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SD Realtor
ParticipantDont take to much stock in the median price. Remember credits and other items made from sellers to buyers are not accounted for in the median price entered at the close of the sale.
Also as the number of sales decrease, the median price can be skewed out more by solitary large sales. The actual number of sales is a much more telling stat. So even though the median increased, I think we would all agree that this is not indicative of a healthy market.
SD Realtor
ParticipantThis is only a guess but I would bet that the majority of realtors participating in blogs like that are pretty minimal. I bet it is chcok full of mortgage brokers. That is just a guess though.
As for some of the statements made about the overall conditions, I could not guess how accurate that is. I will say that in certain submarkets here in town like Scripps, some of the nicer parts of Sabre Springs, inventory has not grown at all, market times are down, expireds/cancelleds are way down, and the market is better then it has been in awhile. I would imagine the same is true for some markets in north county coastal. I think things will slow down eventually. In ALOT of other markets this is not the case.
As for how conversations go between myself and other realtors…. Well our conversations are very realistic with respect to the market and what is going on, at least the ones I talk to.
ParticipantSince 1/1/07 the following recordings have been made:
92009
28nods, 18nots, 5reo
92011
9nods, 3nots, 1reo
92024
18nods, 7nots, 2reo
SD Realtor
ParticipantI don’t think they were FSD… As I said the entire situation was a real scene. Without mentioning the agency representing the buyer (which was NOT any reputable brokerage firm that I had ever heard of) I can say that the many calls I made to this organization within the first day of receiving the offer were not returned. Additionally, the listing did not have the correct firm or listing agents name on the page 7 and 8 of the RPA!!! None of the financing details were specified in page 1 as well. When I finally did reach the broker it was almost comical… he was talking about how they did these sorts of transactions all the time. When I kept pressing about details of the construction to be done, wanting to see an itemized list, as well as details about the appraisal he got very busy and said he would get back to me. Finally when I reached him again the next day to tell him my seller would need to see more details to consider this offer he told me they were withdrawing the offer.
SD Realtor
ParticipantHi Bugs –
Thanks for that…. my thoughts of the process were exactly along the lines of progression that you presented. What really concerned me were other facets not readily presented in my thread, the absence of the buyer asking for an NHD (which we would have to provide regardless) (but they specifically hand wrote in “waived”) and they did the same for the termite. I am also not a contractor but when I asked for a list of renovations they intended to do with the pricing estimates from the builder, the broker got pretty vague. The construction company was Marc Bell construction, may or may not be legit. It just smelled bad. I did indeed present the offer to the seller. His daughter in law is a broker up in L.A. and she didn’t want to have anything to do with it so she advised her father to pass on it. She called me and I told her I felt better that she passed on it as well.
SD Realtor
March 14, 2007 at 12:20 PM in reply to: Get fired up! Congress considering bailing out SUB PRIME! #47665ParticipantKewp –
The quote from Duncan was great. Let me repeat part of it…
“support the bailout of people who traditionally have not managed credit well?”
How will these people EVER manage credit well if they get bailed out? You don’t get born with bad credit, you earn it. Okay there are cases of hardship, bad luck, layoffs, etc… however I have found that those people were the ones who REALLY DID LEARN how to be fiscally responsible. The OVERWHELMING majority of people who I have seen and worked with that have credit problems are chronic. They cannot, will not, and will never be fiscally responsible. They are constantly being bailed out.
I am a renter and I hate it but I do it because it is the responsible thing to do. Why have ANY federal program to help those who have NOT helped themselves.
Teach someone that they can walk away from a mortgage and they will walk away from a mortgage. Then they can walk away from the next one. Let them lose a home and endure the consequences and learn that maybe they need to stay within a budget or get 2 or 3 jobs to support the lifestyle they want.
I do not want to work to foot their bill.
Why is it an issue for people to be responsible for their actions?
ps – kewp this rant wasn’t aimed to you, it is just rant to all…
SD Realtor
ParticipantWell said Bugs… Don’t believe the industry is not going to go down without a fight. Once things start touching Fannie and Freddie I honestly do not see the government sitting on the sidelines and watching. What better way to enter the political season then to help those poor souls who lost their homes then to come up with a program to help them out? Sorry but I am just so pissed at our government considering a bailout for them…
More to the point, we need to see all of this inventory to hit the market before we can make any headway downward. Many sellers and even REO properties are still stubborn with pricing. Personally I am still seeing certain markets performing pretty darn well. Of course the one I want to buy in is still white hot… however many many others are not. Again condos are getting hit harder then homes, lower income neighborhoods are also depreciating faster then mid/higher ones and neighborhoods with good schools. Also buyers are looking for more value, less MR and HOA, etc…My guess is that once we move into the dog days of summer we could see a repeat of the summer of 06. We need inventory to move up… Geez we are 2 weeks away from April and definitely off of the 06 inventory levels. Spring is going by quick.
