We are both in the South East. She is in Florida – Miami area. My house is on the water in SC, near Hilton Head. Here the buble is being exacerbated by the Post Katrina/Rita Insurance problem. Apparently insurance companies are not writing new policies. No insurance, no new mortgages, no sales. That plus I think a lot of people, many on this board for example, who are not buying at any price waiting for “the bottom”, “50% off the top” “reversion to mean”, “reversion to 199x or 20xx prices”, etc.
My brother in law moved in February, so they ( he and my s-i-l) have been seperated since then waiting for her condo to sell. How much longer do you wait while supporting two households?
I have no problem selling at whatever the bottom turns out to be. I put more than 20% down and I don’t have a toxic mortgage. I’ve just moved and need to sell my house. I’ll take a hard landing if I can sell my house next month. I guess my problem is I don’t want to undersell my house any more than a buyer wants to overpay. Wouldn’t it be great if we all just knew where the bottom was so we could just move on!
