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

[PricklyPete]

I dont need to prove anything to you, you can keep living in your depreciating house, ill live in my appreciating one.

Don't worry...you've done plenty of work already convincing all of us you are a grade-A asshat.

 

[SammyJr]

Louisville, KY

There's your problem. Who wants to live in Kentucky?

 

[MetalMat]

There's your problem. Who wants to live in Kentucky?

I can think of wayyyy worse places

 

[IndyColtsFan]

Run down 1500sqft house in PA? Probably close to 1.3 million.

http://www.realtor.com/realestateandhomes-detail/894-Ames-Av_Palo-Alto_CA_94303_1119271844

You know the old saying, a fool and his money are easily parted.

Like I said, live in a place with jobs that people want to live in, and you dont have to worry about your house going down in value. Live in bumblefuck and expect your house to make you a billionaire, well, then you're a moron.

I buy a house to live in, not as an investment. Fortunately, my house has not dropped in value since I bought it.

 

[datalink7]

I bought mine a year ago for $255,000. Zillow estimates it at $256,000, so I'm happy.

I had planned to rent it out anyway when I move in another year.

 

[amdhunter]

I wish it were like that here in The Bronx. Houses are as high as ever.

 

[Deeko]

I dont need to prove anything to you, you can keep living in your depreciating house, ill live in my appreciating one.

A) You, I, and everyone reading know that what you mean by this is you can't find reliable evidence reinforcing your point & refuting mine
B) I don't own a depreciating house
C) My area, like Santa Clara County, is currently appreciating in value, albeit slowly, following a period of severe depreciation. Also, where I live is hardly the middle of nowhere. In fact, culturally, its about as similar to the Bay Area as you'll find in America.
D) I didn't say you didn't have other response options - just that others (such as the one you took) only further prove that you're incorrect, laughably immature, and basically just a dick for the sake of it.

 

[Turin39789]

what neighborhood?

 

[Tweak155]

Interesting thread nonetheless. Win!

 

[Uhtrinity]

Rent it until the market stabilizes and hopefully comes back up.

I recently paid off my first home (duplex) that had been half rented for almost 10 years. Just bought another home and rented the other half of the duplex. That alone more than pays for the mortgage on the new house. I understand you wnat to move onto your dream home now, but if you do you will take a loss on her home.

 

[spidey07]

what neighborhood?

Nicer part of highlands, but not the super duper ones. Acre yard, detached garage, brand new efficiency HVAC, remodeled kitchens and bathrooms, everything says this house should sell. Exact same models with less are asking 210.

Even her coworkers are amazed a house in the highlands didn't sell in a week or two.

 

[quikah]

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.

Wait, you just described the SF Bay Area (maybe not the jobs bit)!

 

[jiggahertz]

you are very wrong at it not being a buyer's market. If you have good credit or cash you can steal homes.

You may be still looking in places beyond your means though. Our Island of Palm Beach and Jupiter Island saw a bit of a spike during the boom, but most of the values for the 'real' properties haven't fallen too bad.

My home went from $265 to 96k though in 2 years...$265k was what I paid, this is not a 'paper' loss for me.

Buyers/sellers market get thrown around a lot. A buyers market is when there is when the supply of homes for sale outpaces the rate at which they're being bought. This will obviously vary a lot by region. Just because prices are drastically down from what they were X years ago doesn't necessarily make that locale a buyers market.

 

[spidey07]

Buyers/sellers market get thrown around a lot. A buyers market is when there is when the supply of homes for sale outpaces the rate at which they're being bought. This will obviously vary a lot by region. Just because prices are drastically down from what they were X years ago doesn't necessarily make that locale a buyers market.

In my area, properties are just not moving. I don't think we've seen such a buyers market in the overwhelming majority of localities. We have high supply, little to no demand.

To downplay that this incredible buyers market is just based on locale is to not pay attention to what is going on across the US. The only reason we're trying to cash out her house is so we can buy. We are desparate to buy because we'll never see an opportunity like this in our lifetime (low rates).

I'm inches away from cashing out investment accounts to buy. That's how incredible this opportunity is. At these rates it's almost free money.

 

[Capt Caveman]

This is sucking. There's NO movement. Price started at 225, reduced to 215, now reduced to 199 which a little over a month ago was in line with other properties in the area for what they actual sold for. No offers, no nothing. Open house every other weekend, people coming to see it as it's in one of the most desirable locations of the entire city.

