Ramhock Posted August 7, 2011 Share Posted August 7, 2011 (edited) Wow, what a process this now is. Just sharing my own experience to help you Huddlers doing this or thinking about it. Started in Dec @ 274K, thought we would be happy at 260K, realtor advised 275K, as that would put us in line with the many others in the area. You NEED to start lower in the current environment. We lowered it 9K every 2 months. We had 100+ showings! Signed tonight for 233K. Is what it is. We were at 247K. Someone was interested but no offer, so before lowering to 239, we offered it to them at 235K, they offered 229K, done at 233K. Point of my sharing part of our story is if I went with my gut & started at 260K, I may have gotten that, 7 months ago. START LOWER THAN YOU THINK YOU SHOULD!! And good luck!! Edited August 7, 2011 by Ramhock Quote Link to comment Share on other sites More sharing options...
Chargerz Posted August 7, 2011 Share Posted August 7, 2011 Jeez, what an ordeal!!! Quote Link to comment Share on other sites More sharing options...
TimC Posted August 8, 2011 Share Posted August 8, 2011 Awesome news! Congrats, Rick!! Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted August 8, 2011 Share Posted August 8, 2011 Congrats!!! I know how frustrating this can be. We sold our house 3 times last year before the last guy finally was a reasonable buyer. And about 4 days before the deadline for the tax credit for buying a house. We got really, really lucky. Quote Link to comment Share on other sites More sharing options...
BillyBalata Posted August 8, 2011 Share Posted August 8, 2011 Congrats Rammy. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted August 8, 2011 Share Posted August 8, 2011 Congrats! Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted August 8, 2011 Share Posted August 8, 2011 (edited) Wow, what a process this now is. Just sharing my own experience to help you Huddlers doing this or thinking about it. Started in Dec @ 274K, thought we would be happy at 260K, realtor advised 275K, as that would put us in line with the many others in the area. You NEED to start lower in the current environment. We lowered it 9K every 2 months. We had 100+ showings! Signed tonight for 233K. Is what it is. We were at 247K. Someone was interested but no offer, so before lowering to 239, we offered it to them at 235K, they offered 229K, done at 233K. Point of my sharing part of our story is if I went with my gut & started at 260K, I may have gotten that, 7 months ago. START LOWER THAN YOU THINK YOU SHOULD!! And good luck!! I don't agree you should start lower than you think you should. It all depends on the situation? Are you in a hurry? Do you NEED to sell? What if you did close at 245k or 275k, how hard is it to make up the difference? I am glad you signed, but you should NEVER start lower unless you need to move the house. ETA: congrats! I am debating putting my house on market but it all depends on the news this week Edited August 8, 2011 by MrTed46 Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 8, 2011 Author Share Posted August 8, 2011 I don't agree you should start lower than you think you should. It all depends on the situation? Are you in a hurry? Do you NEED to sell? What if you did close at 245k or 275k, how hard is it to make up the difference? I am glad you signed, but you should NEVER start lower unless you need to move the house. ETA: congrats! I am debating putting my house on market but it all depends on the news this week We did need to sell. Needed to get to the equity, which was less since I played it wrong at the start. But the only reason to sell into this market should be need. Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted August 8, 2011 Share Posted August 8, 2011 But the only reason to sell into this market should be need. Agreed. We went ahead and rented our previous primary residence for about $550 more than our mortgage since the rental market is so crazy right now. I'll let someone else pay down my mortgage and hope the housing market here goes up, thereby increasing the gap and my profit once I sell in 5 - 10 years (unless something happens, of course). Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted August 8, 2011 Share Posted August 8, 2011 But the only reason to sell into this market should be need. Not the only reason. There are ALOT of opportunities out there in this market. Quote Link to comment Share on other sites More sharing options...
SeductiveNun Posted August 8, 2011 Share Posted August 8, 2011 We sold our house back in April. We needed to upgrade to a bigger space before the second baby came along, so in that sense we had to sell in order to get the $$ to upgrade. I bought my house originally in 2000 for $155,000. The last tax valuation on it was around $215,000. I was hoping to sell for a minimum of $200,000 but the realtors told us there was no chance we'd be able get that in this market - what with the competition from foreclosures and short sales in our area. We listed originally at $199,000, and had a few showings here and there but no nibbles or anything. Shortly after the 1st of January, we dropped the price to $185,000 and after about a week got a contingent offer - based on that if the woman was able to sell her house she would then buy ours - but was offering $180,000. We held firm on $185,000 since it was a contingent offer and she was agreeable to that. She sold her home in about a week once her house went on the market, and that was that. We had been shopping around for the new place prior to this happening so we had a really good idea of what we wanted for our new home, and we found one we liked in about 2 weeks. The owner was a real estate agent who didn't actually live there, so we were able to schedule closings all concurrently and we were able to move in without the hassle of him vacating the house we were moving into. Bottom line, whatever you think your house is worth will not be reflected by the current housing market. It sucks, but that's the way it is. I'm just really, really happy I bought mine well before the bubble started inflating. Congrats on selling though! Quote Link to comment Share on other sites More sharing options...
