September 01, 2008

HousingPANIC Quote of the Day

“Everyone has been in a panic. The realtors are crazy; they want you to drop the price really low.”

- Alexandra Swanberg, desperate Florida homedebtor, not understanding supply and demand, August 2008


Anonymous said...

No, the market wants you to drop the price!

Anonymous said...

Nah! Keep the price sky high!

Eventually inflation will catch up to your desired price.

Probably in 10-15 years.

Good luck.

Anonymous said...

Payback is a bitch-

sorry to lose your retirement fund there sugar shorts

Anonymous said...

The only thing that realtors want is their 6%. Sure, it might bring in less with housing prices lower, but hey...6% free money to them!

wc said...

It's so funny that she only paid $60K when she bought it and she's b*tching about having to lower her price to the low $200s. What a sense of entitlement these people have. Buyers are on the sidelines for a good reason and we're staying there until prices make sense against our inflation-ravaged, stagnating salaries.

Anonymous said...

Should have taken the first offer!

Greedy losers - have some humble pie.

tom12008 said...

Exactly. 6% of something is better than 100% of nothing. Do not expect agents to show your home for wishing prices that potential buyers will only laugh at. It sucks to be a seller in a buyer's market, just as it sucks to pay too much for a house in when it's a seller's market.

Stuck in So Pa said...

Good case in point right here on my road. A neighbor and his wife had to move for health reasons. They put their nice place, (custom built in the 1960's,three acres, water view, two car detached garage) up for sale at a $120,000 price, reasonable for this area, and sold within two days for $115,000.

There is another 1-acre lot down the road that some Baltimore/Maryland area fliptard idiot bought for 17K and wants $125,000, FOR JUST THE LOT.

A little farther on, another Baltimore area fliptard, during the height of the Baltimore bubble, 2-3 years ago, bought a run down dump, on a flood plain, for $100,000(paid way too much), put 20-30K in it, and threw it on the market for 325K.

He's now down to $195,000 asking price and has turned down offers from 150-165(still way to much, former out-of-state owner paid 26,000 for it in 1983, used it as a weekend getaway during the summer, AND DID NOTHING TO THE PLACE IN 20 YEARS. The fliptard had to gut the place, AND put in a new septic system) A year from now, “real estate genius” will be kicking himself for not taking the 165K offer.

I don't wish either of thse sellers any ill will, but there is that saying:

"The Gods Punish The Stupid"

hp fan said...

The Realtor just wants her commission.

You aint seen nothin' yet either.

Incomes have only slightly increased since 1999 and prices for food, energy, education, etc have increased dramatically which negates any increase in income.

Thousands of Baby Boomers will be dying every day for the next 20 years as well which will significantly increase housing inventory.

Boomer Death Counter

House prices will likely fall to 1990 levels especially if McCain is elected which will draw out the recovery to a decade or more.

SeattleMoose said...

Hungry stomachs have no conscience...

The unwritten creed of RE "professionals" everywhere.

Mark in San Diego said...

I guess it is time for Keith to hang it up - when the NYT talks about "rent to own" formula, and massive falling prices over the next year, our work here is about over. . .I love the part about renting a $2 million place for pennies. . . .ditto here in SD.

Anonymous said...

"...“Everyone has been in a panic,”...

...Housing Panic®!

Devestment said...

The less excitement there is in the market, the less I want to be a part of it.

There was a time when I really wanted houses, now I could care less. I feel like I am seeing properties and communities for what they really are now that the hype is gone.

I like so much of the country at different seasons it may make more sense for me to move around renting.

I would have died for a house in Santa Barbara, Ca. Now that I have enough cash to buy there outright, the place looks like an over congested socialist facelift party to me. Its one of the last places I would rent.

Anonymous said...

"..“The ‘rent vs. buy decision’ is something you used to see in old real estate textbooks; the new ones don’t even have it in there because for so long it was obvious that you should buy..."

We're trying to plan for the last buying opportunity of our lifetimes.

All the seller stubbornness and government meddling does is prolong and worsen the eventual bottom.

The old saw says they can remain illogical longer than we can remain solvent.

We shall see, won't we?

BB said...



Prices < or = 3X Median Incomes

...we will be near the bottom.

When inventory = 3 or 4 months of supply we'll start to see price increases in some of those areas.

Until then, this sort of story will be told over and over and over. Inventories will continue to climb. And prices will continue to drop. Like a rock. Simple math.


Anonymous said...

They want you to drop the price so that working people can acutally aford to pay their mortgage.
But in your case sit on house and keep paying those high taxes....
Greed.....One of the deadly seven sins...

Anonymous said...

WC comments hit the nail on the head.
That is the Truth.

Anonymous said...

I am a rental and hate it.
You have to deal with these kinds of idiots as your landlords.
My landlord is GREEDY. She is taking advantage that their are sooo many forclosures and high demand for rentals.
Well her 2 bd. 1 bath home is south Jersey can sit for 1800.00 a month..By the way it is unrenovated. In our contract (WE had no choice)we have to pay 75.00 toward any repairs on this old home.
I hate renting.

hire a hot realtor said...

