What would you tell people who are considering buying a home today?
November 26, 2007
HousingPANIC Stupid Question of the Day
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56 comments:
Stay away from Greg Swann
Don't.
Possibly go for it - the fed will be forced to cut rates again. This will lead to more inflation.
In times of inflation, old debts rapidly become wiped out.
But here are the caveat:
Don't go for it in a bubble state like CA or FL...will 10% inflation wipe out your 75% loss? If it lasts 15 years, maybe - but the fed will be forced to curb inflation within 2 years.
Rent.
Save.
Get out of Debt.
Buy Gold AND Silver and take posession of it. If you don't trust Wall Street...why trust ETF's?
Whatever you think you should offer, take 20% off and offer that. If your offer is accepted, buy it. If not, keep looking.
I started looking at homes Temecula and northern San Diego,
the prices are almost half off.
The problem is that the ones I saw are short sales, and the process takes so long.
Another problem is some cities are not recognizing short sales as comps, so you pay taxes based on bubble prices.
I negotiated a good price on house in Carlsbad, but the deal breaker is that I would have to pay the same taxes as the prior buyer who bought almost at the peak.
I would say its better to wait probably a few years, let the comps come down, and let the bank repo the houses, REO's are easier buy than short sales.
There is no need to rush, as we are headed into a recession anyway.
better off renting for the next 2 years!
You guys are RETARDED!
Friggin' IDIOT!
UGHH!
Do what you think is best for your family....
only if they NEED to move from where they are (i.e. somebody was born, somebody died, somebody got divorced or married, or somebody took a new job somewhere else) and only if they are fairly confident they can stay in the new place five years or more. Also watch carefully where they are buying and what kind of housing. Should be something that will be desirable in five years...here in Jersey, access to public transportation (i.e. trains to NYC) is very important.
Rent for a while longer (probably couple of years), save your $$$ religiously (forego that morning Starbucks and get a really decent down payment) and the scoop up some of the bargains of a lifetime that are just ahead of us. You will set yourself up for life. I'm 45 and completely debt free. Would you believe that we (me and 3 kids) live like kings yet qualify for food stamps if we wanted to apply (we won't). I earn less than $50k/year yet put $15k/year into savings. Stay out from under the debt load that the rest of the world wants to put you under. Hint: Bank of America is not your friend.
stay away from Cecilia Sherrard.
Only if you have over 80% of the asking price to put down and can stomach being in the negative for a few years on the investment before the Nation catches up with the massive overbuilding that has occured.Its likely what you pay will be too much in the short term.Never borrow more than $50,000 from a bank...more than that and you are a interest paying sucker for life.
I tell them if they can comfortably afford it, buy it. Not my aunt though, I tell her "don't you dare buy a house". :)
Don't do it - you'll be sorry!
low ball like cheap whore.No offer is better than no offer.buy low sell high.don't care how brilliant you are you will not pick a botom.dollar cost average into the weakness and wait for next boom to sell.
Do not, I repeat do not but one in this country. You would be better off buying in a third world country.
Hurry, Hurry, step Right Up:
BUY a DEPRECIATING asset with BORROWED money.
They are not making any more land
Houses always go up
I have other people interested
Want to write up an offer today?
RUN don't walk away from any 6%er Realwhore. Don't answer her calls.
Change your name, tell her you died. Lie to her. She does it all the time...
P.T. Barnum WAS right. So was Shakespeare...
Depression of 2008 - 2009
I stopped telling them.
Here in Frisco, people still want to buy and they think the bubble can't pop here.
I have 1 friend in escrow, 1 friend bidding, and 1 friend looking.
I am an agent in Pasco. I basically tell them not to. My "friends" have nicknamed me "doom & gloom". The majority still think that once market stablizes (prices stop dropping) that their values will just take off again. I don't think they read anything other than US magazines or Florida Fishing. O well. I tell anyone rent for at least a year and to talk to your local law enforcement to get some "tips" on secure neighborhoods since failed investors are renting to anyone with a damn pulse gang activity, violence, vandalism, and just listening to your "neighbors" cuss back in forth to each other across the street, in a loving manner, of course, has become the norm in neighborhoods where homes sold to over 350k. I am a homedebtor and although we put down $ we're still about 20k less than what they sold for a year ago. The idea of walking out of this is very tempting. I have three kids and being part of the crips/bloods/latin kings is not what they aspire to.
