[Critter]

Cashman –

What it’s worth and what it will sell for are usually two wildly divergent figures. In today’s market, people will pay less than the “valued” price because they anticipate the property losing value in the future. A couple of years ago, the situation was reversed, and people would overbid, confident that the prices would rise to meet what they paid and then some.

In 5 – 10 years, you will see selling a year early, a year late, or right at the peak of the market are all in the “sweet spot.” It is too early now to kick yourself, my friend! There are a lot of people who are envious that you were able to sell at all – and on the high side, at that!

The $600K is indeed a phantom figure – like Marley’s ghost, just an apparition to piss you off.

[Critter]

Bush can’t run in the next election – he has already served two terms. People will be screaming for the Democrats even more than they already are if he bends on this issue.

[Critter]

20) When you can no longer brag about your real estate gains at parties… THIS IS A MUCH-OVERDUE AND WELCOME SIGN

21) When your residence is no longer considered a wage-earner… THIS IS A SIGN

[Critter]

Liarrhea should go on the Don Imus show – kind of a two-for-one resignation/get-kicked-out special.

[Critter]

11) When your co-worker spends the majority of a work day doing Internet shopping for a new loan, rather than closing sales deals as she is being paid to do, HERE IS A SIGN

12) When Craigslist.org starts blooming with many near-new plasma TV, SUV, high-end electronic equipment, etc ads, because new homedebtors need to feed the alligator, HERE IS A SIGN

[Critter]

From an article advocating renting over buying published in yesterday’s New York Times:

“Back in 2005, near the peak of the market, the chief economist of the Realtors’ association, David Lereah, published a book called “Are You Missing the Real Estate Boom?” The can’t-miss argument was wrong then, and it may still be wrong today.”

Even the NYT is onto him and his crap. I still think his last name is a combination of the words “liar” and “diarrhea.”

[Critter]

Hey PD,

I also have a friend who just pulled the trigger – in Clairemont. I gave him the gentle approach re: advice but he and his partner still chose to buy. There are a few people who just needed the nudge of a little price drop to convince themselves “now is the right time.”

Worse, they just moved here from out of state, so they really have no clue about neighborhoods. I am still aghast. They could have easily rented while they “tested the waters” of neighborhoods and then saved themselves the indignity of future falling prices.

He was incommunicado for the past month while escrow closed…

[Critter]

We all win – well, most of us on this board anyway. While prices are dropping our down payments are growing. It doesn’t get much better than that!

[Critter]

Home prices are also NOT set by what the previous buyer still owes on the property and needs to “clear” to get out from under his debt load including any outstanding HELOCs and sales costs.

In addition, home prices are NOT set by what the present owner needs to fund his/her retirement.

[Critter]

And if they give you $205K? Not picking on you, but the RE industry is going to be under increased scrutiny in the next few years. There has already been rumblings about lawsuits regarding appraisers who are nudged to “hit a certain number.”

I agree with shopping around, but it could also go the other way, or if “the number” is hit, be found out to be suspect from a legal standpoint. And why would any buyer ask for a higher appraisal – unless there were some financial shenanigans going on?

[Critter]

Zillow’s zestimate is $655K. They paid $322K for it in 1999. Who cares if they have “documented $250K in upgrades?” Does a buyer have to reimburse them for their design decisions?!?

[Critter]

“tell the buyer to find a lender will get it appraised for that number…”

Smells like mortgage or appraisal fraud.

[Critter]

If any of us can predict the future with certainty, we should be at the racetrack. Just my 2 cents.

[Critter]

I pulled my money from ING Direct about six months ago (when they paid 4.5%) and put it into Emigrant Direct at 5.05%. I have since considered slightly higher yields elsewhere but it doesn’t pencil out to be worth moving it around.

I have seen more and more banks offer better rates at 6 months compared to longer time frames and I believe they are just trying to attract new customers, knowing that once some people move their money over, it will stay put.

[Critter]

I’m in – with my brother. Bugs are you coming?

[Author]

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