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VCJIM
ParticipantIs that why English food is so bad? I always wondered…
ParticipantI think that question is too specific for the lay person; most people don’t watch prices like we do. I believe what we’re looking for is general sentiment about housing. In the mid-1990s, the general sentiment that housing was a BAD investment. Right now, I believe it is the opposite. So if we ask, “Do you think over the next xx (5?) years, housing will be a good investment?” It should tell us a lot.
ParticipantYeah, ask other parents at your kids soccor match, that kind of thing. The grocery checker, passing acquaintances.
I bet we would find more valuable information about general sentiment than almost any media reporter!
ParticipantI have an idea! (this doesn’t happen often, so take notice)
What if everyone (or anyone that wants to) on this board asks ten people they know (average, non real-estate savvy) if they think buying a house right now would be a good investment for the next five years. We could post our responses and tally them. Wouldn’t that be fun?
ParticipantPerhaps you’re right; maybe we’re at a strong transition point and I’m looking behind the curve. It wouldn’t be the first time!
ParticipantAlso, the general sentiment has not changed about real estate. *Most* people still think it’s a good investment. If they can get a loan, they will buy. I recently heard from a friend who bought a house in Phoenix in 2004, a house in the San Fernando Valley, and land in Southern Arizona. She is trying to sell both houses without much luck and is having difficulty making the payments. Hmmm…
ParticipantPoway, if an economist told you where to invest your money, would you do it? Or would you do exactly the opposite of what was advised?
“The economist who so brilliantly predict the future of the economy, don’t go all the way by suggesting where to invest our money. So what good is predicting a recession if you can’t tell people where to invest during a recession?”
ParticipantI really don’t know s**t, but I would think August is a drop-dead time for certain people to buy. In particular, those that want to get their kids into a specific school district before school starts. Being in or near Culver City, this may or may not apply to you, but if you have good schools near you it can be important to get it listed asap.
ParticipantSoCalARM,
Your altruism is heartwarming, but unnecessary. Your prospective purchasers have their own situation; it is not your concern. For all you know, they may be paying cash. Even if they’re getting the worst IO Neg Am, ARM they may not be planning on staying there more than 1 year. Or they may be purchasing for tax reasons. I know this is unlikely, but my point is it isn’t for you to worry about.
ParticipantDoes the media EVER ask the tough questions? Are they not just puppets for vested interests?
ParticipantThis may be more of a popularity decision than one based on intelligence and data. It gives real estate professionals and others a reason to give consumers hope.
Participantsocalarm,
While a little late, it is still a good time for you to sell based on everything you’ve written. If you cannot sell, you’ve prepared yourself for your loan resets. It will not hurt to try!
I recommend using ZIP and Zillow extensively for your area to determine what you can really sell for now.
ParticipantX1Y2Z3,
Thank you for participating, you are a real asset to the forum.
As to the feds holding the rate today, watch the dollar fall….
ParticipantI’m with you on this one Perry. He covered his costs, that is about it. At the early stages of his loan (or an IO), he would have been paying mostly, or all interest. Nice for a tax reduction but not on earning equity.
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