U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-29-2007, 09:38 AM
 
95 posts, read 338,633 times
Reputation: 30

Advertisements

Our house has been on the market about 4 months. We have had showings however no bites. In that time we have taken advice from feedback and have made many improvements. New cabinets, tile in kitchen etc.

At this point we feel that we need to decrease the price of the house because there are other new homes equivilant to ours going for 10 - 20,000. more. Not much of a difference. We live in the northeast in a small town in Orange County, NY About 15 minutes outside of Middletown. Great Schools and a good community. We have already dropped our price about 15,000.
A couple of years ago we had two things going for our real estate prices. 9/11 pushed many people out of NYC to our area and the housing boom. Now people are still coming up however price of gasoline is up (this is a long commute to the outskirts of NYC about 1 hour and into manhattan about 2 hours)and the housing boom is over and houses are not selling that readily in our area.

We have a teenager that needs two more years to finish high school. We're wondering If we decide to stay the two years will the value of our home increase? And will it be easier to sell?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-29-2007, 12:19 PM
 
79 posts, read 184,449 times
Reputation: 16
sorry to be the bearer of bad news... However, we will be seeing home prices drop for the next 5 years at least before it stabilizes. Some are even saying 10 years is more like it. I tend to be a bit more conservative.

Keep in mind that we have seen prices increase for the past 7 years and the prices out there have already dropped to 2004 price levels. momentum has shifted in a big way... just look at other indicators like the stock market...

If you posted your thread here in the brokers forum to feel better about the dropping value of your home than this is the right place to do it. the brokers on this site will tell you that this is a small hickup and we will see prices rise again next month LOL. The only true indicator is the buyers out ther and what they are willing to pay for something. Yes I am a buyer and I will be waiting a while. Nothing worse to see a home that you just bought loose half its value...

If you only droped your price by 15K than its too little too late IMHO. If you want your home sold you must be more aggressive than that. I have seen a home drop more than 100K and still not get sold due to the slow incremental drop ... where they could have sold it a year ago if they droped it by even 80k and I bet they still have not learned thier lesson. But that is human nature.

as a BUYER i CAN TELL YOU THAT I AM ON THE SIDE LINE BUT LOOKING. i WILL NOT BUY UNLESS SELLERS ARE MORE AGGRESSIVE WITH THIER PRICE DROPS. NO REALTOR WILL TELL YOU THIS. ITS TOTALLY UPTO YOU. THE ALTERNATIVE IS TO WAIT 12-15+ YEARS TO SEE YOUR HOMES VALUE CATCH UP TO WHAT IT IS NOW.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-29-2007, 02:10 PM
 
Location: Falling Waters, WV
1,502 posts, read 7,092,265 times
Reputation: 815
Quote:
Originally Posted by gotcha View Post
sorry to be the bearer of bad news... However, we will be seeing home prices drop for the next 5 years at least before it stabilizes. Some are even saying 10 years is more like it. I tend to be a bit more conservative.

Keep in mind that we have seen prices increase for the past 7 years and the prices out there have already dropped to 2004 price levels. momentum has shifted in a big way... just look at other indicators like the stock market...

If you posted your thread here in the brokers forum to feel better about the dropping value of your home than this is the right place to do it. the brokers on this site will tell you that this is a small hickup and we will see prices rise again next month LOL. The only true indicator is the buyers out ther and what they are willing to pay for something. Yes I am a buyer and I will be waiting a while. Nothing worse to see a home that you just bought loose half its value...

If you only droped your price by 15K than its too little too late IMHO. If you want your home sold you must be more aggressive than that. I have seen a home drop more than 100K and still not get sold due to the slow incremental drop ... where they could have sold it a year ago if they droped it by even 80k and I bet they still have not learned thier lesson. But that is human nature.

as a BUYER i CAN TELL YOU THAT I AM ON THE SIDE LINE BUT LOOKING. i WILL NOT BUY UNLESS SELLERS ARE MORE AGGRESSIVE WITH THIER PRICE DROPS. NO REALTOR WILL TELL YOU THIS. ITS TOTALLY UPTO YOU. THE ALTERNATIVE IS TO WAIT 12-15+ YEARS TO SEE YOUR HOMES VALUE CATCH UP TO WHAT IT IS NOW.
I wouldn't go that far as the values won't start rising for 10 to 15 years. Prices have gone down a little and have started stabilizing. Our house has been on the market going on 6 months and we have lowered our price by $31,000 plus put money into it fixing things as well. Yet we have a house in our neighborhood listed for $140,000 more than mine and all the neighbors were saying how crazy that was that they would never get it....guess what it sold in a couple of days for only 5,000 off the asking price. Were we have been getting contracts for 30,000 below ours.

