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Old 12-01-2007, 08:37 PM   #21
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i agree with not worrying about days on market today. in our market there will be very few houses that will not be listed at least a year. can't find it now but i recently read somewhere that 400 to 450 days is the new average.

those of us trying to sell in florida are hoping against odds that the electorate will vote for portability of our "save our homes" values whereby a seller of one house can bring their homesteaded tax savings to their new purchase. chances are not great because state constitutional amendments here require at least a 60% majority vote. if it passes the legislature could enact by november 2008 and i believe the transference will have a two-year window from the sale of the original homestead.

this would at least free up current residents from feeling trapped in their existing houses and add them to the buyer pool. also we are hoping that while the value of properties and the dollar decrease that overseas investing will look better here as florida has always been a good magnet for that.

it is a shame that our elected officials did not make better provision for 2nd home buyers and owners of commercial properties and especially a shame that our so-called representatives are so comfortable in the pockets of the insurance companies because taxes and insurance continue to drag housing prices.
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Old 12-02-2007, 12:18 PM   #22
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correction: seems there is some protection for 2nd home owners & commercial properties...

Property tax portability rewards longtime residents -- South Florida Sun-Sentinel.com

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and cap taxes for businesses and second-home owners.
which i now recall but i'm not sure i recall the cap as being significant.

portability sure would be good to me. i could sell here, buy myself a 2/2 condo, pay zero taxes and get a cute but quiet roommate to cover maintenance & insurance, bringing my housing costs here down to about nothing. guess it could just be a place to park some cash, the car, to park some future homesteaded value if i ever want it and then take off for thailand. sweet.
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Old 12-03-2007, 04:57 AM   #23
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We are ready to drop the price, not afraid to do that. Should we drop it now, or wait until after the New Year? Or both? Financially we are not desperate or anything, and we can afford to let it ride for a while, but for convenience, we'd just like to move it. We just don't know if dropping the price now would do much good, since we assume that there are not a lot of lookers with the holidays coming up.
...
I am not an expert. But I think there may be a bit more at work than just the housing market. There is some fear of recession. People tend to tighten the belt when uncertainty hits. I also agree with the comment about the time of year... Winter is probably a bad time of year to try to sell.

Hopefully you are close by the old homestead so you can keep an eye on it.
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Old 12-04-2007, 12:18 AM   #24
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Winter house markets tend to be smaller both from the seller and buyer perspective. Those buyers tend to be less "lookie lookies" since they are cash poor this time of year and have better things to do than trot from house to house with a realtor. There tends to be fewer houses on the market because prospective sellers are waiting for Spring...along with many many other prospective sellers which then jacks up the Spring inventory of homes and deflates values due to excess inventory.

Winter buyers tend to be more serious about looking and buying. Many are transferees rather than the usual "trade up" buyer. Most relocation packages force a home sale in 90 days so the buyer is in a hurry to get a new house in the new location.

So, I believe Winter to be a good time to market a home...less competition and buyers willing to buy. The downside is January which tends to be a very slow month.

We are getting our house ready for sale and plan to put it on the market in February. We want to get past the January lag period and get an early start on the Spring buyers. Our house tends to show better in Spring due to the yard features so waiting for the February thaw seems prudent to us. Besides, it gives us more time to declutter the place.

We sold our cabin this past April after having it listed all winter. We had folks going through it despite several feet of snow and near zero temperatures. We had little competition and I believe that helped sell it..for full asking price. It was a 2/2 on 5 acres in the mountains. Cedar exterior and metal roof.

