Not only is Chris S the brightest, and sharpest investor on piggington , he is also the ONLY person in so cal who can buy a home so cheap in 2007 that he won’t loose any money on it going forward.
While others are already loosing over 30-40%, Chris has still managed to make a profit, and as usual, brag about his wisdom.
As similar to the NAR, Chris also is saying and has been saying that now is a great time to buy a home.
“Properties can be bought in the right circumstances, very near to where their lowest point will be in the future.”
To clarify Chris, in the future, home prices won’t be significantly lower, EVEN in the right circumstances? I just want to get this right. So basically we are very near a bottom, or if you possess INSANE home buying radar and can talk people down in price like a jedi knight using the force, you are buying at or near bottom.
Well, the only person I know who has skills like that is Chris, so I assume he will be buying up deals as they present themselves to him. We know how much money he has been making lately as he usually points out his millions invested, and massive returns, and I sincerely congratulate him on his success. I would love to hear about any of these deals that could be had at or near future bottom prices.
As for nearing the bottom, despite the all too popular (too bearish) “market sentiment”, I’m gonna go out on a limb and say that we are NO WHERE near a bottom. The massive housing inventory, less available credit, slowing economy, higher energy, food, and healthcare costs, and weakening employment all seem to point to significantly lower prices in the future for those of us who can’t negotiate 50% off of todays prices. We had the worlds largest credit and housing bubble ever. Speculation is GONE. People are walking away in masses. Sub-prime is dead. People, at least the neighboors and co-workers I know up in Temecula ARE struggling with mortgages, mounting debt, and increase in cost of living.(inflation) Housing topped in mid 2006 some time. Sorry, it won’t correct in 18 months, or even 36. History shows that these downturns last about 5 years. Considering the current state of the economy and the fact that the boom was so big, I think it is very possible that this downturn lasts longer. It looks like the rest of the world is catching on to our massive pyramid scheme. I doubt we will be able to continue to finance our way out of this mess even further.
Anyone, thinking about buying now, go ahead with pleasure. Enjoy and congrats. Call me pessimistic if you will. I will call myself realistic. I am not hating on anyone who buys. I am just voicing my opinion on behalf of the middle and lower class members here, who I don’t want to see become enslaved to a lifetime of debt. There will be good things that will come to those who wait. Meanwhile, renting is still cheaper than owning, even with a 20% which many don’t have.
You can spend all day long talking yourself in to why you should buy with things like tax savings, currently low rates, inflation which will make home prices higher someday long in the future. Its still better to buy low, and sell high, no matter what.
Chris, I don’t want this to come across as an attack, but when you are constantly saying things aren’t that bad, and that housing and markets won’t fall that much, people are going to disagree, especially here.
I just don’t like how the message that I keep reading is that most of us are “never gonna get it” and that we are overly bearish and talking sense into us is “futile”. The contribution comes across as arrogance. And I tend to agree with you that you are in the minority. Perhaps if you could give more substantial arguments for your case other than “when everyone is negative is the good time to buy”.
