Trying to Sell Your Home

[nanci2539]

For those of you trying to get to the Villages but must wait until your present home sells, for how long have you had it on the market? Have you lowered the price any to make it sell faster? If so, how long was it for sale before you lowered? And if you want to share, what state do you live in now? I live in Illinois and the homes are not moving at all and those that have sold did at a huge drop in asking price. One of our neighbors sold his home for $100K lower than what he wanted. It was for sale over two years! There is no comparsion between his home and my home but lack of real estate selling is making me nervous! Any others facing these issues?

[schotzyb]

We just this month listed our home here in North Carolina (40 miles from Charlotte).The market is very slow here also but we were hoping our in-ground pool would be an added incentive and increase the chance of it selling quickly. If the summer comes and goes with no sale , it could take a while.

[mmclover]

I too am trying to sell my home so that I can move TV without any ties here in Maine. Same story here, the market just is not moving. I have a big old victorian income property and it is just not moving. Only been on the market since May 1st so, maybe by fall I will be on my way south. Can't bear to think of plowing and shoveling another winter.

[darbyduff]

Also, read the blog here "Burying St Joseph".

On market for 235,000 7 lookers, 1 couple wants to buy but has to sell their home..In 3 months they have only had 2 lookers. Ours has been on market since April, 2007.

We can not lower the price because then we will have no wiggle room and we couldn't buy in TV if we lowered too much! Nothing going here except million dollar homes.

Don't have to sell right now because we didn't buy in TV but want to badly. (Check other blog mentioned above. Colorado

[cromlich]

We also have had our home for sale for just about a year. However, we did take it off the market over the winter. We live in Indiana and the market is more than dead. We've lowered the price $15,000. We've had a couple of good bites but then they backed out because of the new property tax laws here. Now there is talk of increasing interest rates. I'm curious how they think this will help the economy.

I'm sure God will get us down to TV when He wants us there. We're hearing that Florida is really taking a hit with foreclosures. Is that true? I've heard they are number 2 in the nation. If that is the case then resales down there should be coming down in cost, also. I guess it all works out.

[F16 1UB]

:redface: Have 1 house (3-2-2) in New Carlisle OH that's been on the market for 1 month. 2 showings so far. Won't buy in TV until it's sold. Primary residence located in water front resort area in northern KY. Won't list it until we buy in TV. Talk about a cluster :edit:. Haven't lowered the price yet. Don't think we'll have a problem selling in KY although this area is slow too. OH is another story. It's leading the U.S. in foreclosures.

Steve

[darbyduff]

Steve,

I'll see your foreclosure rate and raise you a couple. ;D ;D

Sorry but I don't think you rate number #1. We used to have that title but California and Arizona just beat us out! We're number #3 but we're trying hard to get back into first place!!!!

My realtor just told me that he looked at a foreclosure that sold last year for 1.4 million and the guys that bought it gutted it before they took off to places unknown. That's not a foreclosure that's just FRAUD! But everyone is really getting hit bad all over the country. We're going to Cheyenne Wyoming for the weekend to see "The Daddy of Em All" rodeo and while we're gone (this weekend and next) our realtor is going to have an OPEN HOUSE. I told him, now that I buried St Joseph, he's on the clock!!!!!! ;D

[larrydube]

Hey mmclover,

We are from Sunny Saco (home of Jolly John) we are looking to move down in 808 days (not counting), but we have already bought our place in the Villages. Hopefully the market will pick up by then. We have 3 places on our street for sale and they have been for a while. 2 are income properties and 1 was an income property that was turned into condos... ready for this, 3bdr 1 ba and the guy selling wants them to pay $160 a month in condo fees... he must be doing drugs....

Larry

[jidisi]

We were lucky. We live in Wyomissing (a suberb of Reading PA) in a condo and were able to sell it very quickly, without a realtor, via word-of-mouth. This is because we live in a very desireable location. Our condo is a good sized unit with full basement, 2-car garage, and 1st floor Master BR (plus 2 upstairs guest rooms) We got our full asking price.....We were very lucky!!! ;D

[GERALDINE]

We sold our home in northern Michigan in September, 2005. We had it listed for 18 months by 2 different Realtors...both of whom could have cared less about us or working!! We put it on www.forsalebyowner.com and sold it ourselves for full price CASH, plus the new owners (from SanDiego) bought everything we had for sale (we threw in the roof rake for free ;D).

We had a LOT of inquiries, a lot of showings and 3 offers in one day and we sold it for MORE than any Realtor told us we could possibly get.

