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I guess you'd probably call me a fence sitting vulture so-called-buyer scum of the earth etc, etc. LOL. Plenty of us out there. We find the fence to be rather comfortable these days. Tax assessments, apraisers, zillow, it all means nothing. Your house is worth what some sucker will pay for it, and most of the suckers bought at the top of the market. Not many left now. Just us SOBs.
well fourier2020, some of us are just not desperate people, with all the work that was done on house and considering when bought, I'd wait too. There's plenty of foreclosures for you, have fun dealing with the banks!
I like you, I really do, but come on, nothings free, compared to price of milk, bread, eggs, this one has one #ell of a deal.
nothing personal, k?
wow, your place sounds great, i would love to buy that, around here we couldn't get a house like that for less than 500K!
Your post reminds me why I've decided I'd rather just go into foreclosure than kill myself and put ourselves into bankruptcy trying to fix up the house on the off chance someone might buy it.
Sorry Weeber but the sad fact of the situation is that the credit bubble seems like it really hurts people like you the worst of all. Even though you didn't do a single thing wrong the whole situation around you got all screwed up. If you need to sell price it so you have people coming out of the woodwork to make offers and be angry that the world isn't a fair place. Hard work and responsibility don't always pay off. If you can pay the taxes and maintain it without it effecting your budget Great!
As a buyer i am interested in taking care of my family to the best of my ability. Right now I think that involves paying as little as I can for a house. In this enviroment if I could get approved for $350k last year but only $250k this year than your beautiful house is just out of reach for me right now. I may have to buy some of the forclosed crap on the market and just hope that over the coming years I can afford to make my house as nice as yours is today.
thanks for the kind comments. The truth is life just sucks sometimes. It would obviously be more convenient to sell it and do other things with the money but I have reached the tipping point where I would prefer to let it sit empty the majority of the time rather than lower the price any further to accommodate some fence sitter that feels he is entitled to a mansion for peanuts since he has finally reached a point in life where he finally qualifies for a loan.
Listening to some of the renters on the buyer's board talking about how much they are saving by renting and investing the difference sure has me curious as to what they are investing in to receive much if any value at all. To my knowledge there currently is no safe place to put your money that will even keep even with inflation. Guess I'll just keep my overpriced house as my inflation hedge. Odds are that I will come out of it further ahead than they will.
Tobias, hang in there. I'm sure when you do get that home you will turn it into a jewel.
what would the house rent for, realistically right now?
Blaming buyers for not paying you what you think is reasonable is simply immature. When you bought it or anything else did you look for a good deal?
list it for the price it was in 1999
some "vulture" will come off the fence
who knows it could be me
greedy weeber trying to make a profit
anyways
good luck
There are plenty of greedy buyers out there and I hope they get forclosed on. If Weeber had boutht in 2003 and was complaining that he couldn't triple his money even though he put in granite countertops I would have no sympathy for him and would be happy to post how I felt. But there are lots of people out there who counted on being able to sell their house when they retired or when their kids left the house and do something different and these people now have to suffer because others were too stupid to realize that you cant have a $80K worth of cars in the drive way, a $400k house and go out to eat 5 days a week on a salary of $60K a year.
Don't blame the buyers, they're net setting the ridiculous prices out there! Smart buyers know the prices are going down! Where the bubble burst is not bad right now, the snowball effect may come to your area too, probably will! What would anyone pay more than they have to for a home? Unless you have money to burn, it doesn't make sense. We're in a recession.
Weeber, I feel your pain. On the market 10 months myself now.
Honestly, if you don't have to sell right now, don't. You got screwed by the credit crisis/bubble pop/whatever you want to call it happening around you but it is the situation all us sellers are in and you have to roll with it. If you can rent it, all the better to you. It sounds like you might actually make a profit on it and you can wait the market out.
Butterfly,
I guess I came across the wrong way to you and maybe others. My post was supposed to be playful, not sarcastic. I do feel for the sellers who didn't do anything to deserve the fate they have right now. Jimmy Carter, answering a question about how a proposed shift in social security benefits would be unfair to some seniors, said "Life is unfair." He took a lot of heat for that, but it was probably the most profound thing the man ever said.
