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Later they may wish they had. We sold our home in Northern CA in late 2006 after dropping the price $35,000, (it was on the MLS for 3 months) - our neighbors were PO'd. Friends, family told us we were nuts, blah blah.
Now, according to Zillow and Realquest that home is worth $100K less than what we sold it for in 2006.
It must be obvious by now that many people are having difficulty coming to grips with declining home prices.
People who have a Choice, may opt to hold onto their property in hopes that prices will recover.
But realize, that in many instances, people have little choice but to sell regardless of the current price structure. Reasons such as job transfer, inheritance of a home, fianancial distress will require that these houses be sold, thereby setting the new price structure for the street, neighborhood, town, state.
Those who hold out for years, may yet be proved correct, however, those that can hold out for only weeks or months will be rolled over and plowed under.
These diclining prices are the new reality. Do not forget that if this new plan to have the government offer $7,000 to purchase forclosed homes goes through as it currently sits, those home now on the market from more solvent owners will likewise find it necessary to discount their homes by at least an equal amount.
This last thought is no more than common sense. If I can buy your neighbors forclosed home for $7.000 less WHY would I buy yours.
It must be obvious by now that many people are having difficulty coming to grips with declining home prices.
People who have a Choice, may opt to hold onto their property in hopes that prices will recover.
But realize, that in many instances, people have little choice but to sell regardless of the current price structure. Reasons such as job transfer, inheritance of a home, fianancial distress will require that these houses be sold, thereby setting the new price structure for the street, neighborhood, town, state.
Those who hold out for years, may yet be proved correct, however, those that can hold out for only weeks or months will be rolled over and plowed under.
These diclining prices are the new reality. Do not forget that if this new plan to have the government offer $7,000 to purchase forclosed homes goes through as it currently sits, those home now on the market from more solvent owners will likewise find it necessary to discount their homes by at least an equal amount.
This last thought is no more than common sense. If I can buy your neighbors forclosed home for $7.000 less WHY would I buy yours.
This is the same question I am wondering. This seems like more of a bailout for banks then families in foreclosure. Doesn't the bank have to have taken it over for the buyer to get the money? One of the things I am seeing in higher income communities is more houses being sold as is. A year ago you would spend 20K to fix the house up to sell it. Now with everyone wanting 10-20% off regardless of the validity of the price along with tighter home equity availability a lot of folks can't lower and fix/do the cosmetic improvements.
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