Forum Replies Created
-
AuthorPosts
-
Chrispy
ParticipantThanks, WhyBuy. I’m glad you spelled out the mathematical background of the DataQuick info. Of course, being a housing bear, I also noted the small number of resale homes in Del Mar sold and thought “Not only are they off 30%, but very few are being sold AS WELL.”
It would be smarter to average all of the surrounding areas by percentages and number of houses sold, but not as much fun.
ParticipantSo – let me get this straight. Sulieman acted as a mortgage broker in all of these transactions. Was there no realtor on the other side – ie, representing the seller of the properties that were then turned into bogus rentals?
I guess my real question is, how did this happen? How come no one “higher up” in the system prevented this? Sulieman certainly picked his victims well – the guy I saw on TV did not look like a property baron.
ParticipantYour nerves are doing you a favor. Keep listening to them and lease rather than buy – I would think the current owners would have a hard time getting a good leasee due to the size of the place, so that is a negotiating factor in your favor as well.
Zillow tends to run high – it tracks sales after they are finalized so the figures are usually several months old. Check the direction of the arrows on the chart for that house to see the general direction of pricing – most of the charts are heading south and looking like tech stocks in 2001 / 2002. Those charts always make me feel better about renting.
ParticipantThere’s a house two blocks from mine that was purchased six months ago. The new owner (flipper) hired a couple of guys to put on a new roof, install new windows, and paint it – same dull grey as the last coat of paint.
The new price is $200K more than what he paid in March ($750K instead of $550K). I predict the last laugh will belong to us in the ‘hood, as we continue to notice the absence of moving vans.
ParticipantHe must have been hanging out at the Belly Up Tavern too much lately. That’s insane – unless he’s added multiple floors, a couple of additions, a horse paddock and off-track betting concession!
BEWARE owner/agents. Talk about a double whammy.
ParticipantWow – nice house. My sister lives in Walnut. The one “hitch” I have heard about leases (and this is more of a detriment to the seller) is that the leasee could find flaws in the house while living there (more than a home inspection would come up with) and then expect the seller to include fixing these to sell the house.
Have you looked at what Zillow considers a fair sales price to be?
ParticipantThanks, LukeAJ! Here’s the “loser’s list” (all off by 20% or more) – I’m tracking SF resales:
Sorrento Valley
Escondido West
Rancho Santa Fe
Encinitas
Del Mar (the biggest loser, YOY, at -30.5%)
CardiffLooks like the biggest losers are some of the nicest areas.
ParticipantIt is a Realtor’s fiduciary duty to present all offers, regardless of how well she/he thinks they will go over. I think a lot of agents want to “pump up the volume” (of both their commissions and their reputations) and try to shame the buyer into offering more.
I read on another board that the serious bargain shoppers are presenting five low-ball offers to five sellers and letting each one know that the lowest acceptance price will get the business. And, all offers expire in 48 hours.
Nice switch on the old “seller is entertaining offers” line of crap so pervasive just a year ago.
ParticipantAny home owner who takes the standard deduction is either crazy or completely ignorant of tax laws. Of course, if prices continue to decrease, wouldn’t it be wonderful if the standard deduction worked out to be MORE than using itemized deductions, all deductions considered?
Imagine interest, real estate taxes, points, etc adding up to less than that measly $5K or whatever the standard deduction is. That would mean we could all buy houses for $35K like our parents did.
ParticipantThe best phone number to use (for a fake phone number) is your area code plus 555-XXXX. Any series of the last four digits will work. 555 is the universal prefix that all movies use for fake numbers – plus, using this number means no one else will inadvertently get your telemarketing calls.
With telemarketers – I always ask if they will take me off their list if I get a call from them. This doubles the effectiveness of the Do Not Call list.
ParticipantIf you really want ’em (I own one myself – and wear it with pride to various open houses around my neighborhood) go to T Shirt Humor – http://www.tshirthumor.com.
I found this company off The Onion website – we need all the humor we can get these days!
ParticipantI don’t know about all this “women keeping the RE market alive” stuff. I have quite a few friends who sold with the full buy-in of their wives. They would rather have peace of mind and rent than own a house.
I sold my house in 2004 and was never as happy as the day I slammed the front door for the last time. It was on a 10,000 sq foot lot and a huge pain to upkeep with multiple yards. You never know how much work it takes to maintain a home until you compare it to renting.
ParticipantThanks, PS. That’s the clarification I need. I get annoyed when people merely subtract the price they originally paid from the new sales price to figure out their profit – without figuring in expenses.
I feel there will be quite a few negative figures in the near future. As a seller, can you imagine bringing a checkbook to closing?
ParticipantCongratulations. Can you type in lower case so it’s easier to read? Thanks!
What are the standard expense items to consider when figuring profit, everybody? Here’s what’s on my list:
1) Realtor commissions
2) HOA fees paid while in the house
3) Mello-Roos if any
4) Homeowner’s insurance
5) Upgrades, maintenance
6) Real estate taxesDo you add in PITI? Or just interest? Or just principal?
-
AuthorPosts