home values are def lower in our area
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From: south central pa
home values are def lower in our area
a lot of the houses were going for around 165-170k this past fall. our 2 neighbors just listed their houses at 155k. i was like wtf????
we are planning on moving in two or three years. we were planning on replacing the bathroom countertops and floors. but the ones we have are in decent shape and are on par with the others in the neighborhood. there were a few other improvements that we were going to make, but not any more. we are axing any improvements until at least next spring.
anyone else running into this?
we are planning on moving in two or three years. we were planning on replacing the bathroom countertops and floors. but the ones we have are in decent shape and are on par with the others in the neighborhood. there were a few other improvements that we were going to make, but not any more. we are axing any improvements until at least next spring.
anyone else running into this?
Team Owner
Joined: Jan 2001
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From: Jersey
I still have neighbors who think they can sell their homes for more than what they paid three years ago. They are funny.
I still think that any improvement that increases the overall appearance of your home is worth it. It is less likely to fetch you more money but will help you sell faster.
I still think that any improvement that increases the overall appearance of your home is worth it. It is less likely to fetch you more money but will help you sell faster.
Last edited by doopstr; Mar 2, 2008 at 08:46 PM.
Senior Moderator
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From: Swansea, MA
Peak was about Sept. 2005 (in my area)... I think my house was worth about 320 then... now it's more like 270... Someone down the street bought a house to flip. Put in alot of work and it' been on the market for over a year... If they aren't priced attractively, they aren't selling... Lots of people think their house is worth more than it is...
Foreclosures are at record highs, the term "short sale" is popping up in real estate ads. Times are tough all over...
Returns on home improvement are down:
http://money.cnn.com/2008/02/26/real...ex.htm?cnn=yes
You can check on home values in your neighborhood on http://www.zillow.com
Foreclosures are at record highs, the term "short sale" is popping up in real estate ads. Times are tough all over...
Returns on home improvement are down:
http://money.cnn.com/2008/02/26/real...ex.htm?cnn=yes
NEW YORK (CNNMoney.com) -- The granite countertop's glory days might be over.
During the housing boom, updating a kitchen with high end materials like cherry wood cabinets and a Viking stove was a sure bet to boost a home's value. Homeowners often recovered about 80% of the cost when the house was later sold.
But with so much more inventory on the market for buyers to choose from, they just aren't as impressed with the bells and whistles. Now most upscale renovations are returning less than 70% of their cost, according to a recent survey from the National Association of Realtors (NAR) and Remodeling magazine.
During the housing boom, updating a kitchen with high end materials like cherry wood cabinets and a Viking stove was a sure bet to boost a home's value. Homeowners often recovered about 80% of the cost when the house was later sold.
But with so much more inventory on the market for buyers to choose from, they just aren't as impressed with the bells and whistles. Now most upscale renovations are returning less than 70% of their cost, according to a recent survey from the National Association of Realtors (NAR) and Remodeling magazine.
You can check on home values in your neighborhood on http://www.zillow.com
Registered but harmless
Joined: Aug 2005
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From: Los Angeles, CA
Originally Posted by dallison
...anyone else running into this?
In West LA, the low- and mid-price (below $1 million) seem to have dropped somewhat from their peak, but the extent differs depending on the analysis. It doesn't matter to those who still have equity and aren't planning to move.
is learning to moonwalk i
Joined: Feb 2004
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From: SoCal
Same situation here. It boils down to whether or not you want to do the upgrades for yourselves. If you're happy with the way the place looks, then leave it as is. If you want to upgrade, then do it. You'll get to enjoy it for a few years.
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Thread Starter
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From: south central pa
Originally Posted by NSXNEXT
Isn't this a 
thread?
Do you live in a cave?
thread? Do you live in a cave?
has Gloryhole Girls in
Joined: Mar 2001
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From: Ballston Lake, NY
Originally Posted by soopa
Our county was up 3.2% last quarter. Not bad for winter months.
We'll see what spring brings.
We'll see what spring brings.
Sales are definately up from last year but inventory has doubled.
The Creator
Joined: Apr 2000
Posts: 37,950
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From: Albany, NY
Originally Posted by Street Spirit
Nope. Ours are going up.
But I know things suck in the States right now.
But I know things suck in the States right now.
Originally Posted by astro
my real estate agent just brought me an unsolicited offer (my house isn't listed or for sale)...the offer was a 32% premium on what I paid in Sept 06.
i don't think anyone expected our housing & economic growth to last forever, just like we don't expect a recession to go on indefinitely. this is our 3rd time descending this hill in the last decade.
for every boom there's a bust. rising (skyrocketing?) home prices in Canada could be a sign of things to come in your market, much like it was ours.
The Creator
Joined: Apr 2000
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From: Albany, NY
Originally Posted by LotusTracker
Sales are definately up from last year but inventory has doubled.
it turns a sellers market here every April.
what are inventory numbers like right now as compared to Jan-Feb last year?
granted, with the lending market corrections buying may not be so easy for many people. but i'd still think the low rates would entice those who qualify.
has Gloryhole Girls in
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From: Ballston Lake, NY
Originally Posted by soopa
i know declining market conditions are at least partly to blame for that, but isn't this at least partially something we see every winter? not to mention every election year?
it turns a sellers market here every April.
what are inventory numbers like right now as compared to Jan-Feb last year?
granted, with the lending market corrections buying may not be so easy for many people. but i'd still think the low rates would entice those who qualify.
it turns a sellers market here every April.
what are inventory numbers like right now as compared to Jan-Feb last year?
granted, with the lending market corrections buying may not be so easy for many people. but i'd still think the low rates would entice those who qualify.