The good news is (I guess) that the nicer weather has brought more people out looking, we have gotten more showing in the last couple of weeks oppose to the other months on the market.

I think the worst part about selling is going to be able to find people that can afford what they want since they are getting stricter with the lending. As people go, they don't want to "start out" they want the biggest with all the goodies in their first home.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-29-2007, 02:30 PM
 
287 posts, read 1,409,423 times
Reputation: 132
No one will predict the future but I say lower the price, get less back and get out of NY! I am in Scotchtown and my home closed this past Tues (pricing right from the begininning helps). I feel it was all luck, I dont know if it would sell that fast again. I am just renting it back from the new owners untill next month.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-29-2007, 08:40 PM
 
79 posts, read 184,449 times
Reputation: 16
Quote:
Originally Posted by Janipoo View Post
I wouldn't go that far as the values won't start rising for 10 to 15 years. Prices have gone down a little and have started stabilizing. Our house has been on the market going on 6 months and we have lowered our price by $31,000 plus put money into it fixing things as well. Yet we have a house in our neighborhood listed for $140,000 more than mine and all the neighbors were saying how crazy that was that they would never get it....guess what it sold in a couple of days for only 5,000 off the asking price. Were we have been getting contracts for 30,000 below ours.

The good news is (I guess) that the nicer weather has brought more people out looking, we have gotten more showing in the last couple of weeks oppose to the other months on the market.

I think the worst part about selling is going to be able to find people that can afford what they want since they are getting stricter with the lending. As people go, they don't want to "start out" they want the biggest with all the goodies in their first home.

all the sellers out there say the same thing... my next door nieghbors sold thier home for xyz. The harsh trueth is that its over. once the feds raise the rate even once more you will see prices hit the floor. amen to that. as a buyer I'm looking but that is all. I'm not placing bids. that is the way its going to be for some time to come...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-29-2007, 08:43 PM
 
79 posts, read 184,449 times
Reputation: 16
Quote:
Originally Posted by settlepa View Post
No one will predict the future but I say lower the price, get less back and get out of NY! I am in Scotchtown and my home closed this past Tues (pricing right from the begininning helps). I feel it was all luck, I dont know if it would sell that fast again. I am just renting it back from the new owners untill next month.
you are right! lower the price aggresively if you want to get out.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-01-2007, 02:08 PM
 
Location: FL to GA back to FL
894 posts, read 4,160,892 times
Reputation: 441
I think it's all a matter of timing...We had our house in S. Florida on the market in the middle of August. We knew we were listing a little high, but were in a very desirable area of our city and did not have to move. The house was on the market for about two weeks when a buyer came in and fell in love...They had been looking for about 6 months. That was on a Thursday and Tuesday we had an offer very close to our asking price. We did have some issues with the closing and it felt as though it would never happen, but it did. The lenders were very tight and scrutinzed everything. Because some the issues of their credit was pending, we agreed to keep the house as active/pending and never had another showing...We did not close until the middle of January. So again, just a matter of timing and in a sense what is meant to be...
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-01-2007, 02:33 PM
 
Location: Missouri
6,044 posts, read 22,964,657 times
Reputation: 5152
I'm familiar with where you live and it is a nice area. I'd be concerned about the price too; if I were a potential buyer and saw that I could get a brand new, similar home for just $10k - $20k more, I would go ahead and buy the new home. No one can say for sure if you'll have an easier time selling in 2 years. Prices may go down, but then most likely you would be able to buy your next home that much cheaper. Do what is best for your family.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-01-2007, 07:58 PM
 
79 posts, read 184,449 times
Reputation: 16
Quote:
Originally Posted by ready2move View Post
I think it's all a matter of timing...We had our house in S. Florida on the market in the middle of August. We knew we were listing a little high, but were in a very desirable area of our city and did not have to move. The house was on the market for about two weeks when a buyer came in and fell in love...They had been looking for about 6 months. That was on a Thursday and Tuesday we had an offer very close to our asking price. We did have some issues with the closing and it felt as though it would never happen, but it did. The lenders were very tight and scrutinzed everything. Because some the issues of their credit was pending, we agreed to keep the house as active/pending and never had another showing...We did not close until the middle of January. So again, just a matter of timing and in a sense what is meant to be...
no that is called luck
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-05-2007, 09:45 PM
 
95 posts, read 338,633 times
Reputation: 30
Thankyou so much for your support and information. I realized there is no crystal ball but would like to know there may be some hope.
Gotcha, you sound like doom and gloodm. Hope I can prove you wrong. LOL Thanks for your response anyway.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top