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01Marlin
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# Posted: 18 Mar 2011 20:40
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Are any of you planning on selling a permanent residence so you can live on your land or in your cabin full time? If so, when do you think real estate will recover or when would be a good time to sell so that you can live on your land? It's the first nice day of the year where I live and I forgot how much I hate the fact it brings out motorcycles who feel a need to loudly race by my home. Makes me want to move to my land sooner, rather than later, but I have to sell. I bought in 2009, not at the peak, but doesn't seem to be much of a rebound, either.
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larry
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# Posted: 18 Mar 2011 20:44
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i would think about selling if i knew i would get more then a load of crap for my home. as for now i'll just spend as much time as possible at the cabin.
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bugs
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# Posted: 19 Mar 2011 10:25 - Edited by: bugs
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Up in SK, Canada the real estate market went the other way when the crash hit. In our city we had bidding wars for houses. Houses were selling 10% or more than the asking price. Things have calmed down a bit now but we are still likely to see a 6% increase in housing costs over the next year. Resort type lots and land is through the roof too.
Non resort type/lake type recreational land is following the rise but seemingly at a slower pace.
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bobrok
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# Posted: 19 Mar 2011 11:07
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Agree with you, bugs. The vacation properties are still over the top here in NY despite our wrecked economy. I attribute it to the NYC people buying 2nd homes in the upstate. Wealth is all relative. We have properties selling in the millions, literally, and you can't get waterfront for less than a couple hundred thousand (oh, you want a cabin, too?) in some areas. Cities and towns upstate continue to suffer, though. My thoughts are my house doesn't owe me anything right now and I'm free and clear so rushing to sell just doesn't make sense for me.
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rayyy
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# Posted: 9 Apr 2011 06:20
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I know here in western new york,people are flooding out of this state by the dozens.I'd say 1 out of every 10 homes have a for sale sign out front.Iv'e seen homes sit empty for 2 years now.Yearly taxes on an average home in an average town,,,3 to 4 thousand dollars a year.Combine that on top of a morgage payment and insurance.It's just crazy.
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Jerry
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# Posted: 9 Apr 2011 12:19
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There was an "expert" on the radio the other day talking about the housing market. He said we need to clear the books of all the foreclosures before we can even hope to see a rebound, and then it will be very slow. I'm assuming I'll never see prices back to what they were, but there's not much I can do about that. I owned my home free and clear but took a home equity loan to get my cabin. I got the cabin at a good price and the loan at a low interest rate, so overall I feel pretty lucky.
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97Marlin
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# Posted: 11 Apr 2011 20:31
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Realtors say it's picking up here in eastern Pennsylvania, but I really don't know. I'm desperately trying to sell my place at a fair price, but only a few have made an effort to look at it and no offers...yet.
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toyota_mdt_tech
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# Posted: 11 May 2011 21:02 - Edited by: toyota_mdt_tech
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Marlin, I paid everything down when I was younger. At 50, I own my home I live at outright, I own all my land where my cabin is, paid cash as I went along on the building of the cabin. So I owe no one anything. Well, except that new Dodge Cummins diesel truck. But its my only debt plus my utilities. I do plan on building a home on my cabin land someday and will sell my place now when I retire. I will wait a reasonable time for the best market conditions. I have about a dozen years left at the daily grind before retirement.
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BadgersHollow
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# Posted: 11 May 2011 22:43
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Toyota - you are living right. This has been a hard lesson for a lot of people. But, I can say that I've learned that cash is king. Consumerism and keeping up with the Joneses is akin to slavery. Personally, I don't blame people for walking away from the card table (house). The system is rigged to make rich people richer.
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Gary O
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# Posted: 11 May 2011 22:58
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Quoting: 97Marlin Realtors say it's picking up
If I were a realtor, so would I.
Or if I were an elected official, or a loan officer, or anyone that relies on your money......
Read up on the US monetary system. It's a pretty good one when things go right and confidence is high, but things have gone wrong for a bit too long.
There's a fulcrum point of which we no longer teeter.
There may be some false surges, but we're in it for the long haul, if a correction is still possible.
But if we print any more extra money and hand it over to felons, I'm going to learn to make cheese and wine, and market vacation packages to the foreign investors that will flood our shores........
Economy is a simple, complex, dependent thing.
One day we will no longer be able to afford even China's products, but that bit of seemingly terrible news will be the beginning of true recovery, because their new found consumer hordes will be able to afford ours.
