Anybody Selling A Home?

[Tim]

Anybody out there trying to sell a house? Let me tell you that the housing market is terrible. I have had my house up for sale since March. I have had 17 showings. Not one person came back with a bid. NO ONE !!! All the Realtors’ say that the house is very good and shows well. I am told it’s a buyers market for the grabbing. WHERE IS MY BUYER???

My Realtor told me today that this is the worst he has seen in the 30 years of being in the business. Prices are going back to the 2004 period. When I put my home on the market, the average for this part of Florida was $92.00/ SQ. FT. Five months later it is down to $85.00/ SQ. FT. OUCH! I lost a few grand in 5 months. Within the next few months it is projected to go to at least $80.00/SQ.FT., if not lower. I hope all you American Fretters are planning to stay where you are for a while. It going to be like this at least until mid 2008.

It seems I am always behind the 8 ball when it comes to luck. I have no Irish luck and I am frustrated with the whole selling the home and relocating thing. I even have a job waiting for me when ever I do relocate. The company has been patiently waiting for 6 months for me to move. I sure hope it does not sour for me.

OK, I think I feel better now. I just need to air my fingers for a few minutes. I am calming down.

[WackyT]

I'm looking at buying a house sometime after the beginning of the year here in Colorado. While I'm saving up for a good down payment, the houses here are also dropping and dropping. I heard getting a good fixed rate mortgage is a lot harder now than a couple months back.

[Bloozcat]

I feel for you Tim. I've seen the same thing here with some of my friends who were trying to sell their homes. Most have, but not for what they wanted to get.

The earlier optimistic predictions were for the market to start coming back in 2008. Now they're predicting that it won't start until the end of 2008 at the earliest, and maybe not until sometime in 2009. Not what you want to hear Tim, I know, but it is what it is.

You never know though, Tim. A guy I work with was getting ready to retire and move away a month ago. He had put his house on the market about 8-10 months in advance of his retirement date, and wouldn't you know it, he sold it about a month before he was ready to go. He didn't get quite what he was asking for it, but the selling price was within what he would accept...and not much off what you migh expect in a normal market. His home wasn't even in that great a neighborhood either. So, you never know....

[t_ross33]

Things are really hoppin' here in Humboldt. New housing starts are the highest they've ever been and I'm told construction costs are in the range of $140 to $160 per square foot, not including finished basement. Average house prices in Saskatoon (our nearest major center) are around the $220K mark. Puts a squeeze on low to middle income earners, and many renters are out on their arses as apartment owners convert to condos.

I bought this spring just before the boom. My house is about 20 yrs old, but in great condition, 1540 square feet, finished basement (can you say "music room") with 2 car garage on a lot +1/2. I paid $150K. I could sell it for at least $25K to $30K more than that in a heartbeat. Before you Yanks crack wise about the conversion from Canadian to US dollars, our dollar is nearly on par with USD (0.96 or so US).

Locked into a sweet fixed rate mortgage too (4% for 6 months, then 6% for 5 years). Interest rates are sure to go up as our dollar is still holding strong. Not sure what that all means, I'm a guitarnomist, not an economist

Real Estate is suffering a bit of a backlash in many areas of the States as I understand it. We tend to be far more stoic here in S'katch. Not so much boom/bust, just nice slow (sometimes VERY slow) growth.

Good luck with the house hunting/selling y'all.

Trev

[ted s]

That stinks Tim !
Like T-Ross, it's been crazy around my area for a few years now. New homes starting around 260 for a town type (semi). Detached.. phew.. hang on.. don't even come to the party with less than 350 (no acreage on the above)
My wife and I have often thought about moving but it's all relative, sell high, buy high unless some distance is involved.

Good luck.

[t_ross33]

That stinks Tim !
Like T-Ross, it's been crazy around my area for a few years now. New homes starting around 260 for a town type (semi). Detached.. phew.. hang on.. don't even come to the party with less than 350 (no acreage on the above)
My wife and I have often thought about moving but it's all relative, sell high, buy high unless some distance is involved.

Good luck.

