Tell me if this is not a good idea and why

[Hollibird]

wow.

You totally didn't get what I was saying. I am not trying to be dishonest. We just don't want to get screwed on the money we put into our house. Maybe someone will see it and love it. and pay the asking price. thats it. no more.

 

[30ashopper]

You totally didn't get what I was saying. I am not trying to be dishonest. We just don't want to get screwed on the money we put into our house. Maybe someone will see it and love it. and pay the asking price. thats it. no more.

You could list it, but looking at the prices in there you're going to have to get pretty lucky to sell at that price. If you do get an offer, you'll most likely get a low ball more in line with value. Then all you've done is waste time and effort keeping the place in shape for showings.

There are other options depending on what your situation is. What type of loan you used, do you live there full time, etc.. A possibility would be to rent it out to cover some costs and sell in 5 to 10 years. Depends on how much interest you've paid / are paying. If it's paid off you're in the best shape. Average 20K-35K in rental income over 5 years plus some appreciation might bring you up closer to break even, plus you get to stay there in the off season. Selling right now at the price people are likely to offer though sounds like you're assured a major loss. However, loosing 200K today might be better than being bled dry over the next three years by interest on the loan.

Overall, I'd just suggest running all the numbers on all the options, be very precise and conservative in your estimates, and pick the option that saves you the most income long term. Try to be practical, not emotional. That's your best bet.

added - if you have a loan, don't forget about the option of a short sale, talk to your lender.

 

[30ashopper]

(a loan modification might be possible too if you have debt on the house. lots of options out there to consider..)

 

[SHELLY]

Sellers with the mentality that a rube will come along and give them what they want are seriously deluding themselves.

...and the pendulum swings--right Joe?

.

 

[AAbsolute]

We just don't want to get screwed on the money we put into our house.

 

[SHELLY]

Personally, I think Hollibird is saying out loud what a lot of folks who bought during the frenzy--and currently have their properties listed on the market--are thinking. What she is planning on doing is not a crime...but neither is it going to get her house sold.

Don't these people "get it" that the RE frenzy was a fuke, is over, kaput, never coming back in their lifetime?...apparently not.

.

 

[30ashopper]

Personally, I think Hollibird is saying out loud what a lot of folks who bought during the frenzy--and currently have their properties listed on the market--are thinking. What she is planning on doing is not a crime...but neither is it going to get her house sold.

Don't these people "get it" that the RE frenzy was a fuke, is over, kaput, never coming back in their lifetime?...apparently not.

.

No, I see this in all sort of "out of whack" active listings. The scary thing is, folks hoping for the best often find themselves in worse situations down the road as prices continue to fall. (..and imho will continue to do so for at least another two years or so.)

 

[TooFarTampa]

You totally didn't get what I was saying. I am not trying to be dishonest. We just don't want to get screwed on the money we put into our house. Maybe someone will see it and love it. and pay the asking price. thats it. no more.

Yet ... if you sell it for more than you admit it is worth according to the current market, someone else is "getting screwed on the money they put into" it. The only exception would be the type of property that is so unique and spectacular that paying over market value would not be unusual. If you think there is a concrete reason that someone will see your house and love it more than your neighbors', then go for it.

Perspective helps. It is not about you. It is about the market as a whole, and how to live with what you got.

30ashopper gives some great advice.

Incidentally, I don't think there are many people (anyone?) who would pony up whatever your asking price is in this market. They'd have to have cash, for starters, and be willing to sink it into real estate. :roll:

 

[Camp Creek Kid]

You can put a FSBO sign up and "ask" as much as you want, but that doesn't mean that you will have anyone look at your house let alone make an offer. Buyers right now are few and far between and they have done their research and know what property values are. In the very unlikely even that you did get an offer for the amount you are asking, there is no way that the buyers would get financing after the bank does an appraisal and your property comes in at 50% of what you are asking.

I'm not being negative, just realistic.

 

[TNJed]

Yet ... if you sell it for more than you admit it is worth according to the current market, someone else is "getting screwed on the money they put into" it.

stock market traders call this the "bigger fool theory."

[ame]http://en.wikipedia.org/wiki/Greater_fool_theory[/ame]

Math really is the universal language. It's amazing how the practices in the stock market correlate with repeating patterns found everywhere else. In one word, fractals.