Trying to sell your property?

Heineken · Posted: Fri Apr 11, 2008 8:25 pm Post subject: Trying to sell your property?

I was wondering if any members have been trying to sell their homes or farms since the "bust" started, and what their experiences have been.

(I sometimes think about selling my place, which I own free and clear, and moving to a more remote place, as some of you may know. But given what I've been hearing and reading, I've pushed this idea out into the indefinite future.)
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dunewalker · Posted: Fri Apr 11, 2008 8:42 pm Post subject: Re: Trying to sell your property?

My neighbors have been trying to sell their place for almost 8 months. They received one offer several months ago but rejected it as too low. I think it was for around 2/3 of their asking price, with delayed down. The most important, and obviously most difficult, thing to accomplish from here on out, for everyone, is to set "the right price"--not the right price for yesterday's market, but for tomorrow's. There may only be one offer...
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Newfie · Posted: Fri Apr 11, 2008 9:20 pm Post subject: Re: Trying to sell your property?

Our local city glossy mag did a feature on home values recently. They took stats for something like a 100 different zip codes. The results were interesting.

The values were all over the place. Some neighborhoods up 10% and others down 20%. And they did it for 3 year averages as well.

We live in one of the higher priced priced areas. For us the one year change was -9% but the three change was -1%. Adjacent neighborhoods rose a few percent against us. It seems that for us there is a ceiling that housing does not want to go through and I'm at that limit. Slightly cheaper adjacent neighborhoods are catching up.

The bottom line I took from this is appears to be highly localized and a few blocks difference can make a big difference.

Large east coast city. May be of no value to where you are.
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Revi · Fusion Joined: Apr 25, 2005 Posts: 3112 Location: Maine

I am selling some property. I have a stream with water power potential. It's written in the deed.

Here's the description:

http://www.town-countryrealtors.com/search/displayListing?mls=875794&searchType=advanced&x=17&y=9

I love the place, but I have too much on my plate right now, and I have decided to sell it.

It has "Grist mill power" in the deed. Somebody could make it into something. It's a nice fishing and swimming spot too.
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jdumars · Posted: Fri Apr 11, 2008 9:46 pm Post subject: Re: Trying to sell your property?

We've had our land on the Olympic Peninsula for sale for 6 months now. We started at $85,000 which was under market value, and now we're at $60,000!! Some people still have their acreage in the area at over $100,000, so you'd think our place would get snapped up in a heartbeat.

Oh well. I guess people don't need a PO bug out retreat. Yet. Sad

http://www.dumarsengraving.com/landsale
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PhebaAndThePilgrim

In cen. Mo. residential is very similar to most of the rest of the nation. Also there is quite alot of retail ( new and old) setting vacant.
On the other hand, agricultural land and small recreational properties are holding their own or are still bullish.
High commodity prices along with taxpayer subsidies on ethanol and farm payments (farm welfare) have kept the upward pressure on ag land.
We have a small farm (156 acres) plus rented on top where we raise cattle and a good percentage of our own food. I quit row cropping over fifteen years ago, yet we're still eligible for crop payments.
3 or 4 years ago after the food stamp program was reduced and welfare was in the news as government waste. I got pissed off with the hypocrisy and didn't apply for the welfare check . The local USDA office even called me to inquire if I didn't want the money.

Heineken · Posted: Sat Apr 12, 2008 7:25 am Post subject: Re: Trying to sell your property?

In my region I've noticed very little decline in asking prices for recreational, timber, and farm land. Instead, they've just stopped rising.

Housing is another story.
_________________
"Actually, humans died out long ago."
---Abused, abandoned hunting dog

"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother

vision-master · Posted: Sat Apr 12, 2008 7:42 am Post subject: Re: Trying to sell your property?

gnm · Posted: Sat Apr 12, 2008 8:16 am Post subject: Re: Trying to sell your property?

jdumars · Posted: Sat Apr 12, 2008 9:39 am Post subject: Re: Trying to sell your property?

Our place is 4.9 acres and surrounded on the largest side by National Forest and riverfront. Upstream is nothing except national park and national forest. If there's a better place to bug out to, I wanna know what it is. It has oodles of fresh water, you're right next to one of the best fishing rivers in the US. Elk, deer, rabbits, you name it.

Nearest town is 10 miles with a modern hospital, but low population density. It's also not in any Tsunami zones. It's 25 miles from the ocean with beaches that are deserted for miles year-round.

If people understood the true value of this place...
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jdumars · Posted: Sat Apr 12, 2008 9:55 am Post subject: Re: Trying to sell your property?

Dammit dammit! I just found out why our property isn't getting any attention... the realtor wasn't advertising it, and you can't find it in any of the search engines. I wonder how long it's been like that?? Evil or Very Mad

I'm dispensing with my realtor Monday.
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GeoJAP

I bought my house in Austin in 2006 in a very close-in neighborhood with extremely sound fundamentals. The neighborhood was undervalued by maybe 10% or so. Home prices have gone up around 10% since then and are still selling in my neighborhood pretty well. I do detect that a definite ceiling has been reached this year, however. Those sellers who are reaching a little, asking another 10% over last year's values, aren't getting it. This has been a very reasonably priced neighborhood though, with home values between $160-250K.

manu · Intermediate Crude Joined: Jul 26, 2006 Posts: 710

Ludi

Land is still insanely, and I mean insanely, overpriced here. Just checked out a listing for a tract about six miles away from our place.

"A beautiful relatively level and tree covered plateau overlooks miles of surrounding Country - offering a multitude of attractive building sites. Private gated subdivision just 6 minutes to town and 25 minutes to city, large enough to merit Ag valuation for tax purposes - town schools. See mapping section for building restrictions.

Acres: ±21
Price: $599,550"

Only insane rich people would buy such a thing. When they say "ag valuation" they mean "raising a handful of goats" which is all you can put on a tract that small. We get ag valuation on our 20 acres for 4 (four) wool sheep. We paid a little more than 1/10 the price of the above tract for our place about 14 years ago.

I hope those places sit unsold until the market collapses. Mad

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Heineken

That sort of property is for rich dummies, Ludi. When you see phrases like "gated subdivision" and "building restrictions," laugh and move on.

To me the most loathesome development in real estate during the boom was the invasion of rural areas by subdivisions and McMansions (you know, those huge ugly boxes sitting in the middle of treeless 5-acre pool tables).

Most raw land in my state ranges from about $2,000 to $10,000/acre (but much, much more for those "gated subdivisions").

There certainly has been no "bust" in land. This reinforces the desirability of land as an investment.

Unlike houses, raw land doesn't require any maintenance, which makes it easy to sit on indefinitely. Only cost is property tax.
_________________
"Actually, humans died out long ago."
---Abused, abandoned hunting dog

"Things have entered a stage where the only change that is possible is for things to get worse."
---Me and my brother