Ok thanks everyone for all you insight, wisdom and encouragement. (I'm the originator of this thread...) I decided to pull my house off the market. I'd rather wait it out than take a short sale, I'm lucky I have a choice. Since I wasn't able to sell the house at a price that would work for me I have decided to try something dramatic to change the neighborhood, thus increasing all property values in the neighborhood, and mine in the process! (Hey, we had to DREAM about getting to the moon before we actually DID get to the moon, right???) Therefore I switched gears and am trying a new marketing avenue with a friend of mine who is trying to sell his country store right down the street from my 100 yearo old cottage. I have a good gut feeling that there is a buyer for every property that needs to be sold. If that assumption is a solid given, then time and price are the variables. If my price cannot change (I am willing to sell it at the current mortgage price with 0 cash out), the only adjustable variable is time. So wait I will.... And I'll have some fun in the meantime promoting a contest to generate ideas for a new use for the store that has been for sale for about 2 years. Personally I think Sisquoc needs a Basque Restaurant. And my assumption is that if we did get a buyer for the Sisquoc Store that put in a Basque Restaurant, Sisquoc would become 23% more interesting, thus increasing property values by half that percentage, thus increasing property values by a bit over 10%. Since I am keeping my price at the preset value, if the house increases in value it will become more desirable, thus attracting the buyer that is out there for this specific property. My motto: Yesterday is a History, Tomorrow is a Mystery, Today is a Gift, That's Why it's Called The Present!!! Anyone wanting to enter the Sisquoc Store Contest to win some local wines on July 4, 2008, just click on my name to go to the blog!!! - Fri Apr 4 2008, 22:51
Ok, I accept, but only if I get to wear a tiara! Here's an update on my house for sale. It didn't. And the renter moved out. I'm digging in for the long haul.... But what the heck, I bought my first house in 1976 and have bought and sold in every market out there, it's not timing the market, it's time in the market..... - Tue Mar 18 2008, 18:09
Santa Maria = Punxatawny, Larry = Groundhog. Termite inspections on foreclosure = market declining. Termite inspections on non-foreclosures, non-short sales = market stabilizing. Termite inspections on non-foreclosures, non-short sales + more than one bidder = market rising. Call it June '08 the test month. School's out, it's ok to move, if anyone anywhere is going to buy a house it's then. Let's ask Larry to keep a stroke tally of termite inspections. A = Foreclosures/short sales, B = Seller & Buyer agreed to a price and closed a deal, and C = B+ 2 or more bidders. If A >B and > C, market is not rising. If B > A and > C, market stabilizing, if C > A and > B, market rising. We'll get back to you July 4th, 2008. Hopefully this will answer the original question - "Are we near the bottom on housing prices?" - Mon Mar 17 2008, 21:03
Thank you everyone for your input, I appreciate the time you took to answer my question. Now I will answer two of yours. Why did I ask? I am selling my house in a very slow down market. I am fortunate that I am in a position financially to wait out the market. I had to move for family reasons, and unfortunately couldn't take my cute little cottage with me! So now I am renting, when I am really a homeowner at heart. My equity is tied up where I used to live. When my house sells, I'll be in a position to buy again in my new location. And to answer the second question posed, the house is listed for $365,000, which is a bit less than I "have in it". Thanks for asking! Now the good news that I have to report, using 2 of my indicators. My sister has been sitting on over $200,000. cash for several years, waiting for the market to hit bottom. Last month she bought a house! So the Penny's sister indicator is thumbs up for the market! Second, my friend Larry from LD Termite has been twiddling his thumbs waiting for the phone to ring for termite inspections in Santa Maria, California. Yesterday he did 5 termite inspections!!! Amazing turn around in the Penny's friend Larry the termite guy indicator!!! Yup, things are looking up! - Thu Jan 31 2008, 20:39
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