frickin' frackin' housing market! [Archive] - Baby Bargains & Baby 411 Community

LarsMal

03-10-2009, 08:05 PM

AHHHHHH!!!!! I am so TIRED of all of this!

Our house has been on the market for NINE months now. We've had some traffic, and the majority of those who have come through have really liked our house. Of course we've had the ones I've spent hours cleaning for, only to find out they were just looking at our house on their realtor's recommendation- to confirm their previous choice- grrr...

The problem we're facing is that the ones who do like our house were/are trying to sell their houses as well. We're all just sitting and waiting, while our local economy crumbles. I'd love for some first-time homebuyers to get the cycle going. Buy those houses so someone can buy ours!

I just looked up our realtor's other listings and discovered that another house she has in our neighborhood (but in a different sub-division) just dropped 50K. FIFTY THOUSAND! They are now 50K lower than ours and not that much smaller. We're thinking it's a job loss situation and they are trying to get out quickly. I feel for them, but still...I'm going to be sick...We cannot match that drop. If we do we'll end up losing all of our equity by the time all is said and done...deep breaths!

egoldber

03-10-2009, 08:55 PM

I'm so sorry. :( It is an awful time to be selling a house. We have friends who just listed their house and it sold in two weeks. But they are being totally nickel and dimed by the buyers. They are being blackmailed and they know it, but what can they do?

SnuggleBuggles

03-10-2009, 09:06 PM

I'm sorry.

Everytime I hear about these amazing house deals out there because of bad situations part of me wants to jump on them. Till I remember that I would have to sell my house. My city hasn't been hit hard by a real estate bubble (I don't know if it really has even a bit). But, houses are sitting longer.

I really hope that you get a good buyer soon...who wants to close in 30 days and pay cash. :)

Beth

elizabethkott

03-10-2009, 09:16 PM

I feel your pain. We're in a similar situation. It completely and totally sucks. :( I'm at a loss for what to do - we've already reduced once and don't really want to reduce again since then we run into a loss of equity ourselves... our other option is to build, but I get little mini-panic attacks just thinking about all that intrusion into our lives... I don't know if I can deal with that!!!
Someone better stimulus our way and soon! Sending you happy house selling vibes as well...

ThreeofUs

03-10-2009, 09:18 PM

Equity around here is stabilizing a bit, but still on that downward slope. We were going to try to sell in the next couple of years, but there are now 4 houses for sale around us - and not selling.

May someone come and fall in love with your house!

kozachka

03-11-2009, 08:32 AM

This totally stinks! I do remember selling and how much effort it took to keep the house looking perfect for the potential buyers who were "just looking". If you are just looking than come during open house times.

I've also lived through a major real estate market crash (in '98 in Russia and Ukraine) and learned few things from it. Yes, I lost 1/3 of what I paid for my condo when I finally sold it but I also managed to buy the next one much, much cheaper than what it normally would have went for. Than DH and I managed to buy a house in Silicon Valley in September of 2000, just as the internet buble burst. My start up job fell through and within months we realized that we really wanted to live in San Diego instead. We did not want to loose equity so did not sell untill 2004. In the meantime prices in San Diego grew like crazy. In hidsight, we would have been better off selling at a loss in 2001 and buying in San Diego rather than trying to recover what we paid for our house in Silicon Valley.

Since it does not look like the real estate market in US would recover any time soon, I would watch your neighbors to see if $50K price reduction would help them sell or not. If it does, maybe you should consider it as well. Research shows that most owners overvalue their houses. If you have to move, and if you can buy your next house cheap than why should it matter that you lose your equity? Just trying to throw some other options on the table.

JTsMom

03-11-2009, 08:51 AM

Have you heard about "house swapping"? I know absolutely nothing about it- just read an article caption a few days ago. If you're starting to feel desperate though, maybe it's worth looking into? I'm sorry you're stuck. I hate being in a position like that (and it seems like I always am)!

KrisM

03-11-2009, 09:16 AM

Since it does not look like the real estate market in US would recover any time soon, I would watch your neighbors to see if $50K price reduction would help them sell or not. If it does, maybe you should consider it as well. Research shows that most owners overvalue their houses. If you have to move, and if you can buy your next house cheap than why should it matter that you lose your equity? Just trying to throw some other options on the table.

