U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [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)
Thread summary:

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

Reply Start New Thread
 
Old 10-22-2007, 09:41 AM
 
261 posts, read 923,293 times
Reputation: 117

Advertisements

Quote:
Originally Posted by jimj View Post
We've been on since May as well and I'm finally at the point where while I pray it sells (and I think it will) I'm resigned that it may not happen this winter and have made peace with that. I was stressing so bad it wasn't funny but the other day I just sat down and said to myself, "ok, it'll happen when it happens and not any sooner and stressing won't help in fact it could kill me before we are able to sell.

The interesting thing that has happened from this delay is I got to talk to my other half about runing out and buying another house when we sell this one. She is really big on buying a new one but I'm leaning more and more to just renting for a year and socking the 50k down payment into more investments. This will give us time to look around and see where we really want to buy (or if) and to see how the market is going to shake out, so this delay could have been a good thing.
We're also in the position as far as trying to sell. Been on Market since July 11th and dropped $15,000 in 2 months. Didn't hear from agent for a month and then when we did, he wanted to drop the price again. We are going to be renting once we sell. We also want to save up some money for the next house. We thought a year for renting, but might make it 2, so that we have more to put down and less for a mortgage. I will also qualify for a VA loan, having been in the military, so that will help us so much when we do decide to buy.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 10-22-2007, 06:20 PM
 
Location: Sarasota, FL.
65 posts, read 176,598 times
Reputation: 22
I feel everyone's pain!!..We had the house on the market and took it off, and now we are putting it back on November 1st. (better selling season in Florida)...of course nothing is selling. We don't have to sell, but we are losing money every month. I wanted to live here for a very long time, but with my insurance increase 110% and taxes doubling it isn't feasible. I didn't buy this house to "flip" and I am not an "investor". I bought this house with every intention of staying here, but now can't afford it.
What suprises me is the hostility on the Forum when people find out that I have a house for sale in Florida..that I don't understand. And I am not going to sell it at 1990
prices.. It is a very nice house with a fair price. I am not going to make money by a long shot...just want to sell and move out of state.
Good luck to everyone!!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 07:29 PM
 
75 posts, read 278,669 times
Reputation: 28
Default We would love to move on to the next place...

I'm also trying to sell my home. We have people looking at our home. Many seem interested. However, I don't believe many of them can afford to purchase it. The population of people qualifying for a mortgage now is so slim.

Jim Cramer of Mad Money, mentioned on the Today show, that he thinks the housing market will pick up in the next 6 months. He cautioned purchasers to wait until next year. Hopefully, he knows something we don't know.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 07:30 PM
 
Location: Coastal Georgia
45,449 posts, read 56,751,768 times
Reputation: 81992
Quote:
Originally Posted by jimj View Post
We've been on since May as well and I'm finally at the point where while I pray it sells (and I think it will) I'm resigned that it may not happen this winter and have made peace with that. I was stressing so bad it wasn't funny but the other day I just sat down and said to myself, "ok, it'll happen when it happens and not any sooner and stressing won't help in fact it could kill me before we are able to sell.

The interesting thing that has happened from this delay is I got to talk to my other half about runing out and buying another house when we sell this one. She is really big on buying a new one but I'm leaning more and more to just renting for a year and socking the 50k down payment into more investments. This will give us time to look around and see where we really want to buy (or if) and to see how the market is going to shake out, so this delay could have been a good thing.
Jimj, I've sort of thought along the same lines. I've been poised to jump into another house as soon as this one sells, but lately I'm wondering if I really want another house until I'm comfortable that I can get out of it at some point.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 07:34 PM
 
Location: Coastal Georgia
45,449 posts, read 56,751,768 times
Reputation: 81992
Thanks, all. I feel better knowing I'm not alone. When I pray to St. Joseph, who's buried in my yard, I'll put in a word for y'all, too.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 07:56 PM
 
