Spring Housing Prediction

[peterb]

Actually CONCHO, this exact thing just happened to a close friend. He lives in an area that peaked in 2005 at about $1.2M per house. It has many people in it that are well over 65. The house directly accross the street just did almost exaclty what you said. The husband died last year, the wife no longer could stay in the property, so she sold. And guess what? She sold the house for $750K after 4 months on the market. She even put on a new roof to help sell it. They paid about $150K for the house in 1970, so she still did well, profit wise. But the point is, she had the equity to sell at the new low for the hood. My friends was bummed as he realized this scenario could happen many more times around his house and keep lowering the comps.

[blahblahblah]

It’s a sad story Pete but not an uncommon one. We tend to think everyone is like us, in their 30s/40s, successful, making money, doing well in their careers, etc… Those are the people we deal with on a daily basis so they become our universe. If we do deal with the elderly we automatically defer respect to them and assume — oh they live in DM, they’re probably rich and never have to worry about money. Then we go about our business.

But our retired and elderly neighbors do really inhabit a different reality than we do. Just imagine how frightening it must be to see how expensive everything has gotten when you’re on a fixed income! Some of these folks retired 10-15 years ago and prices of everything have just exploded. And now whatever equities or mutual funds they held are worth half of what they were last year. The pressure on them to sell is going to be intense if they suffer high medical bills, a death in the family, etc… Also, if they have multiple kids, selling the home can actually relieve them of the fear of their kids fighting over it after they’re gone while simultaneously guaranteeing that they don’t become a burden to them by freeing up a bunch of cash.

Want to find deals? Keep your eyes on neighborhoods built in the late 60s/early 70s with a large number of original owners. And be willing to wait, wait, wait…

[blahblahblah]

It’s a sad story Pete but not an uncommon one. We tend to think everyone is like us, in their 30s/40s, successful, making money, doing well in their careers, etc… Those are the people we deal with on a daily basis so they become our universe. If we do deal with the elderly we automatically defer respect to them and assume — oh they live in DM, they’re probably rich and never have to worry about money. Then we go about our business.

But our retired and elderly neighbors do really inhabit a different reality than we do. Just imagine how frightening it must be to see how expensive everything has gotten when you’re on a fixed income! Some of these folks retired 10-15 years ago and prices of everything have just exploded. And now whatever equities or mutual funds they held are worth half of what they were last year. The pressure on them to sell is going to be intense if they suffer high medical bills, a death in the family, etc… Also, if they have multiple kids, selling the home can actually relieve them of the fear of their kids fighting over it after they’re gone while simultaneously guaranteeing that they don’t become a burden to them by freeing up a bunch of cash.

Want to find deals? Keep your eyes on neighborhoods built in the late 60s/early 70s with a large number of original owners. And be willing to wait, wait, wait…

[blahblahblah]

It’s a sad story Pete but not an uncommon one. We tend to think everyone is like us, in their 30s/40s, successful, making money, doing well in their careers, etc… Those are the people we deal with on a daily basis so they become our universe. If we do deal with the elderly we automatically defer respect to them and assume — oh they live in DM, they’re probably rich and never have to worry about money. Then we go about our business.

But our retired and elderly neighbors do really inhabit a different reality than we do. Just imagine how frightening it must be to see how expensive everything has gotten when you’re on a fixed income! Some of these folks retired 10-15 years ago and prices of everything have just exploded. And now whatever equities or mutual funds they held are worth half of what they were last year. The pressure on them to sell is going to be intense if they suffer high medical bills, a death in the family, etc… Also, if they have multiple kids, selling the home can actually relieve them of the fear of their kids fighting over it after they’re gone while simultaneously guaranteeing that they don’t become a burden to them by freeing up a bunch of cash.

Want to find deals? Keep your eyes on neighborhoods built in the late 60s/early 70s with a large number of original owners. And be willing to wait, wait, wait…

[blahblahblah]

It’s a sad story Pete but not an uncommon one. We tend to think everyone is like us, in their 30s/40s, successful, making money, doing well in their careers, etc… Those are the people we deal with on a daily basis so they become our universe. If we do deal with the elderly we automatically defer respect to them and assume — oh they live in DM, they’re probably rich and never have to worry about money. Then we go about our business.