Forget about, set an alarm clock for two years hence, then see where you are. In the meantime, save like a MoFo, make sure your credit score is good, then you will get a tasty bargain when all the dust has settled. Thank you greedy fat bastards, two years from now will be a buying opportunity like we have never seen. And to anybody who IS buying right now, you really should get your head examined!
I’m still selling into this market. Things are pretty good.
devestment said...
I’m still selling into this market. Things are pretty good.
November 26, 2007 3:31 PM<<<<
where are you? i was thinking texas, but texas looks like it is on the cusp of this whole big bad mortgage meltdown now.
Selection has never been better!
I have a European friend who is interested in buying property in Florida. After wiping up the milk that shot from my mouth across the room, I calmly informed him of the further coming mortgage resets and told him he would be crazy to even think about it until at least mid 2008 if not 2010. Then I forwarded him a couple blogs to read. Hope I had a little part in saving his financial tushie.
Seek help
I'd say maybe. I saw a house in my old 'hood in Las Vegas listed for $309K. This is very similar to a house I bought for $299K....in 2003. I sold it early this year for $439K.
If we are back to 2003 pricing, I'm starting to think it may be time to get back in.
I would say:
"Buy now before you get priced out of the market."
"This listing is special. You can do it. Suzanne researched this!"
"They aren't making any more land."
"This time its Different"!
"Here's why we're going GAGA over Real Estate! It was even on the front cover of TIME!"
"Bubbles are for Bathtubs!"
the Question should be What would Angelo Do??
Move to the South of France and take your dollars and convert them to Euro's
I stopped at an open house this weekend and the realtor said, "It's a great time to buy."
LOLOLOLOL!!!!!
Anonymous said...
>>save like a MoFo, make sure your credit score is good, then you will get a tasty bargain when all the dust has settled.
November 26, 2007 3:10 PM
Anon is right about saving and stashing away cash. Your credit score won't be an issue because you will able to buy properties down the road with CASH on the cheap! That should be our objective. Trust me when I tell you that there will be bargains galore for pennies on the dollar.
I don't even bother bringing the subject up with others anymore! If I just say one sentence related to the economy or housing, the other person will always look like "deer caught in headlights". LOL
I'd say maybe. I saw a house in my old 'hood in Las Vegas listed for $309K. This is very similar to a house I bought for $299K....in 2003. I sold it early this year for $439K.
If we are back to 2003 pricing, I'm starting to think it may be time to get back in.
Vegas was already grossly overpriced by 2003. More like 1999 prices if you wanna get back in.
I live in Orange County, California - a huge bubble market, so we have a ways to go before it makes $en$e to buy.
I tell anyone who will listen (I live amongst many real estate agents and mortgage brokers who are still saying it's never been a better time to buy - for their own self preservation) to at least wait it out through this year and all of 2008.
Whatever I want!
Gosh!!!
My Lips hurt real BAD!!!
Vegas was already grossly overpriced by 2003. More like 1999 prices if you wanna get back in.
November 26, 2007 6:40 PM
===
Not really. Las Vegas had been quite undervalued for most of the 90s. Prices stayed flat the whole decade. 2000 to 2003 just made up for that.
The crazy time started at the end of 2003. In 2004 prices went up 54%
I have given up telling them anything. People are still in denial. Now friends of mine who are waiting think things will bottom next year and they plan to buy at that point. When I try to explain to them that this bubble will likely take 3-5 years to deflate entirely, they scoff it off.
So at this stage, I do my thing and I let them do theirs.
If you don't mind taking huge losses ... sure, go ahead, put some money down on a house.
Otherwise, humble yourself for awhile and rent ... there will be plenty of house debters looking for renters in the months ahead.
Once housing falls back to *no more* than 4-times annual income, then we'll start seeing some
appreciable buying.
Anonymous said...
Possibly go for it - the fed will be forced to cut rates again. This will lead to more inflation.
In times of inflation, old debts rapidly become wiped out.
I would be carefull. Deflation may eventually be more of a danger than hyper inflation. When equity markets go down -deflation (lowering of all asset values) occurs. Alot of investors could get caught on the wrong side -bullish on commodities and gold.