We now have our home here in The Villages for sale, also on www.forsalebyowner.com. (listed it a week ago & 2 inquiries already) Almost everyone looking for something these days, go to the internet. Sooo all of you people trying to sell homes to get down here to The Villages might want to try selling on-line. You can lower the price of your house and still come out ahead. We only paid $249.00 until it sells...that sure beats paying 6% and more in real estate commissions!!!

And before someone asks...no there's nothing wrong with The Villages or our house. In fact, it's a wonderful community ... it's just that we've decided we want to pursue other interests while we're still young enough and healthy enough to do so.

Good luck to all of you...and if anybody wants to buy a lovely Amarillo with a Florida Room...just let us know!!

P.S. I buried St. Joseph in the dead of winter in Michigan (January) and the house did not sell until the following Fall, AFTER we listed it ourselves...just an idea??? ???

[darbyduff]

Hummmmmm Didn't think the "For Sale by Owner" web site would work. Too many out there that want to sell their home that I thought you'd get lost in the shuffle. Are there any more of you out there that have tried that? Our contract with our Realtor is up in September and that is an idea! What is the cost and how many people contacted you? How did the couple from San Diego see the home. Just pictures or did they fly in to see the house?

[Travel Master]

I am a Realtor.. and the market is terrible everywhere. NO BUYERS.. Homes over 250K are not moving..PLUS in The VIllages... NEW Homes DEALS of a lifetime are killing the preowned market. I do not expect it to pick up until after the election. If you are listed with TRhe VIllages BEWARE.. priority to sell new homes. I have had customers that have come down with 7-9 Viollages preowned listings they wanted to see, and some how all they looked at were new homes.

GODD LUCK TO YOU ALL.. and me to The Beans and Rice is getting pretty tiresome.

[KenMac]

In defense of TV Realtors: We were shown as many pre-owned homes as we were new ones. It did not appear to us that we were being "pushed" toward TV New Homes, although that is what we ended up buying, since TV offered a $20K reduction in price, and the one pre-owned that we made an offer on refused to budge off the asking price.

We believe that we were treated very well - the realtor (Sharon Crenshaw - we highly recommend her) went out of her way to please us, showing us close to 50 homes, and spending five straight days with us. She EARNED whatever commission she received!

OK - I HAVE to try the banner... ;D ::) :'( :dontknow: :joke: ;D ;D
Sharon Crenshaw The Villages Realty (We are NOT related!)

[darbyduff]

TravelMaster and all others,

We have a 3 bdrm, 3,000 sq ft listed for $235,00. We have it listed with a Realtor but have only had 7 showings since April. Our house is Extras, Extras, Extras and NEW everything!!!! (It's a townhome). We have only about $5,000 wiggle room because we have about $90,000 still remaining on the loan and we have to have enough to buy in TV! Heres my question. 2 parter

1. Should we come down below the $5,000 and buy low end in TV in hopes that we can "move up" to home we want in TV when the market turns around or wait it out.

2. What does your training and knowledge say about when the market may start coming back again. We've read something like 3 years!!!! :( I really want to move a lot quicker than that!!!! (This fall or winter if at all possible ;D)

We are in a unique community close to golf but the areas around us (smaller, older etc) are selling between $10,000 and $25,000 below value.

[az2fla]

Hello Darbyduff,

I, too, lived in Colorado (south of Denver) between 1988 and 2004. Such a beautiful place that it amazes me that the housing market is always in turmoil there. It seems that when the National housing market is slow the Colorado market is even slower; and when things are up sharply Nationally the Colorado market is not as robust.

The risks in the credit market nationally are far from contained, I fear. It will become harder for folk to receive new loans for housing. New home builders across the nation are now discounting their inventory more than 10% below the average price of a similar existing home. History shows that the reverse is usually the case. Thus, it may be assumed that existing home resale prices need to be adjusted downward another 15% to 20% on average. Of course, every home situation is unique.

I don't think it's advantageous to try to catch a falling knife. Many people price their homes at what THEY think it's worth and not what the market will pay for it. In the end, they're usually pricing their homes just a little too high and keep reducing as the market, itself, reduces. 2007 prices aren't what 2005 prices were and 2008 prices may not be at the same level as this year. We will be placing our home in Arizona onto the MLS next month. We're willing to list below the comps in order to generate some quick interest. An additional incentive for the buyer's agent is something to consider, too. Resales in The Villages will need to adjust, as well. I'm not a Realtor nor is anyone in my family in that profession; but, I know that market forces dictate price. Roses are more expensive in February around St. Valentine's Day than they are in July around the Independence Day. Good luck in selling your Colorado home but, as I found out in Arizona, you're going to miss that great place. "'tis a privilege to live in Colorado".

