Turnaround in the housing market?

One of my managers put his house on the market Saturday, had 2 people look Sunday, 1 Monday, an offer was made and accepted yesterday...talk about fast work...he did for sale by owner, so he is happy that he isn't paying 6% for 3 days work

Maybe over in your neck of the woods it has been. I looked at the foreclosure notices yesterday and saw a house that my wife and I have looked at in the realtor ads in the paper going up for auction in April, for about 1/2 the cost it had been listed at. I called the realtor to schedule a walk-through just a bit ago and she said "Oh my gosh I don't know why but this house has been really popular today!"

I wanted to tell her the bad news but hey, I want to see the place!

I have been looking at houses in my market, most have been WAY over priced. The realtors tell me it is because our market is not effected by all the bad stuff out there. BS!!

Yeah, this market has 17% unemployment, the schools can't pass a levy, The factories are laying off and cutting production lines and shifts, the schools enrollments drop each year (The reason they have closed three elementary schools).

Why? Because people are leaving this depressed area.

You are asking too much because you sold them this house for too much 2-5 years ago. So, you can sell it to me for what I am offering and ask the bank to take a short sale, or I will buy it on the courthouse steps when it goes to auction.

Pretty much how I'm treating things now. I saw a house in our current neighborhood up for sale again. We walked through it when we bought our current place just a couple of years ago, but thought it was overpriced then at 120k. The lady who owns it eventually pulled it off the market and got someone to rent for a couple of years. It's back on the market today for 140k!

Here's to praying my house will regain some of the value it lost soon after I bought it thanks to the economy.

Reality hasn't hit my area yet. They still think that if you bought a house 4 years ago at $140k they'll get $180k out of it today. Not gonna happen. Lost of houses on the market, but none are selling.

I'd mortgage my grandparents to get a house in CA for 120000.00.

You mean in CA in an area you would actually want to live in, right?

I think there are plenty for 120K - but you don't want to live in Moreno Valley or Palmdale, I'm sure.

Yes, I meant civilized California.

LOL

I sold my house last spring in what I felt was a relatively good time frame considering my market. I built it in 2004-05, sold by owner, and asked and was was able to negotiate a reasonable price I felt considering everything else. I was able to get a little more than what I payed to build it four years earlier (well, except for all the after build add-ons like the deck, landscaping, granite counters, drywalling my garage, etc) but I did feel I got a reasonable price for where the market was at.

Neighbors around us who had their homes on the market for many months before, and after (and 2 still today) were livid that we were 'giving our house away'. No, we were pricing where the market was at, and unfortunately, it just simply is not as high as you want it to be. No longer can you build a house and ask for 40k more than you paid to build it two years later, no matter how great you think it is.

WTF?! This is going to make me cry. My house has been on the market for 5 months. We've had 40+ showings, 99% all positive feedback, and nothing. I'm going to go jump out the window now.

This sucks!!! Waaaaah!!!!

<-- whining and crying

Do you ever watch HGTV - maybe that lady can come to your house and see what you are doing wrong- then stage your house and voila maybe you will get a buyer.

pjs, I was thinking the same thing!!!
Or maybe hide some cameras?

That could be too traumatic for Agnessa...people can be quite mean when touring a home.

I'm sure Agnessa's house is just fine. It's just in an upscale area of Indianapolis and probably higher than most people can afford. Hang in there - it will sell.

We sold our house in Georgia almost a year ago at a loss. Actually, we sold it for what we paid for it, but also gave some buyer concessions and we had probably put about $15-20,000 in it in 3 years. It was necessary to sell, though, because we moved about 400 miles away. We had neighbors who listed theirs before we did and almost 3 years later it still hasn't sold. They never dropped their price - it was higher than what we sold for and our house was larger and a little nicer.

Mines been on the market for 18 months. Dropped price from 199K to 189K and to 164K the first of '10. 3 "tire kickers" so far, no offers. Bad schools, bad economy, no jobs. It's 2700 sf on 15ac.

You vcan get a house in CA for 164K, as long as the word "crack" is in front of it.

I bought my house almost 2 years ago for $145,000 less than the original asking price and thought we were getting a great deal. (Talk about over pricing, sheesh) We put about $25,000 into it for granite, appliances, carpet ,paint, light fixtures, door knobs, just about anything you can think of and it has appraised for even less than we bought it. So we have stopped short of remodeling the master bath and the back patio. Can't throw more money away but I sure do want my bathroom remodeled...

Or it doesn't have a permanent foundation A la trailer trash...

Why do people expect to live in a house virtually free or worse yet have someone pay them 'cause they lived there? I look at maintenance costs as the rent I pay on living in my house. I bought it fully habitable so improvements are things that I consider on my 'want' list. And let's face it, given the choice between my lived in house and the brand new one down the road, which one is the buyer more likely to choose no matter how much I've improved mine?

Don't discount it, some older houses have a lot more character. We have had two brand new houses before this one and when we were shopping this time, we couldn't find a new house worth a darn that was under a half million dollars they were all awful or had awful parcels.