The Creator
Joined: Apr 2000
Posts: 37,950
Likes: 8
From: Albany, NY
Originally Posted by LotusTracker
Spring will definetly be the same as it was last year, but I gotta tell ya that it is an absolute bitch to get a mortgage for anyone right now. My lenders are doing anything they can to decline loans. Hell just this morning I had one that they declined soley on the basis on the persons income being off by a measly $45 a month. Yet on another note all of the subprime borrowers can now qualify for an FHA loan with the credit score pretty much not an issue.
My HELOC company just dropped my line by $57k for no reason other than their paranoia - they dropped all their accounts LTV by 10%... using new "estimated property values".
I'm pissed. Not that I needed that amount of credit but it's nice knowing it's there not to mention the impact a reduction like that could have on a credit report. Plus the fact that I paid NYS mortgage tax on the full value of that line. Ya, I'm pissed.
Lenders are retarded.
At least I can be glad I bought when I did.
B A N N E D
Joined: Jun 2007
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From: in Madison, WI from Chicago, IL
well my mom is selling our house in the chicago burbs. The realtors told her in December since the market was down she'd list our 3br 2 ba cape cod at $450k however 3 weeks ago when she talked to my mom, who now lives in Tennessee, she said she was listing for $529k.
It's coming back up... slowly, but its coming.
I'd say if you're planning on buying... do it now. If you're planning on selling... wait a little while
It's coming back up... slowly, but its coming.
I'd say if you're planning on buying... do it now. If you're planning on selling... wait a little while
The Creator
Joined: Apr 2000
Posts: 37,950
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From: Albany, NY
Originally Posted by TSX Wisc Badger
well my mom is selling our house in the chicago burbs. The realtors told her in December since the market was down she'd list our 3br 2 ba cape cod at $450k however 3 weeks ago when she talked to my mom, who now lives in Tennessee, she said she was listing for $529k.
It's coming back up... slowly, but its coming.
I'd say if you're planning on buying... do it now. If you're planning on selling... wait a little while
It's coming back up... slowly, but its coming.
I'd say if you're planning on buying... do it now. If you're planning on selling... wait a little while
media hysteria and market corrections aside... winter is always a buyers market and spring is for the sellers.
so long as flowers bloom again this spring and boost that curb appeal, i don't see why this year much different than last.
Thread Starter
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From: south central pa
after reading my 1st post, it does sound like i have no clue. i know the situation we are in. since watching the prices since we moved in, they have been slowly increasing. when the closest houses were selling for 165k and then a month or 2 later they are 10k lower, it was a little shocking for the lower price in a short period of time.
we decided that any improvements that would be made would be on hold until we buy our new house.
i know the 275-300k houses that we are going to look for in the future are dropping more than our house, so at least i am not losing as much as i think
I feel the need...
Joined: May 2004
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From: Motown
Originally Posted by soopa
...for every boom there's a bust. rising (skyrocketing?) home prices in Canada could be a sign of things to come in your market, much like it was ours.
Bottom line is that home price appreciation can't exceed comparable rents by a wide margin for long.
Anywhoo, enjoy it while you can. My best friend recently moved from Motown to Toronto is is doing his level best not to jump off a ledge.
I feel the need...
Joined: May 2004
Posts: 14,957
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From: Motown
California Leads U.S. in Defaults, Home-Price Decline
Sacramento may eliminate up to 600 jobs in the city's first staff reductions in half a century, and the police and fire departments in the California capital may have their budgets cut by 20 percent. The culprit is the collapse of the U.S. housing market.
California, the birthplace of the subprime mortgage industry, is paying the highest price of any state as the housing meltdown persists. Its gross domestic product will drop 1.5 percent in the first half of 2008, the most in the U.S., analysts at Lexington, Massachusetts-based Global Insight Inc. estimate.
The state had the most foreclosure filings in the U.S. last year and the biggest fourth-quarter decline in prices, according to RealtyTrac Inc., an Irvine, California-based seller of data on defaults, and the Office of Federal Housing Enterprise Oversight in Washington.
``The depth and magnitude of what's happening in the real estate market is really, really grim,'' said Russell Fehr, Sacramento's finance director, in an interview.
California, the most populous U.S. state and accounting for almost one-seventh of gross domestic product, will lose $25 billion in personal income by the end of 2008 and property values will fall by $630.7 billion, according to forecasts from economist Jerry Nickelsburg at the University of California, Los Angeles, and the U.S. Conference of Mayors......
California, the birthplace of the subprime mortgage industry, is paying the highest price of any state as the housing meltdown persists. Its gross domestic product will drop 1.5 percent in the first half of 2008, the most in the U.S., analysts at Lexington, Massachusetts-based Global Insight Inc. estimate.
The state had the most foreclosure filings in the U.S. last year and the biggest fourth-quarter decline in prices, according to RealtyTrac Inc., an Irvine, California-based seller of data on defaults, and the Office of Federal Housing Enterprise Oversight in Washington.
``The depth and magnitude of what's happening in the real estate market is really, really grim,'' said Russell Fehr, Sacramento's finance director, in an interview.
California, the most populous U.S. state and accounting for almost one-seventh of gross domestic product, will lose $25 billion in personal income by the end of 2008 and property values will fall by $630.7 billion, according to forecasts from economist Jerry Nickelsburg at the University of California, Los Angeles, and the U.S. Conference of Mayors......
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