Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Pennsylvania > Northeastern Pennsylvania
 [Register]
Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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 07-20-2009, 01:21 PM
 
127 posts, read 282,077 times
Reputation: 42

Advertisements

I am looking to purchase a vacation home in northern PA in one of communities such as WLE or The Hideout. The prices seem to be a bit over inflated even with slow real estate market. Is it reasonable to expect the prices to go down by 20% by fall or winter, assuming all other things stay the same? Is this summer vacation hysteria?
Reply With Quote Quick reply to this message

 
Old 07-20-2009, 01:40 PM
 
Location: Pike County, PA
1,162 posts, read 2,998,128 times
Reputation: 630
Overinflated based on what? What are you using to compare the prices? What do you think is a fair price for whateverr home you are looking for? I know a lot of buyers come here expecting to see homes priced 50,000 to 80,000 for move in ready / turn key 3 bedroom /2 bath homes. Or they want to get a lakefront somewhere for less than $150,000 (I've even had some tell me they were willing to spend "up to" $75,000 for a lakefront property, pref. with at least an acre of land...lol)

Home prices do not work like close outs or clearance sales at department stores.

If a seller is extremely motivated and ready to sell, the home will be priced according to what the market will bear. Sellers that are not "distressed" are unwilling to "give" their property away. They are willing to wait for their price. If that means selling next year, then that's what they do.

Some sellers have their homes priced "high" with the idea that it will be negotiated down. They are just waiting for an offer, and are afraid that if they price it lower, then buyers will start even lower with their bids.

Make an offer...the worst that can happen is the seller says "No, take a hike..." LOL. (one of my sellers actually said that once, but I just told the other agent, "Sorry, the seller is not accepting your client's offer..." ) You never know until you ask, but the best thing to do is be educated on the actual local market conditions, not assumptions, not based on homes in another market, not based on what the "media" says.

There are unrealistic sellers, to be sure. Some refuse to admit that gold is indeed not buried in their basement. Yet, some buyers are silly as well - expecting to get homes for half price or less, because of what the "media" says.

Last edited by KarenRice; 07-20-2009 at 01:50 PM..
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 01:45 PM
 
3,756 posts, read 9,523,916 times
Reputation: 1088
If it is a second house the banks now require 20 percent down.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 01:52 PM
 
127 posts, read 282,077 times
Reputation: 42
Quote:
Originally Posted by KarenRice View Post
Overinflated based on what? What are you using to compare the prices? ...



Based on a new modular home installed on vacant lot in either community. Vacant lots run anywhere from 5k up to 30k. Lets assume I get a very good location lot for 25k. I, also, get a very simple 1100 sq ft modular home from one of the local builder installed with basement for around $100-105k. My total investment is MAX 130k and I have brand new home with warranty and a location I like. Comparable locations with existing 20-30 old house listed at 150k. Even assuming that I can negotiate it down to $130k I still need to spend a lot of money and energy to repair the house. Why would I deal with it?

I am assuming the prices should go down in off season (fall, winter) if nothing else changes. Am I correct?
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:04 PM
 
Location: Pike County, PA
1,162 posts, read 2,998,128 times
Reputation: 630
It is often difficult for existing homes to compete with new construction, particularly modular homes. If you want the new home for $130,000 then why not buy it?

Some sellers may reduce their prices after a period of time on the market, some will just take their home off the market in the winter and put it on again in the spring. Again, it really doesn't work like year end clearance sales - there isn't a point in the calendar where we all say "Time to put fall prices into effect!"
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:10 PM
 
127 posts, read 282,077 times
Reputation: 42
Quote:
Originally Posted by KarenRice View Post
It is often difficult for existing homes to compete with new construction, particularly modular homes. If you want the new home for $130,000 then why not buy it?

