Are you having trouble selling your home? This unfortunate guy in Atlanta is. So far, he's gone through three agents, including two separate "professional stagers" who lived in the home while it was on the market. Originally listed for $240,000, it's now listed at $200,000 and the seller wishes he had taken the $180,000 offer he got a while ago. Anyone out there got a story that can top this one?
Has a story like this.In Orlando there is a two year supply of homes on the market and over 50% of the homes sold these days are distressed (Short Sale/Foreclosure). Which is driving down the prices of existing homes. My house has been on the market for just a bit over a year and the asking price has dropped from 624,000 to 459,000. Mind you the market analysis was done in early 2008 by a very experienced realtor to get that 624K figure. We have had several people want to lease our home but that is not an option for us. www.collegeparkhome.com
In Northern VA homes are cut in half from the market value a year ago. But here, a run down (need to condemn it) kind of home is still holding for $300K. It is terrible, but people are trying what they can to make some profit off the home. Owning a home is not the investment today that it use to be. Not in this economy.
I will buy a new home as soon as I sell this one. This may be the best time to buy a home. Low interest rates mean you pay less for the life of the loan. No matter what you pay for it. And if prices are cut in half in your area that means there must be some buying opportunities as people have to live somewhere and for most moving in with Mom and Dad is not a desirable option. Who knows where the Real Estate Market will go but if it lost 50% it is easier to go up 10% from here that it was to go up 10% from 100% last year.