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Thread summary:

Trapped in housing market, good real estate agent, problems selling home requires patience, competitively priced homes, active market, marketing and home exposure

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Old 10-22-2007, 06:35 AM
 
Location: Lake Worth, Fl
364 posts, read 1,061,964 times
Reputation: 79

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Quote:
Originally Posted by gentlearts View Post
Our house has been on the market since May. I truely feel almost imprisoned. It just struck me that I've never been in a situation like this where our choices are so limited by the whims and circumstances of others. A realtor in town told me that nobody around here has any money. Surely, someone still does?

It used to be that we decided to move, someone was there to buy our house (in 2 days and in 2 weeks), and off we went to where ever we wanted. This is hard to get used to, but I hear there are a lot of people in the same boat.

I'm lucky I don't have to move in a hurry, but I want to get it over with.
They days of moving every couple of days are over. Houses have returned to being what they should be a long term investment. You have to really do your research of the neighborhood, economic climate, schools, neighbors, etc.

I will miss the days when you could just list. The money was nice but the ability to move if you didnt like a house was nice and what I liked the most. Luckily the house I am in right now I like, its not my dream home but its nice.

If you purchased your home in the last year and a half, prepare to be in there a long time. Prices are not going to come back to that level until inflation brings them there.

People are still willing to get over there heads but the banks are not letting them. I know this first hand because I have a house for sale listed for $259 in a working class neighborhood. I have had do cut the price several times in a 3 week time due to people making offers but not being able to get the financing.
Finally we are at $229K and we have 3 offers and they can get financing but at least we can sell the house.

So people are out there and eventually the banks will loosen up a little and people will start buying again. We are just at the down part of the cycle. I am sure at the top people thought it would never get this bad. Hang in there but most of us are in the same boat.
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Old 10-22-2007, 06:59 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,442,288 times
Reputation: 677
Sellers, an option you need to seriously look into is trading your home with someone looking to move to your area and vice versa. The thing is, most people that would want to buy your homes can't because they have to sell theirs first. It is a continuous cycle. All the would be buyers out there, can't buy. All the true buyers out there that can buy, are so few that it's not having any impact on the inventory.

At this moment I am looking at trading up homes with someone wanting to move to my area, and me considering his area. Guess what? Realtors won't agree with this post (I'm sure) because it means no commission for them (sorry). But hey, do what you have to do.

I just don't see why no one has put 1 and 1 together yet as a means to an end. It may not be for everybody, and you may be limited on your choices, but if you truly have to relocate, it may be the next best alternative. I suggest you all start looking on craigslist at housing swap section for your areas. There are also some sites you have to sign up for and pay a fee....

I think if sellers considered this alternative, they would be alot less inventory on the market now, and sellers home values would stop declining. You won't have to compete with everyone else's declining prices, inventory saturation, and countless foreclosures that cost next to nothing.

I don't see why this couldn't be a more mainstream solution....

I
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Old 10-22-2007, 07:04 AM
 
131 posts, read 166,413 times
Reputation: 18
We also are feeling frustrated- though we are going FSBO right now.. run ad in paper every week, craigslist, plenty of flyers ( they are disappearing every week) 2 calls in 3 weeks- can't get anyone in the door to see how nice it is.
We are on a beautiful lake in a desirable neighborhood. Had the house appraised. Now we are getting ready to drop the price.We don't have to sell
but we want to go to our other home in Wash. ( No pymnt there) Check it out- We are even offering zero down, owner finance on 5 other properties and
getting little interest. It's definately depressing. Don't know what to think.
My husband is a former Real estate agent and knows how to market. Getting ready to put it in the MLS for a flat fee. Hope it helps. It seems no one has any money these days. We are not in the Mcmansion catagory. $260,000.00
is the appraised value...droping to 249900.00 - any suggestions?
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Old 10-22-2007, 07:09 AM
 
333 posts, read 1,944,262 times
Reputation: 136
I hear ya gentle...we have been on since July. Hubby and I always talk about how our house is holding us prisoner. It's a rollercoaster ride. I have been very stressed..then I tell myself it will happen and that I can't stress over it anymore....then I can't sleep at night...and I get stressed all over.