I'm so sorry. I can't imagine having to sell a house in this market. I know ours has dropped in value big time since we bought 3.5 years ago and with 12% unemployment very few are currently buying.

But, I do agree with the above. The selling price can't be determined by how much you paid, or how much equity you want to have, but by what someone is willing to pay. If you really want to sell, you may have to drop your price even lower.

In our neighborhood, there are 2 foreclosed homes that are at $180k. The other, similiar houses are listed at $220k or so. I just don't see those higher priced ones selling any time soon. Those prices are about 100k less than we paid in 2005. Yes, it would be terrible to lose that much value in selling, but if we were selling that is where I'd price it.

KrisM

03-11-2009, 09:16 AM

LarsMal

03-11-2009, 10:16 AM

But, I do agree with the above. The selling price can't be determined by how much you paid, or how much equity you want to have, but by what someone is willing to pay. If you really want to sell, you may have to drop your price even lower.

We've decided to lower our price another 20K- ugh! A house on our street just settled last week, with a price very comparable to our current price. The feedback we've gotten from agents/potential buyers is that our house is a fair market price- we just need buyers! The house that's across the main road is definitely a little smaller, completely different floorplan, not in a very good spot on the street, etc. We have more upgrades and are in a better location. So, we'll just see how it all plays out for another few weeks, then we'll drop ours again.

We are moving to a more expensive area, which is why we'd like to come out with *something*. We're already priced well below what we paid 2 1/2 years ago. If we end up losing too much we'll have to rent (DH insists on putting at least 10% down on our next house). We still have some room to drop our price and negotiate offers, but there is only so low we can go. If we get to that point, we'll take it off the market and I'll just live her until things become more steady or start turning around- which DH told me he read could take the next 10 years- LOVELY!!!!!

KrisM

03-11-2009, 10:43 AM

We've decided to lower our price another 20K- ugh! A house on our street just settled last week, with a price very comparable to our current price. The feedback we've gotten from agents/potential buyers is that our house is a fair market price- we just need buyers! The house that's across the main road is definitely a little smaller, completely different floorplan, not in a very good spot on the street, etc. We have more upgrades and are in a better location. So, we'll just see how it all plays out for another few weeks, then we'll drop ours again.

We are moving to a more expensive area, which is why we'd like to come out with *something*. We're already priced well below what we paid 2 1/2 years ago. If we end up losing too much we'll have to rent (DH insists on putting at least 10% down on our next house). We still have some room to drop our price and negotiate offers, but there is only so low we can go. If we get to that point, we'll take it off the market and I'll just live her until things become more steady or start turning around- which DH told me he read could take the next 10 years- LOVELY!!!!!

I hope that does it for you!

I think it's too hard to say how long it'll take to turn things around. A few years ago people were saying it wasn't really a housing bubble and the prices would last...

Corie

03-11-2009, 10:47 AM

But, I do agree with the above. The selling price can't be determined by how much you paid, or how much equity you want to have, but by what someone is willing to pay. If you really want to sell, you may have to drop your price even lower.

I completely agree!

There used to be a show on TLC about what your home is worth. I can't
remember the exact name of it or if it is still on tv. But I used to laugh
because these homeowners would get so crazy excited when the show would
say, "Your home is worth $750,000!!!" The homeowners would flip out
and be so happy.
I would always say to the tv that your house is only worth what someone
will pay for it and that may only be $500,000.

DrSally

03-11-2009, 11:23 AM

Oh, I know that S#@ks! 9 months is a long time. We did it for 5 months a year and a half ago and it was such a relief to be able to sit down with toys and laundry and dishes out and not worry about a last minute phone call for a showing. BTW, isn't it always the last minute "have to see your house" showings that are "just looking" or no shows?!

ETA: We lowered our house quite a bit, but ended up making up for it on the other end. It was nice just to be able to move on. I hope that's the way it works out for you.

