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October 8, 2009 at 4:17 PM #466758October 8, 2009 at 4:26 PM #465942
sdcellar
Participant[quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]
Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.
October 8, 2009 at 4:26 PM #466129Participant[quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]
Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.
October 8, 2009 at 4:26 PM #466487Participant[quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]
Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.
October 8, 2009 at 4:26 PM #466559Participant[quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]
Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.
October 8, 2009 at 4:26 PM #466763Participant[quote=CA renter]Although many of us would like to think we’re buying our “last” house, life has a tendency to be unpredictable, and any number of events — like changes in family formation (marriage, divorce kids, in-laws, etc.), job loss or transfer, etc.– might force someone to have to sell. Better to have bought near the low, so that you are always able to sell at any point in the future.[/quote]
Agree that it’s difficult (impossible?) for anyone to see 30 years out. I tend to think a good approach is to make sure things work for you 7-10 years out with somewhat challenging assumptions (e.g. value drops another 15-20%, can’t re-fi, must sell, etc.). If that can work, then it typically only gets better from there.
October 8, 2009 at 4:32 PM #465947Nor-LA-SD-guy
Participant[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
In places Like TV anyway
Just my two cents.
October 8, 2009 at 4:32 PM #466134Participant[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
In places Like TV anyway
Just my two cents.
October 8, 2009 at 4:32 PM #466492Participant[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
In places Like TV anyway
Just my two cents.
October 8, 2009 at 4:32 PM #466563Participant[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
In places Like TV anyway
Just my two cents.
October 8, 2009 at 4:32 PM #466768Participant[quote=qcomer]I have been frustrated as I have had 3-4 short sale offers rejected by lender. I have now excluded them from my search despite short sales making 40% of the market right now. What benefit do banks have with going through with a short sale instead of foreclosure? And real estate agents are extremely reluctant to work with short sales. Any idea, how many of these contingent short sales will end up in foreclosure or come back on market?[/quote]
One of the CEO’s from a well known home builder finally said something that I have been saying for a while now, And that is that the appraisers are appraising everything like it was the dilapidated REO that just sold down the street regardless of condition, and that is keeping the market depressed. Believe it or not , it is not doing the average home buyer a favor by doing this, the only persons that seems to be winning this battle are the all cash investor types,
If you need to get a loan you will need to get the home values above where the flippers and all cash low ballers will lose interest, (ie.. about the cost to build is my guess), then maybe you will see builders start a few project again.
In places Like TV anyway
Just my two cents.
October 8, 2009 at 4:42 PM #465952qcomer
ParticipantI guess you need to be careful with your rent/buy calculation. Rents are coming down especially for condos as there are lot of investment rental condos on market. Rental vacancy in apartments is upto 8% now. Typical 2Br/2Ba condo rentals are down $100 or so from last year.
October 8, 2009 at 4:42 PM #466139ParticipantI guess you need to be careful with your rent/buy calculation. Rents are coming down especially for condos as there are lot of investment rental condos on market. Rental vacancy in apartments is upto 8% now. Typical 2Br/2Ba condo rentals are down $100 or so from last year.
October 8, 2009 at 4:42 PM #466497ParticipantI guess you need to be careful with your rent/buy calculation. Rents are coming down especially for condos as there are lot of investment rental condos on market. Rental vacancy in apartments is upto 8% now. Typical 2Br/2Ba condo rentals are down $100 or so from last year.
October 8, 2009 at 4:42 PM #466569ParticipantI guess you need to be careful with your rent/buy calculation. Rents are coming down especially for condos as there are lot of investment rental condos on market. Rental vacancy in apartments is upto 8% now. Typical 2Br/2Ba condo rentals are down $100 or so from last year.
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