Thinking about jumping in….

[NotCranky]

sdr,
What percentage of listings in the county do you feel can be forced to something like bottom pricing? What percentage of those do most buyers actually want? Maybe realtors have a better eye for how that can be done. I think I can but it often takes something about the deal or property that makes others feel the property is obsolete.Same principal that made Temecula and rougher parts of San Diego or houses that are hard to get financing on go down first an fastes.Peopel looking for turnkey properties in great neigborhoods wanting bottom like pricing should just stay on the fence.If you can work some magic now you can work better magic later.

Don’t get me wrong I kind of accept what you are saying but it comes with making a sacrifice ,dumb luck or both. I think buyers who want to make the sacrifices and perhaps in conjunction test their luck are really great.I just don’t believe in magic.

[sdrealtor]

Not magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.

To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.

[sdrealtor]

Not magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.

To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.

[sdrealtor]

Not magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.

To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.

[sdrealtor]

Not magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.

To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.

[sdrealtor]

Not magic but rather hard work. There are no rules and through hard work you find the exceptions. Last year I found a probate sale in Encinitas on a great townhome. It was in late December and everyone else was cowering in the corner. We got an acceptance at 285K and them my buyer join the cowering crowd in the corner and someone else picked it up for 300K. In March it could have easily sold for 375K. One year later it still would easily sell for 325 to 350K. I cant imagine it ever dropping below 250K. It was a moment in time that I caught and my buyer dropped. There really isnt another property like this one so no amount of magic can work better later. No magic there.

To answer yuour question as to the percentage, I’d make a wild assed guess that it would be 1 or 2% if not less that can be bought at great prices and are what most buyers actually want. Good luck finding one.It aint e-z.

[capeman]

Asiannautica and SDRealtor- Yeah it’s obvious that you can’t eliminate all risk from anything you do in life and that is a given in any purchase/investment.

My cautionary post wasn’t meant to cause fear and in most any other period over the last 70-80 years wouldn’t be as relevant.

Over that time period fundamental price appreciation and fundamentals of borrowing and buying were in place (20% down, 36% DTI, etc.) In the past periods of decline you would never see more than a 15% price decline in given decade and regardless people had the equity to get out and at least break even in most cases.

Times and climates have changed and now with houses as depreciating assets these cautionary notes are 10x more important to consider when buying. It used to be you lost some or all of your 20% down payment if you had a short time of homeownership when forced to sell. Under today’s lending/economic circumstances and massive depreciation in housing the same person in a short time of ownership situation could very well become illiquid.

Times have changed quite a bit and the 5 situations of caution I gave mean a lot more today than they ever have as people in these situations could lose a lot more than just a house.

Still if you find your dream home have a long ownership horizon and these possible realities aren’t likely to affect you then why wouldn’t you buy it?

As for the “Life is short” argument… that’s the kind of mentality that got the bulk of this country into the mess it’s currently in. People buying cars, houses, trips and toys they didn’t need and couldn’t really afford and one small slip in the job market and families are toast. Never make a “life is short” argument for buying anything unless you are paying all cash.

[capeman]

Asiannautica and SDRealtor- Yeah it’s obvious that you can’t eliminate all risk from anything you do in life and that is a given in any purchase/investment.

My cautionary post wasn’t meant to cause fear and in most any other period over the last 70-80 years wouldn’t be as relevant.

Over that time period fundamental price appreciation and fundamentals of borrowing and buying were in place (20% down, 36% DTI, etc.) In the past periods of decline you would never see more than a 15% price decline in given decade and regardless people had the equity to get out and at least break even in most cases.

Times and climates have changed and now with houses as depreciating assets these cautionary notes are 10x more important to consider when buying. It used to be you lost some or all of your 20% down payment if you had a short time of homeownership when forced to sell. Under today’s lending/economic circumstances and massive depreciation in housing the same person in a short time of ownership situation could very well become illiquid.

Times have changed quite a bit and the 5 situations of caution I gave mean a lot more today than they ever have as people in these situations could lose a lot more than just a house.

Still if you find your dream home have a long ownership horizon and these possible realities aren’t likely to affect you then why wouldn’t you buy it?

As for the “Life is short” argument… that’s the kind of mentality that got the bulk of this country into the mess it’s currently in. People buying cars, houses, trips and toys they didn’t need and couldn’t really afford and one small slip in the job market and families are toast. Never make a “life is short” argument for buying anything unless you are paying all cash.

[capeman]

Asiannautica and SDRealtor- Yeah it’s obvious that you can’t eliminate all risk from anything you do in life and that is a given in any purchase/investment.

