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Thread: housing market

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    housing market

    I know the housing market in the DM Metro area has been in the crapper since about 07 or 08. My question is for the people on here who live in other Metro areas now but know DSM; how bad is it in other cities compared to Des Moines?



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    Re: housing market

    Housing prices have tanked considerably more in most metro areas than they have in Des Moines. I could tell you an endless number of horror stories about Las Vegas where I once lived.

    And its not just metro areas; a 50% drop in prices from the highs is the norm in most of the Colorado mountain resort areas.


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    Re: housing market

    des moines has taken it pretty lightly. generally, those areas that had their prices jacked up the most during the good times had the biggest falls as they returned back to what they shouldve been. CA, NV, AZ, FL all took some pretty big hits.



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    Re: housing market

    Quote Originally Posted by AntiSnob View Post
    I know the housing market in the DM Metro area has been in the crapper since about 07 or 08. My question is for the people on here who live in other Metro areas now but know DSM; how bad is it in other cities compared to Des Moines?
    DM is not in the crapper, by any means.


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    Cool Re: housing market

    Des Moines is not in the crapper. We just sold our house in a suburb of Des Moines for $300K which is $25K more than we bought it for in 2004. $25K more still wasn't good over a 5 year ownership period, but at least it was in the black. Considering the improvements I made to the house I basically broke even.

    For comparison, we just bought a house in a suburb of Minneapolis. We paid $325K for a new construction home with a finished basment and deck. Our neighbors to the right of us paid $525K while the neighbors to the left of us paid $465K, both in 2006. Neither of our neighbors have a finished basement or a deck. I could go on. Everyone in our neighborhood paid at least $370K for their house and most paid over $400K and hardly any of them have a finished basement or deck.


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    Re: housing market

    Quote Originally Posted by jamesfnb View Post
    Des Moines is not in the crapper. We just sold our house in a suburb of Des Moines for $300K which is $25K more than we bought it for in 2004. $25K more still wasn't good over a 5 year ownership period, but at least it was in the black. Considering the improvements I made to the house I basically broke even.
    The problem with the real estate market is that people think that making 25k in 5 years isnt good. A house, as an investment, is still overvalued, even in this modest economy. (I'd say you did fine!)


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    Re: housing market

    problem in Des Moines isn't necessarily a price correction, it is saturation of the market and not enough buyers. We've been trying to sell our house in Beaverdale for two years now. It is now priced below where it was purchased in 2004, and we can't even get an offer.
    Had four showings two weeks ago, then nothing last week.



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    Re: housing market

    Look for another housing dip as the govt reduces their 92% of the market backing of new loans. This may occur by Mar 10.


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    Cool Re: housing market

    Quote Originally Posted by soccercy View Post
    problem in Des Moines isn't necessarily a price correction, it is saturation of the market and not enough buyers. We've been trying to sell our house in Beaverdale for two years now. It is now priced below where it was purchased in 2004, and we can't even get an offer.
    Had four showings two weeks ago, then nothing last week.

    Have you considered paying a consultant to stage your home? I paid someone $300 to come in and tell us how to stage our home, etc...we had to paint some rooms, take down all of our personal pictures, basically look like our home was a new construction model home and not lived in. She also looked at our house like a buyer and suggested what to change about things most people wouldn't like about our house, how to make them less noticeable, etc...

    We sold our house in 3 weeks, in November right before Thanksgiving.


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    Re: housing market

    Quote Originally Posted by drmwevr08 View Post
    The problem with the real estate market is that people think that making 25k in 5 years isnt good. A house, as an investment, is still overvalued, even in this modest economy. (I'd say you did fine!)
    did you read his email? he didn't make $25k, he broke even.


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    Cool Re: housing market

    Quote Originally Posted by drmwevr08 View Post
    The problem with the real estate market is that people think that making 25k in 5 years isnt good. A house, as an investment, is still overvalued, even in this modest economy. (I'd say you did fine!)

    It's just hard to look at the numbers and see the home value only went up 9% over 5 years. I realized I should be happy that I didn't lose any money. If I would have had to pay the realtors fees and the other costs it would have been really ugly.

    Too many people look at their home as an investment and it's really not. It's just a place to live. You'll be lucky if the value keeps pace with inflation. If it wasn't for the tax advantages, owning a home would be an unwise decision.


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    Quote Originally Posted by jamesfnb View Post
    Have you considered paying a consultant to stage your home? I paid someone $300 to come in and tell us how to stage our home, etc...we had to paint some rooms, take down all of our personal pictures, basically look like our home was a new construction model home and not lived in. She also looked at our house like a buyer and suggested what to change about things most people wouldn't like about our house, how to make them less noticeable, etc...

    We sold our house in 3 weeks, in November right before Thanksgiving.
    this works if you are getting traffic in to look at your house. I would highly recommend this if you are.

    If you want to save $300 just watch Unsellables (or something similar) on hgtv. Most if the things you need to do are on those shows and are pretty straight forward.



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    Cool Re: housing market

    Quote Originally Posted by BigBake View Post
    this works if you are getting traffic in to look at your house. I would highly recommend this if you are.

    If you want to save $300 just watch Unsellables (or something similar) on hgtv. Most if the things you need to do are on those shows and are pretty straight forward.

    Very true, the consultant didn't really do anything I couldn't of learned by watching TV. Howerver, similar to a personal trainer, I needed someone there to tell me what to do make me comfortable with why I'm doing it. That's just me though. I'm a decorating dummy. I doubt I hire her again though as I will just repeat what we did on every house I sell going forward.


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    Re: housing market

    Quote Originally Posted by CyPride View Post
    did you read his email? he didn't make $25k, he broke even.
    Only because he elected to make improvements. My point still stands, he came out pretty well in this economy with 5 yrs in the home.


    Nothing to see here mods. Keep moving.

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    Re: housing market

    Its much worse in most cities than Des Moines. Generally speaking, bigger cities and ones in states with more of a boom/bust economy than Iowa have been hit much worse, and certain geographical areas in the US (Florida, California) have been hit worse than others.



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