Forum Replies Created
-
AuthorPosts
-
Reality
Participant[quote=CONCHO]
Had he rented, his landlords might have sold the house out from under him and forced him to move. Or even worse, what if his landlord was a deadbeat and didn’t pay the mortgage on the property? [/quote]The bubble price was quite a premium to pay to avoid the possibility of having to move. Of course he did move when he bought the place, didn’t he?
I don’t like dealing with a landlord either, but can’t agree that buying during the bubble was a smart move. 500k would get him so much more today.
The folks I know that paid bubble prices or took out HELOC’s from bubble appraisals thought the party would never end. I thought they were nuts.
[/quote]Participant[quote=CONCHO]
Had he rented, his landlords might have sold the house out from under him and forced him to move. Or even worse, what if his landlord was a deadbeat and didn’t pay the mortgage on the property? [/quote]The bubble price was quite a premium to pay to avoid the possibility of having to move. Of course he did move when he bought the place, didn’t he?
I don’t like dealing with a landlord either, but can’t agree that buying during the bubble was a smart move. 500k would get him so much more today.
The folks I know that paid bubble prices or took out HELOC’s from bubble appraisals thought the party would never end. I thought they were nuts.
[/quote]ParticipantSince a realtor wrote it, and most realtors wouldn’t admit a bubble until it bit them, I took that to mean at least near the peak. 500k was entry level around that time.
Buying a home happens for most people once or twice. A lot more due dilegence is expected than from someone who regularly invests in a 401k. Timing the stock market is a fool’s game, but you’d think someone would notice the ridiculous appreciation during the most recent housing bubble. Maybe this guy pulling in 250k thought everyone else was too.
ParticipantSince a realtor wrote it, and most realtors wouldn’t admit a bubble until it bit them, I took that to mean at least near the peak. 500k was entry level around that time.
Buying a home happens for most people once or twice. A lot more due dilegence is expected than from someone who regularly invests in a 401k. Timing the stock market is a fool’s game, but you’d think someone would notice the ridiculous appreciation during the most recent housing bubble. Maybe this guy pulling in 250k thought everyone else was too.
ParticipantSince a realtor wrote it, and most realtors wouldn’t admit a bubble until it bit them, I took that to mean at least near the peak. 500k was entry level around that time.
Buying a home happens for most people once or twice. A lot more due dilegence is expected than from someone who regularly invests in a 401k. Timing the stock market is a fool’s game, but you’d think someone would notice the ridiculous appreciation during the most recent housing bubble. Maybe this guy pulling in 250k thought everyone else was too.
ParticipantSince a realtor wrote it, and most realtors wouldn’t admit a bubble until it bit them, I took that to mean at least near the peak. 500k was entry level around that time.
Buying a home happens for most people once or twice. A lot more due dilegence is expected than from someone who regularly invests in a 401k. Timing the stock market is a fool’s game, but you’d think someone would notice the ridiculous appreciation during the most recent housing bubble. Maybe this guy pulling in 250k thought everyone else was too.
ParticipantSince a realtor wrote it, and most realtors wouldn’t admit a bubble until it bit them, I took that to mean at least near the peak. 500k was entry level around that time.
Buying a home happens for most people once or twice. A lot more due dilegence is expected than from someone who regularly invests in a 401k. Timing the stock market is a fool’s game, but you’d think someone would notice the ridiculous appreciation during the most recent housing bubble. Maybe this guy pulling in 250k thought everyone else was too.
Participant[quote=sdrealtor]He is a part owner of a small business that provides support to some of the core industries that operate in the SD start-up market. Obviously he is not an idiot, far from it. He’s about 40, doesnt speak clearly, never makes eye contact, very nervous and look like the guy down the street. The point was if you met him you would not have any idea of his income. There are 2 more of him at his company and that is what they take out of the corporation each year not what it makes. He lives in a house he paid about 500K for during the bubble. Certainly not another option arm wannabe who bouight something they never could afford.
[/quote]A lot of houses going for 500k during the bubble are down about 50% now. Maybe he isn’t an idiot, but he’s certainly not the sharpest knife in the drawer to fritter away hundreds of thousands just because he could afford to.
Participant[quote=sdrealtor]He is a part owner of a small business that provides support to some of the core industries that operate in the SD start-up market. Obviously he is not an idiot, far from it. He’s about 40, doesnt speak clearly, never makes eye contact, very nervous and look like the guy down the street. The point was if you met him you would not have any idea of his income. There are 2 more of him at his company and that is what they take out of the corporation each year not what it makes. He lives in a house he paid about 500K for during the bubble. Certainly not another option arm wannabe who bouight something they never could afford.
