How's the market? Low inventory?
User
6 years ago
Featured Answer
Sort by:Oldest
Comments (20)
melle_sacto is hot and dry in CA Zone 9/
6 years agolast modified: 6 years agojewelisfabulous
6 years agoRelated Discussions
Low Inventory
Comments (20)We've really only seen one house that wasn't crummy, too. It was the one whose owners were asking about 50% per sq-ft more than the comps. They've owned it for 25 years and are not in trouble, so even at 2012 prices they would make a handsome profit. They refused to counter our "insultingly low" (I.e. realistic) offer, but today their realtor contacted ours and offered a price that was lower than we would have gone to, if they had been willing to counter. By now we're in negotiation for a different house that is a short sale though. The bank likes our offer, but the owner -- who shouldn't have a say -- thinks his very run down house is worth more. Weirder and weirder. This owner is way underwater even though they've owned the house for 31 years. I've bought and sold a bunch of houses in my lifetime and have never seen anything like this. There's been one single new listing this week -- a foreclosure that didn't sell at auction. It's in the fancy neighborhood and yet it's another wreck....See MoreHow's YOUR local real estate market and economy?
Comments (38)Coastal NH is also "schizophrenic", but mostly lousy and looking to be getting worse. There is little job growth in the income levels that would permit people to buy homes - while reports tout growth, they're mostly in the low-paying service sector - and we had a big boom here. Properties in my town are just sitting and sitting and sitting, and those people who ARE making offers want the sun, the moon, and the stars for nothing. We had one offer that we think wasn't entirely serious, the other the buyer backed out after the inspection because we wouldn't eviscerate our price as far as they wanted. (The house is a typical 14 year old house, reasonable condition, but they were getting persnickety because everything wasn't in brand new condition. Ya want new, ya buy new, and pay more.) In the town we're moving to, prices are a LOT lower (which is why we're moving there!) but still out of reach for most ordinary folks. Some homes are moving quickly but others are dead in the water and there doesn't seem to be much rhyme or reason to it. Our buying agent is puzzled about what's going and what's not, she says that many places she thinks will fly off the market are sitting and ones she thinks are "no way in hell" are selling in no time. It's really rather bizarre. Also, there is a glut of REOs and there seems to be no sign of that slowing; I learned how to check the deeds online and have noticed that most of the houses that are on the market as REO now were mortgaged in 2004 and 2005, and the outstanding amounts shown on the foreclosure/deed-in-lieu documents are almost invariably quite a bit higher than there is ANY chance whatsoever of being able to sell the house for. It's rather sad. And yet, in both towns, new construction is continuing even though builders are having to offer ridiculous incentives to get people to buy. You gotta wonder what folks are smoking....See MoreGot a low-ball offer after 2 weeks on slow market...
Comments (14)I don't understand. Why didn't you just counter again? You started $60k apart and then you went down $15k and they went up $15k, and now you're in the same ballpark with each other. You're asking for $299k and they're offering $275. You're less than 10% apart from each other. If you're close to your bottom line drop dead price, then just reduce it $1k or $2k rather than trying to meet them halfway. That way, they know that you're as low as you can go, and they have the option of recountering to come up to meet you. Anything is better than just declining a bona fide offer. Especially in this market....See MoreMove vs Remodel Decision - when inventory is low
Comments (35)Congratulations on your decision! It's a tough one and there are so many factors to consider. Time you plan on staying in the house is crucial. Also in our area, one major consideration is property taxes. If we were to raze our house and start from scratch we'd be assessed at current house values - more than doubling our current annual payment. That said, if you are not careful with your remodel and your project turns into a "might-as-well project", you will regret having not razed the house. We bought our first house almost 18 years ago and 12 years ago we did our first project adding a master bedroom suite. Costs got way out of control as we were both working crazy hours and just left everything to an expensive (but reliable) contractor. For example, the contractor billed us for the hour it took to pick up the light fixtures at a local store because I couldn't make it there before it closed. When I look at what we spent on that project (including the ridiculous architect fees) it made absolutely NO sense and we were silly to not have built from scratch despite like our neighbors did (although still we probably couldn't have afforded it). Fast forward 12 years - Fortunately, we didn't need to sell the house and our neighborhood grew and home values sky-rocketed and miraculously remained fairly stable during the housing burst. That master bed/bath has been thoroughly enjoyed and our house has appreciated far more than we ever expected so we are by no means at a loss and we preserved our tax base unlike our neighbors who built new. We are now going to update the last part of the house (a new kitchen/family room and guest room). We very carefully considered all the numbers and if we are careful (unlike last time) to control costs then it makes complete sense to remodel rather than rebuild. Of course, I'd love to build a shiny new energy efficient house on our lot, but it's still way out of budget and buying the equivalent of what we will have after the remodel in our market is simply unaffordable. If I look at what we've spent on the house over the 18 years it will total a little less than what we could build it for new now, but we have enjoyed it for 18 years and did it on the timeline that we could afford, in a neighborhood that we love and that our kids really enjoy....See Moreaprilneverends
6 years agolast modified: 6 years agopalimpsest
6 years agoemma1420
6 years agoUser
6 years agolast modified: 6 years agoFeatherBee
6 years agofreeoscar
6 years agoUser
6 years agopalimpsest
6 years agolast modified: 6 years agoaprilneverends
6 years agoUser
6 years agomary_md7
6 years agolast modified: 6 years agolakeerieamber
6 years agopooks1976
6 years agojakkom
6 years agolast modified: 6 years agoworthy
6 years agolast modified: 6 years agowritersblock (9b/10a)
6 years agolast modified: 6 years agonosoccermom
6 years ago
Related Stories
SELLING YOUR HOUSE10 Low-Cost Tweaks to Help Your Home Sell
Put these inexpensive but invaluable fixes on your to-do list before you put your home on the market
Full StoryACCESSORIESHigh Point Market Branches Out Into Natural Decor
Branches, driftwood, shells and sustainable materials were big trends in decor items at the 2012 High Point Market. Take a peek here
Full StoryMOVINGTips for Winning a Bidding War in a Hot Home Market
Cash isn’t always king in a bidding war. Get the home you want without blowing your budget, using these Realtor-tested strategies
Full StoryDECORATING GUIDESFlea Market Finds: Demijohns Around the Home
Once purely functional, now decorative, these bottles are worth the hunt
Full StoryDECORATING GUIDESTop Design Trends From the Winter 2015 Las Vegas Market
Interior designer Shannon Ggem is tracking finishes, motifs and design combinations at the 2015 show
Full StoryVINTAGE STYLEFlea Market Find: Vintage Dressers
Think beyond the bedroom when searching for your next dresser
Full StoryKITCHEN COUNTERTOPS7 Low-Maintenance Countertops for Your Dream Kitchen
Fingerprints, stains, resealing requirements ... who needs ’em? These countertop materials look great with little effort
Full StoryREMODELING GUIDES8 Ecofriendly Roof Options for Low Budgets and Up
Save resources with a cooling or sustainable roof or add-on that looks great and fits your price range
Full StoryMATERIALSMaterials Workshop: Polycarbonate — a Low-Cost Alternative to Glass
Looking for something lighter, stronger and less expensive than glass? Multiwall polycarbonate may be a good option
Full Story
ncrealestateguy