Weeber,
Never said you deserved to be in the situation you are in right now. Wrong place/wrong time kind of thing. azrob's got it right tho ... what can you get if you rent it out. Annualize that number, subtract taxes, insurance, upkeep. Take the result and multiply to something between 10 and 12 depending on how risky you think the rental situation would be. Compare that number to what you are trying to sell for. If the rental number is higher, then, by all means, rent it out and be done with it.
Don't get pissed at the buyer for doing the right thing, waiting. That's just ridiculous.
Thanks for the comments folks. Renting is not an option. Prior experience dictates that it is less expensive and definately fewer head aches just to let it sit empty.
Still curious as to what vehicle these renters put their savings into to turn any kind of a reasonable return. As my CD's mature, I am simply cashing them out and holding on to the cash. 4 to 41/2 % just doesn't seem worth it when it is not even keeping pace with inflation. Certainly wouldn't touch the stock market with a ten foot pole.
While I'm only a layman it seems to me that common sense would encourage potential buyers to invest in vastly underpriced homes that are now available as a potential hedge against inflation since any one with a grain of common sense can see that interest rates have to begin to increase to offset an inflation rate that has to be nearing 10% when food and energy prices are factored back in as they should be.
In addition, building materials are approaching an all time high partially as a resut of the demand for raw materials from the booming growth in China and India. When the new construction markets begin to function again, the doomers are going to be shocked at the per square footage prices that these homes will demand. I would look for much smaller homes to be the norm.
In any event, those of you that are forced to sell now due to circumstances beyond your control have my sympathy and I wish you the best of luck.
For those of you that don't need to sell, consider standing your ground and hanging on. After all a home provides you with a place to hang your hat, and it
just might be a great inflation hedge. As I said, these rediculous low interest rates are going to be forced to increase.
REGARDS
In addition, building materials are approaching an all time high partially as a resut of the demand for raw materials from the booming growth in China and India. When the new construction markets begin to function again, the doomers are going to be shocked at the per square footage prices that these homes will demand. I would look for much smaller homes to be the norm.
I beg to differ. Look at the lumber market. Its literally cratered. Mills in canada are shutting down as I type this becuase there is no demand to build new houses.
as the world enters recession, commodity prices will fall.
Why would anyone ever buy a house that had so little rental value, as to not be worth renting?
If rents are that low, you should have rented one for yourself back then, instead of buying.
azrob
Sorry, I missed the whole point of your post. If the commodity prices fall so will the purchasing power of our currency. So what is your point? Actual material prices will still be higher than they were say 2 to 3 years ago. How would that affect the increased demand for raw materials even if they are paying for them with a more worthless currency?
As for buying a house that had insufficient rental value, I have no idea where you came up with that gem. I thought I had made it pretty clear that I had no desire to rent out this house due to other factors, not economic ones. Guess I'll have to brush up on sentence structuring so that I can make my posts more easily understood.
There are plenty of greedy sellers out there, and I hope they overpay...
weeber
use short sentences
so we can understand
your cluttered thought process
you are bitter
we understand
to answer your question
where to put your money?
thats a tough one, right now
but don't buy another house
that would be a mistake
maybe stay with the CDs
the stock market and commodities
are very volatile
bonds not much better than CD
anyways
good luck
fourier2020,
it's all good, I enjoy these boards, hope I wasn't offensive, I can get a bit sarcastic from time to time. The housing situation is just a mess no matter how it's sliced.
Good luck to all!
weeber, you can brush up on whatever you want, I'm not the person who has a pile of money wasted in a home which it makes no sense to rent, and ranting against buyers who won't take the POS of my hands...
azrob,
I think weeber just needed to vent. We have all been in difficult situations at one time or another. Just another example of what I have been saying about how much of a role emotions play.
While I'm only a layman it seems to me that common sense would encourage potential buyers to invest in vastly underpriced homes that are now available as a potential hedge against inflation since any one with a grain of common sense can see that interest rates have to begin to increase to offset an inflation rate that has to be nearing 10% when food and energy prices are factored back in as they should be.
