House Selling..

mommymommy wrote: I was just wondering if anyone else is trying to sell their house at this time?
We are and have been since May..We've had lookers, but there are foreclosures in our neighborhood going for less than what we are asking and we are asking below market!!
UGH>>
it is so frustrating..I just wish we would have taken the steps before the market went bad!!
Is anyone else in this position?
Or have you had success?
Just wondering!

lisar replied: My best friend had her house up for sale for the last year, she just took it off the market last month, lots of people looked but with the market the way it is right now, its hard to get financed.

DVFlyer replied: Bad time to be selling a house. If you can keep it for a year or so longer, you'll do better.

Our Lil' Family replied: yep, me too. Since June 25th....LOTS of lookers, still no offers. We have a little while, we are building and no where near done but I'm starting to get antsy about it.

Boys r us replied: Welcome to the club!! We have a lake house for sale right now and well..on top of it being a bad market for normal homes..I guess even more people are NOT in the market for a 2nd house right now! It really stinks b/c it's been on the market for almost a year! Grrrr...There is hope though b/c our realtor called us last night with someone who likes it but is having trouble getting financed b/c they don't have a down payment..SO...we said, 6 month lease..and we'll let you use your rent money as your down payment. So at $1500/mnth rent after 6 months it's just like lowering our asking price by 9k..which we're willing to do to get rid of it! So we faxed over the lease today to their realtor and we're HOPING and crossing every crossable thing that they sign it!

MommyToAshley replied: Our neighbor finally sold her house. She bought a new house in March, and had been carrying two mortgages. She just finalized the contract and ended up selling it for $20,000 less than the original asking price.

If you can sell your house, now is a great time to find bargains on upgrading to a new house. The trade off on getting a good bargain on your new home is probably greater than the loss of selling your old home. But the problem is in selling the house at all. This is a dream market for first time buyers.

I will cross my fingers for you, I hope it sells soon!!!

MyBlueEyedBabies replied: We actually lucked out and sold just in the right time last September. we lost somewhere between 20-40K on it but who knows how long we would have been paying our mortgage while living in a different state...

mysweetpeasWil&Wes replied: Right there with you, I feel your pain!!! Our house has been on the market since April. We've had a lot of lookers, even people who have come back 2nd, 3rd and 4th visits, but no offers. Feedback is positive, so it's not the house, it's that there is so much inventory, so they always think there could be something better down the street. We had a few other homes for sale on our street and they all have been removed (taken off the market). We thought at first, why are these selling and not ours, but our broker assured us that NONE have sold yet. We are at the point of considering renting it, but I don't think they rental market is all that hot either. And it would just be hard to manage out of state. Ugh. It's such a huge burden on us right now. We are paying a tremendously high rent for a house in CA, on top of mortgage in CO. Plus, paying for double utilities and a gardener to maintain the yard in CO. Bills bills bills, double them.

sparkys2boys replied: Yikes, that stinks. I really hope you get a taker soon

blondemom replied: I know here where I just moved a few weeks ago houses are selling quickly. I'm renting with the option to buy in a year.

mysweetpeasWil&Wes replied:
How do you know this for sure? Yeah, everyone says the market will turn around, but who's to say it will happen in a year. Do you know something I don't? I sure hope so!!!!

DVFlyer replied:
No one knows for sure. Otherwise there would a LOT more rich people in the world.

The consensus is that later is better than sooner....

I'm still waiting for someone to explain to me why people are thinking they are getting "deals" now. Houses were at all-time "unattainable" highs here in So Cal with people talking about how they wondered how anyone could afford those prices. Only with shady, perhaps fradulent...err.. creative financing were people able to afford those homes, although most, it seems, did not have a standard loan.

So fast forward to today where someone is buying a house for $450,000 that used to be $550,000 and all of a sudden it's a "deal".

I don't get it...