A realtor is your best friend.Kiss their ass and you will get a reduced commission.By law commissions are negotiable my friends.Get some balls and negotiate.

A realtor can get you a lot better price than you can on your own.They know the market and have connections.That is what you pay for.Any dumbass can have an open house and fill out some forms.It is all about connections.Face the fact you don't have any and hire a sexy realtor.

palin is toast said...

It get worse for mccain:

John McCain's running mate Sarah Palin said Monday that her 17-year-old unmarried daughter is five months pregnant, an announcement aimed at rebutting Internet rumors that Palin's youngest son, born in April, was actually her daughter's.

What a winner!

I am the father said...

And even more bad new for mccain:

Palin's husband has DWI arrest
Posted: 01:40 PM ET

McCain and Sarah and Todd Palin campaigning in Washington, Pennsylvania.
ST. PAUL, Minnesota (CNN) — A senior adviser to the McCain campaign confirmed Monday that Todd Palin, husband to Republican vice presidential candidate Sarah Palin, was arrested for driving while intoxicated in 1984.

Anonymous said...

Fabled Enemies is out today for free on the web here:

Fabled Enemies

Fabled Enemies is unlike any 9/11 documentary ever put together. Rather than focusing on the physical anomalies at the World Trade Center and Pentagon, this film follows the intelligence ties of Osama Bin Laden, the alleged hijackers, and those who were actually detained on 9/11.

The movie delves deeply into the roles of seperate Nations that were involved in supporting the 9/11 attacks. From Israel to Saudi Arabia to Pakistan, and even the United States itself, no one is spared in this scathing expose that pulls no punches. Sit back and get ready to learn how members of the FBI had their investigations into Bin Laden obstructed and shut down, how the hijackers were trained at US bases, that military drills crippled our defense and facilitated the attacks, how the Shadow Government was actually activated that day, and much much more.

Anonymous said...

John McCain's running mate Sarah Palin said Monday that her 17-year-old unmarried daughter is five months pregnant, an announcement aimed at rebutting Internet rumors that Palin's youngest son, born in April, was actually her daughter's.

The uglier truth is that Palin's recent baby is actually the child of her daughter. The latest news is a clumsy attempt to cover up that fact. It's very evident if you look at the recent photos of Palin and daughter that Sarah never looked pregnant before the birth of the baby but her daughter did. And then suddenly the daughter's bump was gone after the birth of the baby. You can find out more here:

More on Palin's Baby Coverup

It doesn't matter to the fake conservatives though. I like to listen to fake conservative radio just for laughs and today they were saying they haven't been this excited about an election since Ronald Reagan!! So now Palin is the next Reagan to these fake conservative morons.

I hope Gustav sucks all those fake conservatives up and spits them into outer space.

Anonymous said...

Our moral standards have deteriorated to the point that even in two parent households daughters are getting pregnant. This is so sad.

What is happening to our society?

What happened to our morals??

Why do teenage girls think their right of passage is getting pregnant???

Personally, I dont know if these internet stories are true saying Sarah Palin's DS child is really her daughters, and not her's. DS usually occurs in womens over the age of 37. However, I'm sure we will find out the truth soon enough.

Anonymous said...


Remax RE Agent Office gets evicted for not paying their rent!! didn't they know it was better to on than to rent?

WaPo article:

Swann's Way said...


GREG is back, and he's bigger and better than ever! From his magnificent blog:

"Like many people reading here, August was a great month for us. I won’t know until I see the final numbers, but it may have been our best month ever. Certainly it’s in the top five.

September shows real promise, both because lenders are getting back on their bicycles and because Phoenix is suddenly very appealing to all-cash buyers."

Hear that, bitches? Last month may be the best month ever for the Swanster - better than any month in 2004, better than any month in 2005, better than any month in 2006! The bubble is back, baby!

And as the Gregster points out - it's not just him - this is true of a lot of other Real Estate Professionals, too. Enough with the Ramen jokes - it's time to fire up the Learjet! Vegas, baby! Bottle Service! Cocaine and Hookers! It's time to party like it was 2005!!!

If Ayn Rand were alive today, she would be writing her novels about Greg Swann - the Nietzschean Übermensch of our times!

Anonymous said...

NOVA sellers have the same damn problem its the price stupid.

skinkx said...

Well apparently the truth has arrived. hehe
check the date on the photos. Once again, when liberals feel threatened, they turn to deception. said...

Well it's about damn time the realtors are telling sellers to drop the price. The problem all along has been realtors talking sellers into asking unrealistically high prices!!

I guess with zero commissions coming in, they're getting sick of ramen three meals a day and realize a smaller commission is better than nothing.


Anonymous said...

I am the Father- you are a complete douche.

1. It was Palin's HUSBAND who was arrested. What does this have to do with her? Obama, HIMSELF, snorted coke. Senator Kennedy killed a fu*king girl by after driving off a bridge after probably going on a drinking binge. Douche.

2. The guy was arrested in 1984. 1984 was over TWENTY fu*king years ago and the guy was probably in his early twenties. Douche.

You're a Douche because the story is irrelevant.

Anonymous said...

i know not of this "supply and demand" of which you speak.
I was told home prices can only go up