We were thinking of downgrading for certain reasons and I was under the impression this is a buyer's market. Anyone haveing a tough time selling right now?

Here in Northern IL (Rockford area, and also far western Chi suburbs) it's definitely a buyers market right now - very very hard to sell a home, even when priced a substantial amount under competing homes in the same subdivisions.

Not a good time to try and sell. Or, try and build a new house while trying to sell your existing (not me, thankfully!)

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Good Luck!
Jamie Dresser
Other World Computing

ForeClosures are way, way up!
At the association of realtor office, foreclosure classes two years ago were held once a month, maybe 50 attendees.
Now are held four times a month, 100 person capacity, they turn people away at every class.
Huge buyers market!

BGnR

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"Good heavens, Miss Sakamoto! You're beautiful!"
"If we dig precious things from the land, we will invite disaster."
"Near the day of Purification, there will be cobwebs spun back and forth in the sky."
"A container of ashes might one day be thrown from the sky, which could burn the land and boil the oceans."

with a 2% rate jump for loans over $450k, you are going to see more foreclosures on people who make a significant amount of money, so says my broker.

It is almost time to buy.

I heard on the news Colorado is the leader in foreclosures. They just had a huge foreclosure sales here. Not in our timeframe but could have been good for us to buy.

Property taxes are set to triple here from last year in the more up-scale areas. Definitely a buyer's market. We were one of the rare types of buyers in May in that we were coming from an apt, so we weren't hinging on trying to sell another property. That's a huge bargaining chip right now. Put an offer, closed and were moving in two week's time.

Not fully a buyer's market here in western Mass., but then it never really fully went into a seller's market. Some price runup from commuters from farther east in the state looking for less expensive homes over the last few years. Some properties not selling now if too much is asked for initially. Foreclosures are looking to reach new records though, as persons who bought too much lending are having to face the rate adjustments to their ARM's.

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Quote
lipskidder
I heard on the news Colorado is the leader in foreclosures. They just had a huge foreclosure sales here. Not in our timeframe but could have been good for us to buy.

Nevada is now the leader.

From: [www.abcnews.go.com]

Nevada is No. 1, posting the nation's highest foreclosure rate, with one foreclosure filing for every 40 households during the first half of 2007. Colorado reported one foreclosure filing for every 60 households and California had one for every 69 households, RealtyTrac said.

Other states with foreclosure rates among the Top 10 included Michigan, Florida, Ohio, Georgia, Arizona, Connecticut and Indiana.

We're trying to sell my wife's house and are having no luck. Since April we were being strung along by a couple who couldnt get a mortgage approved. Even with a Mortgage Commitment letter the deal fell through. We might go back to renting the house out.

Neighbor is moving to Idaho (From ne ohio) and is selling his house. He listed it for what he paid for it... four years ago. (Our area the houses have increased in value at a rate of around 3% per year. No big jump, but no big drop either).

Most of the foreclosures are in the lower income areas. People buying into 'home equity' bandits bet their houses and lost. Lots of seniors got scammed.

We're trying to sell rental properties here in Central Florida, and so far there's been a fair amount of interest, but it's quite hard to find people who ACTUALLY QUALIFY FOR MORTGAGES.

We could take the money and run and let it be the bank's problem, but we're just not that kind of people. We want to sell our duplexes to people who can actually afford them. It has gotten tough on that front and we've lowered the price after having it on the market for six months with no serious takers.

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chas_m




[crawlingfromtheusa.blogspot.com] <-- Moving to Canada blog

We're getting ready to sell our vacation condo because the price of ones that are closer to the beach have dropped. Comparable sales in our complex have been all over the board recently, from $100K under our asking price, all the way up to our asking price. The listing hits the MLS today, so we'll see. Thankfully we're not desperate to sell, so if we don't get any offers close to our asking price, we just won't sell it right now.