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View Full Version : Yikes! I just put my house on the market



Rich Jones
03-23-2011, 07:34 AM
After thirty one years, my wife and I just put the 'ol homestead on the market. We're retiring and moving to the Green Mountains of Vermont this summer. We've had enough of the hustle and hassle of living on Long Island and are looking forward to new adventures. Small lakes, small boats!!

Still, it's a very sobering thing to do. Picking up roots after all these years. Very scary. And with the real estate market as it is, it's going to be tough to sell for a decent price. But, we can't afford two homes in retirement so this place has to go. Don't want to rent it, either. Too much hassle for not enough return.

Luckily, my wife married a carpenter and I've been slowly building, log by log and board by board,(with no mortgage) our new home over the past fifteen years.

Anyone out there in Forum-land who's gone through the real estate market recently? Any advice on how to keep my sanity through this process would be great!

David W Pratt
03-23-2011, 07:49 AM
Where in VT? We are rehabbing an old house in Bradford (about half way betw WRJ and St Johnsbury).
I grew up in Glen Cove.

Michael D. Storey
03-23-2011, 07:56 AM
Suggest you consider that you are dealing with an agent, not a buyer. Agents sell offers to sellers, or counter-offers to buyers. Suggest also that a 5K bonus to the selling agent will get you more juice than a 5k reduction in the selling price.

RichKrough
03-23-2011, 08:23 AM
I have new neighbors who moved up here from Setauket (sp?). They bought that house during the peak in 2005 and took a $85,000 loss when they sold it last fall. You bought long before the bubble so you should do pretty good.

I love Vermont that was my first choice for retirement, but SWMBO is tired of the winters up here, so we are heading south in 3 years and 2 days.

Gerarddm
03-23-2011, 08:38 AM
You will love Vermont. My father grew up in Barre, near Montpelier. My parents retired thre after 20 years in Levittown.

If Vermont were here in the PNW with a coastline it would be PERFECT.

Rich Jones
03-23-2011, 09:21 AM
Where in VT? We are rehabbing an old house in Bradford (about half way betw WRJ and St Johnsbury).
I grew up in Glen Cove.

Little town of Mount Holly (only one blinking traffic signal). About fifteen miles south of Rutland. My wife grew up next to you in Syosett. I grew up in the Adirondacks, so it'll be like going home to me.

Rich Jones
03-23-2011, 09:30 AM
[QUOTE=RichKrough;2930341]I have new neighbors who moved up here from Setauket (sp?). They bought that house during the peak in 2005 and took a $85,000 loss when they sold it last fall. You bought long before the bubble so you should do pretty good.

I love Vermont that was my first choice for retirement, but SWMBO is tired of the winters up here, so we are heading south in 3 years and 2 days.[/QUOTE

Yes, you spelled Setauket correctly! Just about every town on LI is named after an Indian tribe. Bought the house for $35,000 all those years ago, so I'll make money. Just not as much as I'd hoped. My neighbor sold six years ago and got $400,000. His house was original from 1969 and was BEAT. Mine is the same model but with a full basement and every update you can think of, but I'll get about $60,000 less. Bummer.

I love the snow and cold and am hoping my wife can adapt. If not, she'll be dragging me down south kicking and screaming all the way!

Rich Jones
03-23-2011, 09:35 AM
I like Vermont, as well.... the only problem: too far from salt water :)

I grew up with Lake Champlain and Lake George as my playground and just never really warmed up to Long Island Sound. That's not to say I didn't have a lot of fun sailing and paddling, but I'll always prefer the calm of a mountain lake.

David W Pratt
03-23-2011, 11:37 AM
I agree with Norman, much better sailing in NE than LIS.

Waddie
03-23-2011, 11:48 AM
Suggest you consider that you are dealing with an agent, not a buyer. Agents sell offers to sellers, or counter-offers to buyers. Suggest also that a 5K bonus to the selling agent will get you more juice than a 5k reduction in the selling price.

Very good advice!! My daughter is a public school third grade teacher who makes more off her real estate sales than she does teaching. She handles high end real estate, which doesn't come up daily, so she can do it part-time. She handles the sale of the home, the new house for the sellers, and the house the buyers need to sell. So she's handling three transactions, and gives them a discount if she gets to handle all three. When she's offered a bonus for getting it all done by a certain date she really busts her a^^ to get it done. On the phone constantly!! So I know a bonus works..:)

regards,
Waddie

Dutch
03-23-2011, 12:06 PM
Put at least 1/2 of your stuff in long term storage and make the yard and house as inviting as possible - spend some money on landscaping the outside on the cheap with stuff ike flowers and new mulch - have a fresh coat of paint on everything. Before the potential buyers get there turn on all the lights and have a couple of those nice smell plug in thingies ready to go and plug them in prior to their arrival. leave the house and area until the agent lets you know they are done looking. stock yor car with a good book or some paperwork and be ready to flee home on a moments notice if an agent wants to show your place. dont take the first offer unless its over the asking price and backed by an appropriate non refundable ernest money deposit.

pefjr
03-23-2011, 12:19 PM
Right now renting your house is the practical way to go, unless you are willing to lower your price to compete with bank foreclosures. Might be a little different in Long island, but that's the story most everywhere else.