Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Michigan
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-08-2008, 11:08 AM
 
5 posts, read 9,879 times
Reputation: 10

Advertisements

I moved away from Michigan and have a house up north. Tourist/retirement area. No mortgage.
It was worth about double what it is listed for. (but that doesn't matter now) Listed it last summer.
It's been looked at a lot, lots of interest, no offers. EXCEPT an offer two days ago that is disgustingly low.
Still..... it's tempting.

ANyone having any luck selling their home? We are thinking we should just keep it for a second home rather than giving it away for such a low price. Or selling it that cheap without using a realtor so we don't have realtor fees on top of a depressing amount of money paid.

I so want to buy a house in the state we moved in, but if we sell our house that low, it won't begin to buy what we had.

any comments? any help here? How is everyone doing in any sales of homes?
Reply With Quote Quick reply to this message

 
Old 05-08-2008, 11:29 AM
 
13 posts, read 28,356 times
Reputation: 10
If You Can Keep It Has A Second Home, You Have It As A Rental Or Somewhere To Go To Visit.
Reply With Quote Quick reply to this message
 
Old 05-08-2008, 12:44 PM
 
Location: Cumming, Georgia
810 posts, read 3,306,063 times
Reputation: 369
It's a good time to buy and a lousy time to sell. You have nothing to lose and counter on the offer.
Reply With Quote Quick reply to this message
 
Old 05-08-2008, 01:17 PM
 
5 posts, read 9,879 times
Reputation: 10
thank you for your input. It's hard to turn an offer down that may be the only one, and yet I am sickened by the fact the offer is less than 50% of it's value 3 years ago.
Reply With Quote Quick reply to this message
 
Old 05-08-2008, 09:50 PM
 
47,525 posts, read 69,687,395 times
Reputation: 22474
Quote:
Originally Posted by beadnsue View Post
I moved away from Michigan and have a house up north. Tourist/retirement area. No mortgage.
It was worth about double what it is listed for. (but that doesn't matter now) Listed it last summer.
It's been looked at a lot, lots of interest, no offers. EXCEPT an offer two days ago that is disgustingly low.
Still..... it's tempting.

ANyone having any luck selling their home? We are thinking we should just keep it for a second home rather than giving it away for such a low price. Or selling it that cheap without using a realtor so we don't have realtor fees on top of a depressing amount of money paid.

I so want to buy a house in the state we moved in, but if we sell our house that low, it won't begin to buy what we had.

any comments? any help here? How is everyone doing in any sales of homes?
How close are you to retiring in case you decide you would want to retire in that area? Keeping it would save you from having to buy a retirement home later. And if you can use it for a vacation home then you might rather hang onto it as a kind of investment.

If you're not sure and aren't going to lose much by just keeping it, maybe you should just sit on it for a while.
Reply With Quote Quick reply to this message
 
Old 05-09-2008, 06:08 AM
 
7,357 posts, read 11,758,516 times
Reputation: 8944
If you don't have a payment on it, by all means keep it! The market will turn around. I talked to a guy this week who just bought a $220,000 place for $105,000, so clearly the turnaround has not happened yet.
Reply With Quote Quick reply to this message
 
Old 05-09-2008, 06:25 AM
 
Location: East Grand Rapids, MI
845 posts, read 3,271,251 times
Reputation: 241
Quote:
Originally Posted by Cliffie View Post
If you don't have a payment on it, by all means keep it! The market will turn around. I talked to a guy this week who just bought a $220,000 place for $105,000, so clearly the turnaround has not happened yet.
If he bought it for $105,000 then it's not a $220,000 place...it's a $105,000 place. If it was a $220,000 place, someone would have paid that for it and he would never have gotten it for $105,000.

Remember... there's no real estate value other than what someone will pay on a given day.
Reply With Quote Quick reply to this message
 
Old 05-09-2008, 06:32 AM
 
1,039 posts, read 3,452,595 times
Reputation: 609
Quote:
Originally Posted by suydam View Post
If he bought it for $105,000 then it's not a $220,000 place...it's a $105,000 place. If it was a $220,000 place, someone would have paid that for it and he would never have gotten it for $105,000.

Remember... there's no real estate value other than what someone will pay on a given day.
Exactly - appraisors can put a figure on anything, but until it sells, you don't know its true value.

I once asked my in-laws whether they were disappointed that they did not sell their Birmingham house a couple years ago for $400k+ when they were thinking about it. They immediately say "no" because they bought it for ~$50k 30-40 years ago and even $300k, the going rate in 2008, sounds too good to be true. As they say, it gives them an excuse to live in Birmingham for several more years.

It's foolish, IMHO, to think about what our houses were supposedly worth several years ago when it fact we were all sitting on a bubble.
Reply With Quote Quick reply to this message
 
Old 05-09-2008, 07:49 AM
 
Location: San Antonio, TX - Displaced Michigander
2,068 posts, read 5,966,487 times
Reputation: 839
Sue, where exactly is your home?

I am going to be putting my home on the market in the next week or so, and if I can't get a decent price, I may just hold on to the place for a few more years until things improve, which I am fairly certain they will.
Reply With Quote Quick reply to this message
 
Old 05-09-2008, 11:11 AM
YAZ
 
Location: Phoenix,AZ
7,706 posts, read 14,083,430 times
Reputation: 7043
We saw a home here in Phoenix that gave us incentive to put our home up for sale in the hope of buying it. 1600 sq. ft., beautiful yard, pool, etc.

Foreclosed property that the bank listed at 170k.

In 2004, it sold for 230k.

It was just sold for 163K.



Great time to buy, crappy time to sell....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Michigan
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top