Author Topic: Ok, your house is sitting on the market.. (Read 719 times)

RedTop · « **Reply #15 on:** August 20, 2007, 10:55:14 PM »

The wait and see thing is....we dont have to sell. We're in absolutley fine shape with the mortgage. It's not a need , its simply a want to move next to a golf course and just a lil closer to work.

IF we don't sell it for the price we ask , say in a couple of months , then no biggie and ill stay in it until things change.

We like the house we're in fine. Just a notion to move next to a club that ill be a memnber of and play as well as practice at alot getting ready for a future goal I have.

Sell or not is not a huge deal. Ist just like I said.....its just a want.

Lowering the price JUST to sell it....is a BIG FAT no.

I have the advantage IMHO in this....I can sit and sit....no worries...no changes in payments at all....no ARM's to worry about. Im a fixed rate 30 year vanilla loan guy. And its an easy payment.

Sixpence · « **Reply #16 on:** August 20, 2007, 11:34:22 PM »

Quote

Originally posted by storch
with the average home in south florida now being valued at $400,000 (that would be your standard 3/2) the taxes for these homes are in the $10-12,000 range.

the other pitfall is that insurance is about $5-7000 for that home.

wow, holy ****

FrodeMk3 · « **Reply #17 on:** August 21, 2007, 12:04:02 AM »

Quote

Originally posted by Chairboy
There are some great properties like that in the area, Oregon has good open spaces. If they don't have a local agent, my wife can help, PM me if you want her info. One of the biggest impediments to new buyers right now is the newly aggressive mortgagers. Getting a loan means impeccable credit, good downpayment, and so on. Kinda like I always imagined it would be, not the drunken sailor style popular just 3-4 years ago.

I'm just amazed that this whole mortgage crisis has snuck up on so much of the country.

Thanks, Chair, I'll talk to them on what they're final decision is. They waver back and forth between wanting to settle on the coast, and moving inland near a lake or a river.(I saw a couple of places that looked pretty nice up the Rogue River.)

The place they are renting in Coos Bay is on the market, and whereas they liked alot of the features, they didn't like the price (450,000$). My dad's thinking the people are getting ready to come down on the price, a few others' in the area already have. He's gonna sit tight for a bit, to see what's gonna happen.

Just outta curiosity, at 6.5% or 7% interest, can anyone figure the monthly payment on a $400,000 home? with a 25 or 30 year fixed? That's the average price for a new home here.

storch · « **Reply #18 on:** August 21, 2007, 07:29:16 AM »

Quote

Originally posted by Sixpence
wow, holy ****

yup it's even worse in the florida keys. I met up with a highschool chum who is repairing boats on vaca key and his workers are bussed in with the hotel workers from homestead, florida one hundred miles away. working folks can't afford the housing costs in the keys. dade county is rapidly becoming that way with houses in liberty city (a ghetto neighborhood built by the communist roosevelt administration) nearby brownsville and the allapattah prairie now in the mid $200k range.

there were a few neighborhoods on the east side on biscayne bay where property values were low but even those are now in the one million dollar range.

miami is rapidly becoming an exclusive city, segregated by economics. we will be much poorer for it as well. for me part of the charm of living here is the great cultural diversity we enjoy.

lazs2 · « **Reply #19 on:** August 21, 2007, 08:08:21 AM »

kalifornia has become a young persons state.. you have to be young and ambitious to afford a home but.. the home itself becomes part of your retirement plan. Like florida... the weather is too hard to beat. Home prices will continue to go up and the states economy will continue to grow.

I figure that by the end of 08 the home prices here will start to look like they did just before the "adjustment". I used to get a realator a week leaving his card on the door saying he could sell my place in a week... I have seen slumps and recoveries before and will see em again.

I will wait a year or two and then sell and move further out away from people so that I can have a little freedom... If I get 20 more years before the people move in around me and "help" me "for my own good" I will be content.

If not.. I can simply move again.

