We are richer when house prices go down

[Raybyrnes]

felix

If you can show a profit right now buying and renting that is exceptional but i would say that it is a half court shot for most people in this market.

I have a fiend who is a banrupcy attorney in NY who own a real estate brokerage who is turning a profit becasue he is buying up preforeclosers at steep discounts and haas worked with severl lenders which has helped him stream line the process. He is also capitalized through a group of investors and his brother is a general contractor.

That is a people and professionalism that is need to turn a profit on real estate. The average Joe just can’t do that so to suggest that there are opportunities to own and make a profit (there might be) but to a larger extent this is probably not the best place to put your money. Even I will readliy admit that and I am not nearly as bearish as many others on the board.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[JWM in SD]

JWM in SD
“When Schiller says “we are all richer” really, he really means, “those who yet need to buy a house are richer”
Those who have already bought one are not”

You just described the essence of denial that a lot of people still have…even those who post here.

[felix]

I’m not assuming a V pattern. Prices most likely will bottom and stabilize until inventory is worked off.

Price stabilization doesn’t mean every one who wants a home will get one. Only those those who act will get what they want for a reasonable price. Those who don’t act may get nothing at all.

Yes, Temecula Guy may be able to buy another of the same model down the street. It may even sell for less. However, at some point, and it’s not that far away despite what you read here, he will not be able to buy any of those homes. They will be gone.

Lastly, no one is going to be able tell you when the bottom hits or when to act. It just happens and then everything is gone.

I looked at and some bought property in Telluride a number of years ago. I was out there for only a week and looked at about 8 properties. A week later they were all sold and nothing in that price range was available. Even during this downturn I was bid triple what I paid for that property.

Reading this blog I am concerned that many here who want an affordable home don’t understand that they can miss out. You don’t want to let this opportunity to buy a home at a reasonable price(compared to recent pricing and other investments)without getting the home many here seem to desperately want.

[felix]

I’m not assuming a V pattern. Prices most likely will bottom and stabilize until inventory is worked off.

Price stabilization doesn’t mean every one who wants a home will get one. Only those those who act will get what they want for a reasonable price. Those who don’t act may get nothing at all.

Yes, Temecula Guy may be able to buy another of the same model down the street. It may even sell for less. However, at some point, and it’s not that far away despite what you read here, he will not be able to buy any of those homes. They will be gone.

Lastly, no one is going to be able tell you when the bottom hits or when to act. It just happens and then everything is gone.

I looked at and some bought property in Telluride a number of years ago. I was out there for only a week and looked at about 8 properties. A week later they were all sold and nothing in that price range was available. Even during this downturn I was bid triple what I paid for that property.

Reading this blog I am concerned that many here who want an affordable home don’t understand that they can miss out. You don’t want to let this opportunity to buy a home at a reasonable price(compared to recent pricing and other investments)without getting the home many here seem to desperately want.

[felix]

I’m not assuming a V pattern. Prices most likely will bottom and stabilize until inventory is worked off.

Price stabilization doesn’t mean every one who wants a home will get one. Only those those who act will get what they want for a reasonable price. Those who don’t act may get nothing at all.

Yes, Temecula Guy may be able to buy another of the same model down the street. It may even sell for less. However, at some point, and it’s not that far away despite what you read here, he will not be able to buy any of those homes. They will be gone.

Lastly, no one is going to be able tell you when the bottom hits or when to act. It just happens and then everything is gone.

I looked at and some bought property in Telluride a number of years ago. I was out there for only a week and looked at about 8 properties. A week later they were all sold and nothing in that price range was available. Even during this downturn I was bid triple what I paid for that property.

Reading this blog I am concerned that many here who want an affordable home don’t understand that they can miss out. You don’t want to let this opportunity to buy a home at a reasonable price(compared to recent pricing and other investments)without getting the home many here seem to desperately want.

[felix]

I’m not assuming a V pattern. Prices most likely will bottom and stabilize until inventory is worked off.

Price stabilization doesn’t mean every one who wants a home will get one. Only those those who act will get what they want for a reasonable price. Those who don’t act may get nothing at all.

Yes, Temecula Guy may be able to buy another of the same model down the street. It may even sell for less. However, at some point, and it’s not that far away despite what you read here, he will not be able to buy any of those homes. They will be gone.

Lastly, no one is going to be able tell you when the bottom hits or when to act. It just happens and then everything is gone.

I looked at and some bought property in Telluride a number of years ago. I was out there for only a week and looked at about 8 properties. A week later they were all sold and nothing in that price range was available. Even during this downturn I was bid triple what I paid for that property.

Reading this blog I am concerned that many here who want an affordable home don’t understand that they can miss out. You don’t want to let this opportunity to buy a home at a reasonable price(compared to recent pricing and other investments)without getting the home many here seem to desperately want.

[Author]

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