Lower your price drastically if you want out of this ponzi scheme, the sooner the better.
Best of luck,
HousingPANIC
January 16, 2007
A HousingPANIC friendly reminder to all homedebtors trying to sell their dead inventory in the US today
Subscribe to:
Post Comments (Atom)
24 comments:
Kieth,
Sage advice, if you MUST sell then you MUST drop your price relative to CURRENT COMPS. Current comps for the most part have a "bubble premium" that buyers are no longer willing to pay for a home. They have sobered up, so sellers need to do the same. Take the first offer and/or be reasonable in any counter that you do to try and bring the price up (but only if you have to, e.g. upsidedown or transaction costs put you in negative territory relative to your mortgage balance not what you paid for it if you paid a bubble price!!).
If your realtwhore has 5 years or less experience s/he has never known a down market, they are completely unable to lend you any advice or guidance of positive value. If they advise you to play bubble seller tactics then you're screwed.
I listened to a moron of a realtowhore and it cost me 2 months of carrying costs and another 25k by refusing the 10k lowball offer only to later take a 35k lowball offer two months later. I consider myself lucky because I still was able to walk away with a check instead of having to bring one to the settlement table. But I lost more than I took away and I am currently priced out of the housing market.
Good luck, we are out of GFs and we only have a handful of sensible buyers, you must also be sensible.
That guy kind of looks like Ben Bernanke!
That is the one thing that I find most amusing about human nature during all of this. People aren’t satisfied with just making a huge profit on their property. No, they want that 'Guinness Book of World Records' sale, that 'unbelievable profit, and didn't have to do a damn thing to earn it' sale. You know, a sale like the guy next door got, last year.
Through transplanted friends and traveling relatives, I have gotten leads on some fabulous houses in nice tax friendly areas, small towns out of state, that sort of thing, and I am actively looking for a retirement home.
I am finding that even in non-bubble areas, the bubble mentality has taken hold as far as house sales. It’s particularly aggravating when the sellers do not have to sell and slaps an unbelievably high and unrealistic price on a house, just because they read all about "that thar housing bubble thang" and want in.
Some places I have been watching have been listed for years without a drop, although some have recently started coming down a little.
I can only imagine how the stubbornness of price lowering is magnified between a 'don't HAVE to sell' individual and a peak FB who can't afford to sell below a certain price because his financial life depends on it. Especially when the dealers remaining inventory is on the market for $150,000 less that the FB paid. Lowering the price, for many, is not an option!
No choice but to hope/pray for a miracle, and ride that turkey right down to foreclosure and bankruptcy.
As has been said before.
Housing is sticky on the way down.
Is this a post or a troll to start a flame war?
Marky Mark
Centex sees 3rd-qtr loss from operations
NEW YORK, Jan 16 (Reuters) - Major U.S. home builder Centex Corp. (CTX.N> said it would record a quarterly loss from continuing operations and reported a 12-percent drop in home closings and a 24-percent decrease in net sales.
"We are navigating through one of the most challenging housing environments in the past 25 years," Chief Executive Tim Eller said in a statement.
Centex said on Tuesday it expects a loss of $2 per share from continuing operations, including option deposit and walk-away costs and adjustments for land valuation and a tax provision.
Analysts polled by Reuters Estimates were expecting a profit of 81 cents a share. It was not immediately clear if those figures were comparable.
"We are responding by reducing our land position and inventory, aligning our workforce to the current sales pace and improving our overall cost structure," Eller said.
It expects a profit of 75 cents a share before certain items.
Centex said it recorded 8,360 home closings in the quarter, a decrease of 12 percent from the same quarter last year. Net sales for the quarter were down 24 percent to 6,139, Centex said.
Centex has canceled or intends not to exercise land option contracts related to about 37,000 controlled lots because of the decline of housing activity, it said.
It also plans to record land valuation adjustments of about $300 million, about one-third of that in joint ventures.
It also said it is increasing by $60 million its provision for taxes in connection with its previously disclosed federal tax audit.
Centex plans to release its third-quarter financial results on Jan. 23.
Here is a story that is very disturbing. It is scary what people will do when they have to declare bankruptcy and go through foreclosure. Why didn't the guy just get a job? Damn...
http://www.local6.com/news/10755744/detail.html
I have no doubt that this mess will cause crime rates to rise drastically. Better invest in Security company stocks everyone.
Just lower the damn prices. Except that you got screwed and cut your losses. I know that this is hard and it would be for me too, but I wasn't stupid enough to buy in a bubble to begin with. So drop your pants around your ankles and bend over for the soap because reality wants a piece of you!
Sage advice, if you MUST sell then you MUST drop your price relative to CURRENT COMPS.
What if there are no current comps? What do sheeple do when nothing has sold in the last 6 months?
It’s particularly aggravating when the sellers do not have to sell and slaps an unbelievably high and unrealistic price on a house, just because they read all about "that thar housing bubble thang" and want in.
I wonder if there are realtors out there that just cringe when these types walk into their office nowadays....
