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I don't know your market or know your house to say specifically why it isn't selling, but as someone else said, what you put into it has no bearing on the house's market value.
I'd disagree with that. Sellers may not get back dollar for dollar on improvements but features and condition definitely affect a homes value.
I'd disagree with that. Sellers may not get back dollar for dollar on improvements but features and condition definitely affect a homes value.
That comment referred to a poster saying "I put $$$$ into the home and I won't get it back", not "I upgraded both bathrooms and I won't get part of the expense back".
I will be buying as new home in the next y7ear. but I have to say that many buyers are delusional. Many sellers don't have to sell at the prices offeris what I have found. Tyhen I was watching a program on the housing market. They say that once the governamnt gets into buying alot of thsese assets from bnaks that many investors setting no the sidelines now will bid above what the governamnt prices the homes at.Thye individaul buyer really will have little chance at many of these because they will be sold in bundles.The government will also be trying to keep the owners in the homes they get.Right now their are a ton of peole with money just waiting for the right time to buy not all of which as to do with teh bottom as that will be gone when you know it.
That comment referred to a poster saying "I put $$$$ into the home and I won't get it back", not "I upgraded both bathrooms and I won't get part of the expense back".
Apples and oranges there.
The point is.....my house is listed at less than what I paid for it in 2003 and that is BEFORE I spend 100,000 on it. Putting on a deck, a fence, finishing the basement...that sort of stuff. So all I keep hearing is that prices need to be back to 2002-2003. Well mine is and people are still not satisfied with that. They still want more.
Well hammy5, this is a seller's market not a buyer' market. The seller's seem to have the upper hand and in this current deflationary environment they don't want to buy for fear of more deflation.
That is one of the reasons I'm on the sidelines. I happen to think prices will continue to fall based on other economic factors that effect RE. I will not submit low ball offers. I may go and look at a property to see with my eyes how it shapes up compared to the price and what else is selling or has sold in that particular area.
I usually get followup calls from the realtors and tell them honestly that I think the price is too high and I'm not interested in pursuing it further. Some have been a bit forward in trying to get me to submit "any" offer but I'm not playing that game.
Last time I bought property I looked at alot of listings before settling on one so I got a feel for the price in the area. They were a bit high for the area but not unreasonably so and had only owned it for 2 years.
I made an offer, they countered; I counter-countered and they accepted. We both walked away happy and I think it was around midway between my offer and their listing price.
The point is.....my house is listed at less than what I paid for it in 2003 and that is BEFORE I spend 100,000 on it. Putting on a deck, a fence, finishing the basement...that sort of stuff. So all I keep hearing is that prices need to be back to 2002-2003. Well mine is and people are still not satisfied with that. They still want more.
Kristine
The point I was trying to make earlier was that what your cost-basis is on your house is irrelevant in determining its value. By definition, the only thing that determine's its value is what someone is willing to pay for it. This is largely determined by what you are competing against. Your own post seems to indicate that it is price that is keeping your house from selling. Start dropping your price every couple weeks and it will sell. You may not like the answer, but that is the market value of your house at this particular point in time.
I know it is hard because there is a lot of emotion attached to selling your home (especially at a loss), but if you were a buyer you would be looking for the best deal you could. There are enough people who HAVE to sell right now to give them those deals. You can't ignore foreclosures and short sales because you are competing with them.
The point I was trying to make earlier was that what your cost-basis is on your house is irrelevant in determining its value. By definition, the only thing that determine's its value is what someone is willing to pay for it. This is largely determined by what you are competing against. Your own post seems to indicate that it is price that is keeping your house from selling. Start dropping your price every couple weeks and it will sell. You may not like the answer, but that is the market value of your house at this particular point in time.
I know it is hard because there is a lot of emotion attached to selling your home (especially at a loss), but if you were a buyer you would be looking for the best deal you could. There are enough people who HAVE to sell right now to give them those deals. You can't ignore foreclosures and short sales because you are competing with them.
I understand what your saying but I am not going to drop my price every couple of weeks. There does come a point were you cannot just keep dropping it. It is not possible. I might as well walk away from it at some point if I am going to have to sell it for so much less than what I owe. And I am one who bought it with 20% down. But if your telling me to drop it again and again, at some point, I will be upside down. Like I said, might as well walk away and owe nothing than have to bring thousands to the table when I close. Know what I mean?
I understand what your saying but I am not going to drop my price every couple of weeks. There does come a point were you cannot just keep dropping it. It is not possible. I might as well walk away from it at some point if I am going to have to sell it for so much less than what I owe. And I am one who bought it with 20% down. But if your telling me to drop it again and again, at some point, I will be upside down. Like I said, might as well walk away and owe nothing than have to bring thousands to the table when I close. Know what I mean?
Kristine
If you drop below what you owe, then the option is short sale. But I'm not sure how it affects credit, insurance premiums etc. THat might go up but it still might be better than bringing thousands to the closing table.
Was your subdivision brand new when you bought into it (and was it a brand new house)? It seems those subdivisions lose more value and sell for less than what you paid for.
I know a couple subdivisions here that are brand new. They started building it around 2005 are still building in it. A couple houses sold for 300K in 2006 and just a couple months ago, those same houses sold for 205-210K.
I don't think it's buyers being greedy, it's just a combination of what buyers can afford and what they feel is worth it. I think those houses are worth it at 200K and affordable for the average Charlottean (considering the median income is around 60K). 300K was unaffordable because many people were only affording those homes with option arms and those exotic mortgage programs.
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