Ramhock Posted August 8, 2011 Author Share Posted August 8, 2011 Not the only reason. There are ALOT of opportunities out there in this market. Agreed, but the opportunities are for the buyers only. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted September 16, 2011 Author Share Posted September 16, 2011 (edited) Closed on the sale & purchase, today. Got a solid home & mortgage, 4%, no points. Locked in the 1st day the 10 year went below 2%. I was VERY lucky. Continued good luck to everyone dealing in this shatty market. Edited September 16, 2011 by Ramhock Quote Link to comment Share on other sites More sharing options...
Bier Meister Posted September 16, 2011 Share Posted September 16, 2011 we decided to try to ride it out for a few years and did not to sell our home in colorado. renting it out, so mortgage is covered Quote Link to comment Share on other sites More sharing options...
gsmayes Posted September 20, 2011 Share Posted September 20, 2011 equity, what's that? I wish I could sell my house for what I owe. Quote Link to comment Share on other sites More sharing options...
NSab Posted September 21, 2011 Share Posted September 21, 2011 Congrats on the sale Quote Link to comment Share on other sites More sharing options...
matt770 Posted September 21, 2011 Share Posted September 21, 2011 Just completed a short sale last week. I listed the house well below market value because of an obvious neighbor issue. Even at that price we didn't get much traffic, but one couple fell in love with the house, probably one of them is into gardening and/or they didn't look next door too closely. The short sale process takes a long time, so these people actually did a month-to-month rental and waited it out. The approval took over 90 days, and the buyers hung in there and we closed last week. Can't begin to describe the relief I feel to have no more obligation/attachment to that house. In fact it has not fully sunk in yet, I think of that place and I still get quick pangs of terror...the idea that it's really over just does not seem possible. Quote Link to comment Share on other sites More sharing options...
matt770 Posted September 21, 2011 Share Posted September 21, 2011 Congrats! I think you said that y'all are going to move out of the state? Still happening? And from what I understand, 90 days for a short sale approval is actually really fast. Yep, back in my adopted homeland of Georgia and no plans to ever leave again. True, the 90 days was quick, I used a realtor that specializes in short sales and he uses a third-party negotiator who get a 1% cut of the sales price. Quote Link to comment Share on other sites More sharing options...
Bring Back Pat!!! Posted September 21, 2011 Share Posted September 21, 2011 On the other hand, it's a great time to buy. We signed on our first house a week ago, had the inspection last night, and will close the end of October as long as there are no glitches. We had been looking for 4-6 months though, waiting for the right place at the right price. Got an amazing mortgage too, 3.75% with no points, and am actually getting $1100 back from the mortgage company going toward closing costs! Can't wait for another month to sign those papers!! Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted September 21, 2011 Share Posted September 21, 2011 On the other hand, it's a great time to buy. We signed on our first house a week ago, had the inspection last night, and will close the end of October as long as there are no glitches. We had been looking for 4-6 months though, waiting for the right place at the right price. Got an amazing mortgage too, 3.75% with no points, and am actually getting $1100 back from the mortgage company going toward closing costs! Can't wait for another month to sign those papers!! Congrats!! Quote Link to comment Share on other sites More sharing options...
TimC Posted September 21, 2011 Share Posted September 21, 2011 Mine has been out there for about a month with no looks yet. We're downsizing (like my job was) so buying low and selling low. Trying to get into as small of a house as possible with almost no mortgage payment. Job market sucks as bad as the housing market. Quote Link to comment Share on other sites More sharing options...
matt770 Posted September 21, 2011 Share Posted September 21, 2011 Mine has been out there for about a month with no looks yet. We're downsizing (like my job was) so buying low and selling low. Trying to get into as small of a house as possible with almost no mortgage payment. Job market sucks as bad as the housing market. Awesome house, Tim. The price seems amazing but the market is pretty ridiculous right now. If it drags on, probably the mortgage company would take less than that rather than getting stuck with it... Just sayin'. Quote Link to comment Share on other sites More sharing options...
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