Just curious what the Just curious what the prevailing feeling is here… 🙂
IE: are we net owners or net renters now on this board.
briansd1
July 22, 2011 @
12:38 PM
I want house prices to I want house prices to stagnate so that, over time, we spend less of our GDP on housing. Long term, that’s better for the economy because we will have more resources to spend in other areas of the economy, and to put towards savings. That way, we can improve our standard of living (to me, a rising standard of living means being able to buy more stuff and save more money, on the same income).
Rapidly rising assets prices cause people to do foolish things (like max out what they are willing to pay).
Dropping prices are bad for the stability of our financial system and bad for our economic well-being.
flyer
July 22, 2011 @
3:04 PM
I’d like to see them rise I’d like to see them rise again at some point in the near future!
jstoesz
July 22, 2011 @
3:08 PM
burn baby burn…unless of burn baby burn…unless of course it someone nukes my job!
sdcellar
July 22, 2011 @
4:05 PM
Up, baby!
I’m a knif^H^H^H^H Up, baby!
I’m a knif^H^H^H^H happy homeowner, so of course I want them to go up!
sdcellar
July 22, 2011 @
4:08 PM
…and I’m pretty sure AN’s …and I’m pretty sure AN’s the only new home buyer who wants his house to lose value, so besides him, your poll should serve its purpose pretty well.
UCGal
July 22, 2011 @
4:23 PM
I own my home. I don’t care I own my home. I don’t care that much if it goes up or down since I plan on staying put. I’m not planing on HELOCing and am making extra principal payments… Since I’m not planning to sell, price fluctation is just a paper loss or gain. It doesn’t affect my long term plans.
As far as general societal trends… I still feel like San Diego real estate is overpriced compared to income… so I feel like prices should come down. It’s crazy that it still takes half a million to buy a 40-50 year old fixer. That’s the situation in my ‘hood. Who can justify that as reasonable.
briansd1
July 22, 2011 @
4:33 PM
UCGal wrote:I own my home. I [quote=UCGal]I own my home. I don’t care that much if it goes up or down since I plan on staying put. I’m not planing on HELOCing and am making extra principal payments… Since I’m not planning to sell, price fluctation is just a paper loss or gain. It doesn’t affect my long term plans.
[/quote]
That’s exactly it.
I believe those who want a return to boom either 1) have anxiety about their house prices, or 2) have maxed out and need price appreciation to bail them out.
For example, you wouldn’t believe the number of people who need house appreciation to get out of PMI.
[quote=UCGal]
As far as general societal trends… I still feel like San Diego real estate is overpriced compared to income… so I feel like prices should come down. It’s crazy that it still takes half a million to buy a 40-50 year old fixer. That’s the situation in my ‘hood. Who can justify that as reasonable.[/quote]
Another great point.
High house prices are good short-term, but, long-term, they can’t be good for the economy when the majority of people have to struggle and put all of their money into housing.
sdcellar
July 22, 2011 @
4:39 PM
Hey! Who said boom? I just Hey! Who said boom? I just want nice normal up. What is that, a percent or two a year averaged over the last hundred?
an
July 22, 2011 @
4:51 PM
sdcellar wrote:…and I’m [quote=sdcellar]…and I’m pretty sure AN’s the only new home buyer who wants his house to lose value, so besides him, your poll should serve its purpose pretty well.[/quote]
There a big difference between wanting it to go down vs being ok with it going down. I know it’s a hard concept to understand, but you’ll get it one day. BTW, I vote for up baby. Bubble #2, here we come 🙂
sdcellar
July 22, 2011 @
5:09 PM
Wait, you’ve said many times Wait, you’ve said many times that you’re actually hoping it goes down 20% and you’ll be totally okay with it. Something about scooping up a bunch of investment properties. So, a) your story is inconsistent at best and b) that might just suggest you’re the one who’s struggling with concepts (I think the technical term is called a delusion).