That's one reason my wife and I decided to move West about 10 yrs ago. My mother inlaw is in Mississauga in well established circa 1950's subdivision. Since there is no where for Mississauga to expand to (bound on one side by Lake Ontario and by other municipalities, townships etc. on the three remaining sides), developers are buying houses in her neighborhood for up to $600K and PUSHING THEM OVER!!! in order to build multi-million dollar monstrosities!

In comparison to Greater Toronto, Vancouver, Calgary or even Saskatoon, Humboldt is still pretty affordable for most modest wage earners and first time home buyers.

Trev

[Spudman***]

Oh boy. You guys don't even want to hear how little I paid for my house with a double lot. I am happy to report that the value is almost double from when I bought it in 2000 at 5.3% fixed.

Since I was a road musician for so long I still have my tent and sleeping bag. They are still the best in housing cost per square foot...and portable too, yet not very good in a hurricane. I don't ever have to paint or re-side it or roof it either. Sadly it isn't burglar proof either.

[ted s]

That's one reason my wife and I decided to move West about 10 yrs ago. Trev

Hmmm, Humboldt Sask. eh, tell me about it if you could Trev. Didn't you post some killer snow photos last winter ?

[Mark]

Houses around here arent moving fast, but they are moving. I bought this one in 96 for 102,000 with a new roof. Today these are going for 375-400! Ill own my in another year and a half no plans to sell or move. I have a good business and the wife loves her job. When this ones payed off and if the real estate bubble bursts and prices come down some Ill swoop in and buy another one for investment property.

[t_ross33]

Hmmm, Humboldt Sask. eh, tell me about it if you could Trev. Didn't you post some killer snow photos last winter ?

Yeah, but it's a DRY cold

Hey, I grew up in S'katch. Ain't nuttin' to an ol' country boy like me.

[t_ross33]

Since I was a road musician for so long I still have my tent and sleeping bag. They are still the best in housing cost per square foot...and portable too, yet not very good in a hurricane. I don't ever have to paint or re-side it or roof it either. Sadly it isn't burglar proof either.

Nor bear proof.

Oh, look. A human burrito! Or jelly donut as the case may be

[Katastrophe]

Tim,

What do you think about renting your house out? There should be a good realtor/property manager in your area, and it could mean a profit for you until you can get it sold...

You've probably already thought of that, though. Real Estate is taking a downturn in my area, too, for now. I kinda got lucky and bought my house from a friend, so I got a decent deal on it, but I wouldn't be able to sell it now for enough profit to get me into a new house without some cash outlay on my part.

[Spudman***]

Nor bear proof.

Oh, look. A human burrito! Or jelly donut as the case may be

That's funny. I just spent a week in my human burrito tent...in the Beartooth wilderness. Maybe the goats were sizing us up for a snack.

Renting out the house can be a good option. Get enough for it to cover the mortgage and buy a nice tent. You can stay in the national forest for free. People do it around here all the time and save tons of $. You can always plug your amph into a currant bush.

[SuperSwede]

We bought our house a couple of years ago, the house market here is really hot right now so I will probably get a bit more than the 210k usd we paid for it. I got a really good fixed interest rate (2.6 %) too.. The market will probably go down a bit but I dont think that we will lose anything if we had to sell later.

[Katastrophe]

Renting out the house can be a good option. Get enough for it to cover the mortgage and buy a nice tent. You can stay in the national forest for free. People do it around here all the time and save tons of $. You can always plug your amph into a currant bush.

Be careful not to get a European currant bush. Too much currant will fry a perfectly good 'merican amph.

[Tim]

Nope, can't rent the home. I need the money for the move and down payment on the new home wherever it maybe. Thanks for the ideas. We had two showings since the asking price was lowered on Wednesday. One more scheduled for Sunday afternoon at 6:30 PM. This is a strange hour to be looking at homes, but then the world is full of strange people. I am hanging in there.

[LagrangeCalvert]

Don't expect the US market to turn around anytime soon in Florida or Ohio. I have some insider information as I work in the construction supply business ( well I use to before I quit to take care of my cancer infested mother.....)
and its pretty bleak. Its a buyers market, but sellers are still trying to get the same money out of it. Supply cost is skyrocketing cause of fuel costs and the cheap non visa illegals are getting wise to the fact they can ask more for their trade skills (tons of mexicans are great framers and brick layers) and us Americans and legal work visa guys want more for their subcontracting costs. Not to be political here but home prices will skyrocket if we give illegals "free citizenship". They will want the same money as legal sub contractors. Thats the leverage that these home building companies have on them. Their illegal and they will work for a lot less.

