BG said: “The perils of the wanna-be Pigg buying crowd (yourself included in the first two categories, Jazzman :)) are threefold, in order of impact:
-waited too long to buy due to being overly picky
-perceived inventory shortages, leading to less ability to be picky
-interest rates could gradually rise, leading to even less ability to be picky, and even possibly being eventually shut out altogether”
Lest you have forgotten the recent past, many have earned the right to be picky. I’m reading the reaction of other posters here, and the popular sentiment is not exactly upbeat. As a Realtor you ignore that at your peril.
You are also guilty (again) of miscategorizing me. I bought a year ago, and invested in RE two years ago, just not in the over-priced markets. I bought well enough that I can now afford a second home. Inventory shortages were low, but nowhere as bad as they are now.
Less ability to be picky is just as likely to lead to more pickiness, which is far from being “shut out”. More like walking away, since home ownership is yet again proving to be a perilous and pointless exercise.
I don’t need to explain to you the potential impact of softening rents, on a housing market still in the throes of a crisis, as you know I know you know that.
If you are moving to the Bay area, and plan on buying a fixer good luck. You’ll need plenty of money. It must be nice not being picky about what you pay for something, or what it looks like, or who your neighbors are.
