Can't sell wife's house, price dropping like a rock

[Slew Foot]

Sucks to live in a shitty part of the country that no one wants to live in.

Here in San Jose, some house sold last November for 950K (3500sqft, 10000sqft lot). Last month a similar one down the street was up for sale and sold during the first open house for 1.2 million. The average listing time is about 5 days until a house is in contract, usually with multiple offers.

 

[OILFIELDTRASH]

You might want to sell the house before buying another one. If you can't afford 3 mortgages then don't take it on. That's why the economy is where it is today.

 

[evident]

what part of the country are you in?

 

[Deeko]

Sucks to live in a shitty part of the country that no one wants to live in.

Here in San Jose, some house sold last November for 950K (3500sqft, 10000sqft lot). Last month a similar one down the street was up for sale and sold during the first open house for 1.2 million. The average listing time is about 5 days until a house is in contract, usually with multiple offers.

No offense sport, but this is both an incredibly douchey - and incredibly ignorant -post.

 

[spidey07]

Louisville, KY. We've been pretty sheltered from most of the housing mess, but every since June it's just dropped like a rock. We check the property transfers every week and it's almost barren.

 

[boomerang]

Drop the price to make the sale if you can would be my advice. We're on the precipice of far, far worse times than we've been experiencing so far. Get out now while you can.

I built my home 23 years ago and it's worth less now than what I had into it back then. Fannie and Freddie are still making bad loans, the commercial real estate market is about to tank and some heavy hitters are getting out of the stock market. A big steaming bowl of not good.

You're getting the traffic, you just have to price it at a level that is irresistible. When prices are falling, people wait figuring it will be less soon.

 

[spidey07]

Drop the price to make the sale if you can would be my advice. We're on the precipice of far, far worse times than we've been experiencing so far. Get out now while you can.

I built my home 23 years ago and it's worth less now than what I had into it back then. Fannie and Freddie are still making bad loans, the commercial real estate market is about to tank and some heavy hitters are getting out of the stock market. A big steaming bowl of not good.

You're getting the traffic, you just have to price it at a level that is irresistible. When prices are falling, people wait figuring it will be less soon.

Probably what we're going to do. The prices are only going to get lower and while we'll still make a good amount of cash on the sale it's tough to just "throw away" 20k. I know it's not throwing anything away unless we get an offer at 199 but with current economic indicators showing a complete meltdown in home prices it might be best to just get out now before we take an even bigger hit.

With the slowest selling season fast upon us (fall holidays), we're going to have to drop it radically again. We MUST sell it before the end of october or we'll have it until spring. Can't stand paying mortgage on a house we're not living in.

I've floated the rent idea but we need that capital for our dream home.

 

[Slew Foot]

No offense sport, but this is both an incredibly douchey - and incredibly ignorant -post.

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

 

[evident]

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

i guess from my elitist northeastern point of view im gonna have to agree with this. most places in this country aren't worth living in geographically, and the ones that are are fcking expensive

 

[kranky]

When you have to sell, your asking price can't be "in line" with other properties, you have to be cheaper. (Of course you know that). As tough as it might be, you have to cut the price to where it will sell NOW. You need to attract a buyer who will jump on the price because he will think it's a real bargain. The few people in the market to buy don't seem to be in any hurry as they watch prices creep lower. And you have the stigma of people who see it's been on the market a while and just don't want anything that someone else didn't already want. (In the collectibles field I am close to, this is a well-known fact - items which have been off the market sell much faster than the exact same item that's been available for months. People just assume if no one has bought it by now, there must be a reason, therefore they don't want it).

If you had first listed at 199, would it have sold immediately? Now you're at the same price point but people aren't biting. Do what you have to do to get it sold, even if it means another $20K loss. Better to have a known $20K loss + a sale now, rather than a price cut month after month for who knows how long.

 

[mizzou]

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

Typical californicator post. Just dont be shocked when you buy a vacation home in my shitty neighborhood and i give you bad restaurant service due to your smarmy attitude!

 

[evident]

you know what you could do though, i've seen many listings in my area do this who've been on the market for 3+ months. they would "unlist" their property for a few days, then put it back on the market. then the listing on realtor.com or w/e websites will say new property, and it will reset your "days on market". extremely sneaky, but that will alleviate the stigma of being in the market too long.

 

[Dirigible]

Typical californicator post. Just dont be shocked when you buy a vacation home in my shitty neighborhood and i give you bad restaurant service due to your smarmy attitude!

No tip for you!



I wish housing prices would drop like a rock around here.

 

[D1gger]

Probably what we're going to do. The prices are only going to get lower and while we'll still make a good amount of cash on the sale it's tough to just "throw away" 20k. I know it's not throwing anything away unless we get an offer at 199 but with current economic indicators showing a complete meltdown in home prices it might be best to just get out now before we take an even bigger hit.

With the slowest selling season fast upon us (fall holidays), we're going to have to drop it radically again. We MUST sell it before the end of october or we'll have it until spring. Can't stand paying mortgage on a house we're not living in.

I've floated the rent idea but we need that capital for our dream home.

If you believe that the housing market is going to futher deteriorate or even crash, why would you be building your dream home now? The right strategy would be to either rent out the extra home to hopefully cover the mortgage until things improve (who knows when), or fire sale both houses, sit on the cash, and then rent a home yourself until prices hit bottom.

 

[Deeko]

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

You act as if nowhere in California, the Northeast, or the Northwest has been negatively impacted by the housing issues the last few years - hence my point that your post is woefully ignorant. Just because there are expensive houses being sold, doesn't mean that it wasn't selling for a lot higher a few years ago. A friend of mine bought a very nice 650K house in Seattle in 2006 that they recently had to sell for 500K. Its happening everywhere, not just in rural places.

