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Sorry to the Sellers,We just sold our home for 40% below its 2005 value. A hard pill to swallow, but we wanted to sell and that was that. We are finding housing to be vastly OVERPRICED in the Nashville market. Seems like there is a great disconnect between sellers and what their home is REALLY worth(market value). If things do not cool off here we will be forced into leaving. We are waiting on the sidelines as many others. Good luck to all!
it will correct man. Prices can not be sustained beyond what the market can bare. I should say, not for a sustained period of time. People are greedy and well, they will pay for that greed, its that simple. If a person holds out thinking the market will make a turn around (it wont) then guess what? They are going to get FAR less in the future for their house than what they could have gotten now, if they had been reasonable.
We have a house near Antioch and the homes are around 190,000. It was bought for around 175,000 and in two years shot up to the 190/200 mark. The closer to down town you get the more absurd the prices get. My feeling is California and Miami were the epicenter for all this, but I think it is just a sign of whats to come in other markets that were over priced.
*edit*
I should add too, most home seller do not understand the science of economics, nor finance. As a result of that, they go around making decisions based off of emotions and not facts. For example, I had a debate on another forum about housing in Nashville. The person was from NYC and told me the market in Nashville was not bad and it wasn't over priced. He then went on to tell me how much homes are in NYC. I explained to him that he is comparing apples to oranges. You can not compare one market to the next in this way. The average household income in Nashville is not the same as in NYC. So for example, if the average person in Nashville in a given area, lets say Salem town is making 40,000 (again, household income). That means, in that area, with a 30 yr fixed mortgage, a person can afford 20% down and then 3 to 3.5 times the annual income, that gives you how much house a person can afford. So at 40,000 a year that family can afford anywhere from 120,000 for a house too 140,000 for a home. This run up (since 2001) was spurred by exotic loans, and because of those loans, people purchased homes for far more than they could really afford. Now those loans are dead and gone and interest rates resetting, the chickens are coming home to roost. People want to know what to sell their homes for, just do some demographic research for their area. How much is the average person in your area making. Also take into account how much the average individual who is moving from another place to your area makes. Then do the math and come up with a REASONABLE price for your home. If people took the emotions out of it and did business with facts and a intelligence, I think they would be able to sell a bit easier.
My cousin was going to buy a brownstone in Brooklyn but the lady was asking 500,000 for it. Never mind this building was in a lower income area and never mind she was about to go into foreclosure. She wanted to be greedy and now she is going to lose the place and mess her credit all up.
I wish everyone the best
Last edited by Wild Style; 02-27-2008 at 08:37 AM..
Thanks guys for all of your kind comments... Spring is just around the corner. It always happens that more buyers come out of hiding during that time...so just sit tight and hopefully, you'll get some activity in March. I wish you all the best of luck!
I keep thinking we must be in denial about our house and it is vacant which is probably not helping. But, its in Brentwood, great schools, its under 500K which is cheap in Brentwood, has a big backyard at the end of a cul-de-sac, is only 5yrs old, 3200sqft, 4 bedrooms, 3.5 baths. When we bought it we were sure it was a great investment.
The funny part is our first house was in the Lipscomb area of Green Hills in a flood zone and we made a great return on it.
You have excellent insight into getting a house totally prepped for sale! I am taking your advice to heart as we are selling a home in Raleigh, NC to relocate to Nashville in the next fewmonths.
Good luck to those of you trying to sell a home there. I had hoped to list our house for $20,000 more than it is but with the changing economy decided that a lower price would be best versus being too high and having to wait even longer for the right buyer.
Thankfully, the market here is more stable than other areas and values are not depreciating as quickly. I am optimistic that we will sell our house 'quickly' (in less than 6 months)...
In moving TO the Nashville area, we feel fortunate (sorry, sellers!) that it is such a buyers market. For us it is a happy circumstance to find lower home prices in the areas we'd like to live in.
Houses are selling in Nashville. Location, price, condition all impact time on market. Price and condition are controllable, location controls the price to a great extent. ANY property will sell immediately at a certain price. Price and time are co-incident.
Every owner has varying degrees of control over price. Debt is a limiting factor, for instance. Real Estate commission is an integral part of price. So, when a Realtor asks consistently for price reduction, and the analysis may be correct, are they partnering in this request?
If you are selling a $300,000 property, probably close to $18,000 is price tied up in commissions. Are you being asked to take price reduction burden solo? Is this a fair request? A reduction in the rate of commission combined with a corresponding price decrease, and incorporated within it, balances the load, increases the leverage. Property owners do have choices. Today, choice becomes a priority.
Hi,
Sorry you haven't had luck selling your house. We've been in the market for a house for the last year.Do you want a buyers opinion of what a buyer is looking for? Dena's post above gave some great tips and she is 100 percent right.
We went to see a great little house that had huge curb appeal, I was teetering on falling in love before I walked in the door. As soon as I got in the house the love affair ended abruptly. It was a small cottage and each and every room was stuffed packed with furniture. It was hard to walk in the rooms and the shades were down! It was gloomy and shadowy and I want lots of natural light.
So even though I knew I didn't want that house, we continued on to the master bedroom that wasn't master bedroom size and again it had so much furniture packed in there you couldn't tell if it was carpeting or hardwood on the floor, plus there was a huge safe next to the bed. Walk into the bathroom that was outdated and EEEEWWWWW moldy dirty tiles in the bath! The kitchen cabinets looked like they hadn't been cleaned since they were put up 55 years ago. My overall impression was it isn't clean, it is loaded with furniture and it appeared unkept so that led me to think what else is wrong with this house that has been ignored and not taken care of? What hidden problems are there? So I know there are those that say you are buying the house, not the contents but how the contents come across is important for impressions of a potential buyer. This is where staging comes in. Watch any of those shows on HGTV on how to get a house sold and they give some great tips too. In this market, it is easy to dismiss one house and go on to another. You need to make a great impression as soon as they walk in the door. If the square footage is small, play that up. Put the shades up so the natural light shines in. Closets are another turnoff for me if they are bulging at the seams with clothes and stuff. When I open a closet I am doing so to gauge how my stuff will fit in, it makes it hard when there is so much that you can't even see the shelves or how deep they go.
I am in no way meaning to be insulting to any seller. I am giving you what is important to me as a buyer. What I look for and how it appears to me. It is true when it is a buyers market, you need to be better then the competition.I know you are living there while it is on the market, but pack some of that stuff away so the house shows better.
Pam
Walk into the bathroom that was outdated and EEEEWWWWW moldy dirty tiles in the bath! The kitchen cabinets looked like they hadn't been cleaned since they were put up 55 years ago. My overall impression was it isn't clean, it is loaded with furniture and it appeared unkept so that led me to think what else is wrong with this house that has been ignored and not taken care of? What hidden problems are there?
Pam
I agree with you.
I can over look outdated ugly wall paper and can see pass the bad taste in furniture. But! if it's dirty and cluttered I wonder how well did they take care of things like changeing air filters and such.
Debbie,
Exactly! Those clues tell you alot about the potential headaches you could be buying. And for the record, I used to buy handyman specials with the first husband. I can see past and envision alot but not simple upkeep.
Pam
You should see how folks out here in AZ feel! The Valley of the Sun keeps sprawling, with people coming in, yet, keeps seeing folks leave with lots of for sale signs out front. Not being a pessimist. It's all over. Some posters on this thread mentioned the economy, and I would have to agree.
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Let us know how it's going, k.
Great staging advice!
