Giving in

[scaredyclassic]

50 is not that old to wait to buy a house. And let’s be clear. No one is buying a house. we’re buying mortgages.

i think even normal people are starting to get that, esp. with the news articles on damaging homes in foreclosure. I was talking to someone who felt outraged at a recent damage case, that it “wasn’t their home to damage”. damn straight. it’s the banks, baby. you own nothing but the tax bill. and maybe a sliver of equity. maybe. and a low interest rate. and you can choose the color of paint (subject to local zoning ordinances, of course.

but home ownership. no. youowneffin nothing! NOTHING.

and you know what? they should be waiting to get married and have kids, too…

i don’t think any other countries would “literally go to war” to ahve a chance to get married, have kids, or get a mortgage.

maybe they’d go to war to make us pay our bills?

[Anonymous]

[quote=bluehairdave][quote=SD Realtor]Deadzone to me the issue to buy or not to buy simply boils down to a personal choice. Anyone who buys because everyone around them is buying is doing so for the wrong reason. I could not put a number on it, but for most married couples, the choice to buy is made because one of the spouses wants a house plain and simple. So it is done in the name of harmony. I am not saying this is right or wrong, however it just is. Sales are down because inventory sucks and because homes are overpriced. They are not down because buyers have left the market. Buyers are frustrated with the market. Banks are still overpricing REOs and being stubborn with short sale approvals and quibbling over pricing. This has led to much longer shopping times for buyers.

Will this crater the market? No. Will this lead to a long slogging sort of market? Yes.

However to get the affect you are looking for that will really shake things down, the rates WILL do the trick. Note also that this holds true for generic homes in the 400k – 800k range depending on the neighborhood. When you get into the higher end stuff, it holds true as well but is stickier.[/quote]

I agree. It think its ridiculous that people put their lives and plans on hold to ‘wait for the market’ I find that people who find excuses of why not to go do things tend to always just have the excuses left at the end of the day. Next thing you know your 50 years old and never owned a home. And for many people home ownership irregardless of the ‘market’ is a life long goal.

Get married, buy a house, have a few kids buy a nicer and bigger house. Pay for college for the kids etc.. You know… Things that 90% of the rest of the world literally go to war to try to get the chance to do.[/quote]

Sounds like the American dream propaganda..blah..blah..blah.

I agree with most of SDRs points, particularly that low interest rates are the key driver holding up housing prices. But, suggesting that a smaller pool of potential buyers has nothing to do with the lack of sales is total bullshit. The “spousal pressure” to buy has always been there and always will be. But if you don’t have the money for a downpayment, or you are underwater in your current house, you simply are not a candidate for purchasing a home, doesn’t matter how bad you want it.

And as I’ve pointed out, a large majority of the “holdouts” who waited out the housing boom have already purchased now. These are folks who by definition were saving for a downpayment and weren’t underwater. How many of people are left who are out of debt and have cash for downpayment? A hell of a lot less than before and suggesting this is not a major factor for the lack of sales is ridiculous.

[Anonymous]

[quote=bluehairdave][quote=SD Realtor]Deadzone to me the issue to buy or not to buy simply boils down to a personal choice. Anyone who buys because everyone around them is buying is doing so for the wrong reason. I could not put a number on it, but for most married couples, the choice to buy is made because one of the spouses wants a house plain and simple. So it is done in the name of harmony. I am not saying this is right or wrong, however it just is. Sales are down because inventory sucks and because homes are overpriced. They are not down because buyers have left the market. Buyers are frustrated with the market. Banks are still overpricing REOs and being stubborn with short sale approvals and quibbling over pricing. This has led to much longer shopping times for buyers.

Will this crater the market? No. Will this lead to a long slogging sort of market? Yes.

However to get the affect you are looking for that will really shake things down, the rates WILL do the trick. Note also that this holds true for generic homes in the 400k – 800k range depending on the neighborhood. When you get into the higher end stuff, it holds true as well but is stickier.[/quote]

I agree. It think its ridiculous that people put their lives and plans on hold to ‘wait for the market’ I find that people who find excuses of why not to go do things tend to always just have the excuses left at the end of the day. Next thing you know your 50 years old and never owned a home. And for many people home ownership irregardless of the ‘market’ is a life long goal.

Get married, buy a house, have a few kids buy a nicer and bigger house. Pay for college for the kids etc.. You know… Things that 90% of the rest of the world literally go to war to try to get the chance to do.[/quote]

Sounds like the American dream propaganda..blah..blah..blah.

