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Daniel
ParticipantWell, JWM, I’m sorry if I stepped out of line. It seems that there is a new sheriff in town. I went through all this with Powayseller some time back, and I apologized then just as I’m doing now.
You see, some things are worth debating and some things are not. When it becomes pretty obvious that doing so would be a waste of time, there’s no point in continuing.
I conclude from the content and tone of your posts that nothing constructive can come out of our debate, so I think it’s better to stop it. Also, in the future, I will do my best to refrain from replying to your comments.
Please don’t consider that I am patronizing or insulting you with this post. I truly mean it: I apologize for stepping on your toes and I won’t do it again.
All the best,
DanielParticipantWell, JWM, I’m sorry if I stepped out of line. It seems that there is a new sheriff in town. I went through all this with Powayseller some time back, and I apologized then just as I’m doing now.
You see, some things are worth debating and some things are not. When it becomes pretty obvious that doing so would be a waste of time, there’s no point in continuing.
I conclude from the content and tone of your posts that nothing constructive can come out of our debate, so I think it’s better to stop it. Also, in the future, I will do my best to refrain from replying to your comments.
Please don’t consider that I am patronizing or insulting you with this post. I truly mean it: I apologize for stepping on your toes and I won’t do it again.
All the best,
DanielParticipantWell, JWM, I’m sorry if I stepped out of line. It seems that there is a new sheriff in town. I went through all this with Powayseller some time back, and I apologized then just as I’m doing now.
You see, some things are worth debating and some things are not. When it becomes pretty obvious that doing so would be a waste of time, there’s no point in continuing.
I conclude from the content and tone of your posts that nothing constructive can come out of our debate, so I think it’s better to stop it. Also, in the future, I will do my best to refrain from replying to your comments.
Please don’t consider that I am patronizing or insulting you with this post. I truly mean it: I apologize for stepping on your toes and I won’t do it again.
All the best,
DanielParticipant“Where is the money coming from?????? Savings or sales of appreciated assets?”
OK, JWM, I’ll bite. A small part may come from savings, but the bulk is likely to come from the sale of appreciated assets. As in houses. Happy?
You may be under the impression that nobody in San Diego has any equity left in their homes anymore. You couldn’t be further from the truth. Small anecdote: my co-workers are mostly in their 40s and 50s, live in CV, and bought their houses a long time ago. I doubt they went to the housing ATM at all. They have (and still will have, even if the market goes down a lot further) enormous equity in their current homes. They are the “silent majority”, if you will. If they want to move up, they certainly can (and a couple of them just did recently). Again, they are just another piece of the market and bigger forces (foreclosures, credit tightening) are at play. But a pretty large pool of move up buyers with ample equity does exist and will continue to exist for a long time.
That’s basically it. And, frankly, I think this is rather obvious to almost anybody. With all due respect, I believe it is you who don’t get it.
PS: I didn’t bring my personal situation into discussion, as I don’t believe it is relevant. But, if you’re curious to know, I fit your description of “under 35 with very large cash reserves”. I also rent.
Participant“Where is the money coming from?????? Savings or sales of appreciated assets?”
OK, JWM, I’ll bite. A small part may come from savings, but the bulk is likely to come from the sale of appreciated assets. As in houses. Happy?
You may be under the impression that nobody in San Diego has any equity left in their homes anymore. You couldn’t be further from the truth. Small anecdote: my co-workers are mostly in their 40s and 50s, live in CV, and bought their houses a long time ago. I doubt they went to the housing ATM at all. They have (and still will have, even if the market goes down a lot further) enormous equity in their current homes. They are the “silent majority”, if you will. If they want to move up, they certainly can (and a couple of them just did recently). Again, they are just another piece of the market and bigger forces (foreclosures, credit tightening) are at play. But a pretty large pool of move up buyers with ample equity does exist and will continue to exist for a long time.
That’s basically it. And, frankly, I think this is rather obvious to almost anybody. With all due respect, I believe it is you who don’t get it.
PS: I didn’t bring my personal situation into discussion, as I don’t believe it is relevant. But, if you’re curious to know, I fit your description of “under 35 with very large cash reserves”. I also rent.
Participant“Where is the money coming from?????? Savings or sales of appreciated assets?”
OK, JWM, I’ll bite. A small part may come from savings, but the bulk is likely to come from the sale of appreciated assets. As in houses. Happy?
You may be under the impression that nobody in San Diego has any equity left in their homes anymore. You couldn’t be further from the truth. Small anecdote: my co-workers are mostly in their 40s and 50s, live in CV, and bought their houses a long time ago. I doubt they went to the housing ATM at all. They have (and still will have, even if the market goes down a lot further) enormous equity in their current homes. They are the “silent majority”, if you will. If they want to move up, they certainly can (and a couple of them just did recently). Again, they are just another piece of the market and bigger forces (foreclosures, credit tightening) are at play. But a pretty large pool of move up buyers with ample equity does exist and will continue to exist for a long time.
That’s basically it. And, frankly, I think this is rather obvious to almost anybody. With all due respect, I believe it is you who don’t get it.
PS: I didn’t bring my personal situation into discussion, as I don’t believe it is relevant. But, if you’re curious to know, I fit your description of “under 35 with very large cash reserves”. I also rent.
Participant“Where is the money coming from?????? Savings or sales of appreciated assets?”
OK, JWM, I’ll bite. A small part may come from savings, but the bulk is likely to come from the sale of appreciated assets. As in houses. Happy?
You may be under the impression that nobody in San Diego has any equity left in their homes anymore. You couldn’t be further from the truth. Small anecdote: my co-workers are mostly in their 40s and 50s, live in CV, and bought their houses a long time ago. I doubt they went to the housing ATM at all. They have (and still will have, even if the market goes down a lot further) enormous equity in their current homes. They are the “silent majority”, if you will. If they want to move up, they certainly can (and a couple of them just did recently). Again, they are just another piece of the market and bigger forces (foreclosures, credit tightening) are at play. But a pretty large pool of move up buyers with ample equity does exist and will continue to exist for a long time.
That’s basically it. And, frankly, I think this is rather obvious to almost anybody. With all due respect, I believe it is you who don’t get it.
PS: I didn’t bring my personal situation into discussion, as I don’t believe it is relevant. But, if you’re curious to know, I fit your description of “under 35 with very large cash reserves”. I also rent.
Participant“Where is the money coming from?????? Savings or sales of appreciated assets?”
OK, JWM, I’ll bite. A small part may come from savings, but the bulk is likely to come from the sale of appreciated assets. As in houses. Happy?
You may be under the impression that nobody in San Diego has any equity left in their homes anymore. You couldn’t be further from the truth. Small anecdote: my co-workers are mostly in their 40s and 50s, live in CV, and bought their houses a long time ago. I doubt they went to the housing ATM at all. They have (and still will have, even if the market goes down a lot further) enormous equity in their current homes. They are the “silent majority”, if you will. If they want to move up, they certainly can (and a couple of them just did recently). Again, they are just another piece of the market and bigger forces (foreclosures, credit tightening) are at play. But a pretty large pool of move up buyers with ample equity does exist and will continue to exist for a long time.
That’s basically it. And, frankly, I think this is rather obvious to almost anybody. With all due respect, I believe it is you who don’t get it.
PS: I didn’t bring my personal situation into discussion, as I don’t believe it is relevant. But, if you’re curious to know, I fit your description of “under 35 with very large cash reserves”. I also rent.
ParticipantThanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
ParticipantThanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
ParticipantThanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
ParticipantThanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
ParticipantThanks, SDR, I think you put it very well. The topic of this thread is whether the new conforming rates will increase activity in the NCC area, which currently has a lot of housing stock in the 700K-1M price range. I think the answer is clearly “yes”. Activity ground to a halt over the past few months, with most buyers (as many as they may be) waiting for the new limits, so a pick-up in activity is almost guaranteed to happen.
Whether that will mean lower or higher prices, or how that will compare with adjacent areas, etc is really besides the point. Like many here, I believe prices will continue to soften in NCC, but, again, this is besides the point.
PS: “Why should “getting rid of” a house be an issue? Maybe because it isn’t priced right?” Yes, many sellers have difficulty pricing right and selling, I think everyone here knows that, right? Even though they may have ample equity, some people insist on getting a certain price and end up not selling at all. It happens quite often.
ParticipantJosh,
I also take sdrealtor’s side on this. First off, most people at those price levels are not first-time buyers, so down payments are not necessarily a huge hurdle (think middle age professionals who have substantial equity in their present house). Getting rid of the present house may actually be more of an issue.
Second, I would think many prospective buyers waiting to take a 600K loan in the past few months have decided to wait for the new jumbo conforming limit to take effect. Why rush into a higher interest rate loan when you know chances are it will be half a percent to one percent lower in a few months? To be honest, I was surprised that there were ANY of these loans made at all in the past few months, once it became obvious the limit would be raised. So I think there will certainly be an immediate impact on the transaction volume in the 700K-1M market.
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