I know, I know, you must just be a lemonade guy.
an
July 22, 2011 @
5:38 PM
sdcellar wrote:Wait, you’ve [quote=sdcellar]Wait, you’ve said many times that you’re actually hoping it goes down 20% and you’ll be totally okay with it. Something about scooping up a bunch of investment properties. So, a) your story is inconsistent at best and b) that might just suggest you’re the one who’s struggling with concepts (I think the technical term is called a delusion).
I know, I know, you must just be a lemonade guy.[/quote]
Do you even read what you write? hoping it going down 20% and being totally okay with it? If I hope it goes down, then I wouldn’t just be OK, I’d be ecstatic to get what I hope for. I think amnesia is more appropriate for you.
Anyways, I’m done following your rat hole.
sdcellar
July 22, 2011 @
5:48 PM
Well, I was hoping to tone it Well, I was hoping to tone it down, lest folks think I was exaggerating, but yes, that’s my specific recollection as well.
So yes, you really want prices to go up, but if they go down, you’ll be ecstatic. Sounds like you’re a winner either way!
an
July 22, 2011 @
5:55 PM
sdcellar wrote:Well, I was [quote=sdcellar]Well, I was hoping to tone it down, lest folks think I was exaggerating, but yes, that’s my specific recollection as well.
So yes, you really want prices to go up, but if they go down, you’ll be ecstatic. Sounds like you’re a winner either way![/quote]
Way to twist some one’s word. Either you’re intentionally twisting my words or your reading comprehension is worse than I thought. No wonder your recollection is so bad.
sdcellar
July 22, 2011 @
6:55 PM
Forgive me, so which is it? Forgive me, so which is it? Are you okay if your house drops 20% or ecstatic? or neither?
I can’t disagree that I’ve never completely understood you on this point.
scaredyclassic
July 22, 2011 @
7:05 PM
If it went up quickly I’d If it went up quickly I’d kinda feel like a sucker for putting 20 perc down when I coulda got out of pmi so quick. Mainly I want my house to stand up, as in not crumble from natural disaster or wear and for me to keep making enough money to pay the mortgage.
an
July 22, 2011 @
8:44 PM
sdcellar wrote:Forgive me, so [quote=sdcellar]Forgive me, so which is it? Are you okay if your house drops 20% or ecstatic? or neither?
I can’t disagree that I’ve never completely understood you on this point.[/quote]
I know I’m probably entering a trap here, but I’ll say it again, I’ll be sad but I’ll be ok, since I came in expecting I probably will lose 20%, before I might see an increase.
pemeliza
July 22, 2011 @
8:46 PM
AN, are you thinking of AN, are you thinking of buying an investment property still?
an
July 23, 2011 @
12:10 AM
pemeliza wrote:AN, are you [quote=pemeliza]AN, are you thinking of buying an investment property still?[/quote]
Yep, still looking for great cash flow properties.
sdcellar
July 23, 2011 @
12:12 AM
Okay, now we’re getting Okay, now we’re getting somewhere. You’ll be sad, but not suicidal. That’s great. I was never hoping you’d be suicidal (and I would never mess with you if I thought that were even possibly the case).
This (to me) means that every time you’ve hinted that you’d be ecstatic, happy, not sad if prices dropped, you were actually being sarcastic or joking and I’m obviously just not good at picking up on that with you. So, I think we’re straight there.
But you really went in expecting you’d lose that much money? It’s one thing to consider it a possibility. Quite another (to me at least) to expect that it will most likely happen.
I know for me, if I truly thought my house was going to drop 20%, I wouldn’t have bought it. On the other hand, I did acknowledge that it’s possible and I too will be okay should it come to pass. Not stoked, but okay. Sad really, like you. But I’ll get over it.
Maybe I’ll consider investment properties too, if such a thing does. Seems like big stuff to dollar cost average, but maybe it does make sense to make lemonade out of lemons. (and on the investment property stuff, I’m assuming you’re not being sarcastic).
I think maybe I’m just too conservative. As a matter of fact, I know I am. Thankfully, I’ve still had some pretty good luck. I hope the same for you.
