Real estate timing & location is everything
I've had houses sell the day they went on the market with a bidding war
way over asking prices, a few years later (maybe 10
& had a nice newer house/duplex take 2 years
(Sept. 2005 - Dec. 2007
) to finally sell,
after relisting it 4 times, for like 3 months each time...
Real estate people claim;
"it's not good to leave a house on the market, for a long time"
makes people, prospective buyers weary, why it's not selling...
(Many people saw the writing on the wall after the 2008 election/same tax & spend
people as now... Real estate & lenders/it was **** for 6+ years after that too
I was in a 'very nice gated' upscale golf/community neighborhood...
It's the only time I didn't sell 'almost immediately'...
Interest rates were only a small part of it...
I never paid less than 7% interest, & have near perfect credit
(I wish I could have bought something when it was 2%-3%, get way more for the $$$
in Dec 1978, I was 19 y/o & I paid 14% interest
, normal was like $18%, then
for my age, 1st time buyer etc.
Under the "Peanut farmers admin."
, on a $30k house my 1st house ownership
haven't had a mortgage on a few places
for the past 25+ years
All initially funded by the sale of a place in Concord/Turtle Creek way back in 1997
nice 3,500 sqft in a court greenbelt behind us, with 5 car garage & nice pool
handball/basketball court, built in brick BBQ & spa in the back etc.
I bought it right in 1987 & sold for almost 3 times what I bought for
only put about $20k in improvements, painted & a roof with solar water for the pool,
just well kept... I made clear nearly $400k after paying teh realtors their 5%
I reinvested it in another house/duplex, in the peak of the market 'back then'...
Moved 100+ miles east to Rancho Murieta, made X2 my $$ on that sale too...
Timing & location, location, location...
Some **** is out of your control
The place I'm in now I bought in Sept. 2005
(a lot easier when you don't have to get a mortgage, sold my dad's place upcountry
same time, in 3 days after listing , for $324k cash, that he paid $51k for in 1980
sometimes there's no rhime or reasoning for real estate
For me, moving (rural
) farther east each time, again another 100+ miles, each time...
I got the **** out 'at the right time', before the BS woke ****
That same house I sold to a plumber buddy Joe M., is now worth $1.8 million
he's making coin X2+...
the current market lasts, & he sells at the peak
you never now
(2007) especially 2008 crash
(I went thru 2 of them markets, 1980 & 2007 & it will happen again too
that's real estate
IMO we are going down that path now, not the specific state or just lenders,
but the leadership, sucks ***