Of course debts are a bigger burden in a deflationary environment.
My landlord's kid just bought a house. I have spoken to him myself about why I am renting and gave him the whole nine yards about why owning a house is a bad idea. He knows I make more than enough money that I could buy the house I'm renting two times over but choose not to because the prices are falling. He even said he knows the market sucks now but figured now was a good time to buy since the builders are giving away a lot of free upgrades.
Oh well, what could I say. You can't save those who don't want to be saved.
I'll start looking when prices drop to where they were in 2000 plus about %20 for inflation. Also, buying will have to be cheaper then renting, otherwise, what's the point of buying?
"Las Vegas had been quite undervalued for most of the 90s. Prices stayed flat the whole decade. 2000 to 2003 just made up for that."
Is the above post from that douchebag Lance?
Unleash the hounds.. Buy Or Die!
What would you tell people who are considering buying a home today?
I would stare awkwardly at them for a while, and then say: "Nice shoes".
I just want to take this moment to thank you Keith and other HPer's for giving me an outlet to VENT about the current state of events! :D
3 times the income for decent neighborhood
2.5 times for so-so
4 times the income for great one
lot of sellers still think that today's (and tomorrow's) buyers have access to the same 'money-for-pulse' scheme
I talked to some people who are trying to sell overpriced houses, and my impression is that they seriously, honestly don't understand why no one is buying
"Oh well, what could I say. You can't save those who don't want to be saved."
after one loses their virginity it seems like the next big goal is becoming a home debtor.
>> He even said he knows the market sucks now but figured now was a good time to buy since the builders are giving away a lot of free upgrades. Oh well, what could I say. You can't save those who don't want to be saved.
Dude! HE got the free shit, you didn't! YOU'RE the moron, not him!
I've met the producers of ND. It's funny that the dorky Jon Heder seems to have had more success than ND's producers (not counting that bomb Nacho Libre).
I'd tell everyone to buy buy buy in Florida, Las Vegas, and Arizona so they would get the hell out of the intermountain west and stop destroying the farmland and stop polluting the air.
Anonymous said...
>>Dude! HE got the free shit, you didn't! YOU'RE the moron, not him!
November 27, 2007 3:29 AM
I'm sorry but I have to interrupt this program... WTF! Are you NOT thinking? What free shit? Hhmmm, let's see this guy is buying let's say a $400k property, okay. The builder's throw in top of the line free appliances, dandy.
Now let's look down the road to one year from now. The property is worth $300k (and that's being conservative). His property has now depreciated (gone down) $100k!
FREE APPLIANCES!!!???
.
"It's a piece of Crap...it doesn't work"!
.
Mr. Saldana- dont buy a home so fast. Just wait nine months or even one more year. Homes are going to drop at least 15% or more in the next six months alone just in Sunny California. 80% of all home loans are ARM interest only loans in California. There will be 600,000 home loans to reset:adjust in 2008 in California. Half of those homes will be forclosed.And banks are asking for 10% down to buy a home now,that is with a person who has good credit-700 FICO score. China, Japan,India,Spain and Brazil are all going to cash out there US Treasury Bonds T-BILLS. That is in the Trillons of dollars.That will force the FED to rise rates. And on top of that all a gallon of gas will cost $4.00 next year. So just wait!!!
WE HELD NEW YORK REAL ESTATE FOR 17 YEARS THAT WOULD NOT SELL FOR A QUARTER OF ITS TAX ASSESSED "VALUE" AND SOLD IT AT A THIRD OF ITS TAX ASSESSED VALUE IN ORDER TO AVOID PAYING WHAT AMOUNTED TO 18 PERCENT OF THE RECEIVED SALE PRICE IN TAXES EVERY YEAR AGAIN AND AGAIN., IM WAITING FOR HOUSES TO RETURN TO THE DISTRESSED PRICES OF 2000
DID I READ THAT CITI WAS PAYING 11 PERCENT INTEREST TO THER BUYERS OF THE PART OF THE COMPANY THEY ARE SELLING, YET THE FED IS TALKING OF CUTTING ITS 4 PERCENT RATES, SOMEWHAT FOREIGNERS AND PERCENTAGE HOLDERS GETTING 11 PERCENT RETURNS/
Bwaahahahahahahahahahahahahahaha!
That's what I'd tell them.
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