Friday, February 8, 2008

Rosalee and Ernie Schimpf

Rosalee and Ernie Schimpf , Sellers
The Schimpfs were featured in an article back in September at It's a fascinating view into the unreasonable mindset that infected anyone associated with housing. The Schimpfs put a price tag on their home and are unwilling to lower it to the true value of the house.

Update 2008-02-08: Schimpf Sale
Price: $449,000
Follow the link above. Do you think 2-acres in Stockton is worth half a million bucks?
In the description it says, "SELLERS RETIRING". I think this means it's worth every penny. How else can they retire? BWAHAHAHA
Anyone looking to buy in Stockton needs to watch this video - Housing Crisis.

2007-09-02: Stockton couple feels the pain of slow market
They can't get any serious offers, though, for their 1,700-square-foot home, plus finished basement and a 600-square-foot workshop on two acres. They got the property appraised and initially set the price at $589,000 in May, later lowered to $549,000, a price below anything similar in the area, they said.
Still, the only offer they have gotten came in at almost one-third below asking price. "Guess he figured that if you're desperate, you'd take it," said Ernie Schimpf , retired from the Stockton Fire Department.

If you assume the offer was 1/3 below $549K, that puts it at $362K. Here are the Z-Estimates for their property in September and December:
4016 Hubbard Rd, Stockton, CA 95215
Sep: Zestimate®: $450K
Nov:Zestimate®: $394K
Dec: Zestimate®: $356K
Jan: Zestimate®: $316K Ouch! This is dated Jan-3.
That offer is now well above the current Z-Estimate. The true value of their home is probably closer to $250K. And given they are in Stockton, its value might go well below that. They would have been smart to take the "low-ball" offer.

The 5 markets where home prices will fall the most (peak to trough decline):
- Punta Gorda, FL 35.3%
- Stockton, CA 31.6%
- Modesto, CA 31.3%
- Ft Walton Beach, FL 30.4%
- Naples, FL 29.6%

"We really want to go," she said. "I feel it's worth what we're asking."

That's very touching, Rosalee. But as the saying goes, "Your house is only worth what someone is willing to pay for it."

No comments: