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AYP1909
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# Posted: 29 Sep 2011 12:12
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My wife and I purchased 40 acres in the Okanogan Highlands of Eastern Washington in the spring of 2010. A year later the adjoining 20 acres came up for sale at a per/acre price of about 80% of what we paid one year prior. We could not pass this up.
We have also had our cabin on the Olympic Peninsula of Western Washington listed for 6 months at a price the realtor thinks is realistic but I feel is too high for the present market with not a single offer. We would begin construction of our Eastern WA cabin until we sell the Western WA cabin. It appears to be a buyer's market. How are property sales in your neck of the woods?
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Bridgeboy
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# Posted: 29 Sep 2011 13:56
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I would list with a new realtor. Fresh start and ideas are important in this economy.
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bobrok
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# Posted: 29 Sep 2011 15:29
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This is not cabin-related, but housing related in general. My daughter and son-in-law just today closed on their new house with the builder initially holding the financing.
In the weeks (six months) leading up to this morning they were beside themselves due to constant pressure being put on them by the builder's lender demanding more and more information, complaints about debt to income ratios, & picky little things. They literally didn't know until this morning whether they were closing or not (and they had been pre-approved by the same lender 6 months ago).
Point is, I can't really tell if it is a buyer's or a seller's market out there right now. Properties are staying on the market for long periods in some areas, lenders have $$ to lend, but you have to jump through tiny little hoops before they will give you a mortgage.
Perhaps, in addition to a new realtor, you should offer some creative financing if you are able to do so.
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MtnDon
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# Posted: 29 Sep 2011 18:24
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Recreation property is very hard to sell in most parts of the country at present. Too many people are having a terrible time keeping or affording a primary residence. It is definitely a buyers market where we are. With no offers in six months it is past time to re-price. Here I've seen properties on the market for over a year with no serious bites and others that sell in 90 or fewer days. The ones that sold were better market values.
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bugs
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# Posted: 29 Sep 2011 18:44 - Edited by: bugs
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It seems in SK we continue to buck the trend. We never really had an economic down turn like most of NA. Actually the province has been subtly booming. Property prices, homes, rec property and farm land have been steadily increasing. Now with good grain prices I have heard of bidding wars resulting in agricultural land selling for more than listed price.
It is a sellers market where we are.
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mrcvs
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# Posted: 29 Sep 2011 18:55
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I suspect it still is a buyer's market. Until we have jobs in this country, properties won't sell as you need an income to afford a property.
bobrok--my sympathies to your daughter and son-in-law. I HATE the banks! Taxpayers bailed them out so that they could all get hefty bonuses. Then, when you want to refinance, they won't let you as they created this mess and said you don't have enough equity to afford a lower payment than the higher one you have diligently made on time for 3 years.
I discovered I have $100 of equity in this place after nearly 3 yrs. The good news is that, in all this mess, the bank says it is worth only $9,000 less than I paid for it AND I got paid the $8,000 homebuyer's credit. The bad news is that it is still worth less than I paid for it, and I can't get 4% interest on a loan because the bank reasons I can afford $1425 a month now, but cannot afford $1200 and change later.
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smitty
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# Posted: 30 Sep 2011 01:23
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The internet trend for off grid property is crazy right now.
market to the off grid, tiny house, homestead, prepper, movement on the internet..
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AYP1909
Member
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# Posted: 30 Sep 2011 15:05
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Smitty, do you know of any particular websites?
Thank you.
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Angler 77
Member
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# Posted: 7 Oct 2011 00:36
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AYP, my wife and I just cruised through your neighborhood. We drove from our house in Port Townsend to Chewelah, heading along hiway 20 most of the way. Beautiful country, if you like that kind of thing :)
What are the details of your OP cabin?
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AYP1909
Member
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# Posted: 10 Oct 2011 13:35
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Angler: The OP cabin is at Lake Cushman Div. 10, Lot 170; 480 sq. ft. 1 bed, 1 bath, wood stove, kitchen, 8' x 20' deck, many trees. You can check the details at Lake Cushman Realty under $100K listings. I am very willing to entertain an offer. Thanks for asking.
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