In some states you don't have that option... never did. people live in houses 10 years and get less or.. not much more than they paid for the place originally. Not so here.. I will just have to be patient.

lazs

Chairboy · « **Reply #20 on:** August 21, 2007, 08:29:25 AM »

Quote

Originally posted by FrodeMk3
Just outta curiosity, at 6.5% or 7% interest, can anyone figure the monthly payment on a $400,000 home? with a 25 or 30 year fixed? That's the average price for a new home here.

With 10% down and 7% interest, the payment is $ 2,395.09 a month. With property taxes and insurance, it pops up to about $3,000. They'd save a huge amount in taxes by being able to write off the interest, so that helps adjust the 'payment' figure back down, but you'd probably have to talk to your accountant to figure out how much it'd affect them specifically.

BiGBMAW · « **Reply #21 on:** August 21, 2007, 11:03:09 PM »

Lazs..I have a scenic piece of property on Yankee Hill...lake view and good shooting; )...only 1 hour 40 minutes from sacramento,

Well water, electricity, septic all ready in!!...and few neighbors around enjoy shooting

lazs2 · « **Reply #22 on:** August 22, 2007, 09:00:29 AM »

bigb... yes.. it is still possible to find such places in northern kalifornia... I have found then in places like grimes and maxwell and colusa....

I found a place on 4 acres that has hundreds of acres of orchard on either side and backs up to a levee for the sacramento river.... the guy shoots into the bank from his back porch.. I could build a huge shop... it is 3 minutes from downtown colusa and 30 minutes from yuba city. probly still be able to shoot 20 years from now... by then I won't care or the land will be worth so much I can sell and buy something else.

kalifornia is still the best for that.

lazs

LePaul · « **Reply #23 on:** August 22, 2007, 09:05:30 AM »

I just did a home refinance a few days ago, I bought my home with an ARM. First time homebuyer, seemed like a good idea. Ouch! But now I'm locked under 7%.

My neighbor's home sat on the market for 2 months and he got what he was asking for it. Another home further down is still for sale. From what I can tell, its a buyers market right now.

Rolex · « **Reply #24 on:** August 22, 2007, 09:54:00 AM »

Make hay while the sun shines this quarter if you're a seller. Make hay while the sun scorches next year if you're a buyer. I say we'll be headlong into a good, old-fashioned recession -- the kind we haven't seen in 25 years -- by this time next year. And I've been an optimist for a long time.

68Wooley · « **Reply #25 on:** August 22, 2007, 11:09:19 AM »

The problem - currently - with property is that its been on such a good run for the last ten years everyone has viewed it as an investment. The thing is that historically property has been a pretty mediocre place to put your money if that's how you view it.

The other thing to remember is that even if we see property value adjustments in certain markets (and there's plenty of evidence to say we will), negative equity tends to be a temporary thing, and only a problem if you absolutely have to move or can't afford your mortgage (which I accept is a very real problem for many people). If you are making your payments and don't need to move, just ride it out. Prices will go up again eventually, albeit probably not as much as we've seen over the last ten years.

FrodeMk3 · « **Reply #26 on:** August 22, 2007, 11:45:07 AM »

Quote

The other thing to remember is that even if we see property value adjustments in certain markets (and there's plenty of evidence to say we will), negative equity tends to be a temporary thing, and only a problem if you absolutely have to move or can't afford your mortgage (which I accept is a very real problem for many people).

The part about Negative equity is somewhat true for some people, Wooley. But one thing that alot of people did during this boom, when equity was skyrocketing even on homes that they owned for only 6 months, was to take out equity loans' on those homes. Now, with values' and prices starting to slide backwards a bit, you are starting to see lot's of panic and woe. Of course, mainly from the people who have taken out a large 2nd.

Maverick · « **Reply #27 on:** August 22, 2007, 12:46:48 PM »

A secondary issue on valuation would be those who took out a reverse mortgage. If property values drop significantly, the situation is going to get ugly for those entities that are offering them.

BiGBMAW · « **Reply #28 on:** August 23, 2007, 12:48:19 PM »

I'm just a simple man with simple pleasures..Is shooting off your porch such a demand!!?

really wish suppressors weren't such a scary thing to linguini's spines out here