Very Special Thread Of Real Estate Randomness

[JustJo]

Originally Posted by betenoire

I've been hearing a lot of that lately.

Actually, there was an article in the local newspaper here about how shitty it is for sellers right now, especially where I'm living. Houses in Sarnia are actually -cheaper- now than they were 3 years ago when I moved here. To top that off, according to the article, a few summers ago there were -maybe- 400 houses for sale in Sarnia during the month of august...this year there are 3x that and -nobody- is buying. People are getting lowballed left and right and some people are selling at a loss because they are so desperate to get out of their mortgage. I guess that's just another symptom of the bad economic situation right now.

I watch the listings pretty religiously because I really want to get out of my apartment and get into a house. And it's true - houses just aren't selling. There is one house that has been for sale since I moved here. SINCE I MOVED HERE which was just over 3 years ago. That's insane.

Yep...it's crazy. Luckily I bought an inexpensive house 9 years ago, so I'm fortunate in that I don't have to sell. If I did, I'd be screwed. The only offers I've had barely cover what I paid 9 years ago and the improvements I made.

The house we're buying has been on the market a little over 3 years. I can't even imagine how that feels. Mine has been listed since February...and I'm giving up for now. Maybe in a few more years... It's a good time for you to be buying though. You should be able to get an awesome deal.

And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.