What are your thoughts? Housing going UP or DOWN?

[socrattt]

I completely understand the shift of finances with baby boomers, but if we take into consideration a shift if market supply the prices go up regardless. People want a home and especially at 4.5%, so my guess is that nothing controls the market more than banks. If they continue to lag on pushing short sales through and continue to shy away from filing NOD’s we are going to keep playing this game for years to come.

I submitted another offer this week on a home completely overpriced by nearly 10%. Home wouldn’t appraise if it was gold plated. The same floor plan didn’t see any action 6 months ago at that price. There were multiple offers and some bone head came in at full asking all cash. This market isn’t going to do exactly the opposite we think it is. I know exactly what they are trying to do, but the problem is jobs, economic instability and debt play a huge role in the future of controlling inventory and eventually the markets will burst again.

I get irked seeing homes selling for 2005, 2006 prices right now.

[CA renter]

[quote=bearishgurl]
That’s crazy, CAR, can I ask you where you are looking to buy? These types of homes seem to be sitting down here unless they are a complete and utter wreck and can be bought for a song on the courthouse steps (usually by a general contractor or principal that has one chained to their ankle).

The young people STILL seem to be flocking to the newer far flung neighborhoods in Chula Vista with tiny lots, even though some streets are now a “foreclosed ghost town.” The banks are cleaning these up and selling them fairly quickly for about half their “bubble-era” purchase price.[/quote]

BG,

We’re looking mostly in North County Coastal (apparently, one of the “bullet-proof” areas, as would be our luck), but also keeping an eye on Escondido and, to a lesser extent, Vista — because Vista and Esco have these types of houses and lots, whereas they are few and far between near the coast.

If you can find these homes in the coastal cities (and we’re looking about 5 miles+ inland, so not trying to be “beachfront”), they are selling for top dollar, even if they are essentially tear-downs. If you can find them in non-gang territory in Vista and Esco, they are also still going for top dollar. So…we wait, and wait, and wait. 🙁

[CA renter]

[quote=bearishgurl]
That’s crazy, CAR, can I ask you where you are looking to buy? These types of homes seem to be sitting down here unless they are a complete and utter wreck and can be bought for a song on the courthouse steps (usually by a general contractor or principal that has one chained to their ankle).

The young people STILL seem to be flocking to the newer far flung neighborhoods in Chula Vista with tiny lots, even though some streets are now a “foreclosed ghost town.” The banks are cleaning these up and selling them fairly quickly for about half their “bubble-era” purchase price.[/quote]

BG,

We’re looking mostly in North County Coastal (apparently, one of the “bullet-proof” areas, as would be our luck), but also keeping an eye on Escondido and, to a lesser extent, Vista — because Vista and Esco have these types of houses and lots, whereas they are few and far between near the coast.

If you can find these homes in the coastal cities (and we’re looking about 5 miles+ inland, so not trying to be “beachfront”), they are selling for top dollar, even if they are essentially tear-downs. If you can find them in non-gang territory in Vista and Esco, they are also still going for top dollar. So…we wait, and wait, and wait. 🙁

[CA renter]

[quote=bearishgurl]
That’s crazy, CAR, can I ask you where you are looking to buy? These types of homes seem to be sitting down here unless they are a complete and utter wreck and can be bought for a song on the courthouse steps (usually by a general contractor or principal that has one chained to their ankle).

The young people STILL seem to be flocking to the newer far flung neighborhoods in Chula Vista with tiny lots, even though some streets are now a “foreclosed ghost town.” The banks are cleaning these up and selling them fairly quickly for about half their “bubble-era” purchase price.[/quote]

BG,

We’re looking mostly in North County Coastal (apparently, one of the “bullet-proof” areas, as would be our luck), but also keeping an eye on Escondido and, to a lesser extent, Vista — because Vista and Esco have these types of houses and lots, whereas they are few and far between near the coast.

If you can find these homes in the coastal cities (and we’re looking about 5 miles+ inland, so not trying to be “beachfront”), they are selling for top dollar, even if they are essentially tear-downs. If you can find them in non-gang territory in Vista and Esco, they are also still going for top dollar. So…we wait, and wait, and wait. 🙁

[CA renter]

[quote=bearishgurl]
That’s crazy, CAR, can I ask you where you are looking to buy? These types of homes seem to be sitting down here unless they are a complete and utter wreck and can be bought for a song on the courthouse steps (usually by a general contractor or principal that has one chained to their ankle).

The young people STILL seem to be flocking to the newer far flung neighborhoods in Chula Vista with tiny lots, even though some streets are now a “foreclosed ghost town.” The banks are cleaning these up and selling them fairly quickly for about half their “bubble-era” purchase price.[/quote]

BG,

We’re looking mostly in North County Coastal (apparently, one of the “bullet-proof” areas, as would be our luck), but also keeping an eye on Escondido and, to a lesser extent, Vista — because Vista and Esco have these types of houses and lots, whereas they are few and far between near the coast.

If you can find these homes in the coastal cities (and we’re looking about 5 miles+ inland, so not trying to be “beachfront”), they are selling for top dollar, even if they are essentially tear-downs. If you can find them in non-gang territory in Vista and Esco, they are also still going for top dollar. So…we wait, and wait, and wait. 🙁

[CA renter]

[quote=bearishgurl]
That’s crazy, CAR, can I ask you where you are looking to buy? These types of homes seem to be sitting down here unless they are a complete and utter wreck and can be bought for a song on the courthouse steps (usually by a general contractor or principal that has one chained to their ankle).

The young people STILL seem to be flocking to the newer far flung neighborhoods in Chula Vista with tiny lots, even though some streets are now a “foreclosed ghost town.” The banks are cleaning these up and selling them fairly quickly for about half their “bubble-era” purchase price.[/quote]

BG,

We’re looking mostly in North County Coastal (apparently, one of the “bullet-proof” areas, as would be our luck), but also keeping an eye on Escondido and, to a lesser extent, Vista — because Vista and Esco have these types of houses and lots, whereas they are few and far between near the coast.

If you can find these homes in the coastal cities (and we’re looking about 5 miles+ inland, so not trying to be “beachfront”), they are selling for top dollar, even if they are essentially tear-downs. If you can find them in non-gang territory in Vista and Esco, they are also still going for top dollar. So…we wait, and wait, and wait. 🙁

[capeman]

[quote=CA renter][quote=bearishgurl]
I agree that the “under 40” generation (maybe even a little older than that) typically does NOT want mom and dad’s 50’s to 70’s rambling ranch or large two story on a large lot. They’re not wired for CAT-5 and the under 40 crowd, in particular, cannot envision what the place would look like with a minor or slightly major facelift and xeriscape (to save water). It seems they would rather live further out of town in a “planned community” and pay MR and HOA. This is sad to me because most of these large suburban houses in CA to be dumped by downsizing baby boomers and even depresssion-era owners (born abt. 1930-1945) in the coming years are situated on large lots in some of the BEST and FINEST locations in the state which can never be duplicated :={[/quote]

As buyers who are looking specifically for a ranch style home on a large lot, I can assure you that there is LOTS of demand for these homes. We can’t even get our foot in the door when one of these comes up, as there are always multiple offers and plenty of buyers who are more than willing to pay premium price (even above “peak” prices) for these homes.[/quote]

Don’t fret on that CAR. A lot of these properties are falling out of escrow constantly. The property we are buying is one of these ranch types and we had it fall into our laps after falling out of escrow 3 times for what we would call trivial reasons. The house we bid on before as a low ball had “multiple offers” but magically they all fell through.

It also seems that a lot of realtors are playing games saying there are multiple offers coming in but they never materialize. We would just tell them “Sorry, we don’t want to get into bidding wars.” then hear back not even a week later saying there were none and to submit ours. There’s a lot of gaming going on but a lot of good properties popping up daily.

[capeman]

[quote=CA renter][quote=bearishgurl]
I agree that the “under 40” generation (maybe even a little older than that) typically does NOT want mom and dad’s 50’s to 70’s rambling ranch or large two story on a large lot. They’re not wired for CAT-5 and the under 40 crowd, in particular, cannot envision what the place would look like with a minor or slightly major facelift and xeriscape (to save water). It seems they would rather live further out of town in a “planned community” and pay MR and HOA. This is sad to me because most of these large suburban houses in CA to be dumped by downsizing baby boomers and even depresssion-era owners (born abt. 1930-1945) in the coming years are situated on large lots in some of the BEST and FINEST locations in the state which can never be duplicated :={[/quote]

As buyers who are looking specifically for a ranch style home on a large lot, I can assure you that there is LOTS of demand for these homes. We can’t even get our foot in the door when one of these comes up, as there are always multiple offers and plenty of buyers who are more than willing to pay premium price (even above “peak” prices) for these homes.[/quote]

Don’t fret on that CAR. A lot of these properties are falling out of escrow constantly. The property we are buying is one of these ranch types and we had it fall into our laps after falling out of escrow 3 times for what we would call trivial reasons. The house we bid on before as a low ball had “multiple offers” but magically they all fell through.

It also seems that a lot of realtors are playing games saying there are multiple offers coming in but they never materialize. We would just tell them “Sorry, we don’t want to get into bidding wars.” then hear back not even a week later saying there were none and to submit ours. There’s a lot of gaming going on but a lot of good properties popping up daily.

