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selling a house in this economy

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patrickl:

--- Quote from: danny_galaga on August 27, 2008, 02:48:46 am ---good that you are still ahead too. amazing how much prices are going down over there. we were lucky. house was exactly 200k in 2001. last appraisal had it at 540k (",)

--- End quote ---
Indeed amazing. Houses here are still going up fast. I bought a new house and when I got it one of the neighbours sold theirs. They got 200k more than they paid for it.

ark_ader:

--- Quote from: WunderCade on August 26, 2008, 02:39:05 pm ---
--- Quote from: ark_ader on August 26, 2008, 07:19:54 am --- The economy is on the up anyway.

--- End quote ---

It is? Where are you living? Here in California, we have entire new subdivisions that are ghost towns. Never-sold McMansions with dead orange shrubbery, and yellow lawns. My home, went from being worth 320,000 in 2005 to 130,000 today. You could buy a brandnew 2880 sq ft home with the works here for around 210,000. Homes here have lost damn near 50% of value from 2 years ago. If you're in the market to buy a home around here, most realtors will show you foreclosures all day long.

Maybe it's different in your neck of the woods.  :dunno


--- End quote ---

I live in the UK, and my house has increased in value already, the problem is nobody is selling mortgages.

I stay in it and in 2 years time it will double again as house building is not happening in my part of the world - thank goodness. 

Besides I'm tired of moving house. ;D

pinballwizard79:
Just to take the sting out of not getting that house or any other house think of this:

Selling your house = closing costs, Realtor fees, odd days interest (partial payment), new escrows & etc.

On a $300k house that's apx $25,000 in losses/costs.

If you think that's the worst of it think again: if you made 6 years of payments on $300k on just a single note (a combo would really result in a scary number) you would have paid in almost $150,000.00 only to see a worthless principal pay down of what $18k maybe?

So now its a $175,000.00 decision...................hmmmm kinda puts it in to perspective now.

Loans existed, people were approved, defaults happened & the all knowing government tried to fix it resulting by killing the bond value through public comments regarding possible regulations resulting in what we have today, a shortage in global financial backing turning into a liquidity crisis & far less approved buyers to bail troubled folks out thus causing declining values & a lot of hands to be thrown in the air by all income levels.....hope they dont try to save the internet next.

FYI: I wouldn't blame banks for the mortgage crisis either, if the media & all the hounds knew how finance worked they would know that their actual mortgage is in a Japanese or say Russian school teachers retirement mutual fund. The notes are bundled as bonds & sold on the secondary market to investors that go from here to Fiji.

The investors say what they will & wont buy & under what conditions. The bank relays that to people called underwriters, then loan officers, then customers.

People in the front & rear of that line are at fault..................wait, I forgot to mention President Clinton's role in these bonds.

Never mind me, just play galaga at your house & enjoy life.





Ummon:

--- Quote from: pinballwizard79 on August 27, 2008, 07:28:21 pm ---
Never mind me, just play galaga at your house & enjoy life.







--- End quote ---

Kinda what it has to come down to I guess.

Hockeyboy:
As someone who went through one hell of a year trying to sell a home, I can tell you that right now the market sucks in certain pockets of the country whereas others aren't really feeling anything. In Portland Metro, Oregon, there has been a slight reduction of prices but mostly things are holding steady. Yeah, lucky me, who was trying to BUY in that area... :hissy:   However, on the other side, I was trying to sell a home in Colorado Springs and had NO offers for 10 months even though we diligently lowered the price a few thousand every few months. We ended up losing money on our absolutely gorgeous brand-new home of 3987 sq ft, 5 bd, 3.5 ba, on 26600 sq ft (2/3 acre) of land built in mid-2006. What did we get in return? A model home built in 2004, 2598 sq ft, 3 bd (+ office that has a closet so it can be used as 4th bd), 3ba on 5000 sq ft of land...*and*...we paid more for this home.  :angry:

All I can say is those of you looking, hope it's an area that allows you to be in a good position as a buyer and if you're a seller, be prepared to offer up extras to get that house to sell. I had to offer up the brand-new pool table, worth $2400 retail, plus $5000 in closing costs (paid by my company as a last resort) to get my house to sell.

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