Buying a house at the new top of the market?

[Nor-LA-SD-guy]

Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.

[jficquette]

[quote=scaredycat]the thoughts expressed by the OP are mine exactly. That said, we just saw a house the wife loves aabout 4 days ago, i quickly got my paperwork in order, made an offer about 8% under the list price which i (and my agent) thought was a little high, and was promptly told an offer had already been accepted and we could be backup. that was fast and furious. I have cose to zero faith in my ability to gauge what a place will go for. However, i also have little confidence that I won’t be underwater in a decade or so, at least on the mid-upper end we’re looking at. i’m a little sad we didn’t get that place as it actually was just what she was looking for, and I probably should’ve come in with my highest and best offer. Actually, what i offered was what i thought was my highest and best offer, but after being berated by spouse afterwards, maybe it wasn’t.[/quote]

Women are the root of all evil(g).

John

[jficquette]

[quote=scaredycat]the thoughts expressed by the OP are mine exactly. That said, we just saw a house the wife loves aabout 4 days ago, i quickly got my paperwork in order, made an offer about 8% under the list price which i (and my agent) thought was a little high, and was promptly told an offer had already been accepted and we could be backup. that was fast and furious. I have cose to zero faith in my ability to gauge what a place will go for. However, i also have little confidence that I won’t be underwater in a decade or so, at least on the mid-upper end we’re looking at. i’m a little sad we didn’t get that place as it actually was just what she was looking for, and I probably should’ve come in with my highest and best offer. Actually, what i offered was what i thought was my highest and best offer, but after being berated by spouse afterwards, maybe it wasn’t.[/quote]

Women are the root of all evil(g).

John

[jficquette]

[quote=scaredycat]the thoughts expressed by the OP are mine exactly. That said, we just saw a house the wife loves aabout 4 days ago, i quickly got my paperwork in order, made an offer about 8% under the list price which i (and my agent) thought was a little high, and was promptly told an offer had already been accepted and we could be backup. that was fast and furious. I have cose to zero faith in my ability to gauge what a place will go for. However, i also have little confidence that I won’t be underwater in a decade or so, at least on the mid-upper end we’re looking at. i’m a little sad we didn’t get that place as it actually was just what she was looking for, and I probably should’ve come in with my highest and best offer. Actually, what i offered was what i thought was my highest and best offer, but after being berated by spouse afterwards, maybe it wasn’t.[/quote]

Women are the root of all evil(g).

John

[jficquette]

[quote=scaredycat]the thoughts expressed by the OP are mine exactly. That said, we just saw a house the wife loves aabout 4 days ago, i quickly got my paperwork in order, made an offer about 8% under the list price which i (and my agent) thought was a little high, and was promptly told an offer had already been accepted and we could be backup. that was fast and furious. I have cose to zero faith in my ability to gauge what a place will go for. However, i also have little confidence that I won’t be underwater in a decade or so, at least on the mid-upper end we’re looking at. i’m a little sad we didn’t get that place as it actually was just what she was looking for, and I probably should’ve come in with my highest and best offer. Actually, what i offered was what i thought was my highest and best offer, but after being berated by spouse afterwards, maybe it wasn’t.[/quote]

Women are the root of all evil(g).

John

[jficquette]

[quote=scaredycat]the thoughts expressed by the OP are mine exactly. That said, we just saw a house the wife loves aabout 4 days ago, i quickly got my paperwork in order, made an offer about 8% under the list price which i (and my agent) thought was a little high, and was promptly told an offer had already been accepted and we could be backup. that was fast and furious. I have cose to zero faith in my ability to gauge what a place will go for. However, i also have little confidence that I won’t be underwater in a decade or so, at least on the mid-upper end we’re looking at. i’m a little sad we didn’t get that place as it actually was just what she was looking for, and I probably should’ve come in with my highest and best offer. Actually, what i offered was what i thought was my highest and best offer, but after being berated by spouse afterwards, maybe it wasn’t.[/quote]

Women are the root of all evil(g).

John

[poorgradstudent]

Trying to time the bottom perfectly is a difficult game. While there is a national and regional real estate market, the market for certain neighborhoods and streets can very a bit from overall trends. An individual property might be priced to sell to the point it’s still a good value.

Homes also do have some subjective value. If a home is ideal for your family’s needs and you would be really happy living there, AND you can afford it, it might not make sense to hold out hoping for a better deal. No place will be absolutely perfect in all ways.

I guess the other important thing to keep in mind is we’re not going to see another 40-50% drop like from the September ’05 bubble peak. A 5% dip in the next year could be made up a lot faster than homes bought in ’05 that likely won’t break even for a decade.

