My Home is Dropping in Value! (Apple Valley, Alexandria: refinance, appliances, loan) - Minnesota (MN) - City-Data Forum

yellowsnow · 06-19-2007, 09:16 AM

It's official!

Appraised value in 2000 388K. Appraised value as of last week 390K.

And no buyers in sight. This is quite grim. Even the We Buy Ugly Houses people won't call me back.

lundholmster · 06-19-2007, 11:50 AM

Where is your house?

judogl44 · 06-19-2007, 12:12 PM

Same here. Listed since May 3rd, 7 lookers and we're always in "their top 3" but no offers. Market is bad and interest rate jump didn't help. We have a beautiful home in Alexandria-by Lake Le Homme Dieu. Trtying to keep my hopes up.

Jaxx99 · 06-19-2007, 02:18 PM

They will sell. Be glad you don't live on the gulf coast. People are selling at a 20% loss from what they paid just two years ago!

yellowsnow · 06-19-2007, 06:43 PM

Quote:

Originally Posted by lundholmster

Where is your house?

Sherburne County, Mississippi Riverfront 1 acre.

catluvr · 06-19-2007, 06:57 PM

Hi Yellowsnow. Mine is still on market. New appliances, completely repainted, many new updates done. Put back on market with new realtor for 214K, lower than before new appliances, etc. Once interest rates went up, no showings. House shows awesome, staged and energetic realtor. No luck. We are way below market value right now.

Robert P Stewart · 06-19-2007, 09:30 PM

Yep - that's why I'm advising my clients to price their home correctly the first time. We're also dropping an average of $1250 per listing to have them professionally staged.

My last listing in Apple Valley had been on the market for **8 months** - and hardly a bite. We lowered the price to my recomendation and had 7 offers in 2 days. Now, that sounds cool and all - but most of the offers stunk. We had 2-3 that were even passable. In the end, my client ended up very happy.

I've seen slow markets before, but this particular market is new to me. Previously, slumps were caused by the interest rates and a lack of buyers. Now, we have plenty of buyers (or at least the same number we always had) and a glut of inventory. *That's* why we're dropping money on stagers. In this market, the buyer can have pretty much whatever they want - and I need my homes to look 10X better than our competitors.

Robert

yellowsnow · 06-20-2007, 12:45 AM

Quote:

Originally Posted by catluvr

Hi Yellowsnow. Mine is still on market. New appliances, completely repainted, many new updates done. Put back on market with new realtor for 214K, lower than before new appliances, etc. Once interest rates went up, no showings. House shows awesome, staged and energetic realtor. No luck. We are way below market value right now.

I hadn't seen you around for a while. I thought maybe your house sold. Sorry you are still in limboland too. It's a shame to put in all that money and it still doesn't sell. To add insult to injury, I just had to refinance. I got a 5 year loan because I KNEW I was going to sell in 2006. I thought giving myself a year to sell was more than enough. I was wrong! Nothing else in my area is selling either.

Well good luck!

yellowsnow · 06-20-2007, 01:09 AM

Quote:

Originally Posted by Robert P Stewart

Yep - that's why I'm advising my clients to price their home correctly the first time. We're also dropping an average of $1250 per listing to have them professionally staged.

My last listing in Apple Valley had been on the market for **8 months** - and hardly a bite. We lowered the price to my recomendation and had 7 offers in 2 days. Now, that sounds cool and all - but most of the offers stunk. We had 2-3 that were even passable. In the end, my client ended up very happy.

I've seen slow markets before, but this particular market is new to me. Previously, slumps were caused by the interest rates and a lack of buyers. Now, we have plenty of buyers (or at least the same number we always had) and a glut of inventory. *That's* why we're dropping money on stagers. In this market, the buyer can have pretty much whatever they want - and I need my homes to look 10X better than our competitors.

Robert

Hi Robert! You haven't posted a market report for a long time. What's the inventory doing? Who stages for $1250? Is it good for as long as it takes to sell? Thanks!

golfgal · 06-20-2007, 05:14 AM

Yellowsnow--was that last appraisal for a refinance or did you buy the house for that? Most refinance appraisals are very high so they meet the lender's requirements for the refinance--usually appraise out for what the homeowner is GOING to do to the house. That could be why your house seems to be loosing so much value--that and the crappy market.