[darbyduff]

Hello back AztoFla,

Your right about it being a "privilege to live in Colorado"! Been living here for 40 years. Came from Minnesota. It would be wonderful to stay in Colorado BUT TV is in Florida! There is nothing even close to TV anywhere in Colorado! The lifestyle plus the weather is how we wish to spend our retirement years. Here I would be able to play golf with the ladies at our club but when we want to play cards, learn to paint, join a drama club, learn to dance, or where ever our fancy takes us....we have to drive all over town!!! (We live in Aurora) Grandkids are here so we'll visit!

I really appreciate your insight on the Real Estate market!!! Really a lot to chew on!

Question..Would it be worth persuing the "For Sale By Owner" someone mentioned earlier? Any more information on that!!

[Travel Master]

NATIONAL STATISTIC NATIONAL ASSOCIATION OF REALTORS

70% Of For Sale By Owners end up using a realtor. When you list with a realtor you get national exposure, REALTOR.COM, and if the company is a national franchise you have thousands of possibilities. It is all about timing, and the market is so bad right now even realtors are having trouble moving inventory.

The average home in the MLS in the Villages is about $145-$155 a sq ft.

GOOD LUCK.. Hope to see you soon in The Villages

[az2fla]

If you're unable to click on the following link, just copy and paste to your address bar.

For some folk moving to The Villages, renting may be a consideration while this situation plays itself out. Of course, there are those who have already listed their homes in TV and are willing to wait it out, as well. Unfortunately, they will continue to pay the fees, bond, taxes and more and, in the end, may have to watch home prices fall even further. Profits have been made for those who purchased years ago. The smart money would say to take those profits now if you've decided to move away.



http://biz.yahoo.com/ap/070725/mortgage_woes.html?.v=4

[darbyduff]

Who's buying up all these foreclosers? :dontknow:

Here in Colorado we have a very good economy and are one of the lowest unemployment states. Yet the foreclosers are getting worse. And they are entering the million dollar market!! Our Realtor also works for CountryWide on the side and he said he's seeing more and more foreclosers in the high end neighborhoods.

Somebody's getting steals!!!!!

[az2fla]

That's the problem Darbyduff! No one's getting any steals on these foreclosures. That is, not yet! The banks are getting these properties back onto their balance sheets and when they start releasing them onto the marketplace that is when the deals will be made. At that point, those who have homes to sell will have to compete with the newly "released-to-the-marketplace" foreclosures. Guess what happens....prices will tumble! I moved to the Denver area in the late 80's. You will recall the housing recession there due to the exiting of the main industry at the time in Colorado - the oil/energy industry. There were HUD 4-Sale signs on every corner. It was a great time for buying but not for selling. You'll recall it took about six years for that situation to work itself out. Those who had to sell were happy to get a buyer; any buyer. The sellers were like Henny Youngman: "Take my house, please!" The price didn't seem so important anymore.

And The Villages will not be immune to this. There may not be a large number (or even any at all) of foreclosures in TV, but, if someone wants to sell, there will be fewer buyers. Answer: prices fall in TV, as well.

Remember that the banks and mortgage companies are not in the home ownership business; they're in the money-lending and money-making business. They must recoup as much as possible. If that means turning over a property for 50 cents on the dollar, they'll do it. They cannot hold these properties on their balance sheets for ever. Now, more than ever, is a time to price your property correctly. Nobody is going to get what they thought they would for their house. Nobody! Resales in The Villages will eventually reflect the price drop that the rest of the nation is experiencing. The Developer knows this and has been discounting inventory for some time now and will continue to do so.

Fortunately for the nation employment is still robust and taxes on businesses and employees are reasonable. Should the geniuses in Washington change that by raising taxes during a time like this, recession will be a certainty and most people will not, under any circumstance make a purchase as large as a home. Uncertainty about jobs will keep most everyone from making any major purchases.

What we think are ridiculously low prices today may end up being a rational price a year from now. In the meantime, a seller would have continued paying fees, taxes, bond, etc for another year and end up selling for a price they could have gotten this year. It would be great if this housing implosion had not occurred. But it's a different time now so we have to adjust our thinking.

[az2fla]

Congratulations are in order for you Oshunluva. You obviously had your condo priced correctly and a listing today of only 3 and a half months is as you say "not too shabby". Save me a seat at Town Square for the happy hour!

