How has the housing crisis affected your ability to buy or sell a home?

There's so much in the news about the real estate bust. Is that keeping you from putting your house on the market or making it harder to sell your home? If you are a buyer, this is supposed to be a buyer's market - are you taking advantage or waiting it out? Why? If you are a real estate professional (agent, loan officer, home inspector, etc) how is it affecting you? Have you tried networking or posting your house for sale/listings on CafeMom groups?

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kn2418

Asked by kn2418 at 3:25 PM on Nov. 19, 2008 in Home & Garden

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Answers (13)
  • We sold a condo we had been renting out in 4 days. Sold our townhouse in 2 1/2 weeks. Bought a house that was under foreclosure for $275k less than the people foreclosing on it paid for it. It was a 2 year old house. Brand new neighborhood. Beautiful area! I'm sorry that people were stupid and got a loan and a house that they couldn't pay for, but we banked on it!
    icook

    Answer by icook at 3:32 PM on Nov. 19, 2008

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  • BTW, not everyone under foreclosure is stupid... but in our house's situation, these people took out a loan for 110%, zero down, for one year. The monthly payment tripled after a year. They knew it was coming.
    icook

    Answer by icook at 3:33 PM on Nov. 19, 2008

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  • Wow, icook! What city is this in? That's amazingly fast market times!
    kn2418

    Answer by kn2418 at 3:55 PM on Nov. 19, 2008

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  • I'm showing my condo like crazy =) Just waiting for the right offer
    KnoxvilleDoula

    Answer by KnoxvilleDoula at 8:28 PM on Nov. 19, 2008

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  • it is not, but we live in a semi-rural area in a house we plan on living in for many many years.
    JumpingHoops

    Answer by JumpingHoops at 8:31 PM on Nov. 19, 2008

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  • i'm stuck in a house in virginia while my husband lives in north carolina. he's military, so i told him we shouldn't buy a house.... but when am i ever right?.... ha! try EVERY TIME! and this time was no different! because he's military and we knew we'd only be here 2-3 yrs, we got a 3 yr, interest only arm. UGH! as of feb. that arm will be up and he's onto the next duty station w/o me and the kids. we bought right before the market crashed, so we paid top dollar. we just have to hope for renters, suck up the difference and pray for the market to improve. *sigh* as soon as we can, we're selling!

    anyone want to rent a 3 bdrm in va? =)
    pugmama

    Answer by pugmama at 8:52 PM on Nov. 19, 2008

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  • I live in houston, we never had a bubble or an over-valuation of homes, so there was no bubble burst here. however, I am an heir to my grandmother's esate, mostly consisting of a large piece of land in the middle of town in Tampa worth about 750 to 1m and it's been on the market for a year.
    teri4lance

    Answer by teri4lance at 9:14 PM on Nov. 19, 2008

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  • I live in California and can afford my home. The problem I face is thinking that I will not be able to sale my house for high enough profit to move. I want a new construction so I will likely have to rent out this house instead of selling it like I should have been able to do if the market did not crash.
    SylviaNCali

    Answer by SylviaNCali at 10:42 PM on Nov. 19, 2008

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  • The two properties we sold were in Fairfax, VA (a Washington DC suburb). Made out really good because we bought them both before the bubble hit in 2002. Had we sold them at the height of the market, we could have made more, but then we wouldn't have gotten the kind of house we did. The house we are in now is in Leesburg, VA. It's further away from DC than Fairfax was, but my DH's commute is about the same. It's a cute little historic town with all the ammenities of a large city area, which is awesome for us. The plan now is to stay here until the kids graduate (they are ages 2 and 4), then sell it all and move to the beach! Hopefully with 16 years of equity we'll make out pretty good on this one too!
    Con't...
    icook

    Answer by icook at 10:08 AM on Nov. 20, 2008

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  • All that to say, yes the housing market sucks, but if you play your cards right you can make out ok. If we had $$ we would buy an investment property. BUT we had to pay a lot of taxes on that condo and that took all our cash. And because of those sales in 2007 the government thinks we are rich and we don't get the simulus checks. So, I guess all is fair in the real estate world, huh?
    icook

    Answer by icook at 10:08 AM on Nov. 20, 2008

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