The thing this year is, although we may not come close to approaching the 06 levels, the sellers will now have a higher percentage of banks and lenders then the 06 inventory did.
That is a very good thing.
March 14, 2007 at 11:01 AM in reply to: Get fired up! Congress considering bailing out SUB PRIME! #47658ParticipantAgain this should be no surprise to any of us. Remember the golden rule? Those with the gold rule?
Well the lending industry, the real estate industry, construction industry and others affected by housing have a ton of gold and an army of lobbiest in DC. If anyone thought that they would not use every single weapon at their disposal to either mitigate or stall the inevitable, then they were wrong. To think that they have not been planning for a fallback or many fallback positions would be crazy.
It is a very sad commentary on the state of our government. I also have sent letters to my representative as well and it just disgusts me that we are such a welfare state. I guess next we should bail out people who have their cars repo’d or run up the old VISA bill as well correct?
We saw this sort of behavior coming, and there are even previous posts where we discussed that there would most likely be some way that there would be a bailout. I love our country so much, I just don’t understand the behavior of the people that run it.
SD Realtor
ParticipantNew Guy this is yet another sad commentary of agents behaving badly. This listing agent is actively soliciting your friend.
So in the face of this behavior would your friend honestly want this person representing him/her? Would your friend trust that representation? I would ask your friend to contact the listing agents broker and explain exactly what happened. Also when the original purchase offer was declined did your friend get a copy of the RPA back from the listing agent as officially declined?
I cannot advise strongly enough to your friend not to use the listing agent to represent him as well. If your friend wants the house, have him ask his buddy (agent friend) to represent him to give him a rebate of a portion of the buyers commission OR to reduce the buyers commission paid out to him and have the price of the home reduced. Or go to ZIP or other brokerages that give commission rebates and use them.
SD Realtor
ParticipantHi 23109VC –
I think that the hardest question that you asked was when is the right time to buy? This is a question that is really answered on a case by case basis. Based on what I have read from your post right now, I don’t think now is the right time to buy for you. Also per earlier thoughts I have posted, I think the new developments that have been built out over the past few years could be great candidates for good deals in the next few years due to people who overextended themselves.
Also per your statement you think that the 500k may be biting off a bit to much, then absolutely listen to that instinct.
SD Realtor
ParticipantHaving 2 kids with another on the way is something that is both awesome and an awesome responsibility. If you did find that house that you really really did love, and would be there for many many years, then maybe, perhaps, I would say go for it. Iff you are POSITIVE about your income stream, and iff you ran the numbers to convince yourself that it would save you money over renting… and iff a few other things.
The problem though is that there are to many unknowns in the equation. While my intial post was less optimistic about 100% financing availability being around forever then Perry’s was I do agree with Perry that if your numbers are good, you should be able to find financing. Second, one of the most common events I see with buyers is the “this is the one syndrome”. Unless you have some very special requirements for the home you need, like land or something like that, then I think your patience will reward you in the long run. You may feel that this home you love for 500k is not replaceable but another one will come up… maybe not in a month or a year or two years but sometime one will.
Let me ask you this, how long has this 500k home been on the market? What did the seller pay for it? How much equity does the seller have in it?
Also while it would be nice to save 20% down, like you said that would take a long long time. Don’t try for the whole enchilada. Try to set a realistic goal. What if you made a goal of trying to save say 10-20k in the next 2 years? I know that even that is really tough with a student loan and daycare/preschool.
Anyways, without know much about the house you like, or the neighborhood, I cannot tell you if it is a good deal or not. However if you CAN rent on the same street and it is a comparable house, and that 2k a month is within your budget then I would jump all over it.
Hang in there
ParticipantSD Appraiser –
I addressed your post in such a manner because I thought it peculiar that you singled out that my name in your post. The listing I have on her site doesn’t say SD Realtor’s listing. I would have not said anything or acted in a defensive manner if you simply would have said that she has listings featured on her site.
Also no I don’t pay her or anyone else who post my listings. As you know DRE law lets you advertise other brokers listings if you receive permission from them to do so.
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Also as I sit here and type I see a big fat Option One Mortgage advertisement immediately to my left. It is not like Piggington does not have advertising all over it.
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SD RealtorParticipantSDAppraiser –
She called me and asked me if she could put one of my listings on her site to which I said yes. There are other listings she has on her site as well but you didn’t care to mention that. I also have my listings on other sites besides mine and hers. However you didn’t care to mention that either.
SD Realtor
ParticipantGotcha Perry…
or
Got ya Perry…
or my favorite
go Tya Perry.
SD Realtor
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