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The Real Estate Thread (post bubble)


Ellis

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My wife and I just put our house in downtown Annapolis, MD on the market.

No way it will sell anytime soon. :ols:

We'll probably end up renting it for a year or two until the market corrects itself, making it easier to sell.

Regardless, we're also in the market to buy a new house down in south county.

Housing inventory is high in AA county. The pricing is all over the place though. Houses right next to each other differ by as much as $50K even though they're comparable. It has made it very difficult to decide on a fair price to offer sellers. We have a house in mind right now but they're asking too much.

Have any of you put your houses on the market? Upside down? Buying?

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How much are you asking for? If its a going market rate then your fine, Inventory is low and there are lots of buyers out there with these low rates! Make sure your home has been updated (kitchen, bathroom etc..) and you will have a much better shot at competing with what else is selling in your market. Remember though, putting 50k in your house in upgrades doesn not equal to a higher appraiser value by 50k, maybe 5k to 7k. Good Luck :-)

P.S. Just read your post again, the prices differe because of short sales/forclosures? There is a low inventory where I live right now around NOVA.

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My house is completely renovated, shows well, and it is listed at its appraisal value competitively among the other houses on the market.

Problem is... the neighborhood is unsafe. Trust me, it won't sell.

habitat for humanity is doing ok in the neighborhood though. And my house is listed below the prices they're asking for.

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I am not confident the market will ever return to the form it once was.

what? let's hope not. a hyper-inflated bubble isn't in anyone's best interest.

i bought a mcmansion out here in bristow in '05 (fixed rate, and we can afford it just fine). our home value obviously took a tremendous hit since then (not a huge deal since we have no plans to move). the sorta good news is our next door neighbor's house just sold for more than anyone around them expected, and ours was just appraised (for a refinance) at significantly more than i thought it would. so things may be slowly turning around. no, values are nowhere near '05 levels, but that's a good thing, and i think they are in a place where they can creep back upwards at a slow but reasonably steady rate.

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what? let's hope not. a hyper-inflated bubble isn't in anyone's best interest.

i bought a mcmansion out here inbristow in '05 (fixed rate, and yes we afford it just fine). our home value obviously took a tremendous hit since then. however, our next door neighbor's house just sold for more than anyone around them expected, and ours was just appraised (for a refinance) at significantly more than i thought it would. so things may be slowly turning around. no, values are nowhere near '05 levels, but that's a good thing, and i think they are in a place where they can creep back upwards at a slow but reasonably healthy rate.

Yep, I agree completely, except despite the pain it would cause me, I hope prices dont re-inflate, mainly because they were not legitimate market values.

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Unscientific...but I just checked Zillow and my house is higher than it's been in almost 4 years (February of 2008) and has increased almost $80K in the past 3 years (January of 2009). It looks like things are slowly trending up.

zillow sucks dude. :ols:

According to them, my house is worth twice what I'm selling it for.

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I'm actually frustrated because I want to upgrade my house, but I am afraid of selling the house I have. There's 3 house within a block of me that have been for sale for months.

I've also never tried to sell a house while I was still living in it..

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I bought last summer and it's been...interesting. Over the course of a year plus, I've had:

a Poison Ivy outbreak from the yard, Squirrels in the attic, found a gun in the attic, water in the basement (was an easy fix, but terrifying cause it took time to figure it out), a broken AC (which broke a second time when improperly fixed), Flea outbreak, fallen tree in the yard, and an attempted break in (while home).

Yeah home ownership!

By the way, don't subjugate yourself to a basement as your "man cave." Your whole house is your man cave. Remember that. ;)

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We got hammered pretty hard out here with the bubble. Even the single family hotels out here lost lots of value,(I even saw one I helped frame up on the auction block last year). I'm officially upside down in my place now,(according to the most recent tax assessment),so if/when I do move,it's going to be rent time. Bleah.

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Try selling a 1 bedroom 1 bath coop in Coral Gables, Miami FL like I have for 4 years. Thank goodness it's paid for, but the corporation's bylaws say I may not rent it, it's owner occupied. So I have a negative cashflow of taxes and monthly maintenance for the last 4 years. At least I didn't buy my unit at the peak like one person did and it really upside down. My appraised value dropped from $99K to $59K in one year.

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I bought my home foreclosed as is (3 bedroom 2.5 bath 1440 square feet and a one car garage), and it was in crappy shape. it appraised at 10k more than I bought it for and that was before I did anything to it, since then ive but in new carpet and flooring in every room and repainted the entire house, we are getting a new roof installed soon too and redoing the deck. Hopefully in 5 to 6 years I can sell for a good profit.

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1440 ? is it a ranch or townhome ? Just curious, that seems kind of small for a 3br 2.5 bath.

Floors make a big difference. Good call. Still it will depend on what people are looking for at that time.

Nope, its a 2 story single family home

this picture makes it look pink haha but its cream

1114203_1.jpg

its got a lot of open floor space and 2 bedrooms have walk in closets, its pretty sweet but empty cause I was moving from a tiny ass bedroom into a whole house haha

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We tried to sell our house last year. We never got an offer we were comfortable with and pulled it off the market. It's paid and we recently found a new house and go to closing (keeping fingers crossed) on Dec. 1. We're going to rent our current house starting in March. Our renters have 5 months left on their lease in their apartment. Nice couple, no kids, no pets.

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My wife and I are out of our apartment in June, so we figure in January we'll really buckle down with home-shopping. So far the plan is to go through Navy Federal for everything, but we haven't actually talked to anyone at Navy Federal about it yet. Looking to buy in Loudon, probably Bristow or Gainesville.

What we're having difficulty with is balancing what our priorities in a house (decent flat yard, trees, open floorplan, updated kitchen, not staring into our neighbors window when we look out our own) vs what we can do to the house after we purchase to make it what we want it to be. New flooring and painting the walls are definitely in the cards and we're not worried about that when it comes to it. It's the little things, like we really want a wood-burning fireplace, we want some privacy in our backyard, I'd like a finished basement (not that little I guess).

Tips and tricks on how to find the right balance of what a house already has versus what you can do to it afterwards?

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