Grrrr - home prices

[chrissyk]

Originally posted by Virgo10
I'm trying! We bought this house in 1997. Since then prices in our neighborhood have increased nearly 70%. Our goal is to move to FL and buy a house out right.

BTW, I wanted to try FSBO but DH wasn't happy about it so we went with a realtor. I hate the idea of parting with 5% of the money we make but I just couldn't convince him.

Roberta

Why was your DH so opposed to selling FSBO? Really, it was painless and brainless. Our lawyer did all the work (for a whopping $500, LOL!). I think that selling FSBO was easier, because we were there whenever someone wanted to pop in for a showing. We didn't have to make plans, leave the house, etc.

We used isoldmyhouse.com, but we also stuck a FSBO sign up on Route 9. The house sold in just under 2 weeks. The sign was what brought in the eventual buyers, but we did get plenty of calls from the isoldmyhouse.com ad.

About 2 weeks ago, there was an open house in our neighborhood. This house was WAY bigger and way nicer than ours was. It also had 1/2 acre, a 2-car garage, and 4 bedrooms. Their realtor had it priced at 475K!! What a joke! We took her aside and asked her why she was underpricing the house so much. She stammered a lot and couldn't give us a good answer We never did find the owners to tell them that they were being screwed. They could have sold that house FSBO for $600K with no problems. The realtor was no-doubt looking for an in-house sale where she profited the entire 5%, even if it was on a reduced price. UGH! Realtors are NOT always looking out for your best interest Selling FSBO is great because nobody knows or cares about your house like you do.

Also, if you buy a house in FL in cash, I have 2 tips for you. First of all, get a mortgage even if it's for a day. Ask for a higher rate in exchange for getting your transfer tax and title policy paid for! Yep, there is a transfer tax for buying in FL! Also, get your own attorney, regardless of what the seller/builder/realtor tries to tell you. We let them talk us into using the builder's attorney, and, as a result, we didn't see the HUD-1 until the closing I refused their inflated title policy and bought it on my own, but the transfer tax about killed me.

 

[patsvette]

We bought our house 2 years ago for $114,000 a real deal around here and its 1200 sq foot with a 28x14 garage and a big yard,were adding a 28x16 master bedroom and master bath so we had it reappraised a month ago its now $190,000 and with the new addition going up add about another $30,000 to that.Its amazing how real estate went through the roof.

 

[Pooh_Friend#1]

I am in the same boat. I am trying to get a townhome, but prices are so expensive. My boyfriend and I will never be able to afford a house. We are looking a a 1250 sq foot townhome, 2 bedroom and it is going for $220,000. I can't afford that. I don't know what to do besides give up.

 

[Chicago526]

I got lucky, and bought my condo before my area started to rocket up. I bought my 900 sqft. condo for $108,000 in 2001. It's now worth around $150,000! I'm taking the profit and buying a bigger duplex this spring (I hope). After commision to the real estate agent, I'll be able to put down almost $30,000 on the new place, so my mortgage will only go up about $100 month for 2x the living space, plus a fenced back yard for my doggy!

I feel so bad for those traped in a whole region that has insane housing prices. At least in IL, we still have options for affordable housing, as long as you don't mind driving a little further away from Chicago.