La Message Board Archives

Re: Bienes Raices

Posted by Tim Edwards on September 5, 2012, 8:29 am, in reply to "Re: Bienes Raices"

I have been in RE for almost 50 years. We seem to be in a market in LM where buyers and sellers are too far apart to make many deals which is not unusual during down times in markets where sellers can wait out the bad times. What usually forces sellers to lower their price to meet the buyers is debt and accompanying monthly payment. Sellers either decide to stop throwing good money into a deal and sell or just quit making payments and the lender takes the property and then the lender sells.

If other owners in LM are like me, there is no debt on the property and the other costs (taxes, insurance, etc) are relatively low. That makes one content to sit and wait for better times unless there is a need for the cash that one could get from a sale. Additionally, in these days, cash has little ability to earn anything, given how low interest rates are in CDs or other interest bearing accounts.
We have seen that a few times (I assume) when places have sold for about 1/2 of what they had been worth in better times.

People are also motivated to sell if circumstances change......... death, divorce & illness. I do notice that there are houses that are owned by some of the folks who were very much a part of the community 15 or so years ago who still have a place in LM that they have not been to in years. It will be interesting to see what their heirs decide to do.

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