It gets frustrating with the showings..if you get any. In this market any showing that gets scheduled..you get excited about..Could this be the one? You work your butt off making sure everything is perfect for the showing..and then they go through..Yep they like the house...now they just have to put their house on the market and sell...then they will put in an offer on your house Or they are just trying to figure out what to price their house at, so they go through yours...I have had a guy come through 3x and ask for the HOA and then we haven't heard from him. His poor realtor is frustrated too..Now we wonder did he waste everyone's time? I swear there are people out there who just like to go through houses. Hey honey, I am bored today..let's go look at some homes ! We had some people go through awhile back..and my realtor told me that they had a reputation for going through homes..they have had to move around with different agents because certain agents know about them and won't take them through a house.

I think I also made a mistake when we first put our house up...with our realtor. We were told our market was still very much in demand..blah blah blah. My contract expired and we signed up with a new agent..who is aggressive. But I fear it maybe too late. It's been really slow lately. We haven't had any showings in two weeks now...However , I keep checking the pendings and solds..and I don't see anything moving..So at least we know we aren't alone..although I wish we were..less competition!!

It stinks..I just keep thinking..I want to be a buyer ...I want to be a buyer! There are so many houses on the market where we are moving too that I love ...from afar..People(where we are moving too) are most likely prisoners of their homes too..so we will eventually make someone happy when we put an offer in on their house! If, we ever get that chance too.
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Old 10-22-2007, 07:51 AM
 
Location: Grand Rapids Metro
8,884 posts, read 18,947,013 times
Reputation: 3908
Quote:
Originally Posted by leavingbyron View Post
Sellers, an option you need to seriously look into is trading your home with someone looking to move to your area and vice versa. The thing is, most people that would want to buy your homes can't because they have to sell theirs first. It is a continuous cycle. All the would be buyers out there, can't buy. All the true buyers out there that can buy, are so few that it's not having any impact on the inventory.

At this moment I am looking at trading up homes with someone wanting to move to my area, and me considering his area. Guess what? Realtors won't agree with this post (I'm sure) because it means no commission for them (sorry). But hey, do what you have to do.

I just don't see why no one has put 1 and 1 together yet as a means to an end. It may not be for everybody, and you may be limited on your choices, but if you truly have to relocate, it may be the next best alternative. I suggest you all start looking on craigslist at housing swap section for your areas. There are also some sites you have to sign up for and pay a fee....

I think if sellers considered this alternative, they would be alot less inventory on the market now, and sellers home values would stop declining. You won't have to compete with everyone else's declining prices, inventory saturation, and countless foreclosures that cost next to nothing.

I don't see why this couldn't be a more mainstream solution....

I
I've heard this idea several times, and I was wondering if anyone had taken this to the internet yet? It's brilliant! Has anyone seen a site specifically devoted to this? It obviously would home some challenges, but it certainly would be workable.

It might not work for areas that aren't big for relo's, but certainly there has to be enough people who are virtually "swapping" locales.
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Old 10-22-2007, 08:25 AM
 
Location: Las Vegas
14,230 posts, read 28,479,164 times
Reputation: 27635
Quote:
Originally Posted by Roselvr View Post
We've been on since May also. Our house is move in ready. We should have been one of the 1st to sell, but I feel that the old agent made a huge mistake, listed our house age wrong. Now the market is slow. People are afraid to buy because they think prices will be drastically lower in the spring. They don't realize that not every market had a huge increase, so it won't need a huge price correction.



Sorry. Hopefully something will happen for you. What state are you in?
State of depression or maybe it's Minnesota..... Same difference. I'm supposed to be living somewhere warm and sunny.
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Old 10-22-2007, 08:32 AM
 
Location: Las Vegas
14,230 posts, read 28,479,164 times
Reputation: 27635
Quote:
Originally Posted by leavingbyron View Post
Sellers, an option you need to seriously look into is trading your home with someone looking to move to your area and vice versa. The thing is, most people that would want to buy your homes can't because they have to sell theirs first. It is a continuous cycle. All the would be buyers out there, can't buy. All the true buyers out there that can buy, are so few that it's not having any impact on the inventory.