[darbyduff]

Az2fla,

Wow, you make all the sense in the world!! Unfortunately. :'(

Now our house is listed at the price that is consistant with what other homes have listed for in other parts of the Denver area... But the problem for us..even though our home is unique and larger than others around us...we have only lived in it 9 years. So, we do not have a lot of equity in it. Those that are selling around us are pricing way way below us because they have such a low mortgage. Why buy our "higher end" home when you can buy those around ours so inexpensively and put everything we have in ours into their new home and still come out way ahead!

We maybe could come down a bit more if the TV homes would sell for a much lower price also. Just don't see it happening yet!!

When I went through the HUD epidemic in the 80's, I had just purchased a townhome in Aurora (I know, I know) for $65,000. Less than 1 year later you could have picked up the same model around the corner from me (HUD) for $32,000. I sold when I met my husband in 1999 and it sold in 1 day at the price of $95,000.

[scottke]

Oshunluva, Congrats on the sale - there is hope for those of us who are trying to move. Keep a seat warm for us too at the square.

[az2fla]

Darbyduff,

I believe that you, like Oshunluva and Teddy (on another thread), will be letting us all know that you have successfully sold your home and will be heading East for The Villages. Fortunately, the homes in TV are all so similar that you should be able to negotiate a fair price. Try not to "fall in love" with any one house. Remember that it IS just a house and not a home. There are sellers in TV just as motivated as sellers in Aurora. Many have made a spectacular profit. Set a price you're unwilling to go above and stick with it. Remember that you have discounted your home and expect the same on the other side of the equation. Some people will, under NO circumstances, take less than they believe their home is worth. They'll be seeing strangers walking through their home for a long time to come. What is so great about TV and the people who live there is that very few seem to need a "special" house to impress their neighbors. They all have great fun together in the Rec. Centers, the driveway parties, the Town Squares, Katie Belle's, should I keep going?? In other words, these folk have it all together. The house is strictly for shelter and peace and quiet after a night out on the town. In charity I ask: so what if, as you have said, you have a "higher end home" in Aurora. Much of your entertaining with friends and family took place in that home. In The Villages entertaining is quite often enjoyed elsewhere.

The Villages is, indeed, a "Lifestyle". I think you and your husband will be celebrating that "lifesyle" real soon. Hey, it won't belong before Aurora is a pleasant memory.
:bigthumbsup:

[darbyduff]

Az2fla,

I don't know who you are, but your post had me bawling like a baby! You have got to be just the coolest person ever. (boy, I sound like some 18 year old "groupie") Wow.!!! :bigthumbsup: :bigthumbsup:

I told my husband about your earlier postings and told him that he just has to read how knowledgeable you are about the over all situation, but over that last couple of days we've been soooo busy. Today when he finishes golf that is the first thing I'm going to have him do. I don't know what it is about you but you really must be a special special kind of person (emphasis on KIND)

I will be reading that over and over again!

Thank you very much for YOU!

[az2fla]

Darbyduff,

I'm red-faced!! :redface:
When we meet at happy hour in Town Square we'll join Oshunluva and celebrate with a few cold ones! :beer2: Be sure to keep us advised as to your progress and I will do the same. Our home goes onto the MLS next week. Don't know how long it'll take but God knows and that's good enough for me.

[F16 1UB]

Damn! I picked a hell of a time to quit drinking. Hey oshun drink a couple for me. We're still waiting to get a bite on the house in Ohio. Nuttin yet. Has to be a relief for you. :clap2:

Steve

[darbyduff]

Hey, Steve and Az2Fla,


Last one to sell their home is a rotten egg!!!!!!!!! ;D

[az2fla]

Darbyduff,

Well, I've been called worse!! Anyway, I don't know if it's a fair bet since we haven't even listed our home, yet. That will happen next month. Hope things are well in Aurora. You'll soon be trading in your snow skis for water skis; I'm sure of that. Take care and keep the faith.

[az2fla]

Oshunluva,
How about getting into roller-blading? I know they're looking for new water volleyball players, too. Or line dancing in Town Square. Oh, you're going to have plenty to choose from once you get settled. Most importantly, though,.......don't forget the libation you promised me at Happy Hour!!! Please keep the rest of us "Villager Wanna-bees" advised as to your progress. ;D :clap2:

[darbyduff]

Ok...I believe, I believe, I believe.........(Wizard of Oz, right?)

We're thinking positive out here!!! Let's see......

Water skiing, rollerblading, water sports, drinking in the Square.........I WANT TO BE THERE!!!!!

Make that a Margarita!!! And look for my "shaker of salt"! Hope to see you "Real Soon" as Jimmy Dodd once said!