I agree with most of SDRs points, particularly that low interest rates are the key driver holding up housing prices. But, suggesting that a smaller pool of potential buyers has nothing to do with the lack of sales is total bullshit. The “spousal pressure” to buy has always been there and always will be. But if you don’t have the money for a downpayment, or you are underwater in your current house, you simply are not a candidate for purchasing a home, doesn’t matter how bad you want it.

And as I’ve pointed out, a large majority of the “holdouts” who waited out the housing boom have already purchased now. These are folks who by definition were saving for a downpayment and weren’t underwater. How many of people are left who are out of debt and have cash for downpayment? A hell of a lot less than before and suggesting this is not a major factor for the lack of sales is ridiculous.

[Anonymous]

[quote=bluehairdave][quote=SD Realtor]Deadzone to me the issue to buy or not to buy simply boils down to a personal choice. Anyone who buys because everyone around them is buying is doing so for the wrong reason. I could not put a number on it, but for most married couples, the choice to buy is made because one of the spouses wants a house plain and simple. So it is done in the name of harmony. I am not saying this is right or wrong, however it just is. Sales are down because inventory sucks and because homes are overpriced. They are not down because buyers have left the market. Buyers are frustrated with the market. Banks are still overpricing REOs and being stubborn with short sale approvals and quibbling over pricing. This has led to much longer shopping times for buyers.

Will this crater the market? No. Will this lead to a long slogging sort of market? Yes.

However to get the affect you are looking for that will really shake things down, the rates WILL do the trick. Note also that this holds true for generic homes in the 400k – 800k range depending on the neighborhood. When you get into the higher end stuff, it holds true as well but is stickier.[/quote]

I agree. It think its ridiculous that people put their lives and plans on hold to ‘wait for the market’ I find that people who find excuses of why not to go do things tend to always just have the excuses left at the end of the day. Next thing you know your 50 years old and never owned a home. And for many people home ownership irregardless of the ‘market’ is a life long goal.

Get married, buy a house, have a few kids buy a nicer and bigger house. Pay for college for the kids etc.. You know… Things that 90% of the rest of the world literally go to war to try to get the chance to do.[/quote]

Sounds like the American dream propaganda..blah..blah..blah.

I agree with most of SDRs points, particularly that low interest rates are the key driver holding up housing prices. But, suggesting that a smaller pool of potential buyers has nothing to do with the lack of sales is total bullshit. The “spousal pressure” to buy has always been there and always will be. But if you don’t have the money for a downpayment, or you are underwater in your current house, you simply are not a candidate for purchasing a home, doesn’t matter how bad you want it.

And as I’ve pointed out, a large majority of the “holdouts” who waited out the housing boom have already purchased now. These are folks who by definition were saving for a downpayment and weren’t underwater. How many of people are left who are out of debt and have cash for downpayment? A hell of a lot less than before and suggesting this is not a major factor for the lack of sales is ridiculous.

[Anonymous]

[quote=bluehairdave][quote=SD Realtor]Deadzone to me the issue to buy or not to buy simply boils down to a personal choice. Anyone who buys because everyone around them is buying is doing so for the wrong reason. I could not put a number on it, but for most married couples, the choice to buy is made because one of the spouses wants a house plain and simple. So it is done in the name of harmony. I am not saying this is right or wrong, however it just is. Sales are down because inventory sucks and because homes are overpriced. They are not down because buyers have left the market. Buyers are frustrated with the market. Banks are still overpricing REOs and being stubborn with short sale approvals and quibbling over pricing. This has led to much longer shopping times for buyers.

Will this crater the market? No. Will this lead to a long slogging sort of market? Yes.

However to get the affect you are looking for that will really shake things down, the rates WILL do the trick. Note also that this holds true for generic homes in the 400k – 800k range depending on the neighborhood. When you get into the higher end stuff, it holds true as well but is stickier.[/quote]

I agree. It think its ridiculous that people put their lives and plans on hold to ‘wait for the market’ I find that people who find excuses of why not to go do things tend to always just have the excuses left at the end of the day. Next thing you know your 50 years old and never owned a home. And for many people home ownership irregardless of the ‘market’ is a life long goal.

Get married, buy a house, have a few kids buy a nicer and bigger house. Pay for college for the kids etc.. You know… Things that 90% of the rest of the world literally go to war to try to get the chance to do.[/quote]

Sounds like the American dream propaganda..blah..blah..blah.