[poorgradstudent]

Trying to time the bottom perfectly is a difficult game. While there is a national and regional real estate market, the market for certain neighborhoods and streets can very a bit from overall trends. An individual property might be priced to sell to the point it’s still a good value.

Homes also do have some subjective value. If a home is ideal for your family’s needs and you would be really happy living there, AND you can afford it, it might not make sense to hold out hoping for a better deal. No place will be absolutely perfect in all ways.

I guess the other important thing to keep in mind is we’re not going to see another 40-50% drop like from the September ’05 bubble peak. A 5% dip in the next year could be made up a lot faster than homes bought in ’05 that likely won’t break even for a decade.

[poorgradstudent]

Trying to time the bottom perfectly is a difficult game. While there is a national and regional real estate market, the market for certain neighborhoods and streets can very a bit from overall trends. An individual property might be priced to sell to the point it’s still a good value.

Homes also do have some subjective value. If a home is ideal for your family’s needs and you would be really happy living there, AND you can afford it, it might not make sense to hold out hoping for a better deal. No place will be absolutely perfect in all ways.

I guess the other important thing to keep in mind is we’re not going to see another 40-50% drop like from the September ’05 bubble peak. A 5% dip in the next year could be made up a lot faster than homes bought in ’05 that likely won’t break even for a decade.

[poorgradstudent]

Trying to time the bottom perfectly is a difficult game. While there is a national and regional real estate market, the market for certain neighborhoods and streets can very a bit from overall trends. An individual property might be priced to sell to the point it’s still a good value.

Homes also do have some subjective value. If a home is ideal for your family’s needs and you would be really happy living there, AND you can afford it, it might not make sense to hold out hoping for a better deal. No place will be absolutely perfect in all ways.

I guess the other important thing to keep in mind is we’re not going to see another 40-50% drop like from the September ’05 bubble peak. A 5% dip in the next year could be made up a lot faster than homes bought in ’05 that likely won’t break even for a decade.

[poorgradstudent]

Trying to time the bottom perfectly is a difficult game. While there is a national and regional real estate market, the market for certain neighborhoods and streets can very a bit from overall trends. An individual property might be priced to sell to the point it’s still a good value.

Homes also do have some subjective value. If a home is ideal for your family’s needs and you would be really happy living there, AND you can afford it, it might not make sense to hold out hoping for a better deal. No place will be absolutely perfect in all ways.

I guess the other important thing to keep in mind is we’re not going to see another 40-50% drop like from the September ’05 bubble peak. A 5% dip in the next year could be made up a lot faster than homes bought in ’05 that likely won’t break even for a decade.

[briansd1]

[quote=Nor-LA-SD-guy]Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.[/quote]

I’ve been to China many times.

As I said before one of my Chinese friend’s parents sold (was forced to sell) their ancestral house to developers. In exchange they are getting 4 brand new luxury condos free and clear from the developers.

But they are not looking to buy in America.

China is building luxury condos that people can’t afford. Speculators are sitting on empty units because it’s where they are parking their cash. There are no property taxes in China so the holding cost on new units is almost nil.

When the bubble bursts in the big cities of China it won’t be pretty.

[briansd1]

[quote=Nor-LA-SD-guy]Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.[/quote]

I’ve been to China many times.

As I said before one of my Chinese friend’s parents sold (was forced to sell) their ancestral house to developers. In exchange they are getting 4 brand new luxury condos free and clear from the developers.

But they are not looking to buy in America.

China is building luxury condos that people can’t afford. Speculators are sitting on empty units because it’s where they are parking their cash. There are no property taxes in China so the holding cost on new units is almost nil.

When the bubble bursts in the big cities of China it won’t be pretty.

[briansd1]

[quote=Nor-LA-SD-guy]Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.[/quote]

I’ve been to China many times.

As I said before one of my Chinese friend’s parents sold (was forced to sell) their ancestral house to developers. In exchange they are getting 4 brand new luxury condos free and clear from the developers.

But they are not looking to buy in America.

China is building luxury condos that people can’t afford. Speculators are sitting on empty units because it’s where they are parking their cash. There are no property taxes in China so the holding cost on new units is almost nil.

When the bubble bursts in the big cities of China it won’t be pretty.

[briansd1]

[quote=Nor-LA-SD-guy]Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.[/quote]

I’ve been to China many times.

As I said before one of my Chinese friend’s parents sold (was forced to sell) their ancestral house to developers. In exchange they are getting 4 brand new luxury condos free and clear from the developers.

But they are not looking to buy in America.

China is building luxury condos that people can’t afford. Speculators are sitting on empty units because it’s where they are parking their cash. There are no property taxes in China so the holding cost on new units is almost nil.

When the bubble bursts in the big cities of China it won’t be pretty.

[Author]

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