I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Joined: Oct 28, 2004 Posts: 294 Location: SoWashCo, Minnesota
Posted: Thu Apr 27, 2006 4:06 pm Post subject: Re: New House Flipping is over
Things are definitely slowing... we are trying to sell our house so that we can move closer (much closer) to family, and we're seeing lots of traffic, but little action. People are still shopping for new homes here in the Twin Cities, but we have already lowered our price maybe 5% lower than what a comparable house in our neighborhood sold for last year.
Fortunately, we have plenty of equity in the place, so we have almost no chance of being upside-down. However, it's a much different real estate market than it was last year, and I'm hoping to make my move and hunker down before things really go south market-wise.
Posted: Thu Apr 27, 2006 4:40 pm Post subject: Re: New House Flipping is over
Trab wrote:
Things are definitely slowing... we are trying to sell our house so that we can move closer (much closer) to family, and we're seeing lots of traffic, but little action. People are still shopping for new homes here in the Twin Cities, but we have already lowered our price maybe 5% lower than what a comparable house in our neighborhood sold for last year.
Fortunately, we have plenty of equity in the place, so we have almost no chance of being upside-down. However, it's a much different real estate market than it was last year, and I'm hoping to make my move and hunker down before things really go south market-wise.
Very interesting. Hopefully where your moving is already getting cheaper while you wait.
Joined: Oct 28, 2004 Posts: 294 Location: SoWashCo, Minnesota
Posted: Fri Apr 28, 2006 1:29 pm Post subject: Re: New House Flipping is over
bruin wrote:
Very interesting. Hopefully where your moving is already getting cheaper while you wait.
No such luck. We're building a new house, and the price was negotiated last summer. Either hyper-inflation helps us out (we'll be on a fixed mortgage), or we move in with the in-laws... either way, we'll be OK.
Locally, at least, the bubble 'popping' means that houses are now selling for maybe 110% of their taxable value, not 130%. Our realtor says that the market is finally correcting into a 'sustainable' rate of housing appreciation. We'll see if that's true or not.
Joined: Oct 28, 2004 Posts: 294 Location: SoWashCo, Minnesota
Posted: Tue May 02, 2006 3:13 pm Post subject: Re: New House Flipping is over
For what it's worth, we sold the house yesterday. Non-contingent, close in less than a month, pre-approved, etc, so we're pretty much golden on that front. I'm now wishing that we would be paying for our new house in 2006 prices instead of 2005, but that's life.
We ended up selling for $40,000 less than we originally were asking for, but still almost $100,000 above what we paid for it four years ago.
All things being equal, I consider myself lucky to have moved it now, for some of my neighbors that are sticking to their original asking price will be unhappy in the coming months as energy costs keep rising along with interest rates.
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