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Old October 8th, 2007, 07:47 PM   #21
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Bad advice. Market is going nowhere but down as more ARMs adjust. I would continue to wait until the bottom hits. Perhaps 1-2 more years in MI.
I agree. I have heard that it will take up to 8 years for the market to get back on track in this area.
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Old October 8th, 2007, 08:48 PM   #22
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I know that with my dad's house I just got lucky that the person who bought it needed a handicapped accessible home and was being bought out of her rental home (so to speak) due to expansion of a business. Otherwise, it was on the market close to a year with very few showings.

Our neighbors have had their home on the market for three years, have dropped the price with each new realtor (they are at rock bottom now, any less and they'll still owe money on it), and they still haven't even had a lowball offer. The market sucks for sellers. At this point we have opted not to build and have put our property up for sale just because we are afraid we would sit on our current home forever. I don't want to maintain and pay for two developed properties.


Sorry to continue the list of "great" news...
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Old October 8th, 2007, 08:58 PM   #23
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no bullshit here...We sold ours 60 days from listing till closing. We were offered a couple of really lowball offers then took one $5000 less than asking price...made an offer on a house a week later closed on that one another week later and I think I'm going to move this Friday...New house is sweet...6 acres, pole barn and swimming pool!
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Old October 8th, 2007, 09:53 PM   #24
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Originally Posted by Mike Hancho View Post
no bullshit here...We sold ours 60 days from listing till closing. We were offered a couple of really lowball offers then took one $5000 less than asking price...made an offer on a house a week later closed on that one another week later and I think I'm going to move this Friday...New house is sweet...6 acres, pole barn and swimming pool!

Nice. I see in your avatar that you were inspired by the Underwear Gnomes business model. What was your "step 2"?

I think our house would sell quickly because it will appeal to a wide range of interests. Should appeal to McMansion down-sizers, people getting out of their starter homes, or 4x4/car junkies that need space for their fodder. Well, that's what I keep telling myself after watching HGTV for 72 consecutive hours.

Kid #2 is due at the end of March. Wifey doesn't want to move homes between January and April. We'll begin prepping the house next month and have it ready to list come April. We plan to sell first, then buy. We'll stay with the in-laws during our transition.

Dave, I know three guys supporting dual mortgages for the past 1-3 years. So far, both guys lucky enough to commerate the 2yr anniversary of supporting dual mortgages did so with a divorce. The 3rd guy isn't too far behind them from what I hear.
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Old October 8th, 2007, 11:29 PM   #25
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I had one on the market for about a month back in 2005. I ended up turning it into a rental for a couple years and the renter finally bought it after repairing their credit record. I ended up getting what I owed out of it.
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Old October 8th, 2007, 11:43 PM   #26
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sold my house in Utica earlier this year. listed it in November for $190K, sold it in April for $185K. bought it almost 3 years ago for $180K :tonka:
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Old October 9th, 2007, 02:25 AM   #27
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Dr. Kate's parents sold their house in Belmont/Cannonsburg. Asking price was $440,000 and they only got $340,000. House was on the market for a couple months too.
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Old October 9th, 2007, 08:43 AM   #28
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Quote:
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Nice. I see in your avatar that you were inspired by the Underwear Gnomes business model. What was your "step 2"?

I think our house would sell quickly because it will appeal to a wide range of interests. Should appeal to McMansion down-sizers, people getting out of their starter homes, or 4x4/car junkies that need space for their fodder. Well, that's what I keep telling myself after watching HGTV for 72 consecutive hours.

Ah….the old elusive phase two….that one was easy I just multiplied the proportion to the heat of the beat and bingo, bango, profit! Anywho our house was simple, updated and ready to sell. It was in the $130,000 range which I don’t care who you are or what you think you know that is the price range of houses that are still selling with good success. Even though people did try to lowball saying that the housing market is in the dumps, people still need a place to start and people still need to a place to start over, which was right in our range….in a better market it would have easily sold for $140’s but you do have to take into account that there are a lot of options out there, so when we priced we did it on our low side, not leaving a lot of room negotiations. With that being said we looked at it as if it sells, it sells, if it doesn’t, it doesn’t…I was really surprised it sold so quickly, and it kinda left us in a bind because we didn’t even start looking for house. But in the end everything worked out for the good..
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Old October 9th, 2007, 08:43 AM   #29
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We had a small starter home with two acres and it took 2 days shy of a year to sell in a nice little neighborhood. We got lucky, a lady from Colorado paid cash for it to rent out to some local friends. We had to switch agents once after 6 months and lower the price a few times but still made a decent amount on it. Make sure it looks better than all the other houses on the block and make sure the agent is doing all they can to sell it. Good luck.
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Old October 9th, 2007, 09:29 AM   #30
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Advice from my realtor: "Be the nicest house on the block and be the lowest priced and it will sell". Probably for less than you want to sell it for but it beats making 2 house payments.
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Old October 9th, 2007, 09:31 AM   #31
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but it beats making 2 house payments.
+ taxes.
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Old October 9th, 2007, 09:46 AM   #32
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+ taxes.
Yeah it sucks paying crazy high non-homestead taxes on a house in a city where you arn't using any of the city services they provide. high tax rate was one of the reasons I wanted out of the heights to begin with. Crooks.
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Old October 9th, 2007, 09:47 AM   #33
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Yeah it sucks paying crazy high non-homestead taxes on a house in a city where you arn't using any of the city services they provide. high tax rate was one of the reasons I wanted out of the heights to begin with. Crooks.

And just think as of yesterday you started to pay those higher state income taxes!!! Taxes f uck ya!
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Old October 9th, 2007, 09:49 AM   #34
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Estimate your taxes here before you buy a new home...

https://treas-secure.state.mi.us/pte...testimator.asp
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Old October 9th, 2007, 09:50 AM   #35
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Anywho our house was simple, updated and ready to sell. It was in the $130,000 range which I don’t care who you are or what you think you know that is the price range of houses that are still selling with good success.
I think this is the best advice in this thread. From what I understand anything over $200 and you're going to take a huge hit in the market. Anything under $150 and you might do OK. Lets face it, in Ann Arbor right now you can buy a house that was over $500k last year for just under $300k, so why would you buy a house that was at $300k last year for just $100k less.
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