State of the US housing market

[Scaramouche]

We priced our house competitively, and sold in 3 weeks. We tried to wheel and deal on a few other houses, and lost on all. We then found a house we both liked and put an offer on it immediately, and were accepted.

That was mid-June; we were supposed to close and move last week, but getting the lawyers and bankers and real estate agents to agree on anything is difficult. Always someone else's fault, and we are not allowed to speak to the people we're buying from, without the lawyers' permission.

Frustrating!

[Mercy]

I've seen the real estate market change considerably in the last couple of years. Three-five years ago houses were selling like hot cakes, for asking price or more. Now I see houses sitting and making price reductions periodically. The prices 3-5 years ago were so inflated. We would like to move, but everything is so expensive in the area we want to move.

[Mikey]

Originally Posted by jsotherj

We just did the tax foreclosure reports for the tax dept. and in our whole county there were only 7 properties being foreclosed on for that reason. But yeah - the biggest share are the over-extenders - oh and some of the meth heads that somehow bought a house

Wow thats amazing to me since we have so many IRS leins that we have to get out before the notices go on the board..And those are for people that are deliquent in their taxes.....And I know we have more then seven a month......I do Dallas, Tarrant, Denton, and Collin postings...In Dallas there is an average (And this is just from our firm there are many others in the same business we are the largest) 500 foreclosure a month...Tarrant around 400 and in the hundreds also for Collin and Denton....Our firm does every county in the State of Texas thats 254.....Where are you getting you info on tax foreclosures. Seven properties in the Unites States seems really low.....

I mean here is a link to Tax Foreclsure sales in Travis County......

Tax Foreclosure Sale

[Just Lucky]

I think it's worth mentioning that the almost absurdly low interest rates over the last few years have essentially been financed by the Chinese buying our bonds. It is another reason to be concerned over the balance of trade and our huge deficits imo.

[jsotherj]

Originally Posted by Mikey

Wow thats amazing to me since we have so many IRS leins that we have to get out before the notices go on the board..And those are for people that are deliquent in their taxes.....And I know we have more then seven a month......I do Dallas, Tarrant, Denton, and Collin postings...In Dallas there is an average (And this is just from our firm there are many others in the same business we are the largest) 500 foreclosure a month...Tarrant around 400 and in the hundreds also for Collin and Denton....Our firm does every county in the State of Texas thats 254.....Where are you getting you info on tax foreclosures. Seven properties in the Unites States seems really low.....

It was seven for our county and they were property tax foreclosures for the whole year. We get (got) the info from the County Tax Office who requested the reports be prepared prior to the foreclosure proceedings. In Oregon you don't foreclosed on for lack of property tax payement until you are 4 years in arrears.

[Seakony]

Something else that is happening now that never happened back when I was in real estate. Buyers are now asking the sellers to pay most of their closing costs. Other than VA loans, that just never happened. If buyers are needing the seller to help them get a loan...and the mortgage companies are allowing that...then there is going to be more trouble and foreclosures down the road.

They are even adding the closing costs to the sales price...further inflating the prices on housing.

[jsotherj]

Originally Posted by Seakony

Something else that is happening now that never happened back when I was in real estate. Buyers are now asking the sellers to pay most of their closing costs. Other than VA loans, that just never happened. If buyers are needing the seller to help them get a loan...and the mortgage companies are allowing that...then there is going to be more trouble and foreclosures down the road.

One couple came and looked at Jeff's dad's house 3 times - called and wanted to meet us over there to make us an offer with contingencies. So we get there and they ask "What is least amount of $$ you will take - cuz we can't even come close to what your asking" We were like WTF - that's not how it works! They started whining about how they both work and don't have retirement and their money is all tied up. Bummer - but we're not here to subsidize your homebuying experience!

[Mikey]

Originally Posted by Seakony

Something else that is happening now that never happened back when I was in real estate. Buyers are now asking the sellers to pay most of their closing costs. Other than VA loans, that just never happened. If buyers are needing the seller to help them get a loan...and the mortgage companies are allowing that...then there is going to be more trouble and foreclosures down the road.

They are even adding the closing costs to the sales price...further inflating the prices on housing.

I just wrote a check for the closing costs to our title company.....Kind of hits you in the gut when you write that check...Then you know you are on your way.....And it starts to become exciting...Then you have to worry about geting everything transferred over to your new place, moving, etc.....I am glad it is only a block and a half away.....

[bufante]

I must have gotten lucky...my house was FSBO. Bought it from the guy who built it, he was a machinist and a gunsmith. Got a nice garage out of the deal!

We bargained (one very short conversation-where he basically told me he wouldn't go below this price) I shook his hand. Called a lawyer, cost me 300.00 to do have an offer drafted and the rest is history. My mortgage lady handled all the closing paperwork. It was a rather pleasant experience really.

I hope to make money on my house one of these days and so far I have already. I can wait to sell a while, in no rush.

I have two new neighbors though and the houses they bought were only on the market for about 2 weeks...so I would say my neighborhood is doing well.

Although, our local news paper has the same sort of articles about new construction, and saying that they are not fairing as well in our area. I live in the fastest growing city in the state and a top 50 fastest growing county in the US by the way (way to many new homes being built IMHO).

[StewartG]

Originally Posted by Ginger

Well, I'm not in the US, but.....

The housing market up here in the Greater Vancouver Regional District has skyrocketed, and continues to do so. My area in particular has succomed to vastly over-priced housing. For example, a three bedroom house on a standard lot 20 minutes away from us goes for about $500,000. That same house here in White Rock/South Surrey goes for $800,000 !!!! And I am talking the exact same house....only difference is location. We are in a very desirable area, close to the water, a lot of more upscale homes...and so the housing prices are absolutely rediculous.

We live in a townhome. 2000 sq ft, 9 years old. I could put it on the market right now for $390,000 and I would have three or four people in a bidding war on it. It has happened recently to 3 units in our complex. And they sell within a month of being listed.

Jami, looks like you need to move up here!

Why not do just that, and cash in on some equity before the bubble bursts up there as well?

By the way, I think the downturn in the housing market has a LOT to do with rising interest rates. The same monthly payment buys MUCH less house than it did three or four years ago!

[TAPPY]

It is a housing boom here, and prices are high. A house in my neighborhood was on the market for 3 weeks. I am dying to downsize to a condo or patio home...but the larger-luxury style condo market in this town is non-existent.

[roni]

This housing market stuff is interesting.

Sometimes I have thought of our house as primarily an investment. I have been wrong, it is primarily our home. If we owned another house and rented it out, that would be an primarily an investment.

I am delighted with price appreciation, no doubt about that. Someday we'll sell the house and the equity from that sale is in my retirement spreadsheets, so I think of it partly as an investment.

As an investment, it as done quite a bit poorer than our self-managed IRAs. Good thing it is our home also, or I would have sold it

[Seakony]

Kinda strange with the press telling us that there is doom and gloom in housing. Even the immigrants are buying alot of houses. Another reason to NOT believe all the news from the media. agendas, agendas.

[Ginger]

Originally Posted by StewartG

Why not do just that, and cash in on some equity before the bubble bursts up there as well?

Yes, that's what I mentioned in my second post, except with the 2010 Winter Olympics coming, experts say things will continue to rise at least until then, so we'll wait a bit.

[jamesblonde]

Well - I'm off to list another house

Sure are lots of seller's here. If any of you want to live in the fine city of Puyallup, great schools and quiet neighborhood, 1550 sq. ft. of beautiful living space, on a lovely corner lot, give me a call. Just $259,950