Weeber I would be happy to give you $160K for your house. The short sales and forclosures are a mess and a hassle to try and buy. The only ones who can easily sell for non-bubble prices are people who have owned for more than 10 years, don't have HELOCs and have a little equity built up. I think that a house makes a great inflation hedge but only if I am not paying for something that is a declining investment. In the mean time I am mostly in cash. GE giving me a $5000 headache on friday when they missed earnings confirmed that cash isn't the worst place to put your money.
While I'm only a layman it seems to me that common sense would encourage potential buyers to invest in vastly underpriced homes that are now available as a potential hedge against inflation since any one with a grain of common sense can see that interest rates have to begin to increase to offset an inflation rate that has to be nearing 10% when food and energy prices are factored back in as they should be.
Weeber I would be happy to give you $160K for your house. The short sales and forclosures are a mess and a hassle to try and buy. The only ones who can easily sell for non-bubble prices are people who have owned for more than 10 years, don't have HELOCs and have a little equity built up. I think that a house makes a great inflation hedge but only if I am not paying for something that is a declining investment. In the mean time I am mostly in cash. GE giving me a $5000 headache on friday when they missed earnings confirmed that cash isn't the worst place to put your money.
1-Basic Math:
median household income in 2000 = $ 62,000
median household income in 2007 = $ 62,000
so how in the world anyone expects a family pay for a house 2.5 times more!!!
2-Also home prices has always been within a narrow range (inflation adjusted) in the past 110 years (yes 110 years) except for the past five years so it is only logical to expect a correction.
3-and Mr Weeber! Thank you for reducing the price from 409 to 319! but where did that $409,000 come fro to begin with? it is a rhetorical question!
dk19991
regarding the 409 figure I can assure you it was not just pulled out of thin air. I hired a reputable home appraiser that came back with a figure in excess of 425 and elected to go lower so as not to be in the position of attempting to chase the market down. Additional lowerings were also made with that strategy in mind.
Azrob, should you decide to leave real estate and learn skills in a trade that actually produces a real benefit to the economy, it is possible, even for you, that some day you will be able to afford a home of your own and allow you to move out of that 2 bedroom, 1 bath apartment that you are living in for $1,200 per month.
Tobias, for that 160k I could probably allow you once a week pool privileges if you promise to shower first and agree to keep the P- out of ool.
Have a great day fellows. Work hard and maybe someone will give you a $10 tip.
weeber, I own my own home now, and two other properties now. Unlike you though, I sold most of my properties before the peak, and profited well.
so, your home won't sell for 309, so you'll just let it sit empty, and pay high florida taxes and insurance on a completely non producing investment that you don't even live in? Wow, you truly are a financial genius!!! what negative percent return rate does that get you on your investment??
Florida prices will drop for years, given the current oversupply, so you can add the loss in value to the monthly loss and have a nice tidy sum!
This is the 100th "people won't pay what my house is worth" thread.
Unfortunately, a house is only worth what somebody is willing to pay.
The bubble has popped, blaming buyers for not overpaying for your house won't bring you any closer to the closing table.
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So called buyers can "kiss my a**"
weeber
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I have had my house up for sale for close to a year. During that time I have painted both inside and out,installed all new carpeting, installed new tile in both bathrooms, new refridgerator,new washer and dryer, new garbage disposal, sealed the asphalt driveway, sealed the chatahoochee pool deck, installed new screens on the enclosed patio, installed new pool pump, and generally have sunk a ton of money into the house which sets empty and shows like brand new. In addition I have dropped my price on this 4/2 , 2 car garage, oversized corner lot, oversized 8' deep swimming pool , located in one of this county's most desireable cities from $409,000 to $319,950 in an attempt to sell it.
I must point out that I bought this house in 1987 for $138,000 and it is paid off and doesn't cost that much
to maintain it although I only use it 9 to 12 days per month. What would you think a fair market value would be? It seems obvious to me that the bubble period probably did very little to inflate the value. Heck, on the breakdown for my property taxes it shows the value of the lot alone at almost $200,000 not even including the house.
How low do these buyers expect you to go? In any event when my realtor's contract is up I am just going to take it off the market and let it sit. I would rather do that then give it away to one of these fence sitting vultures.
Sorry folks, just needed to vent. Thank you for listening.
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