need to sell a house today - not everyone is having the same luck we had. I have a friend who had her house on the market for 11 months now and nothing. Also, you don't know my financial situation, so no need to judge me and tell me I need to rethink life! Maybe we needed some profit out of this house to purchase another one, maybe we were hoping for some money so we can relocate without a worry? I guess you are so wealthy, you can just came out of a house with nothing and not even care! Good for you! Anyway, I am glad it is sold and thanks for those who came here with ideas and words of encouragement. VA here we go! I guess I won't be coming back to the ID forum for much longer!
Fab
Last edited by fabforever; 08-12-2007 at 07:21 AM..
anymore you have to keep you house the lowest you can in order to sell, these new homes are selling cheaper than older ones,so they sell first, ours has been on the market 4 months and priced right and still no sales, renting, makes the buyer look the other way, buyers do not like renters, we found that out, so lower the price........
anymore you have to keep you house the lowest you can in order to sell, these new homes are selling cheaper than older ones,so they sell first, ours has been on the market 4 months and priced right and still no sales, renting, makes the buyer look the other way, buyers do not like renters, we found that out, so lower the price........
That's the same advice I gave Fab, see below, she lowered her price accordingly and her home sold shortly thereafter.
Quote:
Originally Posted by Torrie
Keep this in mind, it's not necessarily being the cheapest on the block. You need to know what the homes have sold for per sq foot in the last 60 days. That will tell you what the market is dictating. Because if the people around you aren't priced right, you won't be either. Hence you will continue to sit there. It's all about the price.
We are all having to lower our prices and it is now becoming - lower to sell - forget profit
We are here in AZ - over 54,000 homes to sell and Idaho is no different than any other state right now- regardless of employment
The market is cleaning up the sub prime lenders (not buyers); even the "A" paper loan companies have closed their doors - American Home and Aegus recently
we have to sit tight, make your home shine and do the best we can on waiting - it is hard and frustrating but that is how it is
We have been on the market here since Jan - below appraisal - only 4 in our LAKE community in our pricce range for sale - we would love to get to Boise and help one of you sellers - by buying your home - but until someone buys our home - we can't move -
It is a vicious circle for all of us across the nation.
good luck to all... but don't give up your hard earned money - wait, be patient, someone will come and love your home...
Maybe for once I'll get "lucky" since I am not looking to move for at least 6 years. Hopefully by then, the market will start to edge up a bit, or at least be where it is right now. I hope the market doesn't fall to much, or any more. Right now I am sitting on about 60 to 80K in equity. Sure would hate to go back more than that. A couple of years ago I was sitting on about 250K in equity
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