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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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29 comments:
I find myself utterly incapable of feeling pity for this guy. But I do feel I can make a guess at his situation.
Was the money he used to remodel something he borrowed? Of course it was.
Is he carrying two mortgages? Of course he is.
Is changing your agent 4 times a sign off desperation? You bet.
Can he afford to wait it out? No way in hell.
Will he ever figure out that the reason the house is't selling is because it's to expensive? No.
when people say they will "wait it out", they think the housing bear market will only last months, not the many, many years it will take to get back to normal
The key was switching realtors. I would pay more for a house because Realtor Co. A listed it as opposed to Realtor Co. B.
Taking it off the market is also a great idea. I'm sure boat loads of buyers are simply waiting for the market to quickly appreciate so they can pay more.
Is this really happening?
I get the impression that this place might have been completely paid for, or at least cash flow positive. Now if he gets renters back in there, he won't be able to increase the rent to cover his improvements! Seems like a nice person, just unlucky timing the market. I liked the "chicken coops with multiple offers" statement.
Let him chase the market a couple more years and then get back to us.What a moron.He will be flipping burgers soon at this pace.
The problem is it's in Antioch, CA!
Back in 1992 a friend of a friend tried to sell their almost new Antioch home for 1 1/2 years because they wanted to be "closer in" to the bay area. Well, they couldnt sell, so now they are stuck out there forever.
Today, we have a friend who bought an older home in Antioch 3 years ago, he took out a second to "improve it", and tried to sell, and he too is stuck out there.
Never buy a home in an area where they are building new communities because its impossible to sell when the market turns. People in their minds, they are making a sacrifice to live in these outskirt areas, so they do not want to buy a "used house", it's brand new or nothing.
Buyer beware.
"Someone out there is a buyer who will be thrilled with this place".
Yes, when they buy it for $250K, which is more than you would have gotten 6 years ago.
Across the street from my house is a empty lot that just sat while every other lot was bought then a spec house was built on it. Then one day the brand new SUV's, Hummer's, BMW's, MB's started driving up to the lot looking at the lot and drive away it went on like this for weeks. Then one day I was washing my car and a guy pulls up and looks at the lot sees me and comes over and gave my the low down on this lot. Going price at the time for a lot of the same (150ftx250ft) was 100G's but this one was going for 75G's but then he told me the bad news there are 2 court leins on it. So after the SUV traffic died down about 6 months later a realtor put a For Sale sign on the lot, so I walked over and talked to him and he told me the asking price for the lot 140G's. I asked him if he knew there were 2 court leins against the lot ? he looked at me with the deer in the headlights look and said no but if someone gives him a offer he'll look into it. A few months later the lot is still for sale so I hope this guy didn't quit his day job. Everybody is a Trump now looking for the deal and the Foe Sale signs are popping up all around me this is gonna get ugly real fast.
People think they "deserve" a price. Maybe because that's what they "need" to pay off the mortgage, or retire, or buy a new house, whatever.
When they don't get it, they fire their real estate clerk. They put more $$$ into remodel. They hire a stager.
There's one thing and one thing only they have to do to sell the home.
Lower the damn price. Drastically.
Man, people are dumb.
It always amazed me that when something is priced right....it sells!
Hmmm...imagine that!
Were is this town 'Aniac' (spelling)? I'm assuming it's in AZ?
now what that economist dude makes sense.
something about the market can remain irrational longer than you can remain solvent.
i finally get it.
Its like a reverse incentive game. Invest $80k into your house reather than lower the price by $80k. Your right Keith, people are dumb. If it doesn't sell, lower the price. The trouble is, there are people who think it has to be more complicated than that.
Basically, in these markets HOUSES ARE SELLING. Maybe only 1/10 to 1/20 of the houses FOR SALE are selling every month, but still....some are selling.
So make yours one of the lucky 5 to 10%. Lower the price. Not a difficult concept. People want new? Then price 20% under new.
"There's one thing and one thing only they have to do to sell the home.
Lower the damn price. Drastically."
-----------------------------------
Exactly right! WTF are they thinking with the expensive "upgrades" to maintain, or Increase prices. It's as if they think they are doing me a favor by putting in a $40,000 kitchen (actual cost probably $5000) and then jacking up the price I have to pay for the house. I will be tearing out your cheesy bad taste with something I like anyway. Plus they jack up my property taxes, etc!
Do us all a favor. Forget the "upgrades." Just drop the damn prices! It is the only important factor.
Amen Lauravella,
Antioch?
*puke*
judging by the "comps" ive seen, id say value is 128,000 cash,and ive not even looked at it, or know where it is! never sell it to me tho, as a debt buyer would outbid me, and most likely, pay the asking price, raise the taxes on the neighbors and price the sellers forever out of that area
or maybe thats yesterdays war, being fought today?
Agreed, the upgrade to sell mentality is amusing. One of the flipper shows had a running tally of what new tile/cabinets/carpet/etc. cost and then the listed the "equity" it represented, usually about 1.5-2x more. Note to self; add four or five kitchens (one for each bedroom) to really maximize profit.
My parent's house was sold to a friend who needed a place to live, we recieved what we thought was a fair price.($80,000, it needed repairs)
The so-called friend then put the house up for sale a few months later (some friend).
Of course, this so called friend is asking twice what she paid for the house.
They offered it for sale in November and it still hasn't sold, especially with the houses in the neighborhood selling for $120k or less, and this is in a declining neighborhood.
Stupid is as stupid does.
My friend has a house he bought in the city 8 years ago for $80k. He wants to move because his daughter is going to high school and the city of Providence, RI is a real sh*thole, so he wants to move the family to the suburbs. He started asking $320k 8 months ago and was selling it without a realtor. Well he finally came to his senses and lowerd the price twice to $280k. He refuses to accept less than $265k. He was finally offered $260k and is holding out!! I think he also sucked out all the equity and needs that much to have something left to move to a more expensive community.I must laugh HE PAYED $80K AND IS makeing $180k profit and is not happy!!!!!!!!!!!!!!!GREEEEEDY!!!
But Suzanne researched this!
Never get in a bidding war against sleazy credit. Until they tighten the lending standards everyone should just sit tight. The real buyers will pay rock bottom prices.
Antioch?
What an armpit. May as well be Barstow.
I guess he could hand on to it for......THE NEXT 20 YEARS! Then price it for his amount which after inflation is still CR@P. Sell it and be done with it.
My newest neighbor bought here in 2004 as a speculator. He immediatly spent alot of money on improvements for the flip. It went up for sale in late 2005. Priced too high, couldn't sell it. Lowers price 4 times by measly increments as he chases the market down.
Does more improvements, can't sell. Switches realtors can't sell. Does more improvements,lowers price a little, can't sell. Now we all have to put up with noisy renters and he tries to sell at a price 20% above the market.(IMO)
Thanks you flipping idiot. When will these guy's get a clue. Probably taking advice from his realtors along with the greed factor.
I'd bet this same senerio is being played out all over America.
>> I must laugh HE PAYED $80K AND IS makeing $180k profit and is not happy!
Greedy sumbitch, indeed. He, and sellers like him - it's all going to end sooooo badly...
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