Some sellers may reduce their prices after a period of time on the market, some will just take their home off the market in the winter and put it on again in the spring. Again, it really doesn't work like year end clearance sales - there isn't a point in the calendar where we all say "Time to put fall prices into effect!"
Purchasing a new modular home is on the list, for sure. The only thing that puts me off is the whole process that consists of several “moving parts.” 1) lot 2) town permit 3) association ok 4) modular home purchase 5) foundation, electric, water, sewer 6) installation 7) C of O

Purchasing an old house is kinda easier because that has only one step.

Why shouldn’t old houses compete with new modular home constructions? Why would someone like me pay more for an older house vs a newer one?

You must be a very good and smart RE Broker. You have not answered the original question either way, while gave me a lot of points why my assumptions are not correct :-)
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:14 PM
 
127 posts, read 282,077 times
Reputation: 42
Quote:
Originally Posted by KarenRice View Post
.....
Some sellers may reduce their prices after a period of time on the market, some will just take their home off the market in the winter and put it on again in the spring. Again, it really doesn't work like year end clearance sales - there isn't a point in the calendar where we all say "Time to put fall prices into effect!"
BTW. I saw some houses in WLE that are 400+ days on th emarket. Do the sellers think anyone will give them what they want if they sit on it forever?
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:49 PM
 
Location: Lake Ariel
936 posts, read 2,390,562 times
Reputation: 294
Quote:
Originally Posted by borisNY View Post


Based on a new modular home installed on vacant lot in either community. Vacant lots run anywhere from 5k up to 30k. Lets assume I get a very good location lot for 25k. I, also, get a very simple 1100 sq ft modular home from one of the local builder installed with basement for around $100-105k. My total investment is MAX 130k and I have brand new home with warranty and a location I like. Comparable locations with existing 20-30 old house listed at 150k. Even assuming that I can negotiate it down to $130k I still need to spend a lot of money and energy to repair the house. Why would I deal with it?

I am assuming the prices should go down in off season (fall, winter) if nothing else changes. Am I correct?
I dont know where you are finding a modular home for 100 - 105k. You need to check further. Just to put down the foundation will cost upwards of 30k. Did you ask what else comes with the modular? If you are looking at Shorten homes than you need to ask about other options, like front steps, back steps, garage, basement, deck etc. What exactly are you getting for 105k???
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:51 PM
 
127 posts, read 282,077 times
Reputation: 42
Quote:
Originally Posted by roxxy38 View Post
I dont know where you are finding a modular home for 100 - 105k. You need to check further. Just to put down the foundation will cost upwards of 30k. Did you ask what else comes with the modular? If you are looking at Shorten homes than you need to ask about other options, like front steps, back steps, garage, basement, deck etc. What exactly are you getting for 105k???
Shorten homes. Basic home is 64k. Installation with full basement, water and sewer, site preparation, permits, and tree removal is about $35-40k. Front steps are 3k, deck is not included.

P.S. If i do not get a basement I would save 7-8k.
Reply With Quote Quick reply to this message
 
Old 07-20-2009, 02:51 PM
 
Location: Lake Ariel
936 posts, read 2,390,562 times
Reputation: 294
Quote:
Originally Posted by borisNY View Post
Purchasing a new modular home is on the list, for sure. The only thing that puts me off is the whole process that consists of several “moving parts.” 1) lot 2) town permit 3) association ok 4) modular home purchase 5) foundation, electric, water, sewer 6) installation 7) C of O

Purchasing an old house is kinda easier because that has only one step.

Why shouldn’t old houses compete with new modular home constructions? Why would someone like me pay more for an older house vs a newer one?

You must be a very good and smart RE Broker. You have not answered the original question either way, while gave me a lot of points why my assumptions are not correct :-)
When you purchase an older home sometimes the home is complete. You dont have to do the landscaping, the basement is already finished, the driveway is paved. What is the square footage, the floors, the walls, the kitchen, the bathrooms. Not everything is cut and dry. You have to look at the whole picture.
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 > Pennsylvania > Northeastern Pennsylvania
Similar Threads

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