Joey:
Realtors will never have a blitz to get sellers en masse to lower prices. The last thing they'd ever do is corroborate falling prices - transactions would halt. Who would buy if they believed they'd be able to get more for less later on? Even in a clearly falling market, Realtors'll work to create a perception of confusion and conflict. Doubt. "It's a seller's market, baby! It's a buyer's market, baby!"
On the other hand, you can bet - on an individual basis - any listing that lasts more than 24 hours on the market will have a realtor start alluding to a changing market and how HIS seller should start thinking about lowering his price. That's the way it works regardless of any realities in the market. Just close the deal and move on. Everything else is just noise.
It's so fun to walk into the same builders who treated you like dog shit, and let them kiss your ass today . After you remove lipstick from your cock tell them I have to think about it.
I live in an extremely inflated housing market. From 2001-mid 2006 if there was a sign in the yard and you called the agent you would get a smirky "its already under contract" (which was normally in about 24 hours from listing). I wonder what all those realtors who quit their other jobs are saying now. (If their even getting any calls.) People who have had this done to them should call agents and say "I bet it ain"t under contract".
SOCAL SETS NEW PRICE RECORD
NYC up 19% YOY. L.A. up 3.3% YOY. And you people still think we're in the middle of a crash. I wonder what it's like to be so disconnected from reality.
By Annette Haddad, Times Staff
11:00 AM PST, January 16, 2007
Southern California's housing market lost much of its spark last year but wrapped up 2006 setting a new price record even as the number of sales hit a decade low, data released today showed.
The median price paid for a home in the six-county region was $495,000 in December, a new high. That was up 3.3% from a year ago and up 1.6% from the month before, according to DataQuick Information Systems, a La Jolla-based research firm that compiles monthly real estate statistics.
The above doesn't seem to jive with this :
http://www.housingtracker.net/askingprices/NewYork/NewYork-NorthernNewJersey-LongIsland/NewYork-WhitePlains-Wayne
http://www.housingtracker.net/askingprices/California/LosAngeles-LongBeach-SantaAna/LosAngeles-LongBeach-Glendale
Eco101 refresher for anon above: The median is the middle number of all houses sold. If David and Victoria Beckham buy their $20 million dollar mansion in California - that will drive up the median price of the houses in whatever area they buy. That does not mean that houses have gone up in value. Unless you are David's neighbor. I would pay a lot to drool over him kicking his soccer ball around his backyard.
wrong. Median is 1/2 above, 1/2 below. Mean is the average (add them all up and divide by the total quantity)
jeesh
My new neighbors just moved in. The house sold in 3 weeks after the neighbor dropped it 12k. They paid over twice as much as what I paid 3 years ago for a much smaller home. My wife got the dirt on them, the bough in with a I/O Option Arm. Surprise? As long as there are stupid people willing to sign up for suicide loans, houses will move. Just not as fast.
My Dad always said that if it F*@ks flys or floats your better off renting. Now I think housing can be added to the list. Anybody renting for the last couple of yrs and was able to stow some cash will have a little treat waiting for them in a year or so. I will take bitter over broke any day!!
Eco101 refresher for anon above: The median is the middle number of all houses sold. If David and Victoria Beckham buy their $20 million dollar mansion in California - that will drive up the median price of the houses in whatever area they buy. That does not mean that houses have gone up in value. Unless you are David's neighbor. I would pay a lot to drool over him kicking his soccer ball around his backyard.
WHAT?? No doofus that is how average gets affected by Beckham. Median is not affected at all.
Example:
House 1 : $100
House 2 : $105
House 3 : $110
House 4 : $115
House 5 : $20 million
The median is $110. The average is 19.99 million. So David Beckham could pay $100,000,000 it wouldn't affect the median of $110 whatsoever.
Forget Econ 101 dude, learn basic math 101.
The above doesn't seem to jive with this :
http://www.housingtracker.net/askingprices/California/LosAngeles-LongBeach-SantaAna/LosAngeles-LongBeach-Glendale
Well that is because you are comparing actual sales data and a blog. Oh but I forgot if it's online it must be true.
Where I live in the close-in MD suburbs outside Washington, DC; houses are ONLY selling with significant (approx 10%) price reductions (from fall 2005 prices). The rest are pulled from the market and listed as rentals.
Another person I know in Northern VA has given up trying to sell and is going for bankruptcy instead.
10% off something that has tripled in price in the past 6 years. Oh, now that is really something. LOL.
10% off something that has tripled in price in the past 6 years. Oh, now that is really something. LOL.
So you mean if I bought a home for $200K, it was at one point worth $600K and now it sells for 10% at $540K I'm not going to be financially ruined?
KEIF, you lying bastard, you keep telling me I'm fucked for owning a home.
above..you wil be lucky to get 150 for your house...just give it a little time.
you're missing the point with median. rich people buy cash, so they aren't affected by interest rates. so houses on the top will continue to move, while houses in the middle grind to a halt. thus it looks like this:
90
110
110
2000
3700
3900
5000
Now, suppose last year, the 90-150 range accounted for 80% of sales.
Blammo, your median shoots sky-high.
Post a Comment