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Old 11-13-2016, 04:53 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900

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Quote:
Originally Posted by oldtrader View Post
Lets look at why your home has not sold, from a professional point of view. I spent from 1972 till I finally retired for good as an investment real estate broker.

Remember that there have only been two homes sold in your neighborhood in 2 years. One a year ago, and one two years ago. You live in a neighborhood of very, very slow sales. This says, your home is not in an area that is attracting many buyers. It could take many months or years, to sell your home at the price you are asking.

Remember, there are lots of homes for sale, and most being sold at auction or are pre-foreclosures, that if they are foreclosed on will be auctioned. Homes are not going up in value, in your neighborhood, and due to the type of properties for sale, the true vale is difficult to ascertain, and buyers will hold back to see if homes will eventually sell and what price they actually sell for in your neighborhood. This fact alone will discourage people buying in your neighborhood. All the foreclosures to be, and the auctions, say the neighborhood is going down as an area to buy a home, not one people buy in because they think the home they buy will appreciate in value. People with have no faith in buying in that neighborhood.

You are located in an area of older homes, and your home is 25 years or so old. It is the newest one, and you have updated it, and the others from what you have said have not been updated. Your home is nearly 50% bigger than the other homes in your neighborhood. The biggest fanciest home in any neighborhood is hard to sell, and will not sell at a premium price.

If people are going to pay the price people want for the biggest and fanciest home, they will buy in a better quality neighborhood every time. The three most important factors when buying a home, are considered to be Location, then Location, and when you get past those two factors, you come to the most important one which is Location.

All of the Realtors that have shown your home, say your home is overpriced. Meaning your home for the neighborhood is out of the price people will pay for a home in that neighborhood. When they have all said this as you have stated, it means it is way over priced, not just $1,000 to $5,000 overpriced.

You want lots of showings, and a fast sale, at a premium price. All of the above factors, are working against you. Spending the money for all the updating, including new hard wood floors is not going to be recovered, due to the factors listed above.

The road I live on has not had a lot of sales because the majority here lived in their homes until they passed away. People haven't sold their homes because they lived there forever. The home diagonal from us will shortly hit the market as an estate sale as the man there passed away in May. He was 96 years old and his parents built that house. Never been sold before. That's my neighborhood. And I have the location, location, location. It's not 50% bigger, the homes here range on our road from 1400-3000sq ft. We are 2032. Most are capes. One colonial and two ranches.

The houses in foreclosure are ones built in the last 5-8 years. Mostly Toll Brother homes in a 900 cluster development.

We are going to relist the price after the pictures next week. No matter what it sells for, we'll be making a profit over the 69K it took me to build it.
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Old 11-13-2016, 06:07 AM
 
4,630 posts, read 3,928,493 times
Reputation: 15580
Quote:
Originally Posted by CampingMom View Post
Our house is just like the other capes on the street. Most of the capes here are between 1400-2096-we aren't the largest as that other one is bigger than ours without a garage. One house on the road is 3000sqft with a finished basement but is a ranch. So we are right for our road. And the last house to sell here that is being compared was my late parents house I sold last year as an estate for $195K for a 4 bedroom 2bath exact same lot size .29 and 1985 sq ft-ours is 2032. Pretty similar in size.

We are being compared with colonials and raised ranches that are on the market in either foreclosure or auction. How is that fair? There's very little in the village proper for sale. Just one colonial built in the 1859.

We did our research in 1992 before we built. We were spot on for comparable back then. Now? Our competition is down in what is being termed the "New Little Brooklyn". That's the desirable area. Sigh. This was the area when IBM and Texaco where here. Not commuters to NYC.
I guess I missed it, but why would you price your house 50% higher than that house then?
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Old 11-13-2016, 06:24 AM
 
4,630 posts, read 3,928,493 times
Reputation: 15580
Quote:
Originally Posted by CampingMom View Post
Our area changed drastically after 9/11. A HUGE push from the lower counties north. More people demanding more services like they had. Problem is that we lost our manufacturing base here. Living wage jobs. Now if I wanted to spend 3 hours a day round trip commuting, I could. I'd only come home to sleep and repeat.

And I do talk about others since most of the homes here that are in foreclosure are those McMansions that were over built here. Bit off more than they can chew. We didn't as we built our house and paid it off in 10 years. It's not been lack of trying to move into an lateral job in another district for me, but the unions have grieved my placement three times to get into that job as they want inside hires.

