| Name: |
BiggerDog
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| Subject: |
Real Estate
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Date:
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12/18/2008 10:12:59 PM
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How are things hanging on in terms of valuations of waterfront property?
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| Name: |
John C
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| Subject: |
Real Estate
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Date:
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12/18/2008 10:20:02 PM
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good question. I am about to analyze November sales, and will update here when I do. On the positive, Sept and Oct were better than last year (which you would expect as 07 suffered a drought). But on the negative, we are still under the total (year to date) sold in 07, and there is still tons more inventory for sale. So there is still a lot of pressure on sellers, which is great for buyers. Plus, the drop in rates help the % you save in monthly payments.
URL: Double Shot of Good News - Sept and Oct 2008 Real Estate Results
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| Name: |
water_watcher
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| Subject: |
Real Estate
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Date:
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12/19/2008 5:57:15 AM
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You are probably right as to the stage of the cycle. While things economically still look bleak, there is so much money being pumped in to the market with the continued focus on housing. At least the feds get that they need to get that moving to pull the rest of the economy along. Mortgage rates are already in the 4.5% range and they may hit a low of 3.75% for a 30 year. When long term treasuries are at 2.08% this morning, a mortgage rate below 4% is definitely a real possibility. If that does not bring in buyers, I don't know what will. It is a once in a lifetime opportunity. I am looking at refinancing and Chase (who has my existing mortgages) quoted me 4.375 with no points and 4% if I wanted to pay 1.5 points.
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| Name: |
Talullahhound
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| Subject: |
Real Estate
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Date:
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12/19/2008 11:07:35 AM
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It's a great time to buy. For a few years, so many people have been complaining that the lake property had just gotten too expensive to afford, but with so much inventory and favorable rates for those with good credit, they ought to be jumping in. If I wasn't retired, I'd be looking to scoop up a few bargains myself.
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| Name: |
MartiniMan
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| Subject: |
Real Estate
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Date:
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12/19/2008 1:16:38 PM
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John: Better question is the length of time on the market and the sales price versus the original asking price. There may be a lot of inventory but the real question in my mind is if the sellers are motivated to sell or holding onto lake property waiting for the prices to strengthen (which would cause the increase in inventory and reduced sales). Just curious if that is tracked as well.
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| Name: |
John C
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| Subject: |
answers to both questions
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Date:
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12/19/2008 4:52:42 PM
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Here is an additional post I did on the August results that addresses both questions of time on market and % of sales price to original list price. See the below link. I can do this for November's results if you like.
Since we have such a small market these stats are sometimes not helpful, but these do show the general trend of what everyone knows, it takes a long time to sell in this market.
That is why I am advising my sellers to have their list price exactly at what they would take, if they want to sell in this market. There is no sense at all to a have a 10% "cushion" to come down. Forget leaving money on the table as a seller. Buyers are bargain hunting now. This strategy has been very successful for my sellers this year, and it looks like we will be dong the same tactic in 09.
Whether the market is rising or falling, you have to price AHEAD of the market to have success as a seller.
Buyers are having a hard time sifting through all of the inventory out there and knowing what is priced accurately and what is not. There are some good deals out there, finally, but it takes some homework to get to the good ones. But there are also some homes that are still 20% overpriced sitting next to homes that may be on the verge of having a bank involved in the sale.
URL: 2 New Charts - Lake Martin Real Estate Sales 08-2008
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| Name: |
AUCATZ
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| Subject: |
Real Estate
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Date:
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12/19/2008 5:23:12 PM
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I'm thinking about the refinance thing myself, but I wonder how much effect the drop in prices will have on my property. A new appraisal would have comps that are lower than what we originally paid for our place, and that can't be good for my refinance. The call is free so I may do it anyway.
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| Name: |
water_watcher
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| Subject: |
Real Estate
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Date:
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12/19/2008 5:51:38 PM
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I don't know where you bought in the cycle ... but you will probably be ok as prices at the lake have not fallen considerably. Also, all you need to do is tell your bank you want to refinance so you don't run in to problems with payments and/or being underwater with value and they will do it in a heart beat. Banks will do anything right now to be sure they do not have more foreclosures.
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| Name: |
AUCATZ
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| Subject: |
Real Estate
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Date:
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12/19/2008 8:27:12 PM
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Well I have paid twice my payment every month for the last 3.5 years so I know I can get the refi. I'm going to call next week and see...thanks for the info.
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| Name: |
Talullahhound
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| Subject: |
My experience in VA
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Date:
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12/19/2008 8:51:59 PM
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When I interviewed realtors back in VA, they were advising me to list my house $20K over what they thought it would sell for. I got the same story from 4 different realtors. I decided to be aggressive and price our house ahead of the market which was headed downward and sold it in 30 days. Would I have liked to get more? Yes, but I think sellers have to be very realistic in this market. Every day my house wasn't sold was costing me money. I got very close to my asking price.
BTW, my sister in AZ just refinanced her house. They felt like they got the best deal going through Lending Tree.
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| Name: |
Swimmer27
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| Subject: |
Real Estate
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Date:
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12/20/2008 1:08:57 AM
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If you are truly that disiplined about paying down principal you should look at an interest only loan. Call Lennox Financial and got one of his no closing cost loans. Those guys are for real. It is not hidden and rolled into the loan. There is nothing to hide and roll because he doesn't charge the fees. You must have superior credit to qualify, but if you do the no closing cost is a reality.
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Our friend Dwight Wiggins with The Concord Group in Birmingham got us 4% about 6 years ago and 5% 2 years ago on another property. I need to check with him again for a financing check-up. He sent out a letter a few weeks ago offering 4.6 and then they dropped the rates. Curious now!
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