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We have our house on the market and over the months have become 'unmotivated' sellers. We want out of our contract but in our area this is impossible unless we pay a fee plus all advertising costs to date. So we begrudgingly give our home over to showings every week, and should we get an offer, our buyers will be very disappointed by our counter.
A lot can happen from the time a seller puts his house on the market until the contract runs out.
Unfortunately, your post is as misleading as the news. Real estate is local......very local and while your advice and analysis applies to some areas of my market, it is totally off base for other areas within that same market.AHHHHHHHHHHH cynicism plus misinformation.......potent combination. RE: "evilnewbie" post
There's nothing wrong with a seller holding out for the price they think is fair. If you don't think it's a fair price, don't buy from them. That's the joys of the free market economy. Nobody is forcing you to buy, and nobody is forcing you to sell.
AMEN. It's business folks - and with inflation on the rise, and the dollar falling, $500K isn't going to look like so much money in another year or two.
Yep - face it. The freefall is over. Make your deal, or walk away.
It takes two to make a market. If the seller doesn't want to sell at the offered price, they don't have to. If the buyer doesn't want to pay the listed price, they don't have to.
Apparently this seller does not have to sell, and is willing to hold out for the price that they feel is right for their property, or to just stay in it. That is their prerogative. They are under no pressure to sell, so why should they accept less than what they feel the home is worth to them?
If a buyer wants a particular home badly enough and a seller won't budge, then they will pay the sellers price for that home, or have to move on to find another one.
Other sellers, many in fact, have decided that they don't want to lower their price, and have decided to take their homes off the market. They are smart. They'll wait it out until more buyers come out. Real estate is a large function of supply and demand. As soon as the supply gets reduced, things will change, and many sellers know that.
...Other sellers, many in fact, have decided that they don't want to lower their price...
bill i see u r a real estate broker/agent. yes seller dont have to sell their home if they received a great fixed 30 yrs rate, or didnt pull any equity out of their house to buy a suv or a boat, or didnt get any ARM etc. but ur theory went down the toilet when you said MOST seller. i want u to go to california and florida and midwest and ask if any of those seller got a great 30 yrs fixed mortgage rate, didnt pull any equity out of their house to do major renovation work which sometimes cost 1/3 - 1/2 of their house etc. both those states has the most foreclosures in the nation. what happen when you see foreclosures houses on your street which is going for 1/2 what your house is worth? houses after houses. yes u wont lose anything if u dont have to sell. but it would be years before housing market recover. just hope u break even when u r ready to sell 10-20 yrs from now. that's how bad the housing market is doing right now.
bill i see u r a real estate broker/agent. yes seller dont have to sell their home if they received a great fixed 30 yrs rate, or didnt pull any equity out of their house to buy a suv or a boat, or didnt get any ARM etc. but ur theory went down the toilet when you said MOST seller. i want u to go to california and florida and midwest and ask if any of those seller got a great 30 yrs fixed mortgage rate, didnt pull any equity out of their house to do major renovation work which sometimes cost 1/3 - 1/2 of their house etc. both those states has the most foreclosures in the nation. what happen when you see foreclosures houses on your street which is going for 1/2 what your house is worth? houses after houses. yes u wont lose anything if u dont have to sell. but it would be years before housing market recover. just hope u break even when u r ready to sell 10-20 yrs from now. that's how bad the housing market is doing right now.
Location location location. They don't make any more 100 year old brick and stone mansions in historic districts Vincent. They don't make any more beach front property either.
I see your point in most suburbs, however. If it's a cookie cutter home, and you bought it recently, and you're in a resetting mortgage - yeah. YIKES!
bill i see u r a real estate broker/agent. yes seller dont have to sell their home if they received a great fixed 30 yrs rate, or didnt pull any equity out of their house to buy a suv or a boat, or didnt get any ARM etc.
If I got an ARM, bought a boat and pulled out equity to buy other properties I need to sell my house now? Only people with fixed rate mortgages don't have to sell their homes?
Quote:
Originally Posted by vincentnyc
but ur theory went down the toilet when you said MOST seller. i want u to go to california and florida and midwest and ask if any of those seller got a great 30 yrs fixed mortgage rate, didnt pull any equity out of their house to do major renovation work which sometimes cost 1/3 - 1/2 of their house etc. both those states has the most foreclosures in the nation.
I don't understand, please explain?
Quote:
Originally Posted by vincentnyc
what happen when you see foreclosures houses on your street which is going for 1/2 what your house is worth? houses after houses. yes u wont lose anything if u dont have to sell. but it would be years before housing market recover. just hope u break even when u r ready to sell 10-20 yrs from now. that's how bad the housing market is doing right now.
Exactly. They are under no obligation to lower their price to what you want to buy it for.
On the other hand, if you are patient, many owners will be worn down by negative cash flows and be forced to compromise on price. It's a buyers market but it's not a give-a way. Try next year at this time and save 20%.
Part of the problem that I see is that the media acts, as one wise real estate economist said, as if "The United States is made up of five states - and we're not one of them." However, the buyers EVERYWHERE read the papers and think that they've got the sellers on the ropes and they can demand to be sold a house, any house, for less than it's worth and the sellers will simply have to roll over and play dead. And those same buyers get outraged when a seller of a house that they have the RIGHT to buy for what they want to pay doesn't do that, because the paper SAID they would have to.
On the other hand, many sellers (note I didn't say "most") do not have to sell, and in many areas there is NOT a buyer's market and the sellers can look at the figures provided by their agent in terms of average days on market and inventory and know that they're not in a buyer's market, and they don't have to sell their home for less than it's worth.
And we end up with stalemate, as a result.
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