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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
Posted by schnapy
we lived in our apt for a couple of month till all the major crap was done.
But we have a ways to go
so if you could do it all over again, would you have spent more $ to get into a house that didn't need as much work?
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Posted 4/18/06 4:06 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: what is the avg. length of time a house sits on the market?
Yes, I would have saved more so tht we could afford a house in better condition...
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| Posted 4/18/06 4:14 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
Posted by schnapy
Yes, I would have saved more so tht we could afford a house in better condition...
thank you for your honesty! 
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| Posted 4/18/06 4:18 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: what is the avg. length of time a house sits on the market?
welcome... I was in such a rush to buy a house, I wasnt thinking.
I love my house now, we did everyting from top to bottom.
But it would have been nice to save a little longer and buy more of a house
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| Posted 4/18/06 4:30 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
Posted by schnapy
welcome... I was in such a rush to buy a house, I wasnt thinking.
I love my house now, we did everyting from top to bottom.
But it would have been nice to save a little longer and buy more of a house
I hear you. I don't want to settle. I wouldn't settle for a lesser car or anything else. this is the most important and expensive purchase people make.
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| Posted 4/18/06 4:35 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
Posted by SweetestOfPeas
Posted by MrsERod
Posted by SweetestOfPeas
our realtor told us 3 months is average. I thought she was BSing us 
there is a house for sale that needs at LEAST $60-$70K worth of work and it's been sitting on the market for a little over 3 months. it had 1 offer which fell through. it's listed at $389K and I told her that I wouldn't pay more than $300K since it is in horrible horrible shape!! she said "no way, you can't do that".
does anyone have any thoughts about this situation? 
you CAN. however, if you REALLY want the house, you may reconsider the offer, and go a little higher. some sellers become insulted with really low offers, and just flat out reject an offer, rather then presenting a counter-offer.
eta: when you say HORRIBLE shape, what do you mean? does it need new roof, siding, burner, etc??
it needs a new roof, new siding, a new kitchen, all new flooring, a new CAC unit and the whole yard needs to be excavated  and God only knows what else.
I don't love the house but it's in a nice area and I do like the layout.
I did exactly this. The only redeeming thing about my house was it is a center hall colonial in E.Northport/Northport schools and a great neighborhood. Everything else needed work. I also found out that the woman was a divorced empty nester and already bought a townhouse in NJ with her HELOC from this house. The house was on the market 5 months... last summer when colonials in this neighborhood were going the first day on the market at full or above asking price.
The first time I saw it I walked out... the refrigerator has rust on the outside of the door She smoked and the house REEKED. And EVERYTHING, kitchens and baths were original 1971. I refered to it as the DISASTER HOUSE. I kept looking but this house haunted me. I saw some gorgeous houses but I wasn't feeling any of them and by the time I saw them... 1st day on mls they allready had an offer of first refusal
The second time, almost 2 months later she had lowered her price by 60K and I knew she was getting desperate. I asked my FIL who is a kitchen contractor to come with me to look at the house and for him to mentally crunch the numbers of what we'd have to do. We then went back to his house and he wrote it all down for me... 100K to update everything that really needed it. If we could get the house for a certain amount... I bid 40K UNDER her lowered asking price... and would not counter... I played hardball... then we'd still be ahead of the game after doing all of the work. Turns out we were right as my house appraised for 190K more than what I first offered her. My inspector found some major problems with the oil tank, boiler, some termite damage, and aluminum wiring so we got an additional 20K off of my accepted offer. There was another offer on the table and I think our offer was lower but we were coming in with about 50% of purchase price down at closing because we were selling a house originally bought in 1998. We are inviting my friend's brother over in a few weeks, he's a real estate agent, to give us a current appraisal. Despite the turn in the market we are still tens of thousands ahead of the game and I have essentially a brand new house. We closed on October 29th, ripped out kitchens and baths the next day, couldn't move in until late February and we are 90% complete our total home makeover. Crazy and stressful but financially it was a gamble that paid off. Oh, and we didn't do alll of the work ourselves... we had a contractor for most of it.
The most important features are layout and location... everything else can be changed over time.
Message edited 4/18/2006 4:42:00 PM.
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| Posted 4/18/06 4:38 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: what is the avg. length of time a house sits on the market?
Posted by Tah-wee-ZAH
I did exactly this. The only redeeming thing about my house was it is a center hall colonial in E.Northport/Northport schools and a great neighborhood. Everything else needed work. I also found out that the woman was a divorced empty nester and already bought a townhouse in NJ with her HELOC from this house. The house was on the market 5 months... last summer when colonials in this neighborhood were going the first day on the market at full or above asking price.
The first time I saw it I walked out... the refrigerator has rust on the outside of the door She smoked and the house REEKED. And EVERYTHING, kitchens and baths were original 1971. I refered to it as the DISASTER HOUSE. I kept looking but this house haunted me. I saw some gorgeous houses but I wasn't feeling any of them and by the time I saw them... 1st day on mls they allready had an offer of first refusal
The second time, almost 2 months later she had lowered her price by 60K and I knew she was getting desperate. I asked my FIL who is a kitchen contractor to come with me to look at the house and for him to mentally crunch the numbers of what we'd have to do. We then went back to his house and he wrote it all down for me... 100K to update everything that really needed it. If we could get the house for a certain amount... I bid 40K UNDER her lowered asking price... and would not counter... I played hardball... then we'd still be ahead of the game after doing all of the work. Turns out we were right as my house appraised for 190K more than what I first offered her. My inspector found some major problems with the oil tank, boiler, some termite damage, and aluminum wiring so we got an additional 20K off of my accepted offer. There was another offer on the table and I think our offer was lower but we were coming in with about 50% of purchase price down at closing because we were selling a house originally bought in 1998. We are inviting my friend's brother over in a few weeks, he's a real estate agent, to give us a current appraisal. Despite the turn in the market we are still tens of thousands ahead of the game and I have essentially a brand new house. We closed on October 29th, ripped out kitchens and baths the next day, couldn't move in until late February and we are 90% complete our total home makeover. Crazy and stressful but financially it was a gamble that paid off. Oh, and we didn't do alll of the work ourselves... we had a contractor for most of it.
The most important features are layout and location... everything else can be changed over time.
Great advice and experience to read about. Thanks so much.
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| Posted 4/18/06 5:02 PM |
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msrsfeb
LIF Adult
Member since 2/06 1277 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
Message edited 4/18/2006 5:23:36 PM.
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| Posted 4/18/06 5:20 PM |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: what is the avg. length of time a house sits on the market?
That a tough one. The one we bought was up less than a week. Some of the ones in my parents area have been up for well over a year.
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| Posted 4/19/06 9:39 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: what is the avg. length of time a house sits on the market?
I agree that you have to be ready to do the work and pay the mortgage. If you don't want to live there until it's done-can you afford to pay the rent on your apartment and the mortgage and the repairs?
This is a big undertaking and I wouldn't settle. It could pay off, but it doesn't sound like you really like the house.
Houses by me have sold within 2 months.
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| Posted 4/19/06 10:07 AM |
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