Real Estate Market

[TimtheGuy]

Originally Posted by giazma

now i disagree, kindly....we dont HAVE to sell, we just know that we are in plainfield/joliet now and want to get back to lockport where we are from....even taking a loss we know that if we dont get into lockport now we will never afford it again.....So we are keeping our house on the market and if we sell we are lucky, but i can give a dogs toenail about the guy down the street with a 15% arm mortgage that is drowning, I was smart enough to skip those fancy mortgages when i built my home (in 2006) but still put 20% down,,,,so i dont have to leave, all i need is my downpayment back to buy my new house, I am not looking to rob anyone.

If you don't HAVE to sell you are not going to have the motivation to drastically drop the price to where it will sell in this market. You are competing against people that HAVE to sell...new construction just sitting, short sales, foreclosures, job transfers, divorces, deaths....

People that bought in 2006 are not going to get all their money back, plain and simple.

[giazma]

I have motivation, just not neccessity. I am not looking for profit if you read my post once more, I am looking for my downpayment. I am priced just fine for my area, there is nothing around me that shows asking is too high, I am the lowest by 6k in my sub with alot of things like, cedar fencing, paver patio's,AIR CONDITIONING, professional landscape etc. I am hopeful we will sell. No big deal

[TimtheGuy]

Originally Posted by giazma

I have motivation, just not neccessity. I am not looking for profit if you read my post once more, I am looking for my downpayment. I am priced just fine for my area, there is nothing around me that shows asking is too high, I am the lowest by 6k in my sub with alot of things like, cedar fencing, paver patio's,AIR CONDITIONING, professional landscape etc. I am hopeful we will sell. No big deal

I realize you are not looking for "profit". I am saying part or possibly all of that 20% you put down has been lost in the declining market. I am in the Minneapolis/St. Paul suburbs and my property is down about 15%+ since I bought it in 2003 and that was before the peak of '05/'06.

I also realize you have motivation, but this market almost requires necessity. There are not a lot of buyers out there and the ones that are, are looking for a deal/steal. I know your agent says you are priced fairly, but you have to consider that lots of agents are overly optomistic (just read the posts on this forum). You could get lucky, but I wouldn't hold my breath.

Good luck,
Tim

[kmkord]

We just sold our house to the first people who looked at it. Our realtor has great marketing with outstanding pictures and brochures. We also priced it right compared to the 5 other houses for sale in our neighborhood. It also helped that we had a huge finished basement, and updated the house greatly since we bought it 9 years ago.

[giazma]

Tim,
My dad is our agent and he is not as optimistic as I am, but I cant think that way or why bother. I am not even saying i am gonna get the 30k i put down cause I realize that was in 2006! All I want is 10k to put on our new house....so I think I am being fairly realistic. I understand the market and although I am not gonna take 230 for a house I owe 260 on, I am priced well and have alot to offer, and houses in my hood are selling! It may take till May but It will sell, and if not....i didnt loose anything, I still live in a beautiful home you know! But I AM agreeing that people are gonna lose, I am just willing to roll the dice.

[MovingIL]

FWIW, I have been looking in various neighborhoods in the subs and city, where homes in my price range have been listed at 50% over last purchase price 4 or so yrs ago, with no updates. End result: These homes have been sitting since last summer (when I started looking) at inflated listing prices. Would ANYBODY in this market really think they should get more than 10%/yr appreciation??
Nothing (well, very little) is selling.