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Homeowners Have The Fist to Change The Whole Market

Monday, January 18, 2010 | Grandma with A Condo Is this Spam?

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Homes are for sale as gifts to buyers. Banks are holding on to mortgages like an epoxy for steel and concrete. Cosidering they, The Banks and Investment houses and their staffs have made big sums on us the consumer. Their greed and unscruplous tactics have cut the market into a bowl of shredded cross cut oatmeal.

Would it not make good sense, for a world of reality to hold the price of your home, refinance if you have a problem? Don't wait until they can slam you. Work at Micky Dees if you have to. The bank in volume can be forced to refinance. We all must be in synch. One major way to stop the decline in home/property sales is to sell at a value that is comparable to the correct price of a sale. Giving away a house/property only perpetuates financial ruin, for all of us. The bank still gets theres by putting you on a short sale, or foreclosurer. You will not have credit to purchase Northern Tissue and the happy buyer, yells: "I made a steal". That is certainly not a correction to stopping the downfall of a market that really can't help any person attempting to buy or sell.

Those persons in neighborhoods, Condo or Multi dwellings are being subjected to a self inflicted crash because the building is seen as a failure and comparables are assessing the low purchse value as just that. The buildings are losing values that in the lifetime of the average seller/purchaser will not rise again.

Think about what you are doing with you property before you make a move. Is this the day for a "Land Contract" with a sizeable down payment?



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  1. Ethan R (8 weeks ago) Is this Spam?

    Hi Grandma:



    Ethan Roberts here. I read your article and bio with interest, since it pertains to real estate. As you may know, I am a homeowner, investor, and Realtor, so I both share your concerns about values, but have to disagree with some of what you said.



    If a Realtor suggests lowering the price, try another one. But if the second (and maybe a third) say the same thing, they are not just being greedy- they are telling you what the reality of your market is.



    Their job is to sell your home. They know the market and if they can't sell it at the price that you are looking for, you may as well try to sell it on your own without using a Realtor.



    Holding firmly to your price may empower you, but it won't necessarily get your home sold. The problem is in the appraisals. In order for your condo to appraise at the price that you want, there must be three other nearby, similar condos that have sold within the past four months to support that price.



    Without an appraisal to support your price, the best you can hope for is a cash buyer who doesn't need and most likely won't get an appraisal.



    But with all of the foreclosures and short sales today, it is very difficult to justify the price that we may feel our homes/condos are worth.



    That is because those distress sales are the bulk of the sales that the appraisers have, so the values of the re-sales must reflect those.



    If it's any consolation, I have experienced other real estate market down cycles during recessions, and the prices have always come back. It may take several years, but they do.



    The problem this time was that the values were terribly inflated during that 2003-2006 time frame. If that is when you bought your condo, it will be difficult to get back what you spent.



    I do wish you the best of luck in a tough market.
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