I agree with most of SDRs points, particularly that low interest rates are the key driver holding up housing prices. But, suggesting that a smaller pool of potential buyers has nothing to do with the lack of sales is total bullshit. The “spousal pressure” to buy has always been there and always will be. But if you don’t have the money for a downpayment, or you are underwater in your current house, you simply are not a candidate for purchasing a home, doesn’t matter how bad you want it.

And as I’ve pointed out, a large majority of the “holdouts” who waited out the housing boom have already purchased now. These are folks who by definition were saving for a downpayment and weren’t underwater. How many of people are left who are out of debt and have cash for downpayment? A hell of a lot less than before and suggesting this is not a major factor for the lack of sales is ridiculous.

[Anonymous]

[quote=bluehairdave][quote=SD Realtor]Deadzone to me the issue to buy or not to buy simply boils down to a personal choice. Anyone who buys because everyone around them is buying is doing so for the wrong reason. I could not put a number on it, but for most married couples, the choice to buy is made because one of the spouses wants a house plain and simple. So it is done in the name of harmony. I am not saying this is right or wrong, however it just is. Sales are down because inventory sucks and because homes are overpriced. They are not down because buyers have left the market. Buyers are frustrated with the market. Banks are still overpricing REOs and being stubborn with short sale approvals and quibbling over pricing. This has led to much longer shopping times for buyers.

Will this crater the market? No. Will this lead to a long slogging sort of market? Yes.

However to get the affect you are looking for that will really shake things down, the rates WILL do the trick. Note also that this holds true for generic homes in the 400k – 800k range depending on the neighborhood. When you get into the higher end stuff, it holds true as well but is stickier.[/quote]

I agree. It think its ridiculous that people put their lives and plans on hold to ‘wait for the market’ I find that people who find excuses of why not to go do things tend to always just have the excuses left at the end of the day. Next thing you know your 50 years old and never owned a home. And for many people home ownership irregardless of the ‘market’ is a life long goal.

Get married, buy a house, have a few kids buy a nicer and bigger house. Pay for college for the kids etc.. You know… Things that 90% of the rest of the world literally go to war to try to get the chance to do.[/quote]

Sounds like the American dream propaganda..blah..blah..blah.

I agree with most of SDRs points, particularly that low interest rates are the key driver holding up housing prices. But, suggesting that a smaller pool of potential buyers has nothing to do with the lack of sales is total bullshit. The “spousal pressure” to buy has always been there and always will be. But if you don’t have the money for a downpayment, or you are underwater in your current house, you simply are not a candidate for purchasing a home, doesn’t matter how bad you want it.

And as I’ve pointed out, a large majority of the “holdouts” who waited out the housing boom have already purchased now. These are folks who by definition were saving for a downpayment and weren’t underwater. How many of people are left who are out of debt and have cash for downpayment? A hell of a lot less than before and suggesting this is not a major factor for the lack of sales is ridiculous.

[jstoesz]

I really enjoy this thread…

It rehashes many of the s. california problems I see. I think at the end of the day if you are not willing to play the game that your fellow s. californians are playing you are SOL. It is a values problem, and those corrupt values have not changed. Your neighbors appetites simply do not have the same access to capital they once had. But mortgage they will, live month to month on a shoe string they will. You have to be willing to live as close to the edge as your peers are, otherwise you will be relegated to BG’s neighborhoods…

I am not willing to play, and that is a big part of why I moved (fled). Now as many of you know, I may get dragged back by family ties. But when/if I do, real estate will certainly be the biggest bain of my existence.

If you can’t happily join em, all your logic about value will amount to a hill of beans.

It really is that stupid and simple. So move away, rent with a contrived smile, or mortgage your future. Not everything in life has a clear and optimal best path forward, unless you move to MN that is 🙂

Am I being to melodramatic?

[jstoesz]

I really enjoy this thread…

It rehashes many of the s. california problems I see. I think at the end of the day if you are not willing to play the game that your fellow s. californians are playing you are SOL. It is a values problem, and those corrupt values have not changed. Your neighbors appetites simply do not have the same access to capital they once had. But mortgage they will, live month to month on a shoe string they will. You have to be willing to live as close to the edge as your peers are, otherwise you will be relegated to BG’s neighborhoods…

I am not willing to play, and that is a big part of why I moved (fled). Now as many of you know, I may get dragged back by family ties. But when/if I do, real estate will certainly be the biggest bain of my existence.

If you can’t happily join em, all your logic about value will amount to a hill of beans.

It really is that stupid and simple. So move away, rent with a contrived smile, or mortgage your future. Not everything in life has a clear and optimal best path forward, unless you move to MN that is 🙂

Am I being to melodramatic?