As Az2fla (my favorite person) said.....keep letting all of us know of your progress. I sure we will meet in the square and raise our glasses to all of our good fortune!!! And Az2fla, stay on the board letting all of us know how your doing!!! Esp. when you put up your home!!!

[az2fla]

Hello Darbyduff,

You state in your previous posting: "Ok...I believe, I believe, I believe.........(Wizard of Oz, right?)

Well, nice lady, you SHOULD believe because the Denver metro area was one of the few realty markets that showed a price increase in May over the previous month of April. A 1.1% increase on slightly higher demand for resales. Not huge but a step in the right direction. Many other US city markets showed a dip or virtually unchanged month over month.

I will be very happy for you when I see your posting letting us all know that you have sold your Aurora home and have hired your movers and set your moving date. Keep the faith! :clap2:

[darbyduff]

Az2fla,

We have not had a showing the entire month of July. (our realtor said it's the slowest month because so many people are on vacation). I truly hope your right about the slight change in our market. I read the same thing but I will try to keep the faith. Thanks for thinking of us out here in Colorful Colorado!

[darbyduff]

Oh Az2fla,

Husband just read your last post here and said that those stats were on homes over a million dollars (He read the same thing in the paper)

Ours is up for a lowly $235,000

[az2fla]

Darbyduff,

I had read the latest release of the Case-Schiller Index and it didn't break down the prices of the homes. I just read a real estate article in The Denver Post and noticed that the market in your neck of the woods continues, like most of the US, to remain slow. But, hey, you know that you've got a great house and there IS a buyer out there.
A few years ago I was visiting Lake Chapala, Mexico. It's about 30 minutes outside of Guadalajara and is home to the largest number of US and Canadian citizens outside their homeland. There's even an American Legion post there. The prices of homes (very nice ones I might add) are very, very low by our standards. However, there were so many resales on the market that it makes the current housing glut here seem like nothing at all. It was my estimate that homes remained on the market for, not months, but YEARS! Yikes!
My point is that homes in this country are still selling. Just not at the pace to which we've become accustomed. It is my prayer for you that you'll be enjoying the Christmas decorations in Town Square this year.

And, by the way, I'm almost getting things in order in this house to list it shortly. Now remember: Keep the faith!

[REDCART]

Az2fla,

What was your impression of Mexico, in particular Lake Chapala? We've been to Cancun and on the drive to Chichen Itza we saw more poverty than I could ever imagine. It's no secret that Mexico is a poor country. I was just curious how an American enclave would survive surrounded by such poverty. Even in Puerto Rico, we've heard you have to hire someone to keep squatters from settling on your property in your absence. I would think Mexico would have similar issues.

[az2fla]

gryoung,

At one time, Lake Chapala must have been quite impressive. However, when we visited about 5 years ago, the water in the lake had receded to an alarmingly low level. I was told that the farmers in the region and the City of Guadalajara were using the water to excess. Don't know if this is true or not but I do know that the lake was about half empty. Case in point: there is a pier that extends a long distance out into the lake. There are rings mounted to the pier in order to tie up a boat. I stood on the end of the pier and watched cattle grazing below me-no water. As for poverty, you bet! The Americans and Canadians started a after-school program in which they entertain the local children with arts and crafts and such. The locals work as gardeners and housekeepers at very low rates. Not because the "outsiders" demand it but because the well-off locals demand it. The Realtor told us that the Americans and Canadians must be "constantly reminded not to pay too much because it makes things worse for everyone else who has to pay for services".

The cost of living was very low. I met a fellow at the American Legion hall who lived there full time in an RV. He had only Social Security (no pension or large savings account) and his wife had NO Social Security. He told me that he lives quite nicely. We toured a few homes. As an example, one of the homes was high on the hillside overlooking Lake Chapala with an unobstructed view. It was a 3-level modern home (American style) with servants quarters on the lower level. The property, itself, was on two levels with a typical backyard on one level, and a beautiful flower garden and a few citrus trees on the second level. The owner had the house on the market for over three years at that time and was asking $45,000 USD.

But for us the poverty situation was uncomfortable and there was evidence that the locals were resentful of the "outsiders". The Mexican economy has come a long way in a short period of time. But I believe the success is limited to the large metropolitan areas and places like Lake Chapala have been left behind. Only my guess since I haven't been back and have no plans to visit again. It was an experience, though.

[darbyduff]

Az2fla,

That's it!!!.. We'll have Egg Nog in the Square and sing "White Christmas" together. Let me know when the house goes up! Prayers will be going your way too, my friend!