But our retired and elderly neighbors do really inhabit a different reality than we do. Just imagine how frightening it must be to see how expensive everything has gotten when you’re on a fixed income! Some of these folks retired 10-15 years ago and prices of everything have just exploded. And now whatever equities or mutual funds they held are worth half of what they were last year. The pressure on them to sell is going to be intense if they suffer high medical bills, a death in the family, etc… Also, if they have multiple kids, selling the home can actually relieve them of the fear of their kids fighting over it after they’re gone while simultaneously guaranteeing that they don’t become a burden to them by freeing up a bunch of cash.

Want to find deals? Keep your eyes on neighborhoods built in the late 60s/early 70s with a large number of original owners. And be willing to wait, wait, wait…

[blahblahblah]

It’s a sad story Pete but not an uncommon one. We tend to think everyone is like us, in their 30s/40s, successful, making money, doing well in their careers, etc… Those are the people we deal with on a daily basis so they become our universe. If we do deal with the elderly we automatically defer respect to them and assume — oh they live in DM, they’re probably rich and never have to worry about money. Then we go about our business.

But our retired and elderly neighbors do really inhabit a different reality than we do. Just imagine how frightening it must be to see how expensive everything has gotten when you’re on a fixed income! Some of these folks retired 10-15 years ago and prices of everything have just exploded. And now whatever equities or mutual funds they held are worth half of what they were last year. The pressure on them to sell is going to be intense if they suffer high medical bills, a death in the family, etc… Also, if they have multiple kids, selling the home can actually relieve them of the fear of their kids fighting over it after they’re gone while simultaneously guaranteeing that they don’t become a burden to them by freeing up a bunch of cash.

Want to find deals? Keep your eyes on neighborhoods built in the late 60s/early 70s with a large number of original owners. And be willing to wait, wait, wait…

[Nor-LA-SD-guy]

Now do I believe what I hear on CNBC or do I believe what I see with my own eyes, that is the question (for me anyways),

Investors with hard money lenders will snap up anything that will rent for positive cash flow.

Don’t believe me, skip work on a Friday and troll the MLS listing for a good deal, call the listing agent immediately, see if how many offers he has over the listing price within the first few hours.

Just my two cents and good luck.

[Nor-LA-SD-guy]

Now do I believe what I hear on CNBC or do I believe what I see with my own eyes, that is the question (for me anyways),

Investors with hard money lenders will snap up anything that will rent for positive cash flow.

Don’t believe me, skip work on a Friday and troll the MLS listing for a good deal, call the listing agent immediately, see if how many offers he has over the listing price within the first few hours.

Just my two cents and good luck.

[Nor-LA-SD-guy]

Now do I believe what I hear on CNBC or do I believe what I see with my own eyes, that is the question (for me anyways),

Investors with hard money lenders will snap up anything that will rent for positive cash flow.

Don’t believe me, skip work on a Friday and troll the MLS listing for a good deal, call the listing agent immediately, see if how many offers he has over the listing price within the first few hours.

Just my two cents and good luck.

[Nor-LA-SD-guy]

Now do I believe what I hear on CNBC or do I believe what I see with my own eyes, that is the question (for me anyways),

Investors with hard money lenders will snap up anything that will rent for positive cash flow.

Don’t believe me, skip work on a Friday and troll the MLS listing for a good deal, call the listing agent immediately, see if how many offers he has over the listing price within the first few hours.

Just my two cents and good luck.

[Nor-LA-SD-guy]

Now do I believe what I hear on CNBC or do I believe what I see with my own eyes, that is the question (for me anyways),

Investors with hard money lenders will snap up anything that will rent for positive cash flow.

Don’t believe me, skip work on a Friday and troll the MLS listing for a good deal, call the listing agent immediately, see if how many offers he has over the listing price within the first few hours.

Just my two cents and good luck.

[sdrealtor]

I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)

[sdrealtor]

I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)

[sdrealtor]

I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)

[sdrealtor]

I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)

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