Location: Wouldn't you like to know?
9,116 posts, read 16,882,587 times
Reputation: 3721
Quote:
Originally Posted by sandyrose749 View Post
I feel everyone's pain!!..We had the house on the market and took it off, and now we are putting it back on November 1st. (better selling season in Florida)...of course nothing is selling. We don't have to sell, but we are losing money every month. I wanted to live here for a very long time, but with my insurance increase 110% and taxes doubling it isn't feasible. I didn't buy this house to "flip" and I am not an "investor". I bought this house with every intention of staying here, but now can't afford it.
What suprises me is the hostility on the Forum when people find out that I have a house for sale in Florida..that I don't understand. And I am not going to sell it at 1990
prices.. It is a very nice house with a fair price. I am not going to make money by a long shot...just want to sell and move out of state.
Good luck to everyone!!



A "fair" price in your eyes unfortunately is prob not reality. You are looking at it w/a bias from what you paid. You prob bought within the last 3 or 4 years, correct?

If you want to see what a "fair" price is for your home. Assuming the house is at least 10-15 years old, go on zillow.com and continue the straight line of appreciation from pre 2002 till now (before the market runup). If your house is on the market for the low 300's, its probably only worth the low 200's..(this is florida where talking about).

Here's a good example of what I'm talking about...the attached home at historical levels should only sell for the upper 200's/low 300's max....but the sellers are on the market for the low 400's! good luck!

There will be alot of pain yet to come....

Zillow - Data & Graphs - Real Estate Value, Local Real Estate Trends

Going by historical standards, that would be fair to buyers.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 07:58 PM
 
Location: SC
9,101 posts, read 15,763,918 times
Reputation: 3617
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
Good IDEA! What you are talking about is organized barter and reciprocal trade. I used to sell memberships for a national company that did this during the last recession in the 8o's. Thanks for reminding me. I'm trying to sell my house and I might do a search and try and do a trade. Going through a company like this eliminates the disadvantage of one on one trading through a clearinghouse. If you are moving to Virginia but nobody there wants to move to your area, the company can find someone in the 50 states that wants to move to your area and who would pay for your house with trade dollars. (The trade dollars, as far as the IRS is concerned would count as real dollars.) The selling price of your house would be credited to your account in trade dollars and then you could use those to buy a house where you wanted.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 10:23 PM
 
Location: Northglenn, Colorado
3,689 posts, read 10,055,202 times
Reputation: 970
We have had our house on the market since march, go through fliers like crazy, have at least one to two visits per week. Man is it tough out there. We are having a house built for us (thank god we added in our paperwork that we are not forced to buy the house if we cant sell) It is being marketed now, and we have first right of refusal. We have had a rash of HUD and short sales in the sub-division. We initialy bought this place as a stepping stone into a bigger house. We have one child, but need more space to grow our family. The house being built was / is going to be our 15 year home, it has an excelent school in the sub-division. shops, parks everything we want in a sub-division. Were priced right up there with the normal sales in the sub-division. Just having to try to compete with the HUD and short sales, in which we REALLY cant compete with due to them listing up to 30,000 less than what we can even dream of

were not having to sell now, but it really is messing with our plans to grow our family.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 10:30 PM
 
Location: NJ
2,212 posts, read 6,785,719 times
Reputation: 2191
Interesting to hear from the sellers who plan to rent and save for a couple of years after selling their properties.

They sound just like the buyers that are out there not buying.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 10-22-2007, 11:03 PM
 
Location: Back home to Northern CA
157 posts, read 605,439 times
Reputation: 106
Hi fellow bummed out sellers

We've been on the market since May and get about one showing a month. We also had to drop our price and now we'll be getting way less than our investment back but we have to move so we just plan to rent and save also. If we can't sell by spring our agent has suggested leasing out the house but I'm not sure I want to do that. Seems there would be lots of headaches involved especially since we're moving out of sate.
We'll see. In the mean time hang in there...they all eventually sell. Right?
Rate this post positively 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:

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 > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2022, 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