Profile picture for rnikifor

We are now taking our house off of the market :(

We had a contingent contract on our house for the past 4 months. The "buyers" have decided not to renew the contract. We are fortunate not to be in the position of having to sell our house. We would just like to sell it. But, because the market is so bad and housing values are plummeting. I wonder if we should just stick with what we have and make improvements on it. Is there anyone else in my position deciding that it is just better to stay with your current house?
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December 10 2007 - US
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Profile picture for KD in Texas
We were ok with staying in our current home if it didn't sell. We're lucky that we don't have to sell. We just wanted to live closer to my husband's children from a previous marriage.

The market is crazy right now. I think some buyers are taking their house off the market to establish a sense of control. To change from "Nobody wants my house" to "I'm not selling my house". There's no harm in leaving the house on the market if you don't mind keeping it clean. There's also nothing wrong with understanding that it is a buyers market right now with an uncurrent of fear that values will continue to plummet.

Frankly, the stress of having the house on the market with having to abandon all weekend plans to leave the house so a realtor can show the house is really wearing me down. I never want to sell/move again.
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December 11 2007
Profile picture for pinksandbaby
rnikifor, I'm sorry you can't go forward with your plans. We too do not HAVE to sell, but we have 4 children now and have simply outgrown it. It's a shame that all of those with valid, 'normal' reasons for selling are being punished because of the greed of others. Very sad actually. We won't take it off the market because it's not going to get any bigger w/out big money and a big headache. I just can't live through major construction with 4 kids. We've been through enough construction here that I know what it entails and it just doesn't make sense for us right now. We need to start fresh.

Hopefully with the prospective new rate cut(s) it'll bring more buyers out of the woodwork. (I pray!) Good luck, and I hope for all of us it stabilizes soon!
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December 11 2007
Profile picture for fburg4sale
Pinks-"I hope for all of us it stabilizes soon." Oh what I wouldn't give for some stability! We're in a have to sell (or rent) position, and it stinks! I couldn't imagine having four kids and a house on the market - I only have one child (a 1-year old), and feel so badly that the kid is growing up with minimal toys. They were all put away in an attempt to declutter. His nursery is the only sign that there's a child in the house.....
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December 11 2007
rnikifor,

A lot of sellers are doing just that - taking their property off the market to either renovate to accommodate their current needs or to sell in 2-5 years when the market has stabilized. Only you can decide what's best for you.
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December 11 2007
Many sellers out here (So Cal desert) are taking their homes off the market until the forks are off the table. If you don't HAVE to move, this is a good time to stay put. I'm sorry your contingency didn't work out :(
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December 11 2007
Profile picture for sunnyview
I am sorry that you contingency fell through. Before you decide to stay or sell, consider doing a new CMA to see where your market is headed. If your market is going across and strongly down on the 1 year chart, you might consider trying to sell now if you can. I think many markets like that will be hit hard in the Spring when everyone trys to sell again and more foreclosures or "must sell" properties hit the market.

You don't want to overimprove a property that really doesn't suit the needs of your family because you may never get that money back if you decide to sell later. Take a look at what is best for the long term and make the best decision you can.
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December 11 2007
Two of my seller's have decided to take their homes off the market and one is renting it out (I just found him a tenant/1yr. lease). The prices are stabilizing here in Tucson - altho we're not as fluid as the rest of the country to begin with.
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December 11 2007
Profile picture for sandi9411
Sorry about your contingency! That bites I know. I talked to our agent yesterday about taking our home off the market until spring and she told me that people who are out looking at houses now are serious buyers! I wouldn't be out just browsing in weather like this for sure. But if we take it off now and relist in spring, it will show up as a new listing with 0 days on the market. I'm not sure the days on the market really means anything now! Most houses are on the market at least 3 months, more like 6 months! So I guess I'll leave it where it is for now. I want to MOVE. It's 75 degrees in Alabama and 28 degrees here, with ice! Not a hard decision for me!
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December 11 2007
Profile picture for ajjacktech
After 6 months on the market in Fort Lauderdale, Florida. We pulled our house off the market also, lots of lookers no offers. We want to sell, but our local market is flooded with homes for sale. Dropping price didn't even help. We plan on relisting with a new agent and making our home the absolute cheapest in our area, we will still make some $. Been here 10 yrs. Hope all you sellers find a buyer. Otherwise we will see more bank owned properties as existing inventory skyrockets :(
I'm tired of constantly cleaning the house! anyone else?
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December 11 2007
If you are going to take your home off and wait, well, be prepared to wait a decade... That is the decision I made when I decided not to sell my condo, and rented it out... A decade may not even be long enough... but if you are taking your property off "till spring" or some near in the future time when the market gets better, well there is that river in Egypt for you...
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December 11 2007
'The prices are stabilizing here in Tucson'

