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Old 09-26-2006, 04:55 PM   #21
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Quote:
Originally Posted by Flyin' Lion
We just spoke to a realtor the other day and she did the same thing, suggesting houses that are slightly higher than our price range (it was at an open house, we really aren't looking to move anyway). The justification she had was for every 1,000 you go up in price on a house, your monthly payment increases $7. So $10k really only changes your payment by $70, and there is the possibility of getting them to drop the price into your range.
I agree with that which is why we were looking at this house to begin with, it's 4500 over our max. We looked at a few that were about 5k over our max but when you start talking about 20-25k over the max, then it's not worth it. We would prefer not to pay our max anyway.

 
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Old 09-26-2006, 08:51 PM   #22
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The market's changing into a BUYER's market, so I've heard today...if you can hold out a bit it'll be to YOUR advantage. Place some of your stuff in storage before you HAVE to move. At least it'll be out of there.

Our house was WAY overpriced when I started looking at it, but the seller came down to a price I preferred. I later found out she really had the price jacked up way high (many, many months before I ever saw it). Some people (the relative neighbors) say she was just trying to get back at the family.

She offered to sell it to them for 240K. I got it for 138K and paid it off in 2 years, 2 months. I could have paid cash, but wanted to keep some of my funds. Now I have to rebuild the nest egg...at least I'm earning interest now instead of giving it away...
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Old 09-26-2006, 10:37 PM   #23
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Quote:
Originally Posted by homebrewer_99
The market's changing into a BUYER's market, so I've heard today...if you can hold out a bit it'll be to YOUR advantage. Place some of your stuff in storage before you HAVE to move. At least it'll be out of there.

Our house was WAY overpriced when I started looking at it, but the seller came down to a price I preferred. I later found out she really had the price jacked up way high (many, many months before I ever saw it). Some people (the relative neighbors) say she was just trying to get back at the family.

She offered to sell it to them for 240K. I got it for 138K and paid it off in 2 years, 2 months. I could have paid cash, but wanted to keep some of my funds. Now I have to rebuild the nest egg...at least I'm earning interest now instead of giving it away...
We're already in a buyers market! Ever since interest rates started climbing and all of these people with ARM's started saying, Oh crap!, it has been a buyers market. This d-bag needs to realize it and take a loss on whatever it is he probably overpaid for!

 
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Old 09-26-2006, 10:39 PM   #24
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There's a HUGE amount of supply on the market, from everything that the homebuilders have been churning out, to everybody and his mother trying to sell their properties, to speculators who have no interest in holding properties long term. It's going to take a while for all of this to settle out, if he's not budging there ought to be lots of people around who will. And, with mortgage rates coming back down over the past month (yet the housing numbers staying weak), you really are in a very good situation these days.
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Old 09-26-2006, 10:50 PM   #25
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Quote:
Originally Posted by the_bird
There's a HUGE amount of supply on the market, from everything that the homebuilders have been churning out, to everybody and his mother trying to sell their properties, to speculators who have no interest in holding properties long term. It's going to take a while for all of this to settle out, if he's not budging there ought to be lots of people around who will. And, with mortgage rates coming back down over the past month (yet the housing numbers staying weak), you really are in a very good situation these days.
I agree. Just last month, similar houses that we just bought were going for almost 20-25K higher. Personally, they didn't have near the possibilities this one does. I feel like we schooled the current owners for what this is really worth. It is just in superb shape. Plus that garage!

Well, strike that, I'll know for sure after the inspection Thursday.
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Old 09-26-2006, 11:00 PM   #26
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A good webpage for finding house values is http://www.zillow.com. They compile their data based upon county tax records and recent home sales in the area.

Around here, itís a little on the low side.
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Old 09-26-2006, 11:06 PM   #27
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I know there are other houses, we've looked at about 20 or so. The problem here in Richmond is no one has a basement which means I HAVE to have a garage but even garages aren't that common. Then you get into older houses, and houses with no privacy from the neighbors, and houses that you have to paint the exterior and blah blah blah..... I just want this to be over with.

 
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Old 09-26-2006, 11:53 PM   #28
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Quote:
Originally Posted by todd_k
I know there are other houses, we've looked at about 20 or so. The problem here in Richmond is no one has a basement which means I HAVE to have a garage but even garages aren't that common. Then you get into older houses, and houses with no privacy from the neighbors, and houses that you have to paint the exterior and blah blah blah..... I just want this to be over with.
Preaching to the choir, Back home the house I grew up in had a basement AND a two car garage, SWMBO's house was the same (in Jersey). They just throw the houses up here so quick, I'm lucky to have a garage but there is a lot of shoddy construction in our house too.

 
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Old 10-16-2006, 02:09 AM   #29
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Well, here it is! Offer was made and accepted today! Looks like the inspection should be this Saturday but I need to schedule that tomorrow and get a complete copy of the contract.



 
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Old 10-16-2006, 02:45 AM   #30
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Looks good Todd. Hard to tell from the picture but it looks like you'll have a pretty big yard too.

Are you going to wait until everything is finalized before saying were it's located?

Congrats, I hope all goes well.
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