Housing market

Discussion in 'The Loafing Shed' started by lori, Feb 3, 2009.

  1. lori

    lori New Member

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    My parents looked this summer for a condo/townhome for my sister in Aurora. They made lowball offers on several, 80-90% of asking price and most people just came back with $1000 off the asking price. They went up on Saturday and looked at 2 places, and my Dad went up today to look at one new on the market. As of today, one of the properties from Saturday accepted an offer. Today, the other property they saw on Sat accepted an offer, and before Dad got up to Aurora (11 am-ish?) the place new to the market accepted an offer.

    So, uhm, what happened to the woe-is-me real estate market?
     
  2. Shell

    Shell New Member

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    I hope it's not changing, because we're looking.

    So far, I haven't seen any change in the different areas I keep looking in. There's still a lot of homes that have been on the market for over a year.
     

  3. darkhorse

    darkhorse New Member

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    It's not an entirely "woe is me" market. As a seller I find this mentality very aggravating. I don't live in the house I am selling, but that being said, I don't NEED to accept any low ball, insulting offer thrown at me. Not everyone is desperate to sell. I have had people come in with offers ten and twenty thousand below what I am asking (which is a much lower price than appraised at 2 years ago, and is in line with what homes like mine are selling for right now,) and get upset when I come cack with what I want. I've had buyers ask my agent "well doesn't she need to sell it in this market? Shouldn't she jump on our offer?" Ummm...no. I am not in forclosure, I am not short selling, I have no need to take a low ball offer.
    Why do people think everyone is in a terrible situation and wants to ditch their home for next to nothing? I don't care if mine sits empty for the next year, I'm not really willing to budge on my already low price.
     
  4. Susan

    Susan New Member

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    I don't think our market in IL has been AS adversely affected as it has on the coasts and in the vacation/retirement areas (FL,CA,AZ). I'll be fighting this battle when I put my house on the market this spring/summer. I don't have to sell it, I simply want to downsize - I really do not need a 100 yr old, two story, 4-5 bedroom Victorian home with full floored Attic (actually could be at third story) and full basement. But I know I will get that low ball response from people. It happened the last time I had it on the market during my divorce - really pissed me off as a seller so I yanked it and kept it. I intend to make my realtor fully aware that I will be offended by and not entertain that kind of offer. If I worked "normal hours", I'd try FSBO, but as it is, I think I'll be better off having a realtor. I also intend to price it fairly - not inflate the price just to give me negotiating room. In my area, it will be very difficult to figure a market value as there are not many homes in my area that are comparable to mine that have sold in the last 6 months to a year. I know what it appraised at about 2 yrs ago and what the last comp was, but I'm not sure if that info will be relevant now.
     
  5. lori

    lori New Member

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    See--my dad--and I suppose I've inherited the title--is the king of lowball offers. He doesn't care what the market is doing, he'll usually start any offer at about 80%. I think it took about 6 months for me to find my current house because that's just our mentality--if it's not a good price, I don't want it. Half of the enjoyment in any new purchase for me is getting a good price for it. BF still revels in various features of our horse trailer, I still revel in what we paid for it.

    There were just so many people whining (1 in particular, as I recall... >:D) whining about how bad the market was going to be for sellers, and while I expected it to be down a *bit* that's not at all what I'm truly seeing. My friend did get a foreclosure they'd listed as high as $225 for $184... I think that might be a fairly decent deal, not sure, it's in a subdivision and I've been ignoring those kind of houses for a long time. They also offered $1000 over the listing price to make sure they got it.
     
  6. darkhorse

    darkhorse New Member

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    My realtor knows that I will not budge (save for maybe $1000 or so,) on my price. He agrees with me on that.
    I've also had many people contact him about renting it or doing a rent to own. They all get upset when he tells them it is not something I will consider. One woman pretended to be a potential buyer to get inside and see it, then hit him up with the "will she rent it to me" deal. He said "no." She became almost irate that it would not even be a consideration for me.
    So annoying.
     
  7. MyTeDun

    MyTeDun Senior Member

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    Had 2 appraisals within 6 months of each other----- may, 2008 and Nov, 2008.

    $17,000 drop in value in that time span.

    I'm not selling so I don't care but on my road there are 3 for sale, 1 for rent--- 3 of them sitting empty
    Next road over 2 sitting empty--- both rentals (all of them are horse allowed properties)

    I would hate to be depending on income from being a realtor or car salesman right now.
     
  8. Blueyz2

    Blueyz2 New Member

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    MTD- is one of them over by you a trailer on 7 acres? We went to look at that one when the ad said rent or rent to own then the relator said he just wanted to sell it instead and we just weren't in the position at the time.

    Anyway, :th_backtotopic: I see the market is slowly making its way back. My mom has a house for sale in Chicago and same thing, people come in and try to offer alot less then she wants, and she just wont take it. Guess it all depends on if you need to move asap or sit on it and wait to get what ya want.
     
  9. Mass

    Mass Senior Member and Masscaster

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    In my subdivision, townhouses, we have about 7 of them that were for sale for over a year and finally went to rentals. Same with a lot of the homes I've seen in this general area, they become rentals, because they are not moving and people are not willing to give them away.
     
  10. desederada

    desederada New Member

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    In the subdivision next to us they are either for sale, foreclosed on or for rent. Lots of empty houses. Here in Marion county there are properties for sale that were for sale 4 years ago. I've never seen so many properties on the market. When you drive down the road it's one realty sign after another.
     
  11. BUC

    BUC Administrator

    I can't be mad at anyone for wanting a deal. I always low ball. The worst they can do is say no. To many people ARE willing to deal. We looked at tons of houses....we got what we wanted for the money we wanted to spend.
     
  12. Shell

    Shell New Member

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    What I'm noticing is the prices dropping based on how long the property has been on the market, for those who want to be rid of that property. After 6 mos it usually starts. If on the market for a year or longer, the price starts dropping every 3 months by about $5000.

    I don't mind paying the price, IF it's worth that price. But if it's been sitting for a year it's not worth the orignal asking price unless it's a decent price to start with.
     
  13. jjones

    jjones New Member

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    In todays market you should try and lowball.... Why not??? I would do it if I were looking... As a matter of fact there is a nice 5 acre piece of property for sale in Beecher with a small barn and house for $199,999. Thats goes to show how bad the market actually is.....
     
  14. Shell

    Shell New Member

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    Most of the properties we've been interested in, we've backed away from because of the taxes shown from the year before.
     
  15. Jamik

    Jamik New Member

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    Just out of curiosity... was this the same appraiser who did both appraisals?
     
  16. Shannon

    Shannon New Member

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    I keep looking at that place ;)