My cautionary post wasn’t meant to cause fear and in most any other period over the last 70-80 years wouldn’t be as relevant.

Over that time period fundamental price appreciation and fundamentals of borrowing and buying were in place (20% down, 36% DTI, etc.) In the past periods of decline you would never see more than a 15% price decline in given decade and regardless people had the equity to get out and at least break even in most cases.

Times and climates have changed and now with houses as depreciating assets these cautionary notes are 10x more important to consider when buying. It used to be you lost some or all of your 20% down payment if you had a short time of homeownership when forced to sell. Under today’s lending/economic circumstances and massive depreciation in housing the same person in a short time of ownership situation could very well become illiquid.

Times have changed quite a bit and the 5 situations of caution I gave mean a lot more today than they ever have as people in these situations could lose a lot more than just a house.

Still if you find your dream home have a long ownership horizon and these possible realities aren’t likely to affect you then why wouldn’t you buy it?

As for the “Life is short” argument… that’s the kind of mentality that got the bulk of this country into the mess it’s currently in. People buying cars, houses, trips and toys they didn’t need and couldn’t really afford and one small slip in the job market and families are toast. Never make a “life is short” argument for buying anything unless you are paying all cash.

[capeman]

Asiannautica and SDRealtor- Yeah it’s obvious that you can’t eliminate all risk from anything you do in life and that is a given in any purchase/investment.

My cautionary post wasn’t meant to cause fear and in most any other period over the last 70-80 years wouldn’t be as relevant.

Over that time period fundamental price appreciation and fundamentals of borrowing and buying were in place (20% down, 36% DTI, etc.) In the past periods of decline you would never see more than a 15% price decline in given decade and regardless people had the equity to get out and at least break even in most cases.

Times and climates have changed and now with houses as depreciating assets these cautionary notes are 10x more important to consider when buying. It used to be you lost some or all of your 20% down payment if you had a short time of homeownership when forced to sell. Under today’s lending/economic circumstances and massive depreciation in housing the same person in a short time of ownership situation could very well become illiquid.

Times have changed quite a bit and the 5 situations of caution I gave mean a lot more today than they ever have as people in these situations could lose a lot more than just a house.

Still if you find your dream home have a long ownership horizon and these possible realities aren’t likely to affect you then why wouldn’t you buy it?

As for the “Life is short” argument… that’s the kind of mentality that got the bulk of this country into the mess it’s currently in. People buying cars, houses, trips and toys they didn’t need and couldn’t really afford and one small slip in the job market and families are toast. Never make a “life is short” argument for buying anything unless you are paying all cash.

[capeman]

Asiannautica and SDRealtor- Yeah it’s obvious that you can’t eliminate all risk from anything you do in life and that is a given in any purchase/investment.

My cautionary post wasn’t meant to cause fear and in most any other period over the last 70-80 years wouldn’t be as relevant.

Over that time period fundamental price appreciation and fundamentals of borrowing and buying were in place (20% down, 36% DTI, etc.) In the past periods of decline you would never see more than a 15% price decline in given decade and regardless people had the equity to get out and at least break even in most cases.

Times and climates have changed and now with houses as depreciating assets these cautionary notes are 10x more important to consider when buying. It used to be you lost some or all of your 20% down payment if you had a short time of homeownership when forced to sell. Under today’s lending/economic circumstances and massive depreciation in housing the same person in a short time of ownership situation could very well become illiquid.

Times have changed quite a bit and the 5 situations of caution I gave mean a lot more today than they ever have as people in these situations could lose a lot more than just a house.

Still if you find your dream home have a long ownership horizon and these possible realities aren’t likely to affect you then why wouldn’t you buy it?

As for the “Life is short” argument… that’s the kind of mentality that got the bulk of this country into the mess it’s currently in. People buying cars, houses, trips and toys they didn’t need and couldn’t really afford and one small slip in the job market and families are toast. Never make a “life is short” argument for buying anything unless you are paying all cash.

[sdrealtor]

The “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.

As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.

You’re welcome………

[sdrealtor]

The “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.

As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.

You’re welcome………

[sdrealtor]

The “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.

As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.

You’re welcome………

[sdrealtor]

The “Life is Short” argument didnt cause these problems. Far from it. What caused this problems is the “Money is Free and Easy” argument.

As for me benefiting from RE transactions, I just realized something (over a nice big glass of Cabernet and a block of aged Gouda) after entering another closed sale in the MLS. No one on this board does anything that helps me (save helping me maintain my sanity) and I’m doing more to help you all than most anyone on this board. Everytime I close another of my short sale listings I pull the comps down another 3 to 5% in whatever hood I’m working in.

You’re welcome………

[Author]

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