Some hard times in Real Estate

My family was slated to move up to South Carolina sometime the fall of this year. We were already fixing up our modest 3/2 home in South Florida, and packing things up.

We got a very nice appraisal, but we finally realized something.

With the current declining market, we'd have to sell the house way under the appraised price. In order to pay for both the buyer commission and the seller commission we'd have to lose money. Yes, you read that right. Due to the declining market, we'd have to sell so far below appraised value, that after closing and commissions, we would lose money. Give or take 5 thousand dollars.

So since our house gained so much money, and my father works in the mortgage business refi'd recently to get more money out to fix the house up, we were doomed.

I didn't realize just how bad the market crashed. I mean, I've read all the articles, watched the interviews and debates, but it never affected me, just my firm's clients etc. But now it does.

Florida just recently signed the first phase to help alleviate property taxes here. That's one way to help out the market, by making buying easier. It's estimated that if you buy a 200,000 house, you will save 75% off your taxes now.

So for now, this is Brandon Sternfield, posting from sunny Florida.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: