[sdrealtor]

You must be in a very low tax bracket. If you were in a 37% marginal tax bracket like most homeowners around here a 2500/month rental payment is about the same as a 3700 mortgage+tax payment. Through in a couple hundred bucks for happiness associated with owning your own home, a couple more for not worrying about having to move when your landlord sells (havent moved lately but imagine it would cost at least 5K when you factor in all the costs), a couple more for the prinicipal you are paying down each month and then a couple hundred more to account for your rent rising over the next 5 to 10 years and I’d say it’s worth a little more than $100 to $200/month.

But here’s my 64K questions…ARE YOU SAVING $1,000/MONTH FOR YOUR RETIREMENT RIGHT NOW?

[sdrealtor]

The number of sold signs are meaningless as most agents never put them up….I don’t. The only agents that ever put them up are the one’s that specialize in a particular neighborhood and want the neighbors to see that they sold the house. If you have a listing in a random neighborhood (which is probably about 60 to 80% of the listings in most areas) why would you put up a sold or pending sign when sign calls are a valuable lead generation tool?

[sdrealtor]

If you consider renting equivalent to owning (as does powayseller) than you are correct. I do not consider it equivalent to owning. There are many benefits to owning renters dont enjoy and which homeowners are willing to pay for.

[sdrealtor]

None…I expect a slow decline just not a major crash like so many of you. My best guess is about 20%. If you consider that a major crash sobeit. I consider it a reversion back to where things made a bit more sense payment wise.

[sdrealtor]

None…I expect a slow decline just not a major crash like so many of you. My best guess is about 20%. If you consider that a major crash sobeit. I consider it a reversion back to where things made a bit more sense payment wise.

[sdrealtor]

It’s in the tax records. That is what teh lender accepted for the note and all unpaid liens in arrears.

[sdrealtor]

A little more semantics but all the NOD’s were likely filed against the same property. I checked the tax records and as far as I can tell it is the only property he has ever owned in SD.

[sdrealtor]

HUH? Do you know how unrealistic this is? For it to work the seller would have to pay the listing agent and the buyer would have to pay their agent. The commission system would have to disappear. For that to happen, buyer’s and seller’s would have to pay upfront on an hourly or fixed fee basis. I would be thrilled to be paid on an hourly basis. My income would rise dramatically.

[sdrealtor]

hardly a buying spree. Guy bought house in August 2004 that he couldnt afford (i.e. 100% financing) and greatly overpaid at absolute peak of market. Guy realizes mistake and puts back on market in December 2004 trying to get out. House sits on market for more than 1 year because he cant sell at a loss. He didnt have any money to begin with. House gets foreclosed and lender takes an 80K bath. Coming soon…..house sells around 600K and lender gets another 80K bath.

[sdrealtor]

Here’s the other side of the coin…..we’ve been in a building boom for about 5 years. New home sales have cut into resales ALOT! The reduction corresponds to about 10,000 less new homes being permitted over the next 12 months if the trend continues. There is a lag in these homes coming to market so they probably would be 2007 new home sales. The MLS shows that there were 41,171 sales of attached and detached homes for 2005 (the last full year of data). A 25% decrease in new inventory would help the resale market and aid in a soft landing. Resales volume will go back up and Home Depot will be busier than ever as people remodel the 25 year old home they just bought. The Granite Guy will buy a new Ferrari and his wife will get a new set of boobs! Not sure if this will happen but you need to look at both sides to be fair.

[sdrealtor]

FYI, The 625K sale is clearly an outlier. Comps in the last 6 months for these homes are 571K, 572K and 585K. The are 3 homes currently in escrow. All have value range price…550 to 585, 579 to 599 and 579 to 609. It’s reasonable to assume that they will close with 1 to 2% of the previous comps. There are currently 12 homes for sale (that’s *%&$’in alot!) with asking ranges between 550 and 640. The one that you are referencing has a range of 539 to 579. They are trying to appear as the most attractively priced home on the street and are hoping the next offer comes to them. I’d be surprised if they sold for the 539 and a comp around 540 would have little impact on the others. A comp of 500 would. BTW, I listed and sold a home nearby that was much nicer than these for a little more and it sold in about 1 week at a fair price for all. These homes should be 550K or less.

[sdrealtor]

You are right..it’s pointless….the house will sell for what it is worth in today’s market just like the other nicer one did. A $490 comp would change things quite a bit while a 539K would have very little impact. BTW, the current owner is the second owner and bought in 12/03 right as the market began exploding higher by the day.

[sdrealtor]

Check the rental ads in a nice area then give me a call;)

[sdrealtor]

Farls…well said.

Powayseller….HUH?

[sdrealtor]

Yes for many of them. It should be a healthy cleansing of a very crowded field with lots of inexperienced and unskilled agents returning to by the wayside. The funniest part is alot of those that get washed out will be more successful elsewhere. This is a very expensive business to be in if you aren’t a top producer. Lots of underemployed folks in the business right now.

[Author]

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