Really? My parents live in Tucson and my cousin there is a broker. He says the market is continuing taking a major dump right about now. I see the #s and they dont lie also.
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December 11 2007
'be prepared to wait a decade'

That sounds about right especially in areas like AZ, CA and LF. See you in 2017!
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December 11 2007
Profile picture for 2 Big 2 Fail
I would not spend a dime renovating your house because buyers will not pay for upgrades. If your a nice person and want the buyer to have free granite counters, then renovate. Otherwise, don't do anything!
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December 11 2007
Profile picture for Fixi
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They started saying today Homes are going to drop 63%-70% from the highs before this ends! O boy I gotta see this happen !
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December 12 2007
Profile picture for Fixi
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Morgan Stanley issued a recession alert, largely driven by concern that commercial paper (short term money for businesses and banks) is drying up rapidly


"Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a "perfect storm" for consumers as the housing slump spreads....


Morgan Stanley issues full US recession alert
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 1:24am GMT 11/12/2007






Morgan Stanley h
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December 12 2007
Profile picture for Fixi
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Morgan Stanley has issued a full recession alert for the US economy, warning of a sharp slowdown in business investment and a "perfect storm" for consumers as the housing slump spreads.



Fed chairman Ben Bernanke will be hoping he can keep the US economy from recession
In a report "Recession Coming" released today, the bank's US team said the credit crunch had started to inflict serious damage on US companies.


"Slipping sales and tightening credit are pushing companies into liquidation mode, especially in motor vehicles," it said.


"Three-month dollar Libor spreads have jumped by 60 to 80 basis points over the last month. High yield spreads have widened even more significantly. The absolute cost of borrowing is higher than in June."


"As delinquencies and defaults soar, lenders are tightening credit for commercial, credit card and auto lending, as well as for all mortgage borrowers," said the report, written by the bank's chief US economist Dick Berner. He said the foreclosure rate on residential mortgages had reached a 19-year high of 5.59pc in the third quarter while the glut of unsold properties would lead to a 40pc crash in housing construction.


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"We think overall housing starts will run below one million units in each of the next two years -- a level not seen in the history of the modern data since 1959," he said.


Although the US job market has apparently held up well, an average monthly fall of 138,000 in the number of self-employed workers over the last quarter suggests it may now be buckling. "Consumers face what could be a perfect storm," said Mr Berner.


The partial freeze on subprime mortgage rates announced last week by US treasury secretary Hank Paulson may help cushion the blow for some banks, but it could equally backfire by adding a "risk premium" that drives even more lenders out of the mortgage market.
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December 12 2007
Profile picture for Fixi
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Like Goldman Sachs, and Lehman Brothers, the bank no longer believes Asia and Europe will come to the rescue as America slows.


It has slashed its 2008 growth forecast for Japan from 1.9pc to 0.9pc, and warned that credit stress will weigh heavily on the eurozone.


Mr Berner said US demand is likely to contract by 1pc each quarter for the first nine months of 2008, but the picture could be far worse if the Federal Reserve fails to slash rates fast enough. It is betting on a quarter point cut this week, with three more cuts by the middle of next year. "We expect the Fed to insure against the worst outcome," he said.


Morgan Stanley is the first major Wall Street bank to warn that it is may now be too late to stop a recession, though most have shifted to an ultra-cautious stance in recent weeks.


The bank at first treated the August crunch as a "mid-cycle correction", much like the financial storm after Russia's default in 1998. But the collapse of the US commercial paper market has now continued for seventeen weeks, suggesting a "fundamental deleveraging of the banking system."


Mr Berner -- known at Morgan Stanley as the "resident bull" -- is one of the most closely watched analysts on Wall Street. While he began to turn bearish last April as the credit markets turned nasty, the latest report is written in tones that may is rattle the fast-diminishing band of optimists.
"


http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/10/bcnusa110.xml


Chris
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December 12 2007
Profile picture for ajjacktech
stillwater... what does any of your 4 posts in a row have anything to do with this post title?
This post is about sellers taking homes off market.. did you even bother to read?

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December 12 2007
Stilwater -

Please stay on topic.
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December 12 2007
Profile picture for Alisande
Spam.. zing
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December 12 2007
Michael its just more doom and gloom - things must be boring on the buyers' side or Stilwater wouldn't be over here trying to infect us with the doom
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December 12 2007
Profile picture for jumpupanddownandyell
to the agent: so your sellers decided to pull their house from the market? OR (more likely) did the listing expire without you selling their house and you suggesting that gosh, maybe you should lower your price if you want to sell.

