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BuyerWillEPB
ParticipantExcellent post, Waiting Hawk
Ya know, this is why I love to check the blogs like this. 80% of the content is outstanding entertainment.
And then 20% of the content is pure gold like this post.
OMG, this is some useful information. Thanks a lot for passing it along to us. Really.
“You are welcome.” (yeah, that’s a fact. 🙂 )
July 14, 2007 at 4:01 PM in reply to: “Seller entertain offer between …..” how much do we have to care #65844ParticipantI know your frustration.
That’s why I chose the screen name of BuyerWillEPB…
Short for Buyer Will Entertain Prices Below what you paid. 🙂
This is the new paradigm. It’s the only important phrase in today market.
Nobody cares what the sellers will “entertain.”
We don’t even need do talk to the sellers anyway. There is more than enough inventory of Foreclosures and REOs to supply ALL the demand for the next several years. We only need to care about how low the banks will go when they dump these REOs. (hint: It’s gonna be REAL low.)
July 14, 2007 at 4:01 PM in reply to: “Seller entertain offer between …..” how much do we have to care #65907ParticipantI know your frustration.
That’s why I chose the screen name of BuyerWillEPB…
Short for Buyer Will Entertain Prices Below what you paid. 🙂
This is the new paradigm. It’s the only important phrase in today market.
Nobody cares what the sellers will “entertain.”
We don’t even need do talk to the sellers anyway. There is more than enough inventory of Foreclosures and REOs to supply ALL the demand for the next several years. We only need to care about how low the banks will go when they dump these REOs. (hint: It’s gonna be REAL low.)
ParticipantOh man! This story made me completely irate too.
Check it out. Just yesterday, I was so angry I had to comment on this farce in my cheesy blog where I keep track of housing info.
I was saying basically the exact same thing as you are now.
I’m glad to know there are other americans outraged by this too. Good job bob007.
ParticipantOh man! This story made me completely irate too.
Check it out. Just yesterday, I was so angry I had to comment on this farce in my cheesy blog where I keep track of housing info.
I was saying basically the exact same thing as you are now.
I’m glad to know there are other americans outraged by this too. Good job bob007.
ParticipantNeeta,
Rather than thinking in terms of time limits, it’s better to think in terms of affordability.
If you are planning to buy a house to live in, simply buy a decent place you like when you can actually AFFORD it. If you do that then it doesn’t matter if the market goes up or down because you can still afford it and go about your life, like you say.
BTW I also share your frustration with the slowness of the down turn. I would like to buy, but I refuse to commit financial suicide when I can rent for 1/2 to 1/3 of the cost of “owning.”
ParticipantNeeta,
Rather than thinking in terms of time limits, it’s better to think in terms of affordability.
If you are planning to buy a house to live in, simply buy a decent place you like when you can actually AFFORD it. If you do that then it doesn’t matter if the market goes up or down because you can still afford it and go about your life, like you say.
BTW I also share your frustration with the slowness of the down turn. I would like to buy, but I refuse to commit financial suicide when I can rent for 1/2 to 1/3 of the cost of “owning.”
ParticipantThe Days on the Market (DOM) has become irrelevant now days anyway. I watch as houses get relisted many times so that they are at the top of the list, AND it appears that the house is fresh on the market.
The listing agents game the system anyway, so if DOM is removed, so what? I always assume the EVERY house has been listed for at least a year. And that’s probably true.
ParticipantThe Days on the Market (DOM) has become irrelevant now days anyway. I watch as houses get relisted many times so that they are at the top of the list, AND it appears that the house is fresh on the market.
The listing agents game the system anyway, so if DOM is removed, so what? I always assume the EVERY house has been listed for at least a year. And that’s probably true.
ParticipantI’m with Noone:
Neighborhoods Considering: Mira Mesa, Clairemont, Linda Vista, Serra Mesa.
Condo/House: SFR
Price Range: $300K – $350K (No, that’s not dreaming. Check your Zillow.com charts, it’s the pre-bubble price. Also, to follow the 3x annual income rule, family households would need to earn about $100,000/year to actually afford even a $300K house. Also, if you look at a home price appreciation graph (again Zillow graph works) and extrapolate the “normal” appreciation line (say 1996 – 2001) out to 2007, the line will be near $300K today. All indicators point to an average price of $300,000 in the normal (i.e. not Encanto) average family neighborhoods.)
Size Range: 1200 – 1500 sf
Currently: renting cheap apartment
Shopping the Market?: More like watching the market. “Shopping” would imply willingness to buy, but we are not willing (or able) to pay the current insane prices.
ParticipantI’m with Noone:
Neighborhoods Considering: Mira Mesa, Clairemont, Linda Vista, Serra Mesa.
Condo/House: SFR
Price Range: $300K – $350K (No, that’s not dreaming. Check your Zillow.com charts, it’s the pre-bubble price. Also, to follow the 3x annual income rule, family households would need to earn about $100,000/year to actually afford even a $300K house. Also, if you look at a home price appreciation graph (again Zillow graph works) and extrapolate the “normal” appreciation line (say 1996 – 2001) out to 2007, the line will be near $300K today. All indicators point to an average price of $300,000 in the normal (i.e. not Encanto) average family neighborhoods.)
Size Range: 1200 – 1500 sf
Currently: renting cheap apartment
Shopping the Market?: More like watching the market. “Shopping” would imply willingness to buy, but we are not willing (or able) to pay the current insane prices.
ParticipantWow, it took a long time but we are finally getting to enjoy the housing crash we all knew was coming.
This post is Pure Gold.
ParticipantWow, it took a long time but we are finally getting to enjoy the housing crash we all knew was coming.
This post is Pure Gold.
ParticipantOh dear God! Somebody PLEASE cache this fools post.
We absolutely MUST check back on this one in 6 months to a year from now.
This is gonna be Classic!
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