I consider myself very lucky. We decided we wanted to move south to Aiken SC and built a home starting last Oct.which we moved into yesterday.
I put my present home on the market (east of Cleveland in the burbs) in July and it sold in three weeks. Others in the area are sitting with their homes for over a yr. The secret was, I spent about $500 and staged it and the most important thing is I priced it right. There was a home in my subdivision that she listed at $466,000 by owner (nothing in that area has sold for more than high 300’s)and she is still sitting with it. I put mine on at $389900 and took $375,000 and I’m done with it !!!! The Gods were looking out for me. The Ohio market is dead.
We live in Forsyth County, Georgia, home to the “McMansion.” We’ve lived in our house 10 years, and have a HELOC, but we’ve never gone over 70% loan to value. We have no plans to move, so we can sit on the current downturn with no problems.
I’m amazed at the new subdivisions near us that have homes starting in the 600’s. They’re practically empty, because now people can’t afford the houses. I know builders that are being sued right and left because they can’t pay their bridge loans.
I don’t know how my B-I-L does it. One can only imagine what the payment is on a 1.2 million mortgage.