Ummm, actually Moreno Valley and Palmdale ARE relatively civilized. If you want thee Garden Spot, try Barstow!

Although truth be told, the Outlet Stores in Barstow can be worth the trip. Especially the Coach outlet!

BS - are you planning on staying in this house for awhile? If so - go ahead and do the renovations for yourselves - or at least some of them so you enjoy your home more.

we've put some serious money in our house over the past 2 years with some serious remodels...likely we can recover what we put in it if we sell, but we like where we are, it is a good location, and we have no plans to sell anytime soon. So, i'm not concerned about recovering our investment, but rather enjoying our home.

Our house, in the 2 years we've owned it, has gotten a brand new roof, new siding, new garage door, new paint, new carpet. Has all appliances (high end), a very large cul-de-sac yard with a great fence, a huge front yard, landscaping, etc. We have put a lot of money into it and, after a couple of price drops, are now asking only $5k more than what we bought it for in 2007. I'm going to drop it though in the beginning of April so we'll be asking the same price we got it for. Ugh... And I am fully expecting to take an out of pocket loss.

I'm just tired of getting feedback like "great house! shows great! Love the location and the yard. The buyers though really want a 4th bedroom". THEN WHY ARE YOU COMING TO LOOK AT MY 3 BEDROOM HOUSE?! Grrr.... It's all specified in the listing, don't waste your time (and mine) if you want 4 bedrooms! LOL

This too shall pass....

I completely agree with this. We have also but some big bucks into our home in the time we've lived there (almost 15 years). Some of it was out of necessity (it is a 110 year old house), but a lot of it was just things we "wanted" to do to enjoy our home more.

We have been doing some interior painting, and I am sure any realtor looking at the rainbow of colors in our house would have a stroke. But, I figure it's my house, the only thing that matters unless I'm trying to sell it is if I like it!

Same here. Been there 15 years this month, and are in round 2 of interior painting/updating. Need chimney work this year so that will cost a bit, and either need to redo the hardwood floors or carpet over them.

23 windows, siding, and possibly new roof this year

I think I may have most of you beat; bought in 2005 for $525k and sold in 2009 for $250k.

So. There ya go. That should end most of the whining.

wow...

uhm, I can rent you my lower level suite if you need a place man.

wow...

No, thanks, I have a nice place to live, lol.

Trust me, been a rough few years that you would hardly believe if I told you all of what has happened in the last 4 or 5 years.

But, Thank God, life is great and things are improving now.

We're patient... always up for a good story

LOL @ JJ!

Wow, MB Guy. I will officially quit my whining right now

i got a splinter yesterday.

random thoughts are that way -------------------->>>>>>>>>>>>>>>

not looking for random. was busy WHINING thankyouverymuch.

Yup. You win.
I beat the bubble here.

Got our’s for $118K, sold it for $149K. Then we got our new one – they were asking $250K, and we talked them down to $195K. But we got it “as is” in mid-stage construction. We plopped $10K to $12K into it to make it habitable (carpet, regrading the land to fix our flooding, light fixtures to have some) basically to get the occupancy permit so the loan could be sold to Freddie. Good times.

But still, you win!

I bought my place 2 years ago when I relocated back to the land of tax free shopping. Great old house - about 60 years old, brick/hardwood colonial with an addition on the back. 3BR/2BA, solid neighborhood, tucked away, yet close to shopping, major job center, and a law school...and 25 minutes from Philadelphia.

Since I've relocated again for another job, I'm hoping to sell this place. I was going to only ask what I paid for it, but a realtor friend said I should get an appraisal because she doesn't think it'll sell for what I bought it for...uggh. Very annoying.

I'm going to list it for rent this weekend to see if I can make some money on it and maybe carry it another year or two to see if things improve. I don't plan on buying in my new location anytime soon...I've gotten a little gun shy.

Ouch MB guy..if you waited a bit longer I am sure Obama would have bailed you out...


We bought in 1995 as the last housing crash was just bottoming out. Paid 85k for it-prior owners had to bring a couple grand to the table-between their mortgage, 4 years of taxes, and the liens that each of their divorce attorneys put on the home for payment, they had squat. The woman was such a sweetie-having been through all that (and a 4 hour closing since the ex was acting like a complete &^%$#&), she broke down crying because she wanted to leave us a bottle of champagne and a congrats card but she didn't have time....

Well, I also put about an additional $60k (at least) into fixing it up (marble floors, granite, floorplan redesign, metal tile roof, carpet, bathroom reno, coffered and tray ceilings, etc.) and the price rose nicely after I bought it, then the floor fell out.

I made significant money on the prior two homes I built, but that was all flushed away on this one. Cest la vie.

I think everything's going to even out though: I made a lot on my first house, broke even selling my second, and I'm going to lose some selling my third. Good times!

We're in the same situation. We've never been renters before (I know, odd) but the last two house-selling experiences have been so bad and made our relocations so much more difficult, we have signed a 2 year lease on this nice townhouse condo we're living in now.

If my house doesn't sell by next month, I will also be listing it as a rental. And a lease-to-own option too.

Had to choose between windows and roof last year. Went with 32 new windows, 26 of them were 82" tall. So of course, ice dams this winter caused damage in my dining room and pantry ceilings and we'll have to reroof this year. Don't think I'd make a dime of it back if I had to sell anytime soon. And now they're predicting another financial bottoming out heading our way in 2013-14. Looks like I'll be able to enjoy the windows and roof for awhile.

who did you get your windows from?

Went with Anderson Wood Right (? on spelling) windows. They are awesome!

We had single pane colonial divided light windows. Each pane was seperately inserted into the wood dividers. Seperate storm windows. These new windows are tight and noticeably warmer. It's quieter inside too.

I plugged one of those neat-o air fresheners into the basement wall!

Smells like new down there!

And all for $3.99!

Tell your mom we say hi.

Snort!

Based on what's happening in my neighborhood, I could probably sell for what I paid for my place in 2004. Wouldn't get back any of the money I put into it, though - converted from fuel oil to a gas furnace, added air conditioning, new windows all around(including converting a picture window to a bay window), lots of plumbing upgrades and other small stuff...

I've noticed a lot of 'sale pending' signs lately, though. That's got to be a good sign.

oh, and where did you get your windows?

I'll tell her when I see her tonight...

Deja "view"!

Ouch...

I think I'll go ahead with that bathroom remodel now...

They are Pellas (from VerHalen). The old wood windows were almost 60 years old and I wanted a complete tear-out, which they did. They also had some cool features that I really love! Some of my screens roll up and down, some are almost invisible and I've got blinds between the glass.

Jeldwyn windows are nice too

I LOVE ^^^ hmdagal's windows!!!

I don't have any windows in my room.

Liver hasn't seen my windows...yet.

We didn't do total tearouts. It's a colonial house too so we had five different sash colors to match. Total PITA! Got them through a local contractor who purchased them at Brunsell Lumber.

Trying to decide if I want to go with vinyl replacements or, new wood windows. The choices...

Vinyl didn't get good reviews either on paper or from anyone I knew who tried them of which there were very few. Besides, my husband's an engineer and said wood was the way to go.

I know, my gut is telling me that as well.

My thought though is that with newer homes, they build them so as they they do not properly 'breath' anymore, thus making wood windows more suseptible to mold and moisture damage, no matter how well finished they are, hence making a slight case for vinyl replacement.

That's what kind we put in! I like them, but I can't tell if they have made a difference in the heating bill, electric rates went way up!

Oooof! I just checked my home on one of those Home Value Estimator sites, and it's coming up 35,000 less than I paid for it! Not happy. I wonder where the appraisal will come in? If it's the same as the HVE, all my equity is gone!

Aww..thanks!

Truff is much more artistically inclined than I am, so I'm sure her's are absolutely beautiful.

Mine are wood, but the outside are covered with aluminum (I think?). Heating bills have gone way down. There were some that I looked at that are made of a composite material which is supposed to be pretty good.

Jeldwyn aluminum outside with unfinished pine inside is what we put in.

Our old ones were completely torn out, I put in spacers on either side and top and bottom when necessary, did the finish work (with the help of a friend) and they turned out really nice.

I wasn't sold on the vinyl replacement windows.

that's exactly what's happening to our house. and the stained wood ain't pretty.

Thank you for helping me not feel so bad about losing $150K on house I sold last year. However, my bad timing was such that I still have my primary residence which I can't sell because the market where I live is awful, and because I can't afford to lose all of my equity in that house. . . the bank I was working for failed over a year ago, so I now commute to work for a bank in a community 185 miles from my home. . .my family and pets stay in the house, and I leave Monday mornings and return Thursday evenings. Don't miss the family as much as I miss the pets! And the place I stay in during the week is a 9' by 13' "cell"--the most affordable place I could find and still pay all the bills. . .at least I can still pay the bills, but after doing this for well over a year, it sometimes gets old.

Sarah, how much is your primary house worth now?

Sarah, I did the same thing you did for 5 months. We were selling a house in Michigan and my husband and then-18 month old daughter were living there. I was commuting 277 miles on Sunday nights and paying rent on an apartment (I found a lady who needed a temporary roommate). Then I drove home on Friday nights to spend the weekend with my husband and daughter. I missed her so much, I was in tears every Sunday at 6pm when I left. It did get old, but it's what we had to do at the time.

This too shall pass...

I was just looking at houses that were out of our price range two years ago.

If I would have waited until now to buy I could have bought one of those.

I'm afraid to look at what our current house is worth.

As of a year ago, when I refinanced, it squeaked in at $550K in the appraisal, which is $60K or so less than I have in it. Nothing is selling in my area in that price range. I'd be lucky to get $500K. But, I get to go home this afternoon!

I try to convince myself that it's no worse than being a truck driver, traveling salesperson, or bank examiner! I've been at the long commute for almost 17 months now. My son is 18, and often going through teenage angst (when he emerges from his room), so it's not always bad being away from him. But I do miss my little doggies. They don't know where there mom is during the week, and follow me around in a little pack when I get home.