I am happy, yet sad, the memories...

[bjcheung77]

...of living in this current house. It's going to be gone in a few weeks. I will miss this house dearly - its been 18 years!
Our open house is on July 9 and 10, we've listed it at $1.788 Million to pay off the house we purchased at $1.95 million
Property pricing has gone up the roof, it's just crazy! Moving into an older yet larger building in a better neighborhood.

[dfrecore]

I'm confused...you're listing it at less than you paid for it, yet you're saying that prices have gone up like crazy?

[Prloko]

I'm confused...you're listing it at less than you paid for it, yet you're saying that prices have gone up like crazy?

They may have purchased before the bubble like millions of Americans did. Maybe they're happy they are finally able to sell it and break even. I know many people in this situation.

On a side note, is this Cali?

[bjcheung77]

I'm confused...you're listing it at less than you paid for it, yet you're saying that prices have gone up like crazy?

Oops, I should have said. We purchased an older home for $1.95 million and selling current home, listing it for $1.788 but hope to get $2 or more for it as we did some renovation such as adding hardwood floors and removing carpet, added balcony and repainted the outside, plus more...

[Johann]

...it's just crazy!

Yes it is crazy - here in Canada, too, even though we had no sub-prime crisis here. Many forms of legal corporate thievery, rash speculation and mismanagement that precipitated the sub-prime debacle in the US are not allowed in Canada - though sufficient other forms of monetary malfeasance still flourish. No saints, here, but no "ninja" loans (no income, no job) either.

My son tells me the value of their house has doubled in the few years since he and his wife bought it - but it would do them no financial, or other good to sell it. They'd still need a house and they would not get a better one from the proceeds. The only people who gain from this "accelerated appreciation" are lawyers, mortgage companies, real estate brokers and salespeople.

J.

[dmjacobsen]

listing it for $1.788 but hope to get $2 or more for it

I'm not a real estate guru or anything, so walk me through this. How does one convince a potential buyer to negotiate the price up from the listed price instead of down?

[Johann]

I'm not a real estate guru or anything, so walk me through this. How does one convince a potential buyer to negotiate the price up from the listed price instead of down?

I'm thinking BJ Cheung lives in a real-estate market so hot that multiple bids occur. It certainly happens where I live. Better homes and areas - serious offers start at list price (or more) and go up from there. Top bid wins.

J.

[jsd]

I'm thinking BJ Cheung lives in a real-estate market so hot that multiple bids occur. It certainly happens where I live. Better homes and areas - serious offers start at list price (or more) and go up from there. Top bid wins.

J.

Exactly this. Pretty typical in a hot, seller's market.

[Inteljustice2]

I'm not a real estate guru or anything, so walk me through this. How does one convince a potential buyer to negotiate the price up from the listed price instead of down?

Simple. Demand outstrips Supply equals multiple offers, equals higher price. I sold my town home last summer in 4 days at 10k over my list price, all because of demand in my area being so high, with limited supply. I had both bathrooms remodeled as well as my kitchen. In the end it really paid off.

Good Luck on the sale.

[bjcheung77]

I'm not a real estate guru or anything, so walk me through this. How does one convince a potential buyer to negotiate the price up from the listed price instead of down?

The older yet larger property we bought for $1.95 was listed for $1.799 and we beat out those bids by a very thin margin, prob a few grand. We're doing the same with our newer yet smaller house... And hope to sell since the markets really hot in our area. Listings left, right, and Center are sold in less than 2 weeks of listing. The house we bought sold in 1 day...