KennyFKINPowerz Posted September 14, 2009 Report Share Posted September 14, 2009 My father in law owns a title company in Marion. He keeps telling me that the market is very slowly getting better but to just stay in our house for now because it is a buyers market and most sellers are losing their asses. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 no kidding! Quote Link to comment Share on other sites More sharing options...
Chad is Dead Posted September 15, 2009 Report Share Posted September 15, 2009 I won't comment on any realtors but I am a real estate appraiser assistant and have been for the past year and am working to get my own license, and I have to say the market is definately picking up. We used to do 1-3 purchases a month and now its 2-4 a week. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 ya, but don't you think it could be because of the gov credits going on? Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 so the big question is (and I have to have it answered TODAY) is selling now a good idea or will the market turn around in a year or so.... or are we looking at 5 years before the market will be any better than it is right now. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted September 15, 2009 Report Share Posted September 15, 2009 or will the market turn around in a year or so.... or are we looking at 5 years before the market will be any better than it is right now. NO ONE can answer this. KillJoy Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 so I've heard. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted September 15, 2009 Report Share Posted September 15, 2009 i just bought my house two years ago and it appraised in the high 170s we put 20k into the kitchen and it appraised for 165k. There are a lot of people buying just for the tax credit reason but there are still people buying that are not 1st time home buyers. I've been thinking of moving myself. And the prices are going up from when i 1st started looking. I'm planning on waiting it out another year before i sell, 1 to pay down the mort. some more and 2. to get the highest return i can. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 15, 2009 Report Share Posted September 15, 2009 so the big question is (and I have to have it answered TODAY) is selling now a good idea or will the market turn around in a year or so.... or are we looking at 5 years before the market will be any better than it is right now. I think it depends on the house, but I bought my house two years ago for $130k and put 50k into it, and it appraised at $190k back in March 2009. So I'm comfortable selling it today, as I feel I have realized all of my increased value for the short term. In the next 5 years I do not see my house appreciating much at all, because of the market. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 my house appraised for 181 when I purchased it back in '05... I have since done landscaping, fininshed the basement, new flooring, new light fixtures, brick paver patio, and it is in contract for 148.... the house behind me just sold for 113 so I guess my neighborhood is a sinking ship and I need to get out while I'm ahead... err not as far behind.... Quote Link to comment Share on other sites More sharing options...
KennyFKINPowerz Posted September 15, 2009 Report Share Posted September 15, 2009 I bought mine 3 years ago for 160 it appraised for 170 then. We tried to refinance over the winter and was told by the bank that it will not appraise for what we owe now. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 15, 2009 Report Share Posted September 15, 2009 my house appraised for 181 when I purchased it back in '05... I have since done landscaping, fininshed the basement, new flooring, new light fixtures, brick paver patio, and it is in contract for 148.... the house behind me just sold for 113 so I guess my neighborhood is a sinking ship and I need to get out while I'm ahead... err not as far behind.... Damn. Where is this? Was it a relatively new subdivision? See I bought in Bexley, a community that had been been well established. We never considered new builds because we had heard horror stories, but granted this was in 2007. Well, I guess it could be worse, you could have lost $100k in value and been extremely screwed, if you're getting $148k and your neighbor just got $113k, I'd consider it a blessing and run, run fast. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 15, 2009 Report Share Posted September 15, 2009 I bought mine 3 years ago for 160 it appraised for 170 then. We tried to refinance over the winter and was told by the bank that it will not appraise for what we owe now. I refinanced 6months ago when rates were super low and was told I had nearly 40% equity, so I got a great rate. Guess I have gotten lucky so far, who knows what the future holds. Did you try and fight the appraisal? I have heard about people doing that but luckily we didn't have to. Quote Link to comment Share on other sites More sharing options...
Doug1647545489 Posted September 15, 2009 Report Share Posted September 15, 2009 my house appraised for 181 when I purchased it back in '05... I have since done landscaping, fininshed the basement, new flooring, new light fixtures, brick paver patio, and it is in contract for 148.... the house behind me just sold for 113 so I guess my neighborhood is a sinking ship and I need to get out while I'm ahead... err not as far behind.... I always worry about this. I bought the most expensive house in our neighborhood (probably 40-50k more than the average house). I still got it for 35k less than the asking price and it appraised very well in this down market, but that's always in the back of my mind. Only saving grace is the sub. is 4-5 years old and it is still in decent shape and only halfway complete. The builder is very slow, but the houses seem to be getting nicer and nicer which is why mine was the most expensive to date. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted September 15, 2009 Author Report Share Posted September 15, 2009 I always worry about this. I bought the most expensive house in our neighborhood (probably 40-50k more than the average house). I still got it for 35k less than the asking price and it appraised very well in this down market, but that's always in the back of my mind. Only saving grace is the sub. is 4-5 years old and it is still in decent shape and only halfway complete. The builder is very slow, but the houses seem to be getting nicer and nicer which is why mine was the most expensive to date. new subdivisions are getting hit the hardest... especially once they are complete and the builder moves out.... BTW, my division is a newer subdivision as well as the builder completed and moved out which I think is alot of my appraisal issues now... Quote Link to comment Share on other sites More sharing options...
KennyFKINPowerz Posted September 15, 2009 Report Share Posted September 15, 2009 I refinanced 6months ago when rates were super low and was told I had nearly 40% equity, so I got a great rate. Guess I have gotten lucky so far, who knows what the future holds. Did you try and fight the appraisal? I have heard about people doing that but luckily we didn't have to. No we financed 100% 3 years ago so we dont have much equity yet. I figured we would wait another year or 2. Quote Link to comment Share on other sites More sharing options...
Bam Posted September 15, 2009 Report Share Posted September 15, 2009 No we financed 100% 3 years ago so we dont have much equity yet. I figured we would wait another year or 2. oh, ok, I had put 10% down to begin with at least. Well, at least you've got a roof over your head right? The value only truly matters when you need to sell. Quote Link to comment Share on other sites More sharing options...
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