Also - your entire attitude here is pathetic and childish. Someone posts a lamentation about their troubles selling their house, and you come in and post "ha well if only you were as kool and rich as me then mebbe u could live in an awesome place like cali d00d!"

Grow up. Lots.

 

[ViviTheMage]

Maybe it's an ugly house? What's the listing, link it

 

[JS80]

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

Not everyone can be as awesome as us. If they were, then we probably wouldn't be as awesome. But probably still awesome.

 

[evident]

You act as if nowhere in California, the Northeast, or the Northwest has been negatively impacted by the housing issues the last few years - hence my point that your post is woefully ignorant. Just because there are expensive houses being sold, doesn't mean that it wasn't selling for a lot higher a few years ago. A friend of mine bought a very nice 650K house in Seattle in 2006 that they recently had to sell for 500K. Its happening everywhere, not just in rural places.

Also - your entire attitude here is pathetic and childish. Someone posts a lamentation about their troubles selling their house, and you come in and post "ha well if only you were as kool and rich as me then mebbe u could live in an awesome place like cali d00d!"

Grow up. Lots.

this housing market is really terrible. i just bought a house but i have a bad feeling that i'm catching a falling knife. I did alot of research into my area though and prices haven't really been dropping after last year. it's only been down about 5% from the end of 2009. i think it's just a matter of time before everywhere gets hit w/ another 10-15% drop nationwide

 

[PricklyPete]

you know what you could do though, i've seen many listings in my area do this who've been on the market for 3+ months. they would "unlist" their property for a few days, then put it back on the market. then the listing on realtor.com or w/e websites will say new property, and it will reset your "days on market". extremely sneaky, but that will alleviate the stigma of being in the market too long.

I'm pretty sure any realtor worth his/her salt can get the previous listing information (including prices) from the MLS database.

 

[IndyColtsFan]

Sometimes the truth hurts. If people really want to settle somewhere (jobs, schools, weather, whatever) then theyll move. Most of (geographic) America, is a barren wasteland of sameness with shitty restaurants, shitty schools, and shitty jobs with nothing to differentiate itself from a place a hundred miles away.

 

[evident]

I'm pretty sure any realtor worth his/her salt can get the previous listing information (including prices) from the MLS database.

Of course, a realtor in the area should know these details. but if you're just browsing the web in his area and find his house, and see it listed for 200 days, would you give it the time of day as you would a house that "just came on the market"? imo, every little detail helps.

 

[PricklyPete]

I'm going to continue the "rent it" mantra. Turn it into an investment.

I'm soon moving from my corporate apartment in St. Louis to Ft. Lauderdale for my company. I still own a house in SC that I'd be happy to move back to one day. In the mean time I'm renting it out. The funny thing is comps are still selling in the area for more than I bought it for in 2007, but I like the house, the area is still growing, and I don't want to sell in a depressed market where I'm unlikely to get what the house ultimately will be worth. In the mean time, renters are going to pay the "wait and see" bill.

I'm certainly not buying in Florida until I know if it is a long term move (I really hope not) or just another jumping point.

 

[PricklyPete]

Of course, a realtor in the area should know these details. but if you're just browsing the web in his area and find his house, and see it listed for 200 days, would you give it the time of day as you would a house that "just came on the market"? imo, every little detail helps.

True...I'm not saying the concept doesn't have merit..but the people are likely to have a big let down once they hear it has been on the market for months before. They immediately start saying "well what is the problem with it" and such.

 

[spidey07]

If you believe that the housing market is going to futher deteriorate or even crash, why would you be building your dream home now? The right strategy would be to either rent out the extra home to hopefully cover the mortgage until things improve (who knows when), or fire sale both houses, sit on the cash, and then rent a home yourself until prices hit bottom.

Because of the super low rates we can afford much more of a house and we intend to stay in it a long, long time. Plus builders and sellers are desperate we'll be able to get much more home for the money.

So if we buy now and the price of the new home drops, we don't care. We'll have a good price and incredible rates (which there are signals they likely could go even lower).

If the rates go up to even 5.5 or 6% that would radically change our mortgage payment and the quality of house because of the price of the homes we're looking at. So we must buy now.

 

[IndyColtsFan]

You act as if nowhere in California, the Northeast, or the Northwest has been negatively impacted by the housing issues the last few years - hence my point that your post is woefully ignorant. Just because there are expensive houses being sold, doesn't mean that it wasn't selling for a lot higher a few years ago. A friend of mine bought a very nice 650K house in Seattle in 2006 that they recently had to sell for 500K. Its happening everywhere, not just in rural places.

Also - your entire attitude here is pathetic and childish. Someone posts a lamentation about their troubles selling their house, and you come in and post "ha well if only you were as kool and rich as me then mebbe u could live in an awesome place like cali d00d!"

Grow up. Lots.

I remember about 10 years ago, driving around the Bay area with a friend who worked at Dolby in San Francisco. He wanted to show me this house for sale.

He took me to this run down house (don't recall the town, but it might have been Palo Alto) and asked me to guess how much they were asking. The house was a single story house and at most, was 1500 sq ft and was in desperate need of update/repairs. Turns out it was selling for $400K. I still laugh at the prices of California housing. Sure, it is a beautiful state and I love visiting, but $400K for a dump I wouldn't put my dog in? No thanks. I bet just a few years after that, with the bubble inflating more, it hit $600K or $700K. I wonder what it would be worth now.