Enough with the ethics and more with the economics of construction/remodel and selling homes/buildings. A

As a logistic specialist and driver I know some fun things...check this out.

Treated lumber is changing for the better (for the earth that is) but costs are skyrocketing. Your regular lumber is becoming crap...housing codes are being pushed back to the 70's to keep the new home market going. Your standard studs/2x4's are going to a finger jointed type to save waste...you can use the ends of other boards to cut costs BUT these studs that are used to frame (stick framing) are weak and can be junk in humid and areas where temps will go everywhere. Costs to make good windows are going up as well as some of the gases put in between panes to insulate houses/buildings are being changed. Your air conditioning units are also changing from freon to another type of gas (not sure). But another reason is the greatest kicker of them all


SKILLED LABOR:

Everyone is wanting to go to collage and be the boss or work in an office. Most skilled labor / Trade skill Jobs - Everything from pipe fitters to Carpenters are getting scarce as these jobs are looked at as poor mans/dumb mans place. Most houses are modular frames and cheaper easier to build things. Trussing (building the frames on roofs) is a dieing art as most houses get modular trusses to slap the homes up quicker and quicker. In the Ohio/Kentucky/Indiana market there is ONE homebuilder out of 56 major non custom home builder that does their own.

Fact: Houses built today that are in the 120-200K dollar range in the US are designed to only last up to 35-40 years. Their looked at as throw away items now, and thats pathetic.

I feel so sorry for anyone buying a house in these conditions now...if you can sit on your house (not you Tim as you need out of there ASAP) till about 2009-2010 you will be able to get lots of money for your house. Or buy now and sell around then.

The Repulik of Kalifornia is one of the few states where supply/demand and craploads of money make for good real estate almost non stop.

If I didn't have to take care of anyone...spudman I would be out there camping my butt off in those national parks with ya man.

The company I used to work for was pretty big in Florida. Builders 1st Source
is about 3rd in the US for construction supply/labor. They have the Tampa market locked down.

I wish you the best of luck getting your home sold. BTW, where are you relocating to?

[t_ross33]

Awesome post LaGrange,

Skilled labour is a huge issue here in Saskatchewan. While things seem to be making a turn for the better, the out-migration of skilled trades from this province has had a big impact in the construction and manufacturing sectors here. Many manufacturers here are making recruiting trips to find skilled labour from as far away as the Ukraine and South Africa!

Our neighbour, Alberta, has been experiencing a huge boom and most of our carpenters and trades people have rushed to places like Fort McMurray and Calgary to make their fortune.

On top of that, the attitude towards post secondary education since the 60's has been to tell our kids to go out and get a degree and "make something of themselves". Fact is, skilled trades are far more in demand right now and chances are, they are making as much or more money than those supposedly smarter degree holders. Trades schools have been marketing like hell to get enrollments up to meet the demand, but it's a long haul overcoming 40 years of being "second best" or "second choice".

The recent softwood lumber trade dispute between Canada and the US has been a big topic up here, what's your perspective on it and has it impacted building supply costs there? Not to get political, just wondering about the "man on the street" view.

Trev

P.S. Sorry to hear about your Mom. I've been down that road with both my parents. Thoughts and prayers, dude!

[zeusse]

Hang in there Tim the right buyer will come along...I guess I'll consider myself fortunate after reading all this my house is 4700square feet not including the rec. room which is somewhere around another 1200squarefeet...I know its too much damm house for me but the wife needs somwhere to keep putting all those darn knick-knac items she keeps buying. We bought it in Belleville 10years ago when we ran away from Toronto when some real nice Asian man offered us an insane offer of 450,000 for our 2600 square foot home so he could live down the street from his brother....talk about family love. We bought this house for 280,000 which was a little high for this area at the time but now if I drop a sign out front they'll be fighting for it and bidding would start at 650,000....this town is in a boom with the Casino about to be built...did I expect to get this lucky heck NO! usually I have no luck.