[/quote]A lot of houses going for 500k during the bubble are down about 50% now. Maybe he isn’t an idiot, but he’s certainly not the sharpest knife in the drawer to fritter away hundreds of thousands just because he could afford to.
Participant[quote=sdrealtor]He is a part owner of a small business that provides support to some of the core industries that operate in the SD start-up market. Obviously he is not an idiot, far from it. He’s about 40, doesnt speak clearly, never makes eye contact, very nervous and look like the guy down the street. The point was if you met him you would not have any idea of his income. There are 2 more of him at his company and that is what they take out of the corporation each year not what it makes. He lives in a house he paid about 500K for during the bubble. Certainly not another option arm wannabe who bouight something they never could afford.
[/quote]A lot of houses going for 500k during the bubble are down about 50% now. Maybe he isn’t an idiot, but he’s certainly not the sharpest knife in the drawer to fritter away hundreds of thousands just because he could afford to.
Participant[quote=sdrealtor]He is a part owner of a small business that provides support to some of the core industries that operate in the SD start-up market. Obviously he is not an idiot, far from it. He’s about 40, doesnt speak clearly, never makes eye contact, very nervous and look like the guy down the street. The point was if you met him you would not have any idea of his income. There are 2 more of him at his company and that is what they take out of the corporation each year not what it makes. He lives in a house he paid about 500K for during the bubble. Certainly not another option arm wannabe who bouight something they never could afford.
[/quote]A lot of houses going for 500k during the bubble are down about 50% now. Maybe he isn’t an idiot, but he’s certainly not the sharpest knife in the drawer to fritter away hundreds of thousands just because he could afford to.
Participant[quote=sdrealtor]He is a part owner of a small business that provides support to some of the core industries that operate in the SD start-up market. Obviously he is not an idiot, far from it. He’s about 40, doesnt speak clearly, never makes eye contact, very nervous and look like the guy down the street. The point was if you met him you would not have any idea of his income. There are 2 more of him at his company and that is what they take out of the corporation each year not what it makes. He lives in a house he paid about 500K for during the bubble. Certainly not another option arm wannabe who bouight something they never could afford.
[/quote]A lot of houses going for 500k during the bubble are down about 50% now. Maybe he isn’t an idiot, but he’s certainly not the sharpest knife in the drawer to fritter away hundreds of thousands just because he could afford to.
Participant[quote=SD Realtor]Pem that was a very good addition to the thread.
sdr two things:
“When I write things like this its just a bit of a wake up call for all the highly educated worker bees making 70 to 90K wondering how anyone can afford these prices. There are alot of people out there making alot more than you think.”
Yes you and I can say that over and over again but people do not like to hear that. Especially those in that category or a little higher.
Absolutely what I see at the auctions are much more in line with what you are saying as far as the number of homes going to trustee sale in the discussed category. Not even close. Being able to really see what actually goes to sale and what does not over the past 9 months has helped me to see what has happened but also what will happen.
Honestly the only hope for a major decline in the housing discussed here in this thread is for a major shock in interest rates.[/quote]
I’m still not buying it. Realtors who sell in higher priced areas will see more than their share of people with a lot of money. But as a percentage of the total poplulation it’s a very small number of people.
Trauma centers see a lot of traumas. That doesn’t make a trauma that common.
Participant[quote=SD Realtor]Pem that was a very good addition to the thread.
sdr two things:
“When I write things like this its just a bit of a wake up call for all the highly educated worker bees making 70 to 90K wondering how anyone can afford these prices. There are alot of people out there making alot more than you think.”
Yes you and I can say that over and over again but people do not like to hear that. Especially those in that category or a little higher.
Absolutely what I see at the auctions are much more in line with what you are saying as far as the number of homes going to trustee sale in the discussed category. Not even close. Being able to really see what actually goes to sale and what does not over the past 9 months has helped me to see what has happened but also what will happen.
Honestly the only hope for a major decline in the housing discussed here in this thread is for a major shock in interest rates.[/quote]
I’m still not buying it. Realtors who sell in higher priced areas will see more than their share of people with a lot of money. But as a percentage of the total poplulation it’s a very small number of people.
Trauma centers see a lot of traumas. That doesn’t make a trauma that common.
-
AuthorPosts
