Housing Market!

[rob]

So, I've been trying to sell my house in Snohomish for a few months. I've lowered the price like $20,000, and still the damn thing won't sell.

 

My neighbors just took a $40,000 loss selling their house. I think depreciation in Snohomish county was like 6% this year. It's getting to the point that if I sell it I'll have to go to closing with a check to make up the difference!

 

I'm taking the damn thing off the market and moving back in. Guess I'll see if things are better in a year.

 

(My agent says not to hold my breath.)

 

Why did I buy a house again???

 

Oh well, at least my roses are blooming.

Edited August 13, 2008 by rob

[akhalteke]

Of course your agent would say that.

[KaskadskyjKozak]

 

Could you rent the house?

[Alpinfox]

 

FAWK!

[dt_3pin]

That really blows.

 

How long until we get:

I told you so!!!

 

[Dechristo]

So, I've been trying to sell my house in Snohomish for a few months.

 

Try putting a new tarp and fresh boughs on the roof. Curb appeal is everything.

[wayne]

I am glad I sold one of my places in time(3 months ago).I got close to what I wanted ,but didnt make out great. It is easier to sleep being downsized right now. Good luck to you D TP.

[KaskadskyjKozak]

So, I've been trying to sell my house in Snohomish for a few months.

 

Try putting a new tarp and fresh boughs on the roof. Curb appeal is everything.

 

Also, you might want to get rid of those three wrecks in your front yard.

 

Just sayin'...

 

[G-spotter]

Grow-op

[JayB]

That really blows.

 

How long until we get:

I told you so!!!

 

Actually, it will go something like "If you liked sub-prime, you'll love Alt-A (and prime ARMs)."

 

While housing/real-estate had all of the hallmarks of a classic speculative mania that would end badly for the country - and I have very sympathy for the folks who were out to profit from stoking the frenzy in some fashion or another* - I do feel quite a bit of sympathy for responsible people who are forced to bear the costs of the speculative excesses along with everyone else. I'm personally *very* sorry to hear about Rob's dilemma, and hope that it works out for the best.

 

Unfortunately, the housing-implosion driven carnage in the credit market is so severe at the moment, and has become so self-sustaining, that the balance of probabilities stands decisively on the side of continued decline and stagnation until sometime in 2010 at least, although markets where the capitulation process has already driven prices down to the point where the rent that they'll yield exceeds the monthly cost of owning them will probably start to stabilize soon and recover before then. Anyone with zero or negative equity that doesn't have to sell now, or in the foreseeable future (and can afford the payments) would probably be better off staying put. Anyone with equity that has to sell should price below the market and take their lumps instead of chasing the market down. Anyone with negative equity who has to sell should do the same, and either bring cash to the closing table if they have it, or try to work-out a short sale with their lender if they don't.

 

On a related note, it looks as though there's plenty of inventory available in Leavenworth at the moment, and the asking prices still look otherwordly to me. I don't think that there's any waty that local earning power can support these prices, and I'd be astonished if the rental yield could come anywhere close to covering the cost for the places near the river that anyone would want to rent. The only hope is second-home buyers/investors who are banking on appreciation and are willing to eat the negative monthly cash flow for however long it takes to sell for more than they paid, or folks who are rich enough, and love the area enough not to care about any such considerations. Hopefully there are more of those folks than you'd think out there.

 

IMO second-tier vacation/rental markets are going to see the largest price declines, particularly those quite a ways from population centers. Hopefully Leavenworth fares better than Bend.

 

 

 

 

[Hugh Conway]

IMO second-tier vacation/rental markets are going to see the largest price declines, particularly those quite a ways from population centers. Hopefully Leavenworth fares better than Bend.

 

I'm banking on this trend extending to Europe. Bring on the Cham condo!

[JayB]

The price/income multiples in much of Europe make most of the US look like a model of probity and wisdom by comparison. Spain and Ireland, and England look particularly scary - but there's probably more.

 

Maybe the percentage of home ownership is significantly lower over there, and constrained to a sector of the population with incomes that are significantly above average...but I think that the pain over there will be at least as bad as it is in the US before all is said and done.

 

On the upside, the demand for a No. 14 Olive Caddis from the trout in Icicle Creek seems to be pretty strong at the moment, so I'm off to add to the supply...

[TrogdortheBurninator]

 

On the upside, the demand for a No. 14 Olive Caddis from the trout in Icicle Creek seems to be pretty strong at the moment, so I'm off to add to the supply...

