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pemeliza
Participant“Agree very much with you, AN. It’s easy to throw away someone else’s “few thousand.” For many people, that can represent many months or years of savings. It’s a BIG deal.”
If you bid what you perceive based on your research and that of your agent to be fair market value than you have not thrown anything away. Now if you want to buy your dream house under fair market value than that is another issue.
“These changes come in tiny increments. There are houses now being listed in the high-$600-$800K range that would have listed for $800K-$1MM+ a few years ago.”
Yes this is the challenge with purchasing in this environment. Things are changing so quickly that fair market value is a moving target. In my case things changed so quickly during my search that I went from looking inland to buying on the coast since prices moved down so much during the two years that I was searching.
Participant“Agree very much with you, AN. It’s easy to throw away someone else’s “few thousand.” For many people, that can represent many months or years of savings. It’s a BIG deal.”
If you bid what you perceive based on your research and that of your agent to be fair market value than you have not thrown anything away. Now if you want to buy your dream house under fair market value than that is another issue.
“These changes come in tiny increments. There are houses now being listed in the high-$600-$800K range that would have listed for $800K-$1MM+ a few years ago.”
Yes this is the challenge with purchasing in this environment. Things are changing so quickly that fair market value is a moving target. In my case things changed so quickly during my search that I went from looking inland to buying on the coast since prices moved down so much during the two years that I was searching.
Participant“There were many offers as well and I had to submit my highest best. I don’t know if I won by $1k or by $20k. If the next bid was $20k less, I would be a lil pissed that I overbid.”
The key is not to trip over dollars trying to pick up pennies. If a house you want comes on hot go in with your best determination of fair market value and let the chips fall as they may. Getting a great property at a fair market price is much more important than worrying about a few thousand here or there.
Participant“There were many offers as well and I had to submit my highest best. I don’t know if I won by $1k or by $20k. If the next bid was $20k less, I would be a lil pissed that I overbid.”
The key is not to trip over dollars trying to pick up pennies. If a house you want comes on hot go in with your best determination of fair market value and let the chips fall as they may. Getting a great property at a fair market price is much more important than worrying about a few thousand here or there.
Participant“There were many offers as well and I had to submit my highest best. I don’t know if I won by $1k or by $20k. If the next bid was $20k less, I would be a lil pissed that I overbid.”
The key is not to trip over dollars trying to pick up pennies. If a house you want comes on hot go in with your best determination of fair market value and let the chips fall as they may. Getting a great property at a fair market price is much more important than worrying about a few thousand here or there.
Participant“There were many offers as well and I had to submit my highest best. I don’t know if I won by $1k or by $20k. If the next bid was $20k less, I would be a lil pissed that I overbid.”
The key is not to trip over dollars trying to pick up pennies. If a house you want comes on hot go in with your best determination of fair market value and let the chips fall as they may. Getting a great property at a fair market price is much more important than worrying about a few thousand here or there.
Participant“There were many offers as well and I had to submit my highest best. I don’t know if I won by $1k or by $20k. If the next bid was $20k less, I would be a lil pissed that I overbid.”
The key is not to trip over dollars trying to pick up pennies. If a house you want comes on hot go in with your best determination of fair market value and let the chips fall as they may. Getting a great property at a fair market price is much more important than worrying about a few thousand here or there.
ParticipantI see that my neck of the woods claims the booby prize:
Mission Hills – 27 months
Another potential factor is that for whatever reason there have not been that many distressed sales in north mission hills particularly in the over 1M range. I think that has given sellers a false sense of security but they are failing to consider the “substitution” effect. Stuff up to 900k priced aggressively is moving well on the other hand so maybe MH is just not as high end as it once was.
ParticipantI see that my neck of the woods claims the booby prize:
Mission Hills – 27 months
Another potential factor is that for whatever reason there have not been that many distressed sales in north mission hills particularly in the over 1M range. I think that has given sellers a false sense of security but they are failing to consider the “substitution” effect. Stuff up to 900k priced aggressively is moving well on the other hand so maybe MH is just not as high end as it once was.
ParticipantI see that my neck of the woods claims the booby prize:
Mission Hills – 27 months
Another potential factor is that for whatever reason there have not been that many distressed sales in north mission hills particularly in the over 1M range. I think that has given sellers a false sense of security but they are failing to consider the “substitution” effect. Stuff up to 900k priced aggressively is moving well on the other hand so maybe MH is just not as high end as it once was.
ParticipantI see that my neck of the woods claims the booby prize:
Mission Hills – 27 months
Another potential factor is that for whatever reason there have not been that many distressed sales in north mission hills particularly in the over 1M range. I think that has given sellers a false sense of security but they are failing to consider the “substitution” effect. Stuff up to 900k priced aggressively is moving well on the other hand so maybe MH is just not as high end as it once was.
ParticipantI see that my neck of the woods claims the booby prize:
Mission Hills – 27 months
Another potential factor is that for whatever reason there have not been that many distressed sales in north mission hills particularly in the over 1M range. I think that has given sellers a false sense of security but they are failing to consider the “substitution” effect. Stuff up to 900k priced aggressively is moving well on the other hand so maybe MH is just not as high end as it once was.
Participant“IMHO, the housing bubble was planned from the very beginning.”
Yes, and this explains a lot. The FED and regulators have been widely criticized because they apparently MISSED the housing bubble. No, they didn’t miss it they created it. What they got wrong IMHO is they thought they could create a bubble and then control it with “measured” monetary policy. In the worst case, they figured, they just had to use “extreme” monetary policy to clean up the aftermath if things went bad. The result was perhaps the most costly failed experiment in monetary policy this country has ever witnessed.
Participant“IMHO, the housing bubble was planned from the very beginning.”
Yes, and this explains a lot. The FED and regulators have been widely criticized because they apparently MISSED the housing bubble. No, they didn’t miss it they created it. What they got wrong IMHO is they thought they could create a bubble and then control it with “measured” monetary policy. In the worst case, they figured, they just had to use “extreme” monetary policy to clean up the aftermath if things went bad. The result was perhaps the most costly failed experiment in monetary policy this country has ever witnessed.
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