We've been pushed out. Pure and simple. I've argued with my union president about getting better pay. His answer? You get what you get because you are full time. I dispatch school buses, yet make much less per hour than the people I supervise and yet I have the same qualifications they do-CDL B. But there are no full time driving jobs in the district I landed in for Civil Service.
Arent you in the same position those people are in? Did they not buy those homes, and then manufacturing jobs left the area. That wasnt their fault. They qualified for those loans, until their jobs left the area. Thats not their fault either. If not for the fact that you built there nearly 25 years ago, you could have been in exactly the same position of losing your house. As it is, you can't afford living there with a paid off house. I really dont think its fair blaming others misfortune for the issues you are having.
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Old 11-13-2016, 06:25 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900
Quote:
Originally Posted by carnivalday View Post
I guess I missed it, but why would you price your house 50% higher than that house then?
Because my folks hadn't done any updating to the home since they bought it in 1953. Kitchen, bathrooms were all original to the house. Even the linoleum floors. It needed to be completely overhauled. Only things we did was paint everything neutral-it hadn't been painted in 40 years, had to do a roof or I couldn't insure it while cleaning it out for sale and we refinished the hardwoods ourselves. We had sold it at 205K, but the lousy attorney made me "concede" 10K because they found lead-which we'd already signed as a disclosure. But not in the paint-in the Italian ceramic tiles on the wall in the kitchen. It was for them to "abate" it. I already knew the couple was going to do the work themselves on the house-no contractor involved. I was ticked at our attorney for that. I fired her soon after. It was a true fixer upper. That's why.

Ours is turnkey. Move in and you are done. We know the kitchen someone will want to re-do. But the appliances are just a year old. It's fine until someone decides on what they are going to do. Redid the bathrooms 5 years ago with nice tile and new counters. But again-someone may redo that too.
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Old 11-13-2016, 06:33 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900
Quote:
Originally Posted by carnivalday View Post
Arent you in the same position those people are in? Did they not buy those homes, and then manufacturing jobs left the area. That wasnt their fault. They qualified for those loans, until their jobs left the area. Thats not their fault either. If not for the fact that you built there nearly 25 years ago, you could have been in exactly the same position of losing your house. As it is, you can't afford living there with a paid off house. I really dont think its fair blaming others misfortune for the issues you are having.
Nope, they are all City/Westchester/LI transplants there. Some of them figured out the "country" life and commuting that far didn't work. IBM pulled out of here in 91. Not in the last 5-8 years. Please tell me, what type of salary do you need to buy at 600K+ home? It wouldn't be in a blue collar job in my county that's for sure. Yes, they were approved for it. Not my choice to spend that type of money. But I shouldn't be penalized on my sale because of their poor management of money either.

I don't blame them. I blame our local economy for still being in the tank. Very little is being built here-certainly very few new homes. And if they are-it's in the city just south west of us being billed as "Brooklyn North". Employers here don't pay living wages now-it's all pretty much food, retail, medical offices and schools.

It's sad when two people working full time can't get a job here to pay what it now costs to live here. And yes, I have a college degree too. Means nothing.
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Old 11-13-2016, 06:42 AM
 
4,630 posts, read 3,928,493 times
Reputation: 15580
What have been the general comments on the above ground pool in the back yard?
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Old 11-13-2016, 06:53 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900
Quote:
Originally Posted by GiantRutgersfan View Post
Dont give your house away. Its only been up for 27 days and from what other posters have said, has very bad pictures (I didnt look for the listing). You might want to consider taking it down until you get decent pictures up. You should be patient on it though as this is going to be huge for you with a paid off house worth a significant amount of money and low paying jobs.

Duchess county is not a good market due to the lack of jobs, but 320k for a 2000+ sq foot home built in 1992 doesnt seem unreasonable, especially since you say its an area with new homes being built and selling for significantly more. With the paid off house you should be able to get by and be able to hold off until the spring if neccesary (when things pick up).

Might want to rent for a year or if possible briefly live with your kids and reconsider buying the 242k place down there right off the bat. See what jobs you land then make the move. I know property taxes are probably lower, but its not all that significant. If you get 320 for the current house, might want to consider maybe moving into a 2 bedroom condo/townhouse or something for under 200 and then buying an investment property or something to get the cash flow up. Not sure you wont run into similar problems and burn through the nest egg in a new location without better jobs
I've seen much worse pictures trust me. But I am seeing what other ones I have or wait until next weekend to use the photographer to stage it all.

