Forum Replies Created
-
AuthorPosts
-
PerryChase
ParticipantThanks for all the response. I think it depends one how much under water she gets. If she goes say $300,000 underwater, it might be worth it to go out and buy a new lower-priced house then walk away from the old one. Even if one could afford to make the payments, why would anyone want to keep on paying on such an overpriced house. It only makes financial sense to me to let the lender deal with it.
It’ll tell her to talk to a lawyer if the markets really tanks.
ParticipantWhat were the consequences for your dad in terms of tax and credit history implications?
ParticipantI’m all for a “revolution” in real estate. 🙂
I’m willing to give new ways of buying/selling a try. Disruptive change they used to call it during the Internet age?
ParticipantI agree with your asianautica. Builders know exactly what they can get right now for a completed product they need to unload. I use new construction pricing to gauge what the market will bear.
Also, new houses are better products in terms of technology (but not location, charm and uniqueness). Price per square foot wise, new houses are better deals.
Participantsdrealtor is right that lowball offers are generally not productive. To me, the best way to get a deal is to window shop (so you know the products) and not buy until there’s a discount sale. It’s like not buying any consumer goods throughout the whole year and buying only during the Black Friday sale.
The key is to control the itch to buy and buy only when the deal is too good to pass-up. If everyone did that, sellers would have to adjust their pricing drastically downward. I don’t recommend this strategy to everyone because it would kill the economy.
Participantsdrealtor, what do you think the median for all housing will settle at the low of the market? When do you think that might be? I think 350k but I’m not a real estate professional.
ParticipantLet us know how it goes.
Perhaps you could track that listing and see what (and if) it eventually sells at. That would be a good reference point as to how the market in doing in that neighborhood.If it were me, I’d have low-balled at $350k. If the seller really thinks that his house is worth $450k, let him sell it to someone else at that price and have the last laugh. Why get insulted if you know you’ll have money in the bank? The sellers who get insulted by a low-ball offers are the desperate ones.
ParticipantMr. Brightside,
If you run for mayor, I’ll vote for you!ParticipantGut feelings have everything to do with economics. Psychology is an integral part of economics.
I believe the point being made is that women tend to want to “own” a home regardless of prices being low or high. Men, on the other hand, are more swayed by making a “killing.” Men are more willing to move in an out of the market if they beleive they can make or save money. Their emotional attachment to a house is lower.
I know that gender roles is a controversial subject but what women want is well known in the real estate industry. Smart marketers use psychology to sell their products and services.
Of course, not all men or women are the same but there are certain generalities that do hold true.
I’m all for treating a primary residence like consumption — it’s a place to live. Only 2nd residences and rentals should be viewed as investments on which one would want to maximize returns.
Participantzk, I believe he meant that borrowers want to get the largest credit lines they can before their equity evaporates. How convenient, just as the equity is gone, the borrowers will dip into the HELOCs they previously secured to pay the mortgage. Kickin’ the can a little further down the road.
ParticipantI don’t think the buyers stand a chance in court. They’ll try but everything was disclosed to them. They should’ve read the docs they were signing.
Option ARMs are good products for sophiticated buyers but the average Joe should not even consider them. The regulators will tighten the lending guidelines thus further depressing the market and lenghtening the downturn.
September 11, 2006 at 1:14 PM in reply to: Quick Poll: Year of trough & decline from peak to trough #34974ParticipantI’m with anxvariety. I also see about a 10-15 years slide. History is my guide. In the 1990’s we saw a 7-year downturn in San Diego. Since this downturn will be national wide, it should take twice as long to recover.
Boomers are about to retire and they’ll soon need to liquidate. Many are hoping to unload at top price. They’ll hold on for a while but as they age they’ll eventually have no choice but to sell at market price. As they say, you can’t take it to the grave.
When the economy goes south immigrant-bashing will increase (remember the 1990s) and this will cause immigrants – legal and illigal – to sit on sidelines. Who will buy my dad’s house when he dies?
My gut instincts tell me that the median SD price for SFH will settle right around $350k at the trough. What was the median high price and date for SFH in San Diego? I don’t have that info readily available.
ParticipantYes, I always hear of women nagging their husbands into buying a house. If it weren’t for women the real estate market would be in a real slump. Could Realtors here address this?
I think one reason women want a house is so that the husbands have to stay at home and work on projects. It prevents the men from hanging-out with friends where there’s more opportunity to meet other attractive women.
My sister-in-law gets pissed-off when my brother hangs out with me and my other brother too much. She’ll call and say the child’s not feeling well, the air-conditioner is running right or the fridge doesn’t seem quite cold enough, etc… I can’t wait until cell phone companies have easy to use tracking services!
September 10, 2006 at 8:31 PM in reply to: Quick Poll: Year of trough & decline from peak to trough #34914Participantvrudny, I believe that real dollars means adjusted for inflation, nominal is not adjusted.
-
AuthorPosts