[jstoesz]

I really enjoy this thread…

It rehashes many of the s. california problems I see. I think at the end of the day if you are not willing to play the game that your fellow s. californians are playing you are SOL. It is a values problem, and those corrupt values have not changed. Your neighbors appetites simply do not have the same access to capital they once had. But mortgage they will, live month to month on a shoe string they will. You have to be willing to live as close to the edge as your peers are, otherwise you will be relegated to BG’s neighborhoods…

I am not willing to play, and that is a big part of why I moved (fled). Now as many of you know, I may get dragged back by family ties. But when/if I do, real estate will certainly be the biggest bain of my existence.

If you can’t happily join em, all your logic about value will amount to a hill of beans.

It really is that stupid and simple. So move away, rent with a contrived smile, or mortgage your future. Not everything in life has a clear and optimal best path forward, unless you move to MN that is 🙂

Am I being to melodramatic?

[jstoesz]

I really enjoy this thread…

It rehashes many of the s. california problems I see. I think at the end of the day if you are not willing to play the game that your fellow s. californians are playing you are SOL. It is a values problem, and those corrupt values have not changed. Your neighbors appetites simply do not have the same access to capital they once had. But mortgage they will, live month to month on a shoe string they will. You have to be willing to live as close to the edge as your peers are, otherwise you will be relegated to BG’s neighborhoods…

I am not willing to play, and that is a big part of why I moved (fled). Now as many of you know, I may get dragged back by family ties. But when/if I do, real estate will certainly be the biggest bain of my existence.

If you can’t happily join em, all your logic about value will amount to a hill of beans.

It really is that stupid and simple. So move away, rent with a contrived smile, or mortgage your future. Not everything in life has a clear and optimal best path forward, unless you move to MN that is 🙂

Am I being to melodramatic?

[jstoesz]

I really enjoy this thread…

It rehashes many of the s. california problems I see. I think at the end of the day if you are not willing to play the game that your fellow s. californians are playing you are SOL. It is a values problem, and those corrupt values have not changed. Your neighbors appetites simply do not have the same access to capital they once had. But mortgage they will, live month to month on a shoe string they will. You have to be willing to live as close to the edge as your peers are, otherwise you will be relegated to BG’s neighborhoods…

I am not willing to play, and that is a big part of why I moved (fled). Now as many of you know, I may get dragged back by family ties. But when/if I do, real estate will certainly be the biggest bain of my existence.

If you can’t happily join em, all your logic about value will amount to a hill of beans.

It really is that stupid and simple. So move away, rent with a contrived smile, or mortgage your future. Not everything in life has a clear and optimal best path forward, unless you move to MN that is 🙂

Am I being to melodramatic?

[scaredyclassic]

easy money data point: i carefully shop cheap cash advance rates. it’s been a few years since ive seen true 0% cash advances. i get offers for 0%, but with a 3-4% transaction fee. today i got one for 0% interest and 1% transaction fee. also, 21 months interest free charges on the card. money is definitely still easy and getting much cheaper to come by. the credit card companies evidently think it’s time to start loading people up on debt. I will definitely leave the max on the 21 month cardand pay the min.

[scaredyclassic]

easy money data point: i carefully shop cheap cash advance rates. it’s been a few years since ive seen true 0% cash advances. i get offers for 0%, but with a 3-4% transaction fee. today i got one for 0% interest and 1% transaction fee. also, 21 months interest free charges on the card. money is definitely still easy and getting much cheaper to come by. the credit card companies evidently think it’s time to start loading people up on debt. I will definitely leave the max on the 21 month cardand pay the min.

[scaredyclassic]

easy money data point: i carefully shop cheap cash advance rates. it’s been a few years since ive seen true 0% cash advances. i get offers for 0%, but with a 3-4% transaction fee. today i got one for 0% interest and 1% transaction fee. also, 21 months interest free charges on the card. money is definitely still easy and getting much cheaper to come by. the credit card companies evidently think it’s time to start loading people up on debt. I will definitely leave the max on the 21 month cardand pay the min.

[scaredyclassic]

easy money data point: i carefully shop cheap cash advance rates. it’s been a few years since ive seen true 0% cash advances. i get offers for 0%, but with a 3-4% transaction fee. today i got one for 0% interest and 1% transaction fee. also, 21 months interest free charges on the card. money is definitely still easy and getting much cheaper to come by. the credit card companies evidently think it’s time to start loading people up on debt. I will definitely leave the max on the 21 month cardand pay the min.

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