Sandee

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I am feeling very overwhlemed with this fannie mae, crisis, do you think we are headedfor a serious

Asked Thu Jul 17 2008, 07:45 by Pauline - 10017 - Market Conditions - 16 answers

Sandee answered:

I, too, was in the same situation. In early 2004, wanting a second home close to the beach, we purchased a 1/1 condo in a fashionable So Cal beach community not far from LA. If we had sold it in 2006, we would have done well. But after that, prices started dropping even though the beautiful sandy beach was only a few blocks away. Seeing nothing had sold in the area for several months, in April of this year (2008) I staged the condo by putting some things in a storage facility and listed with an agent who had sold a condo in the neighborhood 8 months earlier. By staging the condo and having it priced realistically, we had a qualified buyer within two weeks and are now back to just having one home instead of two. But sleeping a lot better at night. Values were just so unrealistic in 2006, an adjustment was bound to be a necessity. - Fri Aug 8 2008, 12:50

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