Who in their right mind would keep a stale listing on the market during the holidays when no one is looking anyway....

All these expiry's will put their house back on the market in spring, when they hope things will pick back up and they will hope to be scene as a fresh listing
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December 12 2007
If you have a home on the market these days and desire a quick sale, you will need to be one of the lowest priced homes in the development. Otherwise you will sit for awhile.

Still if you do not need to sale right now, in most US markets, the Seller would be better off waiting it out if they can.
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December 13 2007
Profile picture for osterlunds
It's a tough decision, on or off. We've had our house on the market, on and off for the last year. It's a great house 5/3 pool, remodeled kitchen, baths, HVAC, windows-you name it, we've done it! Great schools too. It's hard because there really arent a lot of comps, people tend to stay once moved in. We just have a job change and want to sell so we can all live together again, just weekends is rough. Our thoughts are maybe a lease option? Any advice?
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December 13 2007
It's not a hard decision really. Contrary to what a lot of so called "experts" are saying, the market's not as bad as they are claiming. First of all, real estate is local, not all areas are experiencing the same conditions. If you want to sell you just need to be realistic with your expectations. In most U.S. markets from about 2001 - 2005 , sellers had the upper hand. You could name your price and would get it or more, usually within a month. This spoiled sellers and also attracted new agents into the business who have never seen a market other than a sellers market. A great marketing plan, sales skills, talent, experience and drive where not needed in order to sell a home then. Now these things are essential.

Did you all forget what the market was like before 2000? I remember my first listing took 6 months to sell and the sale price was for 97% of the original asking price. That was in 1998. In the current market it is taking about 3 - 6 months to sell if your home is priced correctly and shows well. The average sale to list price (when not overpriced) is about 95%. Not terrible at all.

There are only 4 reasons why homes don't sell.

1. Location
2. Condition
3. Price
4. Ineffective Marketing

Inventory is up that means more competition. If your home shows very well, is located in a desirable area, is being marketed properly (a whole nother discussion) and hasn't sold in 6 - 9 months, then it is overpriced, period end of discussion. The current market climate is more normal than the 2001-2005 market. That sellers market was the aborition not the norm.

When it was a sellers market you sold your house for top dollar. Then you still had to buy another home, didn't you? And what happend? You paid top dollar! Now you will get beat up by the buyers but then after your home is sold you will have the upper hand when you buy. It's all relative.
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December 13 2007
Profile picture for ocnative1964
all true.
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December 13 2007
If you don't NEED to sell, take it off the market. There are way too many people out there that do need to sell. The abundant inventory of available homes is hurting us all. If you still want to sell, make sure you're the best price and your home is in the best condition so it will sell. It amazes me that there are as many sellers out there who don't realize just how bad the market has gotten for selling right now. The main reason is that there is just too much inventory. People were spoiled during that quick rise in property values that we saw before the bubble burst. If everyone who didn't need to sell would just take thier homes off the market, he supply and demand issue would be solved and the market would return to normal (hopefully). A balanced inventory will be the first sign that the market has returned to normal. When I saw too many buyer/ investor's snapping up properties left and right a few years I knew what was going to come, too much inventory! And here we are in what amounts to be a result from all that Greed. Too bad the Fed's didn't realize that they should have raised the interest rates during that sellers market, it would have curbed real estate inflation. Now many are suffering. Those normal, non-investor type buyers who bought a few years ago and who must sell now are the one's who are suffering the most.
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December 14 2007
Profile picture for deflationmonster
RE may be local but financial crises of the magnitude we're looking at are global in their impact. We need this correction. For those of us that didn't buy into a liar loan, neg amort, option ARM, etc the transfer of wealth from savers to irresponsible debtors needs to end. The only market that may not be impacted are the $4M+ houses where people simply pay cash for houses. Everything else that requires financing is going to get hit hard. I hope against all hope that we can escape it but a depression looks like a very realistic outcome thanks to yet another bout of Wall St. greed and unsophisticated "investors" that were all mistakenly led to believe that you can never lose money in RE. Privatize the profits and socialize the losses. Perhaps this will be the wakeup call this country needs. I sure hope so.
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December 16 2007
Profile picture for BayWind
I agree with Rob, I would only take it off the market if you changed your mind and plan on staying there for 10 years. Make sure you have a good plan and don't "chase the market", be in front of it. I just don't see people paying this much again for housing for a really long time (adjusted for inflation).
How did it even get to this? Like Pink said, greed.
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December 17 2007
 
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