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SD Realtor
Participantrooous don’t be bummed out. Instead you should be patting yourself on the back. You have resisted an emotional response in favor of facts that are clear and present. An earlier post to your thread captured the personalities here in an accurate manner, from slight depreciation to doomsday. Even the most optimistic prognosticators are NOT predicting appreciation. So you are missing out on nothing.
Hopefully these facts will make you feel better:
1 – Inventory is high. It will most likely dip a little bit through the winter but that is only because listings are expiring, cancelled or being withdrawn. Back in the spring we will most likely push inventory to even higher levels then we have seen for years.
2 – Rates will most likely nmot change much over the next year. I think most people here see the long term mortgage rates not varying by more then +/- .75 of a point from where they are. If the recession that many of us are thinking does come, then they will most likely stay low. If they do go up then that will serve to depress prices further.
3 – Without even knowing you guys personally I can absolutely gaurantee there will be something that will come on the market that you will like even better then what you were looking at. It may take time but really you will.
So the challenge for you now is to try to save more money. Also don’t be afraid to keep looking around. I always see postings from Perry Chase. He seems to have all kinds of info on places. He just looks and looks and looks and then logs the activity of places he looks at. This is a very intelligent way to get a pulse not just on the market but on the very narrow scope of property types that he wants. I can probably mention a random UTC condo development and he can tell me more about it then the developer.
So don’t stop looking…just look, track, and start to accrue knowledge.
ParticipantPS it depends on what you want the website for. My wife’s business is http://www.mpiclinic.com for her skin care and permanent makeup business. We paid a pretty hefty fee for it. Also we have another company that maintains the google pay per click campaign and constantly plays with the site so it is nailed by webcrawlers. However if you are simply looking for a hosting site for a blog site or something of that nature then go cheap…
ParticipantHi guys –
I am sorry for not answering earlier as I have been offline and I am just now seeing this blog. Actually we got a few offers on our home. That is just one of three properties that I own. Initially we tried to sell the home back in September of 2005. At that time I had another baby coming so the family total of two kids, mom in law, 2 dogs, 3 cats and two turtles was way to big for the Talmadge home. I wanted to sell and my wife did not. We struck a deal such that if we got the price that we were searching for, we would indeed sell. If we did not we would go ahead and rent. We got two offers on the home but they both fell over 30k short of what we agreed upon.
As you all know peace on the home front by far outweighs financial decisions. Had it been my choice alone, I would have jumped at the offer, however it was not. We do have two great tenants and our cash flow is about break even on the home. So that’s the story of that. In the long run my mom in law will probably end up staying in that home after the kids get old enough for us to boot her out.
Guys, I have no problems at all about the question from sdrealtor. I do not feel they are out of line at all.
ParticipantChris interesting post. So are you contending that the cycles are fixed in time? Regardless of whether it is real estate or the stock market, that all efficient markets have temporal cycles that are somewhat independent of underlying fundamentals?
ParticipantGuys I wanted to thank all of your for your posts on this.
1 – My old real estate buddy (who bailed on real estate and went into oil well investments) uses treasury direct and has been very happy with his purchases of those securities offered there…
2 – I have uses ING and Emmigrant for money market funds and was happy with the rates received.
3 – PS, I agree with your thoroughness with regards to making sure that WHOEVER you select you should check them out to make sure that they are solvent. I must admit I am negligient in that case at times…
4 – I am sure all of you know that the rate quotes have the actual rate and the APY. At first I was pretty much settling on a 6 or 7 month CD or perhaps even a liquid CD… Now I am wondering if I should go longer like 18 months as the impending recession should start to knock rates down… perhaps as soon as next spring?
So is it better to lock that nice rate in now? This would assume big B is going to stop pumping the fed funds rate and will start to reduce it as the housing market falls apart and the economy heads south…
what to do what to do….
ParticipantI recall going to a listing appt last summer for a guy living in 4S. He didn’t like my pricing recommendation so he passed on me. I told him that by the looks of things 4S was primed for a large decline due to the high inventory in 4S and the runup it had… I checked that listing out 3 months ago and he was now about 40k LESS then my recommendation. He had listed last summer and it didn’t sell. He came back in the spring.. It didn’t sell.
I think that 4S has depreciated substantially…
ParticipantI recall going to a listing appt last summer for a guy living in 4S. He didn’t like my pricing recommendation so he passed on me. I told him that by the looks of things 4S was primed for a large decline due to the high inventory in 4S and the runup it had… I checked that listing out 3 months ago and he was now about 40k LESS then my recommendation. He had listed last summer and it didn’t sell. He came back in the spring.. It didn’t sell.
I think that 4S has depreciated substantially…
ParticipantSorry to not clarify… you know how late night posting is…
Anyways no we were tuned in on the radio… I also wonder about how he is in person….I mean can he honestly believe his own rhetoric in the face of the data…
Also he had his good buddy Mayran on for a few minutes… So George was blustering on about how the rates have dropped and how that is an indicator of how the market should heat up and you should buy now… Mayran actually tried to inject in a very light manner, how he believes the rate drops are indicative of an upcoming recession…. George kept blathering on….
ParticipantGood call Peace… I checked it out… Need a higher maximum… darn…
If it sounds to good to be true it is…
ParticipantWhoa that rate is smoking compared to what I have seen out there… I will check it out!
ParticipantChris –
Do you have a website? Do you charge for your newsletter? How would I be able to sign up for it?
ParticipantChris –
Do you have a website? Do you charge for your newsletter? How would I be able to sign up for it?
ParticipantPowayseller talking up Bob Casagrande and leaving me high and dry… I guess I better start sending her some better bribes…
Seriously guys I ABSOLUTELY agree with the statements made. Nothing new in this post except this is an opinion from someone on the inside… It is FRUSTRATING as heck when the realtor on the other side of the transaction is a bonehead. I want to be fair though, it is just as frustrating when the person on the other side of the transaction is a bonehead mortgage broker as well…
Yes it is a low barrier to entry… As an engineer and a Realtor it is a quite a difference dealing with the different peer groups. I will say in all fairness, many Realtors who have no advanced degrees are VERY good at what they do. So I do not want to bury them as a group…
Do the major brokerages care about the low barrier of entry? Absolutely not. Look they figure that with every bonehead they bring in, that bonehead has an aunt, or spouse, or friend, or someone in thier “sphere of influence” who they can get a transaction out of.
That is what is important to them….
Last I checked, no real estate brokerage has any tests you have to take to maintain employment… If you pass the DRE requirements, and are not a total screw up, and pay your required fees… you will get to hang around…
One good thing about the downturn is that the good agents will survive and the rabble will go back to thier waitress and bartending jobs…
ParticipantWell said sdduuuude –
If you are a buyer and are concerned about unpermitted additions make sure you ask. When you get your appraisal done, if the appraisal square footage differs from the square footage on the assessors records then definitely investigate to find out why.
I had a 3/1.5 home and I converted the half bath to a full bath. I ended up removing the closet of a bedroom to put the bathtub/shower in. I hired a licensed contracter and plumber and had all of the work done professionally but no I did not get a permit for the work which technically I should have.
So yeah I agree with points made that it is a matter of buyer beware. To me at least, the scope of the job and the quality of the work does have bearing. Again as a buyer you can do a pretty thorough job of investigation. If you are uncomfortable, walk. However don’t not look at a property simply because it may have had some unpermitted work.
And yes as a seller, disclose disclose disclose!!!
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