Toll Brother built 900 homes/townhouses/condo within a mile of us. They are no less there than $369K for a two bedroom townhouse of 1200 sq ft. Homes there are going for $459K or better for 2600 sq ft home that are attached by a roof between them.

The home we are buying is an estate. In a area of much higher priced homes. It needs updating-but we can do that ourselves and at our leisure. Taxes we can apply as it's homestead for what the former owner paid-it won't go up. It's under $1800-I am close to $6500. It's a big savings in GA compared to NY. The two jobs I've interviewed for in GA, pay what I get here now. I can live much better on 38K a year there than here in NYS for sure. And that's not including what my hubby can do there. What's hurting me here is how much is taken out for taxes, my dues, health insurance at my job. Bluntly? I make $1630 every two weeks before taxes/insurance. I bring home $858. See my dilemma? And I can't take a second job because I have a CDL class B-even though I never drive these days in the office-I go over Federal service hours if I go take a second job and will not be in compliance. I've been looking for weekend work, but not much pays over minimum wage-which is sad with experience.

Can't live with my kids in FL-one lives in a studio condo and the other a 1 bedroom apt. The job market there is worse than here. Wouldn't work.

We may just have to wait and start all over in the spring. We knew this time of years stinks. But we were really hoping to leave and get on with life. Sigh. None of this discussion has cheered me at all. It's depressing me knowing-A-we are too high. B-we sucked at it when we built our home to raise a family and now it's no longer a good place to live. C-we will never be what the Jones are....
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Old 11-13-2016, 06:54 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900
Quote:
Originally Posted by carnivalday View Post
What have been the general comments on the above ground pool in the back yard?
No comments on that at all. It's fully functional and fenced in.
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Old 11-13-2016, 07:37 AM
 
2,952 posts, read 1,956,508 times
Reputation: 5292
Quote:
Originally Posted by carnivalday View Post
You dont have to drop it to their levels, but then dont be surprised if you dont sell for a while. People won't pay significantly more for your house, if they can buy a cheaper house and upgrade it to exactly what they want. Selling a house can be very stressful. The stars have to align perfectly, and they usually dont.

Just personally, I think the pictures are really hurting you. There is no one who will want to see your house off those photos. With having no interior photos, people with think automatically something is wrong, and will move on to the next house that has great interior photos, giving them a reason to go look at that house.

If I were you, Id pull it off the MLS listing, and repost when you have really good photos. What is up now is really hurting you.
THIS^^^^

And this is the worst time of year to sell. Very few with all the activities coming up in the next few weeks are saying Oh let's go look at houses. Pull it from the MLS and relist after first of year.

Sell the fact your house wasn't built by the Toll Brothers. If I was in the market for a home, I'd want to know who built in. Some of these national builders have been kicked out of states and no longer can build there.

I bought a house years ago at this time of year many years ago. I had no family (in my late 20's) & sellers were very desperate. Got a great deal. New roof, new heater, paid closing costs, appliance allowance, tore out all carpet and put in hard wood floors. But you don't want to find yourself in this position. Made a $60,000 profit off it 7 years later and only paid $89,000. Great location 25+ years ago.
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Old 11-13-2016, 07:43 AM
 
Location: Savannah, GA
1,492 posts, read 3,356,930 times
Reputation: 900
Quote:
Originally Posted by foundapeanut View Post
THIS^^^^

And this is the worst time of year to sell. Very few with all the activities coming up in the next few weeks are saying Oh let's go look at houses. Pull it from the MLS and relist after first of year.

Sell the fact your house wasn't built by the Toll Brothers. If I was in the market for a home, I'd want to know who built in. Some of these national builders have been kicked out of states and no longer can build there.

I bought a house years ago at this time of year many years ago. I had no family (in my late 20's) & sellers were very desperate. Got a great deal. New roof, new heater, paid closing costs, appliance allowance, tore out all carpet and put in hard wood floors. But you don't want to find yourself in this position. Made a $60,000 profit off it 7 years later and only paid $89,000. Great location 25+ years ago.
Sigh. I guess we might as well give up for now. We had a local builder do the home years ago-and we did the garage addition ourselves-feed our friends beer and steaks for three weekends and a contractor we knew finished off the family room above the garage. No national builders were in this area back then.

Anyway we look at it, we do make a profit over the 69K it took us to build the house. I guess forget it all for now and relist in March. And back to house hunting again next year. I am very sad that we'll not get the house we had put the binder on and inspection done we were buying. But I know they won't hold it until ours sells for that long either.
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