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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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When you bought your home...
How long had it been on the market? We are just starting our house search, and I'm noticing that so many houses that look great on paper have been on the market a while. I know things are different in person and there may be structural or other things wrong but I'm also wondering if it's just a sign of the times?
Anyways, just wondering if anyone ended up buying a house that had been on the market for some time?
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Posted 1/5/12 9:51 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: When you bought your home...
Our house had been on and off the market since Sept 2010 and we bought in June, made an offer in March 2011. Nothing wrong with it they just had to keep lowering the price. Which worked out for us!
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| Posted 1/5/12 9:58 PM |
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LovesMike
LIF Adult
Member since 8/10 978 total posts
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Re: When you bought your home...
We are in contract on a home that has been on the market for 250+ days. Over that time period it has dropped in price over $100K - it was WAY over priced for the condition of the home - but the area and the surrounding houses demand the price they were originally asking - $525K. (We didn't even need an appraisal from the bank, we are getting it for such a good price!). Anyway, we couldn't afford the house at the 525 price, but after the drop, we can, and still have money left over to do the necessary work on it.
We had an accepted offer on a home in Merrick but, after inspection and the uncovering of a major mold problem in the basement, we backed out of the deal. It's still on the market and the price is now 20K lower than what we had offered. I feel bad for the guy.
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| Posted 1/5/12 10:12 PM |
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Kmarie36
LIF Adult
Member since 9/10 1449 total posts
Name:
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Re: When you bought your home...
Our co-op was on the market for a little less than two months. The house we bought was on the market for 3 weeks.
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| Posted 1/5/12 10:48 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: When you bought your home...
One day The good ones get scooped up fast
Our coop was sold just under 3 weeks w our realtor last year
Message edited 1/5/2012 11:02:06 PM.
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| Posted 1/5/12 11:00 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Re: When you bought your home...
ours was listed in september, dropped 50k in november, and we put in a bid in december...
ours was overpriced for the size of the house, but we also think it's because it is a small house, and its from the 1920's..
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| Posted 1/6/12 7:57 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
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Re: When you bought your home...
We made our offer it was on the market fora week
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| Posted 1/6/12 10:28 AM |
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Re: When you bought your home...
A lot of times people list their houses at a price that is too high for the market. Many times they plan to lower it and know they will need to, but they just want to test the waters at a higher price first.
Usually when a listing comes down to a certain price point, it's like the magic number, and a LOT of activity starts happening. But in this market, if a house is priced to sell, it sells within 30 days on the market.
There may be other circumstances that lead to a house being on the market for an extended period of time. Sometimes sellers list their homes, but don't provide access for showings (e.g., they work long hours and are never home, and there's no lockbox). I've encountered extenuating circumstances such as where the homeowner is seriously ill and in and out of the hospital, which impedes showings.
The bottom line is - I wouldn't assume there's anything wrong with a house just because it's been on the market for a certain length of time.
When I bought my house in 2008, it had been on the market for like a year and a half, and it's a great house! (But the original asking price was crazy high and the sellers were stubborn and not that motivated to sell).
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| Posted 1/6/12 12:13 PM |
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bea559
LIF Toddler
Member since 11/10 457 total posts
Name:
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Re: When you bought your home...
Posted by maybesoon
The good ones get scooped up fast
This is very true! I still watch the market and if a "nice" house priced right comes up for sale, it's pending within a week!
Ours was on the market for 54 days. Of those 54, I would say we were in contract negotiations for like 7-10 days.
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| Posted 1/6/12 12:34 PM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: When you bought your home...
We found our house the weekend it was listed, so approx 3 days. We negotiated a bunch on the price and finally settled and went into contract 3 weeks later or so.
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| Posted 1/6/12 12:48 PM |
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marieSand
Hello LIF!!!
Member since 8/10 1224 total posts
Name:
marie
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Re: When you bought your home...
our house went on the market in June then the price dropped end of July, then dropped in November - we saw it for the first time in November and we closed a week ago! 
it is a fixer upper, we were able to negotiate 29k less the the last drop in November
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| Posted 1/6/12 12:55 PM |
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LoveMyHubby605
Our April Baby is here!
Member since 4/11 2418 total posts
Name:
A
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Re: When you bought your home...
ours was listed in aug 09. I think it was priced too high and it was lowered in oct 09. I think it was to attract more buyers which worked because we made an offer along with several other buyers shortly after. We did outbid the others but the price was still fair since it was still considerably lower than the original list price.
if a house is priced right, it will move fast!
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| Posted 1/6/12 1:06 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: When you bought your home...
Went on the market February 2011.
Went into contract in August 2011.
Closed October 2011.
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| Posted 1/6/12 1:25 PM |
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KangaMom
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Member since 1/06 4593 total posts
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Re: When you bought your home...
Our current home was online only for a few hours when I called our realtor saying get us in ASAP
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| Posted 1/6/12 4:42 PM |
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Babymakin
LIF Adult
Member since 12/10 920 total posts
Name:
Sarah
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Re: When you bought your home...
I think for about 5 months.
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| Posted 1/6/12 4:52 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
Name:
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Re: When you bought your home...
Ours was on the market for a year. They had an offer within 1-2 months, but the potential buyers had a problem with the mortgage. They then had a second buyer 2-3 months after the first one fell through. The second buyer fell through when he was unable to sell his own house. We then came in 1 week later and bought it.
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| Posted 1/6/12 7:49 PM |
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Sweetlax22
LIF Adult
Member since 5/10 1904 total posts
Name:
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Re: When you bought your home...
Less than a week... From the day we saw our house to closing was a month. We had been looking in a specific neighborhood for two years so we knew what we wanted and that the house was priced right. We offered full asking price and put 25% down , if we had not put that much cash down and not been willing and able to move so fast we may have been out bid on terms.
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| Posted 1/6/12 9:40 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: When you bought your home...
About a week. They priced it really well because they needed to sell, and our real estate agent saw it and knew it would be perfect. We made an offer almost immediately.
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| Posted 1/6/12 9:50 PM |
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Juliet
Family is Complete!
Member since 5/05 5913 total posts
Name:
Juliet
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Re: When you bought your home...
The house we are buying was on the market less than a month when we put in an offer and it was accepted. The sellers are an older couple and the spent a year contemplating listing. They had one other buyer who bailed on them and when we made our offer they just wanted to make it happen. We are getting it for $30k less than asking and $65k less than the last appraisal!!
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| Posted 1/6/12 9:54 PM |
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