The Coffee House

[Gary A.]

The Monarch I moved to the sun has flown to a new plant!

 

[snerd]

Real Estate Agent didn't have much good news. The market really sucks right now. We paid $255K in ought 7, we'd be very lucky to get $230K today. Minus $184K mortgage, plus agent commissions, and we wouldn't see much left over. A few homes across town have been listed for over 6 months now!


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[tirediron]

Make sure your insurance is paid up and send me a 'plane ticket!

 

[bribrius]

Real Estate Agent didn't have much good news. The market really sucks right now. We paid $255K in ought 7, we'd be very lucky to get $230K today. Minus $184K mortgage, plus agent commissions, and we wouldn't see much left over. A few homes across town have been listed for over 6 months now!


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i am surprised mine is worth anything honestly. It started off as a post and beam carriage house for a farm in the 1800's. I took a pic of the original old foundation and posted it here a while back. it was up on the hill out back across the field. A carriage house. Somewhere around 1900 they put it on logs and rolled it down the hill, built a rock foundation and put it on the rock foundation. Decided to convert it into a house. Then around 1920 or so the actual road went in (dirt of course before that it was sitting in the woods) and somewhere between 1920 and 1930 they converted it to a apartment building. I am guessing to rent rooms or something to the weavers that tracked down to the textile mills to rent. i bought it condemned in 2000. Knocked out a wall, converted it to more of a house with a inlaw apartment. Ripped a lot of it apart and found all sorts of odds and ends dating way back people had somehow shoved in the walls.

At some point i will probably knock down the rest of the dividing walls and make it back into a large single house again. Or maybe just sell it. Not sure. The house on the next parcel is considered being knocked down (bank owned) as they couldnt sell it. I am wondering if i want to try to make a offer on it to expand the land i have with this one a little. Not sure if it is worth paying the tax rate on it though. The original farm house my house came off from was up for sale about ten years ago, but with the road they put in around 1900 it left the farm house right on the edge of the road. So i didnt want the house. I had contemplated buying it for just the land but for what they wanted for it then it wouldnt have been feasible. Because i really just wanted the land not the farmhouse. i tried to get them to subdivide it and just sell me the land and keep the house to sell to someone else but they wouldnt do it.

 

[bribrius]

oh, the other problem i am having with it is zoning. At one point i leased out the inlaw apartment space to a construction company a friend of mine owned for office space. we did a couple deals together it made sense.. But the town started giving me chit for all the construction trucks parked there. After i booted the construction company i used it for my mortgage business, but the town wouldnt let me put up a sign because of the zoning. Just one on the building i wasn't allowed a separate sign. The zoning is a pita.

 

[bribrius]

Real Estate Agent didn't have much good news. The market really sucks right now. We paid $255K in ought 7, we'd be very lucky to get $230K today. Minus $184K mortgage, plus agent commissions, and we wouldn't see much left over. A few homes across town have been listed for over 6 months now!


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Everyone is worried about fed interest rates increasing i think. Fed increases rates again the prices will drop lower. Cheap financing is what holds up prices to a extent. Why they kept them so low, so long, to stop the real estate crash or at least soften it. If you want out, you may not be seeing higher prices for quite a while.They already bumped up from the lows. Valuations could start dropping again. Lot of what pushed up prices were cheap credit, easy approvals, govt backed financing, and everyone and their brother thinking they were a real estate "playa" pushing up the market. Most of those wannabees have lost their azz now, and well deserved they had it coming. I am also speaking of in general, i have no idea of your localized area. Things are getting a little better but a lot of people are sitting on the fence, holding cash. Not quite sure which way this is going to go. Most of the real money and players pulled out of the market and are holding. What is up right now, still is foreclosure listings. The market is still weeding through the trash to a extent through the auction market.

 

[snowbear118 49]

Back from a little ride. Took my lovely wife for a pre-op physical then went looking to shoot some birds. No eagles but I got some snaps of some geese.

No snow for SoMD (rain) but that's not supposed to start until about 22:00. It's currently 51 degrees so I had to open the sunroof. Now it's lunch - tacos from La Tolteca.

 

[NancyMoranG]

Actually Snerd, you're not as bad off as others who have lost most-all of their value. That you would have anything left would be a gift to a lot of people!
As a former Realtor (don't hate me), you mention homes on the market 6 months. That means the buyers who are looking to buy, have seen those and rejected them. Now you come on the market and you will get your greatest surge of buyers come look that first - 2nd week.
DO NOT go nuts on your price! Put it at a price that more than 1 buyer will say, 'we better jump on this before the other buyers. You may get more than 1 offer?.
If Realtor says, 'try '$233,900, you may run.. They should give you the facts of the market and let you make an educated and realistic price. Yes, they can advise you, but you make the decision.
I would go $229,000 in that case.