At this moment I am looking at trading up homes with someone wanting to move to my area, and me considering his area. Guess what? Realtors won't agree with this post (I'm sure) because it means no commission for them (sorry). But hey, do what you have to do.

I just don't see why no one has put 1 and 1 together yet as a means to an end. It may not be for everybody, and you may be limited on your choices, but if you truly have to relocate, it may be the next best alternative. I suggest you all start looking on craigslist at housing swap section for your areas. There are also some sites you have to sign up for and pay a fee....

I think if sellers considered this alternative, they would be alot less inventory on the market now, and sellers home values would stop declining. You won't have to compete with everyone else's declining prices, inventory saturation, and countless foreclosures that cost next to nothing.

I don't see why this couldn't be a more mainstream solution....

I
I can see this working apples to apples but how would you accomodate someone who wanted to downsize a lot? I currently have 3200sf but I don't want much more than 1/2 that in the new house. I have no interest in cleaning it! I've had enough housework to last the rest of my life.
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Old 10-22-2007, 08:38 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,442,288 times
Reputation: 677
Quote:
It might not work for areas that aren't big for relo's, but certainly there has to be enough people who are virtually "swapping" locales.
Sure it could, especially if someone was wanting to upsize or downsize and you had a match of what you were looking for and someone else was looking for in your home...

Quote:
I can see this working apples to apples but how would you accomodate someone who wanted to downsize a lot? I currently have 3200sf but I don't want much more than 1/2 that in the new house.
Someone moving to your area (and you to theirs) might possibly want a bigger home than they currently have...

Basically, it's a "I'll buy yours if you buy mine" deal...back to back closings may possibly get you a lower attorney fee at closing as well...it did on my last purchase....
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Old 10-22-2007, 08:49 AM
 
Location: East Tennessee
3,928 posts, read 11,087,946 times
Reputation: 5252
I would suggest if you're not already doing it, to advertise Internationally. The dollar is weak in other markets.

And not to go too far off the poster's original question, house swapping aka timeshare, 1031 (like-kind) exchange, and relocation properties are not new to the real estate industry.
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Old 10-22-2007, 08:50 AM
 
Location: NJ
2,212 posts, read 6,785,405 times
Reputation: 2191
Quote:
Originally Posted by yellowsnow View Post
I think it's just the truth that quite a few of us will be just stuck for the next 4 years or so. Maybe more. The collapse of the housing market isn't the realtor's fault. I do however, wish they would drop all the pretense that everything will work out OK for the sellers. I also wish they could deliver a price that would sell. I keep lowering the price too late. If the realtor had been up front and told me the market was collapsing and I needed to sell now at ANY price, it would have been a done deal. Now it's too late. I've lost about 100K. Much more and I won't be able to retire. First it was the thieving CEO who stole my retirement account and now it's the housing market. I had enough wiggle room to accomodate either one of these events but not both of them.

I've always been a pretty moral person and I've never done anything dishonest. That's not working anymore. Maybe it's time to get that second mortgage for every possible cent and just walk away? Can't help but think about it. One more repoed house won't make any difference. If you watched CNN this weekend you learned they can't even auction off houses here. Sad.
A lot of people are in similar situations, where they ended up chasing the market down and ended lower than if they had been really aggressive with price initially. A NJ analyst held a meeting here recently for RE agents and told them so in no uncertain terms. Of course some still ddidn't want to listen, it is hard to change old habits and some agents have a really hard time laying down the law with clients.

I am really really sorry that your retirement account was wiped out, what a difficult blow. Sounds like you did everything right and got royally sc**wed.
I can also understand having the thought that maybe only fools play by the rules, especially when we see crooks having made out like bandits for years.
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