What's the reaction when you show HousingPANIC to someone?
1) Raging hostility
2) Anger
3) Rejection
4) Acceptance
5) Joy
6) Love
????
Believe it or not, even when I tell people about HP and what was coming (or now, what is going on and what's going to happen) in the US and UK, many choose to ignore the info and advice, and many outright reject it.
But others have listened, got themselves prepared, and feel like they knew a dirty little secret.
Oh well, you can only help people who want to be helped.
20 comments:
If they own a home anger
If they rent glee
I got "20 questions" and what is the sight url, write it down for me. That kind of stuff.
They all rent I reckon.
"If we sell our [overpriced] house, the rent money is a dead loss for the intervening years until market corrects; rent outlay will add up to the equity we [might] get".
Didn't know how to counter that other than to ask "what if the value of the house plummets dramatically?" They'll likely move in five years - house will still be in decline (DC area).
Raging hostility. Every time.
They never put 2+2 together. I own a home and I'm saying things are screwy. I'm speaking against my vested interest.
But the penny never drops - "If this guy who owns many houses & who works in the develpment industry, is pessimistic, maybe something bad is in the wind?".
Head in the sand, baby!
Cheers, Haggis
In my circle, 3 gladly got off the crack (sold at near peak) and send you a big smooch...
The rest thought we were nuts and remain blind. I expect the anger when they see this isn't going away.
I got out of Real Estate for the most part when indicators were turning mid 2005.
As the market hyperinflated in 2005 I decided to sell off all my rentals.
I was not alone. Investors were dumping, me along with them.
You could feel it coming. I lucked out.
I did have one property that didn't sell and it took until March of 2007 to move it. Although I still made a handy profit, I had to drop my price drastically and put more money into the condition to make it stand out.
My point is that blogs like Housingpanic.com apeal to me because it keeps current with trends and the emotion that people feel about the market.
I did drop out early on the stock market because of what I have been reading on these types of blogs.
So I have mixed feelings. Instead of taking my profits from those properties I sold and reinvested in stocks, I went to cash positions. I missed out on the latest surge.
Doom and gloom isn't always the best indicator of a particular market.
Now the turn is coming and its too late to buy in the stock market. CDs may be my only option to stay current with inflation.
As the dollar continues to slide, I am looking for better ways to build wealth but feel my options are limited at this point in time.
I do turn friends on to this blog and they mostly have reacted with... "why didn't you tell me about this sooner?".
Sweaty anticipation!
denial to hostility - I think there are a lot of people that somehow still don't see this coming. I don't know any sellers that "have" to sell and I don't know any buyers that can afford to buy. I've tried to show this site to 2 people - one just outright didn't believe it and the other didn't think it would be as dramatic as HP is predicting.
well they say but my neighbor sold their house for xyz so i should be able to get the same for mine.
or they say i have equity in my property and no one can take that away from me.
or what can you do about it, nothing so why worry about it.
and the people who know the sky is falling don't pay attention to the news or brag about getting a deal on a house that was 650,00 but now is 500,000 you think that would tell them something, but no.... they say they got a great deal. usually the house looks like it should have only been 150,000 at the top of the market.
my attitude has become well if you don't give a damn i am not going to go around screaming the sky is falling. let them find out themselves.
btw: house sales are going up trust me. ever so slowly. earlier this year zillow said my house was worth 700,000 (nice house and neighborhood, good lot) and when i went on a few days ago is was worth 570,000. what will these folks house be worth in a year after they got those great deals. i just slapped my own hand because you know they are the dummies and i said i really don't care. let em find out on their own.
They say it's just like Paris Hilton.
Keith,
I ordered the book you and others recommend, Manias, Panics and Crashes, from Amazon and waited 6 weeks to get it. Finally, I got a message saying that it was back ordered and they didn't know when it would be available.
Would you kindly hit the highlights for those of us who haven't been able to get a copy?
Thanks.
Depends...I showed it to 3 realthwore clerks I interviewed to sell my crapbox. This was part of the interview to see how they reacted. Genuine or fake. First 2 smiled and said 'be careful, these sites have an agenda!'. The guy I hired GOT A SAD LOOK ON HIS FACE when I showed him HP. And said 'yeah I know were going down, times are rough, I am honest so please pick me'.
If you need a place to put your money. Buy Silver and Gold Bullion and take physical delivery. WHen the US dollar is devalued it'll skyrocket.
