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I'm curious, you aren't under the impression that we sold at a loss, are you? Just want to make sure. We sold at a nice, normal apprectiated rate of about a 3.5% average per year (and what even the "doomers" on this forum consider fair appreciation), in the 9 we owned. IOW, bought for 390,000 in 99, sold for 540,000 in 2008. Nothing upsetting about that. We closed this past August. While trying to sell was frustrating in this market, the overall "attitude" in the market since we sold is actually more frustrating than when we were trying to. Just wanted to clarify that.
I We sold at a nice, normal apprectiated rate of about a 3.5% average per year (and what even the "doomers" on this forum consider fair appreciation), in the 9 we owned.
Houses should appreciate roughly with inflation assuming the neighborhood (or city) hasn't either decline or increased in desirability (Which can either reduce appreciation or increase it). But this assumes also wages are keeping up with inflation, which lately they have not.
The inflation adjusted price for your house would've been around $514k, so you sold for a bit more than what would've been the case with "fair appreciation". But, wages haven't been keeping up with inflation. So, assuming nothing has changed fundamentally in the neighbor if it sold for $390,000 in 1999 its likely to decline to around $450,000~$480,00 when all is said and done in 2-3 years (Of course, could be more if the recession is really bad).
Anyhow, just as a comparison. I know someone that purchased a house about the same time here in Southern California for around $230k, at peak similar properties were selling for $650k. Today they are selling for around $430k.
Thanks for that. Naturally we are emotionally attached to OUR HOME. It is sometimes a painful process to show the comps and explain why a home "should" be priced at a certain level. Everyday realtors deal with sellers asking too much and buyers offering too little. This is why you need to TRUST your realtor, have them show you WHY your home is within a particular price range, and BE SURE you know what they are doing to market the home. If your home is shown - you need feedback. If realtors tour - you need feedback. You need to know what photos are shown on MLS, etc. It pains me to view MLS with only front view of home. It pains me to call listing agent and ask age of roof, or furnace, or size of master - and they have no idea!Well...there are my frustrations for today!! Take care out there!!!
When I just listed my house back in May in TEXAS I had 3 realtors come out.
I got 3 TOTALLY different suggested listing prices.
1.) $310k
2.) $250k
3.) $289k
So which realtor should I have trusted? We looked at comps and currrent listings and listed it for $279k.
i know this is a stupid question, but is the list price even relevant? if you list very low, surely the interest created will drive the price up to fair market value?
i know this is a stupid question, but is the list price even relevant? if you list very low, surely the interest created will drive the price up to fair market value?
Or a buyer will think you are desparate and make a lowball offer.
Or a buyer will think you are desparate and make a lowball offer.
and this is more likely the fact, which is why the "snowball effect" has taken over this market as well. Even after sellers have listed their homes at reduced amounts, listening to the "market conditions" and pricing "aggressively" as advised, it still leaves the typical buyer with the impression that wherever listed, there is room to go DOWN, not up. It's just a big mess of misconception in many cases, at this point.
Yeah, it reminds me of a few years ago when sellers would ask inflated prices, get an offer and then take a higher offer while in attorney review.
Oh, what a tangled web we weave.
Quote:
Originally Posted by fairmarketvalue
and this is more likely the fact, which is why the "snowball effect" has taken over this market as well. Even after sellers have listed their homes at reduced amounts, listening to the "market conditions" and pricing "aggressively" as advised, it still leaves the typical buyer with the impression that wherever listed, there is room to go DOWN, not up. It's just a big mess of misconception in many cases, at this point.
Used to work with this broker from Montana. He was a hoot. Had been working in the industry since the sixties, he'd seen it all. When a prospective listing would insist on over pricing the home, he would say, "Fine, but I will need a 10-year listing agreement. It's going to take that long for the house to be that value." Lord I miss him.
You know what makes it hard, too, is hearing from friends and family who have bucked the trend - my best friend in Boston just sold her condo that they only bought about a year ago for 3k OVER asking price. They didn't even lose any money. I was shocked. Then there are even people here on city-data, like the lady in Durham, the lady in New Jersey, etc. who are very confident they will sell quickly, you almost feel bad for them, and then they DO sell quickly! It's like wow, if it can happen to them, why not me? Hoping that the average person is going to put their house up for a 100k loss on the first day is probably futile. No matter how hard you try, you can't fight human nature.
This happened to two of my neighbors here in Central OHIO - one sold for asking price and the other there was a bidding war - both on the market under 30 days and both made a PROFIT!!! The buyers did not want to steal the forclosure homes in the neighborhood, those homes are still sitting.
I have heard several other stories like this.
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Thanks for that. Naturally we are emotionally attached to OUR HOME. It is sometimes a painful process to show the comps and explain why a home "should" be priced at a certain level. Everyday realtors deal with sellers asking too much and buyers offering too little. This is why you need to TRUST your realtor, have them show you WHY your home is within a particular price range, and BE SURE you know what they are doing to market the home. If your home is shown - you need feedback. If realtors tour - you need feedback. You need to know what photos are shown on MLS, etc. It pains me to view MLS with only front view of home. It pains me to call listing agent and ask age of roof, or furnace, or size of master - and they have no idea!Well...there are my frustrations for today!! Take care out there!!!
