Good News sellers!

I usually keep my vitrol over in the buyers thread but thought I should share it here first.

Given national and world events in the markets and the fact that RE has come down 10% in our area, my fiancee and I have decided that we will purchase our first home next spring after all. Anything that happens between now and then should just be icing on the cake, but I just wanted to put this over here as notice that buyers just may start trickling back into the market.
  • September 21 2007 - US
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Answers (4)

Profile picture for chuckdog24
Us too. Tuesday we put our funds in 6 month CD's to grow a few $k & see where the prices are once the smoke clears. Prices are beginning to drop in our area but the bulk of the local inventory is still priced at 2006 values (more than a few have been listed for that long, chasing a declining market)We've watched those homes every step of the way, expecting for an affordability ease to come sooner than it's been progressing.

Most sellers won't see either of our posts as good news, and for that, my apologies if we're being insensitive. Anyone who's followed my posts has heard me describe in detail the $8,600 in losses that we've had in the past four years. One failed attempts with a builder & another this spring with a seller. The builder raised his price $100k once we had $ into the project (materials costs increases we were told). The sellers insisted that their home was worth $5k over appraisal & we didn't have those funds above & beyond our down payment/closing cost money.

So forgive us for seeming insensitive at a stressful time for sellers but for many (30 some things in particular I think), the market has been insensitive to us for quite some time.
For sanity sake, my wife & I are hopping off of this roller coaster ride. We'll be back stronger than ever with some additional saving to finally settle into that nest of our dreams.
  • September 21 2007
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Profile picture for fairygirl43
As a seller in the tanking Tucson market (been listed since February with two offers/contracts - both buyers flaked out due to personal issues, nothing to do with us or the house), I hope that buyers will come back into the market.

We've dropped our price by $45k since first listing in February - all of our prices were and are supported by the neighborhood comps.

After the 2nd failed buyer, we switched REAs and have been listed with a new agent for 21 days. We've had 13 showings in the past week and a half (many have been REA previews with promises they will be showing the house to their clients) but no offers yet.

Both sides need to be realistic about the situation. Sellers need to realize that it's no longer their market and the "greedy" phase is over. Buyers need to realize that for many sellers, they're borrowed to the hilt on their property and don't want to drop their prices further as they'll walk out still owing money (home equity lines of credit, etc.). Fortunately for us, we still have a little bit of room (not much but some). The hard part is now that we're out of state, it's very hard to keep up with the situation in Tucson.

Chuckdog24 - I can hardly wait to get off of this roller coaster! My sanity will be much better not having to make two mortgages!
  • September 21 2007
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Profile picture for PBCAcreageOwner
ghennis, if you're planning on moving to South Florida, come and visit us! :-)
  • September 23 2007
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Profile picture for dafnie
As a seller I never consider my pricing to be greedy. We were listed good 20K below the comps from the start and adjusted our price every month or so to match the declining market.

Deanna, I completely agree with you that both sides need to realistic.
  • September 23 2007
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