All it takes is one buyer...you just have to find them.
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Old 12-05-2007, 03:29 PM   #25
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After 13 years in one spot we're putting our place on the market around Feb as well (one year ahead of the plan). Guess our FIRE related move just didn't quite coinside with the RE market cycle but I suppose it all sort of balances out in the end. Be interesting to see how everyone makes out though. Good luck cj

Looking forward to training a 9 and 17 yr old in keeping their rooms (and bathroom) showable for more than 2 hours at a time
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Old 12-06-2007, 07:35 AM   #26
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Several of my neighbors in Northern Virginia are hoping to put their homes on the market in the next year. They've held back waiting for housing to pick up, and I think this is indicative of the pressure building up with sellers waiting to sell and buyers waiting to buy. There may be a flurry of sales when the majority of buyers and sellers decide the bottom has arrived and mortgages ease up a bit. I expect a flurry of sales at pretty low prices, then a bounce back though not at the bubble prices we'd seen.
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Old 12-06-2007, 12:54 PM   #27
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Bad time of year for selling, but when we sold our house a couple of years ago (beginning of the downturn) our realtor told us that the people out there looking for houses were usually the serious buyers. Middle of winter on the East Coast isn't the greatest time of year to sell, though. If you hope to get interested buyers in the spring it might be better to take it off the market for now and relist it at a slightly lower price then. That might be better than dropping the price now.

Are you doing all the good stuff with having the home staged and making sure it looks squeaky clean the photos? Is it listed on Realtor.com along with photos too?
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Old 12-06-2007, 02:54 PM   #28
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Are you doing all the good stuff with having the home staged and making sure it looks squeaky clean the photos? Is it listed on Realtor.com along with photos too?
Yes to all of those things.
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Old 12-06-2007, 04:06 PM   #29
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Well, then, if it's competitively priced it should sell, especially when things pick up in the spring. The market in the DC-Baltimore area isn't great at the moment - our long-term realtor is seriously talking about retiring - but it's better than in some places.

Good luck!
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Old 12-06-2007, 05:00 PM   #30
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The property that I had in San Diego sold this summer, it was on the market for 8 + months. I lowered the price 2X, the 2nd cut was a biggie. I was afraid that fire season would slow/stop sales activity and lower prices further - also, I factored in having that money invested (most in MM/CDs) as opposed to waiting for my price to be met. It will take less than 9 months to break even with interest income and not paying taxes. Let alone all the upkeep and hassle.

I got lucky with this stragegy, the fires were brutal early this year and sales have slowed considerbly and prices are being cut.

You gotta look at the big picture - sure it would be nice to get your asking price - but having close to the asking price invested and working for you is VERY nice.
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Old 12-07-2007, 08:44 PM   #31
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Log Home On Four Acres

Two things. You need lots of pictures. Good pictures, of your house. If you can't take them hire someone who can. Use a website like Craigslist. Don't just leave it to the realtor. Also, pump up the "Log Home on four acres" description.

I got no response on a house I own until I changed the description to "1940's Garden Home". Phone suddenly started to ring. Some people like period homes.

Second thing. Instead of cutting the price, tell your realtor that you will pay them 8 percent instead of 6 percent if they can sell it in three months.

Guess which house will move to the top of her attention right quick.

boont
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Old 12-07-2007, 09:35 PM   #32
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Two things. You need lots of pictures. Good pictures, of your house. If you can't take them hire someone who can. Use a website like Craigslist. Don't just leave it to the realtor. Also, pump up the "Log Home on four acres" description.

I got no response on a house I own until I changed the description to "1940's Garden Home". Phone suddenly started to ring. Some people like period homes.

Second thing. Instead of cutting the price, tell your realtor that you will pay them 8 percent instead of 6 percent if they can sell it in three months.

Guess which house will move to the top of her attention right quick.

boont
I offered an incentive to my realtor when I sold my last home...it definitely WORKS!
Also I've been watching 'Designed to Sell' on HGTV....there are really great ideas that anyone trying to sell their home can use.
Number one thing is to De-clutter! No one wants to see personal things of the owners all over the place and full closets!
Someone looking at homes will look favorably on yours if you follow some of the advice on this show. It only takes ONE BUYER out there...and if your house shows the best of all the others in your market.. which one would they pick?