Several individuals in my family, as well as a few of my friends, wanted to buy houses in the last few years. I told them to wait. They listened, and now they are glad they did. They are also willing to wait a few more years if it means getting a really good deal on a house. The rest of the people I know (aquaintances and the like) are young and single so they were already renting anyway and since most of them had huge college loans, they weren't interested in taking out anymore loans at the time. Even if it was "free money". I've never had a negative response to giving out this information. Everyone who knows me knows I'm a tinfoil type, but since I'm more often right than not, they tend to always believe what I say about these things.
Kitchen stove, I have had the exact opposite results when giving good advise to wanna be homebuyers in Florida.
My neighbor after asking me over and over and over again in 2005 to partner with him in residential realestate buys, and telling me its a great time to buy; listened to my repeated rants about affordability and the upcoming default/foreclosure rants; went out in 2005 and bought one of those northport cci debacles that is still in the courts as the builder bailed after getting all the draw monies from the bank up front, hit the road and filed BK, with no house being built. No kidding.
His friend just bought a $900,000 house on a lake after listening to me rant about all the warnings, and my nephew just sunk 220,000 K into a 3-2 in hudson, after listening to me tell him that price will drop bigtime soon, and then a good fishing buddy gets his inheritance. He tells me about this great house, and it list for 249,000 but needs appliances and paint. We zillowed the house, it came in at 235,000 +or-, and I warned him of the upcoming problems especially in florida, and he said he didn't care, and that he had to have this house, for he didn't want to squander his onetime hit. So, I said offer 160K and get ready to move, he was going to offer 220,000; and sure as scheitt, the owner dropped to 170K and the deal was signed.
One month later my friend isn't so sure he did the right thing, and to that I have stopped trying to educate the masses of dumbasses that want to remain dumbasses in so everyway. Its easier for me that way, and more rewarding too. I guess if I charged money, they would take my opinion serious. I give up, its like telling a republican that bush is an evil doer. Everyone knows he's an evil doer, but republicans simply do not care that he is an evil doer. so why should I post all the links and such to enlighten folks what they already know, but choose not to care about. Phuck-it.
Personally, I see little difference from the 1926 Florida realestate bust and the 2005 florida realestate bust except for SCALE. This one will make that one look like little bo peep has lost her sheep.
Anonymous in Florida - we are probably in the same area. The problem with the builder in North Port has not gotten much press here - and I follow all the real estate news.
Utter grooviness, is the reaction!
I read this site with DELIGHT.
I sold my house in June '05 and haven't gloated, just pocketed my windfall, "invest" it in CD's (hopefully none of the banks will go tits up) and wait patiently for the bargains.
Patrick.net newsletter had 2 smokey links to South Florida's 50% price chops PLUS this about auctions in the Inland Empire
IYAM, the buyers in both locales, they're STILL payin waaay too much. Knuckelheads.
Quoth Anonymous 7:56
If you need a place to put your money. Buy Silver and Gold Bullion and take physical delivery. WHen the US dollar is devalued it'll skyrocket.
How does one actually BUY gold?
I mean, is there a building you walk into, pay the daily quote, and walk right out? If so, what are these called? Have you actually taken physcial delivery? How was this accomplished?
I don't think I am alone in this- how can one transact a purchase of gold or silver?
I am talking about real metal, physical, GOLD or silver (blech) and not shares in a gold stock?
And how does one abtain a guarantee that what you have is GOLD and not spray painted lead?
Inquiring minds like mine wnat to know...
I'm serious! I haven't a clue!
Hi Anon 4:21 PM.
It stinks when people won't listen to your good advice, but there's no help for it. People only listen when they want and to what they want and that's their choice. If they're lucky then things will go well, if not, then they have to live with the choices they made. My family and friends listen because I have helped quite a few of them avoid disaster before. I have a good track record with them. It's also easy for me because all my friends and family respond well to unsoliciated advice and suggestions if you have some facts to back up your arguement. On the other hand, some people don't respond well to any kind of advice whether from friend, family, or other because they see it as someone interefering with their plans. With this type of person, it's especially hard to convince them if your information is totally opposite of what the majority is saying. Maybe the people you talked to who didn't listen are the types who never take advice anyway, maybe they also like to follow fads more than you do, maybe they felt your advice was unsolicited and that you were just trying to bring them down. So it really goes back to what I said before. People listen when they want to.
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