Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantDisasta you are SO RIGHT. Make sure you get as much as you can in writing.
newguy – it doesn’t matter if the agent gets a fixed fee or a percentage, all you are about is getting some of what they get.
SD Realtor
ParticipantDisasta you are SO RIGHT. Make sure you get as much as you can in writing.
newguy – it doesn’t matter if the agent gets a fixed fee or a percentage, all you are about is getting some of what they get.
SD Realtor
ParticipantI think the catalyst could be the treasury yield. If we do not see any bond market rally and the yield keeps creeping up then we certainly may see the catalyst that will result in a depreciation notch down rather then a slow slide. Right now we are near 5 and the selloff has been going on for 2 months give or take. If the 10 year hits 6 or 7? Then yep for sure we will see the housing market get pounded good and hard and it will be fast.
SD Realtor
ParticipantI think the catalyst could be the treasury yield. If we do not see any bond market rally and the yield keeps creeping up then we certainly may see the catalyst that will result in a depreciation notch down rather then a slow slide. Right now we are near 5 and the selloff has been going on for 2 months give or take. If the 10 year hits 6 or 7? Then yep for sure we will see the housing market get pounded good and hard and it will be fast.
SD Realtor
ParticipantHi Alex –
Per your earlier post any commission earned by anyone from new/resale transactions are all taxable. See my previous post to fat_lazy on his question.
There is no real “claiming” of a rebate. If you are working with a realtor make sure you have cleared the air with him/her regarding the policy they have for rebates regardless of what type of home you are buying. (new/resale) If you wait until after that realtor has shown you properties then there may already be unrealistic assumptions on your end regarding getting any rebate.
When you go to ANY development it is PARAMOUNT to have the realtor register you THE FIRST TIME you visit that particular developer. If you visit, then register, then go back two weeks later and try to say you have a realtor they will tell you to pound sand.
SD Realtor
ParticipantHi Alex –
Per your earlier post any commission earned by anyone from new/resale transactions are all taxable. See my previous post to fat_lazy on his question.
There is no real “claiming” of a rebate. If you are working with a realtor make sure you have cleared the air with him/her regarding the policy they have for rebates regardless of what type of home you are buying. (new/resale) If you wait until after that realtor has shown you properties then there may already be unrealistic assumptions on your end regarding getting any rebate.
When you go to ANY development it is PARAMOUNT to have the realtor register you THE FIRST TIME you visit that particular developer. If you visit, then register, then go back two weeks later and try to say you have a realtor they will tell you to pound sand.
SD Realtor
Participantfat_lazy –
Some realtors may indeed 1099 you. There are a few different ways to get it done but doing it above board and doing it right is what is important. The least expensive way to do it from the buyers point of view is to have the buyers agent reduce his commission, then have the seller credit the buyer directly that amount. The credit should be (could be) applied to non recurring and/or recurring closing costs. Or if the seller wants to do some upgrades/repairs, it could be held back in escrow and paid directly to the contractor.
If it is done in this manner then there is no 1099 to the buyer. It is also all documented and written into the escrow instructions and done early in the process so the lender knows what is going on.
SD Realtor
Participantfat_lazy –
Some realtors may indeed 1099 you. There are a few different ways to get it done but doing it above board and doing it right is what is important. The least expensive way to do it from the buyers point of view is to have the buyers agent reduce his commission, then have the seller credit the buyer directly that amount. The credit should be (could be) applied to non recurring and/or recurring closing costs. Or if the seller wants to do some upgrades/repairs, it could be held back in escrow and paid directly to the contractor.
If it is done in this manner then there is no 1099 to the buyer. It is also all documented and written into the escrow instructions and done early in the process so the lender knows what is going on.
SD Realtor
ParticipantPretty much agreed with sdr… There is NO DOUBT that many people will be forced to sell. They WILL have to sell at whatever the market dictates. However I see people with equity that are not in risky loan vehicles simply shutting it down and sitting tight. Whether they are wise to do that is not the point of the post, the point is that there is a very large number of people, with equity, with relatively safe financing vehicles, that will simply sit tight.
Will that support the market? No I doubt it. Will there still be alot of inventory, alot of REO, alot of distressed sales? Of course.
I think sometimes people may obscure the fact that there was alot of housing market activity before 2003.
Finally there are other people who also have horrid financing vehicles but who put alot of cash down. They are refinancing and sitting tight. Yes they lost equity but no they are not bailing out. There was a recent withdrawn listing on Sunset Ridge in Scripps that I was tracking that did this.
Agreed again with sdr on the REO pricing. That has been one of the most frustrating things of all this year and 06 was that the REO properties really are not priced that well…at least not yet….
SD Realtor
ParticipantPretty much agreed with sdr… There is NO DOUBT that many people will be forced to sell. They WILL have to sell at whatever the market dictates. However I see people with equity that are not in risky loan vehicles simply shutting it down and sitting tight. Whether they are wise to do that is not the point of the post, the point is that there is a very large number of people, with equity, with relatively safe financing vehicles, that will simply sit tight.
Will that support the market? No I doubt it. Will there still be alot of inventory, alot of REO, alot of distressed sales? Of course.
I think sometimes people may obscure the fact that there was alot of housing market activity before 2003.
Finally there are other people who also have horrid financing vehicles but who put alot of cash down. They are refinancing and sitting tight. Yes they lost equity but no they are not bailing out. There was a recent withdrawn listing on Sunset Ridge in Scripps that I was tracking that did this.
Agreed again with sdr on the REO pricing. That has been one of the most frustrating things of all this year and 06 was that the REO properties really are not priced that well…at least not yet….
SD Realtor
ParticipantOnce more my usual disclaimer… wait if you can before you buy, specially if you are getting a condo.
I will answer 4 and 5 for ya…Homebuilders price aggressively for many reasons. First and foremost, they have plenty of margin, and they are not emotionally attached to the product they sell. As the market continues to depreciate the homebuilders continue to price aggressively and contrary to what many people think, they are selling homes. They also keep sales robust by paring down the numbers of homes release per phase.
So in general your observation is correct, used homes are not only as expensive but more often then not more expensive then comparable new homes.
I am one of the many posters who feel that there is still room for prolonged depreciation. My view is that it will vary somewhat with the type of home, (condo verses single family) as well as the neighborhood. I am not saying some places will rise and some will fall. I think all will fall at different rates and they will find different levels. I believe we will see a more gradual drop over the next few years, that will be intertwined with seasonal behavior that is predictable. To clarify, I expect to see small pops in the spring, then pretty flat the remainder of the year with the declines in the summer and late summer.
SD Realtor
ParticipantOnce more my usual disclaimer… wait if you can before you buy, specially if you are getting a condo.
I will answer 4 and 5 for ya…Homebuilders price aggressively for many reasons. First and foremost, they have plenty of margin, and they are not emotionally attached to the product they sell. As the market continues to depreciate the homebuilders continue to price aggressively and contrary to what many people think, they are selling homes. They also keep sales robust by paring down the numbers of homes release per phase.
So in general your observation is correct, used homes are not only as expensive but more often then not more expensive then comparable new homes.
I am one of the many posters who feel that there is still room for prolonged depreciation. My view is that it will vary somewhat with the type of home, (condo verses single family) as well as the neighborhood. I am not saying some places will rise and some will fall. I think all will fall at different rates and they will find different levels. I believe we will see a more gradual drop over the next few years, that will be intertwined with seasonal behavior that is predictable. To clarify, I expect to see small pops in the spring, then pretty flat the remainder of the year with the declines in the summer and late summer.
SD Realtor
ParticipantI would agree with the majority of the posts. My first word of advice would be to wait. I do think you could do better waiting but I understand why you are buying now.
If you are not going to wait then go with the home that will provide more harmony for your family. Both are great school districts so you cannot go wrong with that pick. Also agreed with the point about more lots available in 4s then Portico. For the record I think there may be more defaults in 4s then in CV but it is just an opinion so take it with a grain of salt.
I think trying to speculate on which home will appreciate more is pretty tough. I am sure if someone were motivated enough they could give you appreciation numbers for each area for the past few years. I am kind of tired so sorry about that.
Anyways, go for the harmony, the better deal for the money, measure which has higher Mello Roos etc, what is better for your commute, etc…
SD Realtor
ParticipantI would agree with the majority of the posts. My first word of advice would be to wait. I do think you could do better waiting but I understand why you are buying now.
If you are not going to wait then go with the home that will provide more harmony for your family. Both are great school districts so you cannot go wrong with that pick. Also agreed with the point about more lots available in 4s then Portico. For the record I think there may be more defaults in 4s then in CV but it is just an opinion so take it with a grain of salt.
I think trying to speculate on which home will appreciate more is pretty tough. I am sure if someone were motivated enough they could give you appreciation numbers for each area for the past few years. I am kind of tired so sorry about that.
Anyways, go for the harmony, the better deal for the money, measure which has higher Mello Roos etc, what is better for your commute, etc…
SD Realtor
-
AuthorPosts
