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Seems we're hearing lots of chat from the most negatively impacted real estate markets ( southeast primarily per all statistical reports-and of course, CA). Markets in TX and the Carolina's are doing fairly well still-god bless you all. Of course, if you look at the price point for homes in these area's it's amazing-you can actually still purchase a new home for $150K in the Carolina's or TX.
I remember the days when a Seller would be thrilled if he made a profit over and above his mortgage/renovations/selling cost of $20K to $30K...now days Sellers want $75K-$100K in profit....and I remember the days when you did not even consider purchasing a home unless you had 20% for a down payment....hum....
Seems we're hearing lots of chat from the most negatively impacted real estate markets ( southeast primarily per all statistical reports-and of course, CA). Markets in TX and the Carolina's are doing fairly well still-god bless you all. Of course, if you look at the price point for homes in these area's it's amazing-you can actually still purchase a new home for $150K in the Carolina's or TX.
I remember the days when a Seller would be thrilled if he made a profit over and above his mortgage/renovations/selling cost of $20K to $30K...now days Sellers want $75K-$100K in profit....and I remember the days when you did not even consider purchasing a home unless you had 20% for a down payment....hum....
I'm in the Raleigh area (own as well), one of the creme de la creme of markets, and it's pretty bad there too. Moderator cut: off topic
Last edited by SunnyKayak; 11-29-2007 at 01:36 PM..
Seems we're hearing lots of chat from the most negatively impacted real estate markets ( southeast primarily per all statistical reports-and of course, CA). Markets in TX and the Carolina's are doing fairly well still-god bless you all. Of course, if you look at the price point for homes in these area's it's amazing-you can actually still purchase a new home for $150K in the Carolina's or TX.
I remember the days when a Seller would be thrilled if he made a profit over and above his mortgage/renovations/selling cost of $20K to $30K...now days Sellers want $75K-$100K in profit....and I remember the days when you did not even consider purchasing a home unless you had 20% for a down payment....hum....
The house we want to put an offer in here in Northern Va is listed for $525K and they paid $239K for it in 1993. So, they will make a HEAFTY profit. They originally listed for well over $600K-and would have got it last year. I still can't believe we will have to pay around $500K for a decent single family in this area. Don't know if the market will correct here anymore or not...but we need a home soon, so I guess we will just have to gamble.
The house we want to put an offer in here in Northern Va is listed for $525K and they paid $239K for it in 1993. So, they will make a HEAFTY profit. They originally listed for well over $600K-and would have got it last year. I still can't believe we will have to pay around $500K for a decent single family in this area. Don't know if the market will correct here anymore or not...but we need a home soon, so I guess we will just have to gamble.
Twin, if there is still ample inventory and sales are slow, prices HAVE fallen, AND will continue to fall. Northern VA is a prime example of that. The example you show above is why prices are still WAY out of whack.
I know it would be tough in the short term, but you'd prob save a ton of money waiting it out.
I'm not you, but you have an opportunity to make up some of the $$ you lost in the beat down the buyer gave you unfortunatley for your house. Just throwing that option out there.
p.s. to the poster above, things are not as rosy as you portray here in Charlotte. Builders are laying off workers left and right. There is a huge glut of unsold spec homes and lots, plus there are a TON of resales available that are having big time difficulty moving...# of units sold is down almost 20% YOY also.....
Again, Yun and delusional realtors are hanging their hat on median prices when we know more expensive homes are being built which is skewing the #'s....
Twin, if there is still ample inventory and sales are slow, prices HAVE fallen, AND will continue to fall. Northern VA is a prime example of that. The example you show above is why prices are still WAY out of whack.
I know it would be tough in the short term, but you'd prob save a ton of money waiting it out.
I'm not you, but you have an opportunity to make up some of the $$ you lost in the beat down the buyer gave you unfortunatley for your house. Just throwing that option out there.
p.s. to the poster above, things are not as rosy as you portray here in Charlotte. Builders are laying off workers left and right. There is a huge glut of unsold spec homes and lots, plus there are a TON of resales available that are having big time difficulty moving...# of units sold is down almost 20% YOY also.....
You are right. We actually may pass on this house. We are going to go look again with our Realtor. (first time was with her partner) If we wait until after the 1st, I think the market might be flooded with the people who waited and those who pulled their homes off of the market. Funny thing is this sellers agent told ours that he is pretty firm on price as he already slashed $100K plus and I laughed as that just means he was WAY overpriced. And, still is. Like I said, a year ago he would have gotten $600-700K, but things have changed.
Seems we're hearing lots of chat from the most negatively impacted real estate markets ( southeast primarily per all statistical reports-and of course, CA). Markets in TX and the Carolina's are doing fairly well still-god bless you all. Of course, if you look at the price point for homes in these area's it's amazing-you can actually still purchase a new home for $150K in the Carolina's or TX.
I remember the days when a Seller would be thrilled if he made a profit over and above his mortgage/renovations/selling cost of $20K to $30K...now days Sellers want $75K-$100K in profit....and I remember the days when you did not even consider purchasing a home unless you had 20% for a down payment....hum....
As in any housing slowdown - it's not like there's nothing selling . . . just not a lot selling.
So just a question here for those of you that have been basking in warmer market climes:
Do you think the slowdown is starting to affect places like the Carolina's, Oregon, Washington, Texas??? Are areas like those just on the tail end of this slowdown, but eventually they'll be affected too? Are there any areas that are truly turning around? I've been really swamped lately, but I think that may just be a blip and not a trend. Is anybody out there in a market where prices are steadily appreciating and volume is increasing? . . . Please tell me there's a light at the end of the tunnel!
As in any housing slowdown - it's not like there's nothing selling . . . just not a lot selling.
So just a question here for those of you that have been basking in warmer market climes:
Do you think the slowdown is starting to affect places like the Carolina's, Oregon, Washington, Texas??? Are areas like those just on the tail end of this slowdown, but eventually they'll be affected too? Are there any areas that are truly turning around? I've been really swamped lately, but I think that may just be a blip and not a trend. Is anybody out there in a market where prices are steadily appreciating and volume is increasing? . . . Please tell me there's a light at the end of the tunnel!
I live in the Raleigh area, and many "optimists" who live here continue to believe that they live in a virtual shield from the rest of the world. What they don't understand is that many of the people moving to the "triangle" area of NC have to sell their houses. Many of them come from upstate NY, CA, FL, NJ/NY, PA, and other areas where house prices are declining. What they don't realize is that even in some of the best places like Raleigh, prices are indeed falling and houses are taking longer to sell.
Look, real estate investing as a cash machine was a fad much like fuzzy dice and legwarmers in the 80's. People used to look at their homes as homes. Now they try to retire off their monopoly money equity. When people start putting up 20% down, realize that a home is a home and not a cash machine, and that house prices have to fall SIGNIFICANTLY nationwide, sellers will try to hold out as long as possible, and thus bleed slowly. Get your clients to REDUCE THEIR PRICES and stop acting greedy.
The house we want to put an offer in here in Northern Va is listed for $525K and they paid $239K for it in 1993. So, they will make a HEAFTY profit. They originally listed for well over $600K-and would have got it last year. I still can't believe we will have to pay around $500K for a decent single family in this area. Don't know if the market will correct here anymore or not...but we need a home soon, so I guess we will just have to gamble.
This is around a 6% gain ( based on $500K) per year which, I believe is less than the national average. I am curious why you think this is a hefty profit?
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