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Old 03-17-2010, 11:47 AM
 
Location: Central FL
1,382 posts, read 3,654,024 times
Reputation: 1192

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I'm here in Northeast Georgia. Things in our local real estate market seem like they are getting worse by the day, even compared to last fall.

For example, last fall, homes that were priced around $138k here sold super fast, even if they looked terrible. Now homes in that price range are just sitting. One went under contract, but fell through. Another (with lake access from the backyard!) sold for $119k cash (foreclosure). The rest are just sitting.

We had some potential buyers who "fell in love" with our house, but they have to go USDA loan (no downpayment). I don't think someone who can't even cough up $4,800 for 3% down should even be looking at houses. I house is not in the USDA zone, that that deal fell through (after they looked at our house twice, for a total of 3 hours!)

We just received an offer from someone yesterday. It was one of those "insultingly lowball" deals. I'm told the "buyer" came up with the offer price on his own. I'm sure he has multiple contracts out around town, just fishing for someone desperate. I keep up with the sold and active listings in our market and that number is way below even this terrible market. In adddition, he wanted to be able to enter into more contracts on other properties during the 2 week "due diligence" period. He looked at the house a long time ago, and my understanding was he found something else, but here he is again, out of the blue.

Meanwhile, recent sales in Jan/Feb are coming in crazy low (but still nowhere near that offer I mentioned). My realtor gave me the Case-Shiller estimates for our house and it shows the price dropping like a rock through December (they only go out 9 months). In fact, she ran the report in Jan. and again in March and the numbers have dropped A LOT for the same months projections. Meanwhile, the value was actually a lot more during the real "real estate crisis". Why are we having a delayed drop?

Anyone else seeing a similar bloodbath in their market? I thought some markets were stabilizing or whatever. I guess the fact is I'm in a state that is still losing jobs and a town that continues to shed jobs as well.

By the way, we already lowered our price $10k and realtors who show it say it shows well, they love it, and it is "priced right." We are already under the tax assessd value.

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Old 03-17-2010, 12:06 PM
 
845 posts, read 2,231,720 times
Reputation: 298
I'm getting mixed signals. Been waiting 16 days on an answer, meanwhile there is a stream of others.
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Old 03-17-2010, 12:07 PM
 
Location: Cleveland area
95 posts, read 235,978 times
Reputation: 117
The market in the Cleveland, Ohio, area is, in my opinion, a bloodbath for anyone trying to sell a home in the $200k range. I have had my condo on the market, along with others on the street, for $219k. My neighbor's unit forclosed and just went under contract with a list price of $189. So, I get an offer from a buyer at $180 because he is looking at the foreclosed unit as the comp and hoping to find another desperate seller I suppose. Anyway, I am lucky that I do not have to sell, but I'd like to since I am trying to relocate to a warmer climate.

I do understand condos may be in a different class, but my boyfriend has a house on the market one suburb over, listed at $215k. He gets lots of showings, but no offers. The only homes in his sub division that have sold in the last 6+ months have been the desperate sellers and nothing has transferred for over $170!

So, I feel like we are both stuck in a market that won't let us sell unless we are willing to take a huge loss - like $40k! It is frustrating to be in this situation.

I hope your market and ours starts on some type of upswing and soon, before more people lose their homes, further driving prices down!
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Old 03-17-2010, 12:43 PM
 
Location: Boise, ID
8,046 posts, read 27,338,043 times
Reputation: 9446
I feel like the Boise market has been holding relatively steady for the last year. Prices are still SLOWLY declining, but starter homes are still moving fairly quickly. One of the production (cheap) builders locally had his best EVER year last year. The higher the price range, the more of a price hit they have taken and the slower they are selling.

To lpsunsets1, Being in a market where you can't sell without taking a loss doesn't mean that your market is currently in a downward trend. It means that the current market is worse than the market when you bought, but it could be an increasing market trend currently. I'm not saying it necessarily IS, just that it could be.

To the OP, there are definitely some areas of the country that experienced decline at a different rate than others. I know in my part of the country, Salt Lake's decline was almost a year behind Boise's. North Dakota I think is still going strong. Oh, and being under the assessed value really means pretty much nothing at all. Assessed value has no bearing on actual value. In a declining market, most homes will sell substantially below assessed value.

So, some markets ARE stabilizing, some markets probably are recovering, some never crashed in the first place, and some are just now getting hit hard. Sounds like yours might be one of the latter group.
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Old 03-17-2010, 01:06 PM
 
14,781 posts, read 41,531,656 times
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I recently bought in southern NJ and from what I can tell the entry level or starter homes (think $250k or less) are holding steady and selling well. Ones that are languishing on the market tend to be in undesirable areas or need a lot of work.

With that said, the biggest hit seems to have come in the middle of the road homes ($250k - $500k). Houses in that range seem to have taken a pretty big wallop even in otherwise stable, good communities. It isn't uncommon to see homes that would have listed for $450k a couple years ago now on the market for $350k or less and still sitting for months on end. These also seem to be the biggest chunk of the foreclosures and short sales out there.
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Old 03-17-2010, 01:41 PM
 
89 posts, read 250,371 times
Reputation: 23
In the north Idaho area, it has been on a slow decline for a while. I was really impressed that it held as long as it did. It is still declining though.

Houses that are $150,000 or less are selling fast. Our house is priced around $200,000 and it has been on the market for almost 60 days. Everyone "loves" the house, but it hasn't sold. It makes the top list for everyone, and yet it is never the top choice. We can't go much lower on the price. Our house is MUCH nicer than the $150,000 houses, but those are the ones that are selling. $250,000 will buy you a super nice house around here. The gaps are getting smaller. I can't imagine the prices going lower, but I am sure they will.
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Old 03-17-2010, 05:48 PM
 
1,686 posts, read 1,797,422 times
Reputation: 2690
Quite the opposite here in Orange County, Ca. I've been outbid on two properties in 2010, but I've been offering 20% downpayment and a 8% discount to the asking price. On top of that, I'm typically a bargain hunter and I think there are plenty of other hunters out there too. Unless the shadow inventory comes to market in the next 18 months, I think I'm going to have a difficult time buying something at a value I'm comforting paying. I am a believer of shadow inventory (especially in SoCal, there are far too many people living rent-free in default around here).
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Old 03-17-2010, 05:53 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 21,368,648 times
Reputation: 6446
My market is stronger than it has been in 3 years. Our problem now is trying to find quality listings. The only thing left around is overpriced junk.
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Old 03-17-2010, 06:53 PM
 
Location: East Bay Area
165 posts, read 575,798 times
Reputation: 95
Yeah here in the SF Bay Area, prices are actually increasing
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Old 03-17-2010, 07:24 PM
 
Location: Barrington
63,948 posts, read 43,927,016 times
Reputation: 20639
Quote:
Originally Posted by MovedfromFL View Post

By the way, we already lowered our price $10k and realtors who show it say it shows well, they love it, and it is "priced right." We are already under the tax assessd value.

Your tax assessed value is not an accurate predictor of true market value.
If you were priced right for your local market you would have been sold/closed by now.

Is getting sold discretionary? If you do not have to sell, why not consider withdrawing from the market and enjoy 2010.
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