Good Luck!
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Old 12-08-2007, 11:38 PM   #33
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Don't know about your area, but around here there are "professional stagers" who will declutter, arrange, stage your home for viewing by potentail buyers. Article I read about them it sounded like it was afforable service, and several realtors sang their praises as to effectiveness. You might look/ask around if there are such folks in your area, especially if you don't have time or inclination to DIY the staging.
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Old 12-09-2007, 01:47 PM   #34
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Thanks to everyone for all of your input!

Craigslist - check
Lots of pictures - check
Emphasis on the log home/4 acres - check
Declutter - check

The thing about decluttering is that it doesn't matter much if no one steps foot in the place! Since we have already bought a new place, we've moved all the junk out, so it's extremely neat and well kept. We are neat freaks, actually. When the realtors came through on the preview tour, all they could say was that it was beautiful, and no one made any critical remarks or suggestions. Anyway, we are just relaxing until after Christmas. Then we will probably look into doing the realtor bonus thing.

CJ
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Old 12-11-2007, 06:22 PM   #35
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I'm from the general area where the house is located. I certainly don't know of the house's details, but the price sounds reasonable for what other houses are being listed and sold for (especially when you take into account the land).

On a side note. In the general area, median home prices increased ~107% (i.e., a bit more than doubled) in the five year period between 2000 and 2005. In that time, median household income rose by ~21%. In 2000, the median home price was 2.31 times the median household income. In 2005, this increased to 4.1. Medians clearly don't show the full picture. I'm not sure how this compares with the past.
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Old 12-12-2007, 08:55 AM   #36
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In 2000, the median home price was 2.31 times the median household income. In 2005, this increased to 4.1. Medians clearly don't show the full picture. I'm not sure how this compares with the past.
Now that the buying fervour is over, it will mean regression to the mean. It might take 7 years but it will happen.
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Old 12-12-2007, 01:43 PM   #37
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Well, then, if it's competitively priced it should sell, especially when things pick up in the spring. The market in the DC-Baltimore area isn't great at the moment - our long-term realtor is seriously talking about retiring - but it's better than in some places.
Same in the DC-VA area. There have been houses in my development on the market since early Spring. One even had a Sold sign up for a while, but it must have fallen through as it's still for sale. I am hoping we recover before the area we want to retire in does. Yes, that's greedy, but life is that way.

There are a lot of blue light specials where we are looking in Phoenix. We were looking at 2600 sq ft houses with lots of amenities for about $490K. The latest listing we recived had a 3600 sq ft house with free amenities for $450K. I guess the builders have to keep building or they go out of business. Would love to buy, but it will go down in price even more and we can't float 2 mortgages.
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"Regression to the mean"
Old 12-12-2007, 05:02 PM   #38
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"Regression to the mean"

"Now that the buying fervor is over, it will mean regression to the mean" kcowan

I hear a lot about this regression to the mean when people talk about real estate. However, if you mention that the stock market is way too high and must inevitably suffer a "regression to the mean" a whole forest of people will come forward and say they ride out all drops and buy more stocks at every opportunity.

That is not only inconsistent it doesn't make any sense either.

boont
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Old 12-12-2007, 06:48 PM   #39
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"Now that the buying fervor is over, it will mean regression to the mean" kcowan

I hear a lot about this regression to the mean when people talk about real estate. However, if you mention that the stock market is way too high and must inevitably suffer a "regression to the mean" a whole forest of people will come forward and say they ride out all drops and buy more stocks at every opportunity.

That is not only inconsistent it doesn't make any sense either.

boont
I'm not sure I follow. Are you saying that it's inconsistent between the two markets (real estate and stock) or are you saying that the strategy is inconsistent?
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Old 12-13-2007, 08:26 AM   #40
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There will always be more people "riding out" a volitile RE market .... people have to live SOMEWHERE. Also explains why stocks are much more risky (RE poor liquidity).
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