Unfortunately for me, and a good lot of us on this forum, we'll be fertilizing a crop of daisies.
If you own it, hang onto it.
If it owns you, well, you played a bit too long didn't you.
Discussion anyone?
Gary O'
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hattie
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# Posted: 12 May 2011 02:32
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When we pulled the plug and moved up here everything looked great. Hubby said as long as we don't have something silly like a depression (and we know that ain't gonna happen) we're laughing. hmph....The market crashed as soon as we started construction on the motel.
I panicked (and Hubby quietly did too) but he said we just needed to "hang on for the ride"....We didn't really have any other choice anyway. I kept my dental assistant license for the first couple of years "just in case" I had to go back to work, but happily that didn't happen. We don't have as big a nest egg as we had anticipated we'd have, but it is still enough to get by and should be enough for the rest of our days.
We only buy what we need and we don't have a mortgage or debt of any kind. If we can't afford it, we don't buy it - simple as that.
Like I keep saying - you really don't need a lot of money when you retire into a simple and downsized lifestyle. We don't do without what we need, but we don't need much either. *S*
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97Marlin
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# Posted: 12 May 2011 05:00
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I am learning that what you have said is pretty much true: The realtors say the market is picking up, but I haven't really seen that this is the case. I think 3 families have looked at my place in 3 months and no offers. And it is well-maintained and looks good, too!
I bought this place because it cost as much to rent around here as it does to own a home. I bought a few years ago, as real estate was down, and I thought that it could only go up from there.
Earlier this week, the Wall Street Journal indicated that real estate has been decreasing for the last 57 months!!! I always thought that real estate was a 'good deal', especially since it usually rebounds.
In any event, I am a Federal employee and I am trying to find another position in a better area (like VA, MD, or WV), but having a home to get rid of makes this a bit more difficult.
One would think that after 57 months of declining prices, a recovery would be imminent, but it certainly does not feel like this is the case.
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Scott_T
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# Posted: 12 May 2011 12:44
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Quoting: Gary O Economy is a simple, complex, dependent thing.
That's for sure Gary O. This essay put a few things into perspective for me. A little off topic but here goes...
http://www.theoildrum.com/node/7853#more
while this essay tries to explain the rationale behind consumptive behavior.
http://feasta.org/documents/fleeing_vesuvius/?p=84
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Gary O
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# Posted: 12 May 2011 20:06 - Edited by: Gary O
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Quoting: Scott_T A little off topic
Off topic? au contraire
maybe deep topic...
Re; The Oil Drum, etal
These guys are fascinating, adding the history of human tendencies with the proposed compulsions of the human mind today. And even considering weather phenomena is no less intriguing.
Hagens' stuff is always entertaining and somewhat assuring to those who control needful things, and the megalomania involved, or for those that enjoy the excitement/dopamine they get from the unexpected nature of the market puzzle.
And it gave me a chuckle when Grantham referred to a contrary event as 'a historic accident'....like a scientist trying to explain the inexplicable......
For me, it's like playing a game of triple decked chess.
Wa-a-a-a-ay too many variables.
Having a hand in dealing with commodity oriented raw materials enables me to at least be on one of the front rows of this volatile economy, and watch bid validity shrink from six months to 30 days, tagged with a gamut of disclaimers in regard to material volatility.
In short, nobody can know what's gonna happen, but it don't look good, and there's not a whole lot with which to refer........
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bobrok
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# Posted: 12 May 2011 21:38
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Scott_T
Thank you for posting those essays. After an hour ++ of reading them my brain is a bit mushy and I do need to re-read them again.
I have to say, though, that next time I'll not be reading them on my computer screen, but printed out in ink on paper and while relaxing and getting deep into myself at my cabin.
Better yet, if my cranial receptors didn't constantly demand new ways of satisfying my human needs perhaps I could have this conversation with someone such as yourself over a pickle barrel at the general store!
Very good reading, indeed.
Wait a minute...do I really NEED a small-cabin?
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Scott_T
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# Posted: 12 May 2011 22:56
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Quoting: Gary O In short, nobody can know what's gonna happen
So true. Humans have an amazing capacity to adapt to change. I suspect that many of the folks on this forum would be at the "top of the heap" when it comes to adaptation to adverse or uncomfortable conditions.
Quoting: bobrok do I really NEED a small-cabin?
Absolutely...it's a place to go and recharge dopamine !
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