LarsMal

03-11-2009, 11:41 AM

[QUOTE=DrSally;2323285] BTW, isn't it always the last minute "have to see your house" showings that are "just looking" or no shows?!
[QUOTE]

Or the ones who drive up, decide the backyard isn't going to be big enough and don't even get out of the car!!! I was not happy about that one! At least get out and look. Maybe the house will be so great you won't care that the backyard isn't as big as you'd like!!

I guess in this market people can really take their time and look/wait for the perfect house.

C99

03-11-2009, 09:18 PM

My city hasn't been hit hard by a real estate bubble (I don't know if it really has even a bit). But, houses are sitting longer.

Really? If your city is the same one that I am thinking of, I know of one well-established neighborhood that has several houses in foreclosure. My in-laws' house has dropped at least $100K in value since a couple of years ago.

C99

03-11-2009, 09:21 PM

I completely agree!

There used to be a show on TLC about what your home is worth. I can't
remember the exact name of it or if it is still on tv. But I used to laugh
because these homeowners would get so crazy excited when the show would
say, "Your home is worth $750,000!!!" The homeowners would flip out
and be so happy.
I would always say to the tv that your house is only worth what someone
will pay for it and that may only be $500,000.

My House Is Worth What?!? It's still on. But even in the boom, they wouldn't say what the house was *worth,* just what the agent would list it for. I know that in my area, no one really ever paid/pays asking price, even during the boom years.

LarsMal

03-11-2009, 09:48 PM

Still haven't heard anything about the people who came through on Monday, but we have another showing tomorrow- wooo hooo!!! Our agent got the call before she did any price adjustments, so she's going to hold off until these people come through- since they called while under our current price. Fingers crossed!!!

I'm just so glad I kept the house pretty clean this week. Just need to pick up a little, wipe down the kitchen, and get those fresh vaccum marks in the rugs tomorrow and we're good to go!

:praying: :praying: :praying:

kozachka

03-12-2009, 04:31 AM

I hope things work out for you. I am holding my fingers crossed.

Price is not always the determining factor (or at least not the only one) why one house sells and the other does not. It is difficult to be objective about your own house, you've lived their for a long time, it's probably your single largest investment, so it's only natural that you see it in a better light than others.

We relied on our real estate agent to tell us what needs to be fixed to move ours. We had it completely repainted inside and painted outside facade, trimmed trees and bushes, removed curtains, replaced tile in the kitchen and put new tile in the guest bathrooms that were carpeted, installed recessed ceiling in the kitchen, planted flowers in the front yard and staged the house. Apparently, our house came across as dated and not "accessorized" enough. We invested a lot and did a lot of work ourselves but at the end it was worth it.

Obviously, you can't change the size of your yard but maybe you can open it up by trimming a few trees or moving furniture around? And if you are confident that there is nothing obviously offputting and your agent confirms it than just be patient. Or take the house off the market. Unless you absolutely have to move. It's a horrible time to be selling a house. :22:

JTsMom

03-12-2009, 10:11 AM

And for a totally less reasonable suggestion.... :ROTFLMAO:Have you tried burying a St. Joseph statue yet? http://stjosephstatue.com/

I know it's crazy, but my mom swears by them! LOL

LarsMal

03-12-2009, 07:17 PM

And for a totally less reasonable suggestion.... :ROTFLMAO:Have you tried burying a St. Joseph statue yet? http://stjosephstatue.com/

I know it's crazy, but my mom swears by them! LOL

I went to the one Christian store I know of here- and the didn't have any!!!! I can't find my Nativity set- packed away in a box somewhere. I guess there is one other store that supposedly carries them, but I haven't gotten there yet. DH will have to do it this week- may lightning not strike the man down! My grandmother wants DH (the agnostic) to bury the statue so he becomes a "believer"!!! :)

DebbieJ

03-12-2009, 11:01 PM

I went to the one Christian store I know of here- and the didn't have any!!!! I can't find my Nativity set- packed away in a box somewhere. I guess there is one other store that supposedly carries them, but I haven't gotten there yet. DH will have to do it this week- may lightning not strike the man down! My grandmother wants DH (the agnostic) to bury the statue so he becomes a "believer"!!! :)

You have to go to a Catholic store. Yes, Catholics are Christians, I know, but a Catholic store will definitely have one.