[capeman]

[quote=CA renter][quote=bearishgurl]
I agree that the “under 40” generation (maybe even a little older than that) typically does NOT want mom and dad’s 50’s to 70’s rambling ranch or large two story on a large lot. They’re not wired for CAT-5 and the under 40 crowd, in particular, cannot envision what the place would look like with a minor or slightly major facelift and xeriscape (to save water). It seems they would rather live further out of town in a “planned community” and pay MR and HOA. This is sad to me because most of these large suburban houses in CA to be dumped by downsizing baby boomers and even depresssion-era owners (born abt. 1930-1945) in the coming years are situated on large lots in some of the BEST and FINEST locations in the state which can never be duplicated :={[/quote]

As buyers who are looking specifically for a ranch style home on a large lot, I can assure you that there is LOTS of demand for these homes. We can’t even get our foot in the door when one of these comes up, as there are always multiple offers and plenty of buyers who are more than willing to pay premium price (even above “peak” prices) for these homes.[/quote]

Don’t fret on that CAR. A lot of these properties are falling out of escrow constantly. The property we are buying is one of these ranch types and we had it fall into our laps after falling out of escrow 3 times for what we would call trivial reasons. The house we bid on before as a low ball had “multiple offers” but magically they all fell through.

It also seems that a lot of realtors are playing games saying there are multiple offers coming in but they never materialize. We would just tell them “Sorry, we don’t want to get into bidding wars.” then hear back not even a week later saying there were none and to submit ours. There’s a lot of gaming going on but a lot of good properties popping up daily.

[capeman]

[quote=CA renter][quote=bearishgurl]
I agree that the “under 40” generation (maybe even a little older than that) typically does NOT want mom and dad’s 50’s to 70’s rambling ranch or large two story on a large lot. They’re not wired for CAT-5 and the under 40 crowd, in particular, cannot envision what the place would look like with a minor or slightly major facelift and xeriscape (to save water). It seems they would rather live further out of town in a “planned community” and pay MR and HOA. This is sad to me because most of these large suburban houses in CA to be dumped by downsizing baby boomers and even depresssion-era owners (born abt. 1930-1945) in the coming years are situated on large lots in some of the BEST and FINEST locations in the state which can never be duplicated :={[/quote]

As buyers who are looking specifically for a ranch style home on a large lot, I can assure you that there is LOTS of demand for these homes. We can’t even get our foot in the door when one of these comes up, as there are always multiple offers and plenty of buyers who are more than willing to pay premium price (even above “peak” prices) for these homes.[/quote]

Don’t fret on that CAR. A lot of these properties are falling out of escrow constantly. The property we are buying is one of these ranch types and we had it fall into our laps after falling out of escrow 3 times for what we would call trivial reasons. The house we bid on before as a low ball had “multiple offers” but magically they all fell through.

It also seems that a lot of realtors are playing games saying there are multiple offers coming in but they never materialize. We would just tell them “Sorry, we don’t want to get into bidding wars.” then hear back not even a week later saying there were none and to submit ours. There’s a lot of gaming going on but a lot of good properties popping up daily.

[capeman]

[quote=CA renter][quote=bearishgurl]
I agree that the “under 40” generation (maybe even a little older than that) typically does NOT want mom and dad’s 50’s to 70’s rambling ranch or large two story on a large lot. They’re not wired for CAT-5 and the under 40 crowd, in particular, cannot envision what the place would look like with a minor or slightly major facelift and xeriscape (to save water). It seems they would rather live further out of town in a “planned community” and pay MR and HOA. This is sad to me because most of these large suburban houses in CA to be dumped by downsizing baby boomers and even depresssion-era owners (born abt. 1930-1945) in the coming years are situated on large lots in some of the BEST and FINEST locations in the state which can never be duplicated :={[/quote]

As buyers who are looking specifically for a ranch style home on a large lot, I can assure you that there is LOTS of demand for these homes. We can’t even get our foot in the door when one of these comes up, as there are always multiple offers and plenty of buyers who are more than willing to pay premium price (even above “peak” prices) for these homes.[/quote]

Don’t fret on that CAR. A lot of these properties are falling out of escrow constantly. The property we are buying is one of these ranch types and we had it fall into our laps after falling out of escrow 3 times for what we would call trivial reasons. The house we bid on before as a low ball had “multiple offers” but magically they all fell through.

It also seems that a lot of realtors are playing games saying there are multiple offers coming in but they never materialize. We would just tell them “Sorry, we don’t want to get into bidding wars.” then hear back not even a week later saying there were none and to submit ours. There’s a lot of gaming going on but a lot of good properties popping up daily.

[scaredyclassic]

in a way, isn’t an offer just an option to buy? put in your offer, hang out in escrow a while, if things look downwardly, drag the escrow out, drop out, if things look optimistic for you, negotiate in escrow and buy it then. it’s not like getting married, right?

[scaredyclassic]

in a way, isn’t an offer just an option to buy? put in your offer, hang out in escrow a while, if things look downwardly, drag the escrow out, drop out, if things look optimistic for you, negotiate in escrow and buy it then. it’s not like getting married, right?

[scaredyclassic]

in a way, isn’t an offer just an option to buy? put in your offer, hang out in escrow a while, if things look downwardly, drag the escrow out, drop out, if things look optimistic for you, negotiate in escrow and buy it then. it’s not like getting married, right?

[scaredyclassic]

in a way, isn’t an offer just an option to buy? put in your offer, hang out in escrow a while, if things look downwardly, drag the escrow out, drop out, if things look optimistic for you, negotiate in escrow and buy it then. it’s not like getting married, right?

[Author]

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