patrick.net

Sellers have a diverse plethora of reasons to select from when determining whether to sell or not sell.
To categorize all sellers as 'not needing to sell' is akin to saying "all americans need health insurance".
In both instances, it just ain't true...

"Sellers Say We Don’t Really Need To Sell"

Similarly, many landlords don't really need to rent.

With interest rates being very low, owners' cost of capital is low and many can borrow against their properties. In an environment of high interest rates, leveraged owners might need to sell or rent in order to cover the cost of capital.

The two sellers I am referring to have had their vacant houses on the market for over 100 days with 10% price reductions. Sounds to me like the statement comes from a place of frustration and maybe fear...

Call it Crazy says

siklidkid says

The two sellers I am referring to have had their vacant houses on the market for over 100 days with 10% price reductions.

What's their existing loan balances?

One is free and clear, the other, I'm not sure. Is there a way to find out?

The folks that bought with cash can only sell to other folks who can pay all cash, and that's what's driven the prices up.

Borrowers can't or don't want to qualify for mortgages that high.

So the only thing that can happen is for those holding onto homes to need to sell en masse, and I just don't see a reason for that to happen. They can just keep renting and keep gaining returns forever.

To sell right now would be stupid unless you're just flat out tired of renting and making money.

Call it Crazy says

"The median price of homes currently listed in Madera is $229,000 while the median price of homes that sold is $170,875."

Why such a dissconnect? 60K? Must be unrealistic expectations of what homes are worth in the area.

Yep, everyone apparently thinks they are sitting on gold!

What, you mean sellers aren't getting OVER list price and aren't having bidding wars??

Say it isn't so!!

I'm insulted.

Ok! maybe not the perfect thread match, but I was going through my Hawaii property emails and this graph came up in a listing:

http://www.trulia.com/property/3162579276-Condo-Mililani-HI-96789?ecampaign=con_day_propertysearchforsale_bk&eurl=www.trulia.com%2Fproperty%2F3162579276-Condo-Mililani-HI-96789#photo-2

Just had to share. Hope it evokes as big a laugh as I just had with this one graph on Trulia.

Hey if you bought a $550 house from a bank for $35K that all it needed was a whole kitchen and appliance install. Then no, you really don't have to sell.

siklidkid says

"The Sellers Don't Need to Sell"

As long they are holding under water mortgages.

bubblesitter says

siklidkid says

"The Sellers Don't Need to Sell"

As long they are holding under water mortgages.

At some point it will only get worse if prices continue to fall...even if only gradually.

That's one of two things that might force a sale. The other would be costs like taxes.

We should apply super high property taxes on a home that is held off the market and vacant.

Reminds me of a lot of Pawn Stars episodes.

"Tell you what, I'll give you $500,000 for it. Cash."

"I don't know, I'm into it for more than that. Maybe I'll just hold on to it for a few more years and keep renting it out."

"OK, man, thanks for putting it on the market."

...cut to parking lot...

"He offered me 500 grand, and I don't really need to sell right now. I'm making good money renting it so I'll probably just keep doing that. I might come back in a few years and see if he'll offer me more then."

John Bailo says

At some point it will only get worse if prices continue to fall...even if only gradually.

That's one of two things that might force a sale. The other would be costs like taxes.

We should apply super high property taxes on a home that is held off the market and vacant.

Or just 1 income loss in the household.