I can hear the 'natives" now...oh she just gave away 4k of your money. No, I didn't. If it makes a buyer BUY now, you save mortgage payment, taxes, insurance etc.
If you don't garner attention RIGHT off, then you become one of the ones on the market for 6 months! Obviously if your market supports a few buyers you could end up over your price or AT your price without negotiating down from your $233k, to a lower than your $229.
Just my 15 yrs experience in a nutshell and yes as free advice, it's worth what you paid
Pm if you want.
Good luck.
Nancy

 

[bribrius]

Actually Snerd, you're not as bad off as others who have lost most-all of their value. That you would have anything left would be a gift to a lot of people!
As a former Realtor (don't hate me), you mention homes on the market 6 months. That means the buyers who are looking to buy, have seen those and rejected them. Now you come on the market and you will get your greatest surge of buyers come look that first - 2nd week.
DO NOT go nuts on your price! Put it at a price that more than 1 buyer will say, 'we better jump on this before the other buyers. You may get more than 1 offer?.
If Realtor says, 'try '$233,900, you may run.. They should give you the facts of the market and let you make an educated and realistic price. Yes, they can advise you, but you make the decision.
I would go $229,000 in that case.

I can hear the 'natives" now...oh she just gave away 4k of your money. No, I didn't. If it makes a buyer BUY now, you save mortgage payment, taxes, insurance etc.
If you don't garner attention RIGHT off, then you become one of the ones on the market for 6 months! Obviously if your market supports a few buyers you could end up over your price or AT your price without negotiating down from your $233k, to a lower than your $229.
Just my 15 yrs experience in a nutshell and yes as free advice, it's worth what you paid
Pm if you want.
Good luck.
Nancy

what would you think of him waiting for the prime time (right before the kids get out of school) so he can put it on as a new listing, keeping the price high and tossing in closing costs for fha buyers and trying to skim by the appraisal.

 

[NancyMoranG]

Depends on his market. If FHA buyers are a big part, than yeah, he may have to analyze that. But he really would be better with a strong buyer, 20% down payment, and a sales price fitting into his area. If he waits 2 weeks to find out appraisal didn't fly, he may have lost another buyer who was chomping at the bit when he came on market and moved on. (Emotionally or financially)
If personal issues aren't in the mix and he can wait, the Florida market was busiest May-June, but then you're also competing with the influx of everyone else who waited. If he can be a couple of weeks ahead of them, great..
Hopefully Snerd is interviewing now and finding out what repairs or fix up will help in the sale and he is giving time for that.
Nancy

 

[snerd]

Actually, the best that could happen is the soon-to-be-ex decided to keep it and buys off my interest in it!! I think she can swing it, I'm rooting for her lol!!!


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[bribrius]

Depends on his market. If FHA buyers are a big part, than yeah, he may have to analyze that. But he really would be better with a strong buyer, 20% down payment, and a sales price fitting into his area. If he waits 2 weeks to find out appraisal didn't fly, he may have lost another buyer who was chomping at the bit when he came on market and moved on. (Emotionally or financially)
If personal issues aren't in the mix and he can wait, the Florida market was busiest May-June, but then you're also competing with the influx of everyone else who waited. If he can be a couple of weeks ahead of them, great..
Hopefully Snerd is interviewing now and finding out what repairs or fix up will help in the sale and he is giving time for that.
Nancy

Makes sense. I always advised realtors i dealt with to set up everything for fha or state financing programs, first time home buyers assistance. Reason being around here straight conventional is a small percentage of the market. Most first or second home purchasers do govt. backed. After enough rejections i started telling realtors i dealt with to just plan on telling their customers to pay points and towards closing. As it opened up the house for more buyers and a larger base. But that its here. i have no clue what the ratio is for conventional financing where he is.

 

[bribrius]

Actually, the best that could happen is the soon-to-be-ex decided to keep it and buys off my interest in it!! I think she can swing it, I'm rooting for her lol!!!


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there ya go. save you a lot of headache....

 

[Gary A.]

The housing market has come back big-time here.

 

[bribrius]

The housing market has come back big-time here.

Maybe he should move the house there. I am hoping it crashes here. It was going down hill, little come back. i am praying for a all out crash. I hope the fed jacks rates. There is things i want, i don't have the money for. i need to figure out some finances but i also need things to go on wholesale pricing. Some more banks going under would make my day...