 

I'm pretty sure the trout in the icicle will take absolutely any fly you drift their way. I saw a few folks fishing above the road closure on my way to ida lake saturday. Looked like some nice holes up there. I suspect the closure will improve upper creek fishing.

[rob]

Well, my situation could be worse. I mean, at least I can afford the house, and have a (small) amount of equity. But, not much equity -- I'm already bringing a check to the closing table if I sell at my current price. At least I got a good fixed rate on my loan, so theoretically I can just suck it up and stay put for a while.

 

My agent talked me into moving back in, but still keeping it on the market. I guess it doesn't hurt, and at least it will encourage me to keep it clean.

 

Anyone want to buy a house in Snohomish? Close to Index!

[Hugh Conway]

The price/income multiples in much of Europe make most of the US look like a model of probity and wisdom by comparison. Spain and Ireland, and England look particularly scary - but there's probably more.

 

Oh - prices are nuts, still. A 25sqm studio in Chamonix ~€170,000. $1,000/square foot. V. good potential for rental income, but still nuts.

 

Switzerland/Austria are slightly more sane but have massive structural barriers for foreign ownership of property in desirable places.

 

flyfishing sounds like a fine afternoon

[TrogdortheBurninator]

When did you buy Rob? I fear I'll be in a similar boat soon when we move out of our lake city townhome (hopefully no check at closing, but most likely losing money).

[rob]

I think I bought in the summer of 06.

[mkporwit]

I think I bought in the summer of 06.

Seems to me that if you can afford it you're better off staying put for another couple of years. Besides, the climbing scene in Nepal isn't sounding that great. I bought my house in June '04 and if I were to sell today, after paying the excise tax and realtor commission I'd probably only just break even.

[kevbone]

So, I've been trying to sell my house in Snohomish for a few months. I've lowered the price like $20,000, and still the damn thing won't sell.

 

My neighbors just took a $40,000 loss selling their house. I think depreciation in Snohomish county was like 6% this year. It's getting to the point that if I sell it I'll have to go to closing with a check to make up the difference!

 

I'm taking the damn thing off the market and moving back in. Guess I'll see if things are better in a year.

 

(My agent says not to hold my breath.)

 

Why did I buy a house again???

 

Oh well, at least my roses are blooming.

 

Sorry to hear that Rob. Seems everyone is getting screwed right now. My house went down in value by almost 20,000 this year. OUCH! Luckly we bought this house to live in for the next 20 years. No plans to move.

 

Ever thought about selling all by yourself? No agent. We sold our last place on craigslist. First person to see it, bought it.....we got lucky.

 

Good luck.

[Tokogirl]

 

On the upside, the demand for a No. 14 Olive Caddis from the trout in Icicle Creek seems to be pretty strong at the moment, so I'm off to add to the supply...

 

I'm pretty sure the trout in the icicle will take absolutely any fly you drift their way. I saw a few folks fishing above the road closure on my way to ida lake saturday. Looked like some nice holes up there. I suspect the closure will improve upper creek fishing.

 

Tru nough - the trout are liking the Caddis of any color but the olive or dung colored seem to get the most nibbles. Parking at the washout and venturing out a mile or two to some nice holes made for great fishing!

[JayB]

 

On the upside, the demand for a No. 14 Olive Caddis from the trout in Icicle Creek seems to be pretty strong at the moment, so I'm off to add to the supply...

 

I'm pretty sure the trout in the icicle will take absolutely any fly you drift their way. I saw a few folks fishing above the road closure on my way to ida lake saturday. Looked like some nice holes up there. I suspect the closure will improve upper creek fishing.

 

For whatever reason, they haven't been digging the terrestrials at all, despite the abundance of hoppers and ants. No love for Nymphs either. The latter may be due to the fact that I've always only fished with nymphs or streamers when nothing would hit dry flies, so my technique may not be up to par - but it was surprising to watch as the fish let a tasty looking nymph drift right past them, but rise through ~3 feet of water to hit a #14 dry. Optimal foraging - hmmph.

 

Kind of neat to see dozens of Chinook holdovers from the spring run in the pools below Snow-Creek rapid. I suspect they're strays from the hatchery program, but nice to see any fish making it through the dam-gauntlet on the Columbia.

[StevenSeagal]

Are the brown trout snapping at the starfish?

[JayB]

 

Alt-A ARM Reset chart inky no worky.

 

But to answer the above question...

 

I hear that they're literally dense enough to be stacked on top of one another, and rising above the pool at the popular hole in the Frenchman Coulee parking lot...