It's zillow estimate is now 180, a drop of 4.5% in just 30 days. It's been on the market a little over 3 months. We're about ready to say "fuck it" and drop the price another 20k to 180.

Ouch.

So, you overpriced the house in your market. Not smart.

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.

People in that area are also making enough money to justify the higher property costs. Based on the price and size, it sounds like that house would have been great for flipping.

About five years ago, I was looking at bungalows smaller than that in Berkeley and they were going for $700k without even a driveway.

 

[alkemyst]

Buyers/sellers market get thrown around a lot. A buyers market is when there is when the supply of homes for sale outpaces the rate at which they're being bought. This will obviously vary a lot by region. Just because prices are drastically down from what they were X years ago doesn't necessarily make that locale a buyers market.

I have been in the mortgage market since I was practically turning in homework at school.

For most a buyer's market is where you can get a damn nice home for cheap and 7 years later you can make some money maybe.

I think you are too focused on the media buzzwords in your definition.

 

[Colt45]

I wish we were in this situation. I'm looking for a new place, and a 500 sqft ramshackle house in the heart of the ghetto is over a hundred grand. Totally insane.

 

[spidey07]

So, you overpriced the house in your market. Not smart.



People in that area are also making enough money to justify the higher property costs. Based on the price and size, it sounds like that house would have been great for flipping.

About five years ago, I was looking at bungalows smaller than that in Berkeley and they were going for $700k without even a driveway.

The price was reduced a month ago, which was very much inline with property transfers at that time, being a month ago. All other properties in the area have dropped prices significantly as well but some are locked into being under water.

We're not. We stand to make 100K from this, but it hurts to watch it dwindle so much, so fast. We just want the cash now. A price difference of 10k is next to nothing for a buyer, but that is cash to us.

Time to make the property too good to pass up. Nothing is moving, nothing. Zero.

 

[guyver01]

i'll give you $10,000 ... cash money... right now...

 

[JD50]

I dont need to prove anything to you, you can keep living in your depreciating house, ill live in my appreciating one.

translation = I'm full of shit

 

[Number1]

you are very wrong at it not being a buyer's market. If you have good credit or cash you can steal homes.

You may be still looking in places beyond your means though. Our Island of Palm Beach and Jupiter Island saw a bit of a spike during the boom, but most of the values for the 'real' properties haven't fallen too bad.

My home went from $265 to 96k though in 2 years...$265k was what I paid, this is not a 'paper' loss for me.

Wow that is a big loss. I bought my house 9 years ago and it is now worth double what I paid for.
In a few years, we're going to sell, move and buy a smaller home. The money made will be spent on the new house.

 

[Eli]

I don't really understand this whole thing about being listed for a long time equals a bad thing. Huh? To me, as a potential buyer, that means they're probably going to be more desperate to sell, or willing to negotiate. I could care less if others "didn't want it". All that matters is that it's what I want..

 

[Craig234]

Wait, you just described the SF Bay Area (maybe not the jobs bit)!

Wow, you are wrong, the bay area is one of the areas that's least true about in the US.

 

[IndyColtsFan]

People in that area are also making enough money to justify the higher property costs. Based on the price and size, it sounds like that house would have been great for flipping.

I don't know what the median income in Palo Alto is; but I do know that if I made several hundred thousand a year, I'd be embarrassed to live in a run down 1500 sq ft ranch in Palo Alto. Even if I fixed it up, I'd still be embarrassed to live in it with that kind of salary.

Flipping is about the only thing a house like that would be good for but even still, who could afford paying $1.3 million for a place like that?

About five years ago, I was looking at bungalows smaller than that in Berkeley and they were going for $700k without even a driveway.

I have no doubt, but I'd prefer to live somewhere where a dump doesn't cost $500K or $1 million. I looked at Slew Foot's link and decided to try to price a house like mine in Palo Alto. $4 million, and while it was about 100 sq ft bigger than mine, my lot is twice the size and I have a three car garage. Insane. For the money I save, I can visit California (a state I REALLY enjoy, by the way) as often as I want.

 

[IndyColtsFan]

Wow, you are wrong, the bay area is one of the areas that's least true about in the US.

Yeah, the bay area is extremely beautiful and I enjoy visiting whenever I get the chance. I actually prefer the Monterey area and south of that, along the coastal highway. I've made the drive from San Francisco to LA or San Diego many times, and as long as I live, I don't think I will EVER get tired of it.