AK
July 22, 2011 @
5:26 PM
I vote for up. Of course I vote for up. Of course there is no reason, logical or otherwise, to believe that housing prices will go up substantially in the next five years or so … but we can dream, can’t we?
bearishgurl
July 23, 2011 @
10:46 AM
I really don’t think this I really don’t think this thread separates owners from non-owners unless the owners plan to sell and buy in another locale (where prices are much lower). Every Pigg owner that wants to sell in the next few years and remain in coastal CA will have to turn around and buy (if they want to continue to be owners).
Aecetia
July 23, 2011 @
11:16 AM
Exactly right BG. There are Exactly right BG. There are consequences for continued depreciation or another bubble for all.
A normal market works for me.
pencilneck
July 23, 2011 @
2:50 PM
Who cares what we want?
To Who cares what we want?
To quote the old adage,
“If wishes were horses, deflationists would ride.”
LAAFTERHOURS
July 23, 2011 @
7:38 PM
I bought in 2009 and my I bought in 2009 and my neighborhood has had regular sales 100-120k over where I bought. We have also had Short sales anywhere from 5K over what we bought for to 65K over what we bought for. I would love for this pace to continue, if not rise a bit (in the short sale area). I didnt buy a house I love nor one my DW loves but its been a good move for a few reasons. We would have had a 10K tax bill for tax year 2009 if not for the home purchase and tax credit. This house is newer so no real maintenance required and with dual AC units, our utility bills have gone down from our previous rental (this is a 1000 sq ft larger home). We put a lot down so at worst if we need to move, im ok with a wash walking away with what we put down and what we have put into it (about 15K of updates).
What i dont get is why the short sales are so low below the regular sales in my development. These short sales arent in bad shape. Of the last 6 that have sold or are for sale, only one of them was a bit vanilla in terms of upgrades but nothing was wrong with the house. It was like a blank canvass. There is one for sale now that is like a small resort and they are listed for 65K under the highest sale in the last year. It got 5 or more offers the first day so I guess thats the drive behind the pricing but would be interested to hear the perspective of SDR, Jim or Rich.
jpinpb
July 24, 2011 @
9:55 AM
Gee, flu. This is a tough Gee, flu. This is a tough poll. Now that I’m a homeowner, it would be nice to see prices rise, but I can’t vote for that b/c I think we need to be at bottom before they can go up again and many ZIP codes are no where near bottom and I would like to see those go down some. But some places have seen bottom, Temecula, Escondido, Chula Vista, etc. It would be good for those areas to have some appreciation. I can’t even vote “I don’t care” b/c I do care. So I’m not voting.
GH
July 24, 2011 @
10:15 AM
As a “bitter renter” myself – As a “bitter renter” myself – down.
Seriously though, I would like to see the market be allowed to normalize. What we have today and over this decade is destroying our economy…
July 22, 2011 @ 10:23 AM
Just curious what the
Just curious what the prevailing feeling is here… 🙂
IE: are we net owners or net renters now on this board.
July 22, 2011 @ 12:38 PM
I want house prices to
I want house prices to stagnate so that, over time, we spend less of our GDP on housing. Long term, that’s better for the economy because we will have more resources to spend in other areas of the economy, and to put towards savings. That way, we can improve our standard of living (to me, a rising standard of living means being able to buy more stuff and save more money, on the same income).
Rapidly rising assets prices cause people to do foolish things (like max out what they are willing to pay).
Dropping prices are bad for the stability of our financial system and bad for our economic well-being.
July 22, 2011 @ 3:04 PM
I’d like to see them rise
I’d like to see them rise again at some point in the near future!
July 22, 2011 @ 3:08 PM
burn baby burn…unless of
burn baby burn…unless of course it someone nukes my job!
July 22, 2011 @ 4:05 PM
Up, baby!
I’m a knif^H^H^H^H
Up, baby!
I’m a knif^H^H^H^H happy homeowner, so of course I want them to go up!
July 22, 2011 @ 4:08 PM
…and I’m pretty sure AN’s
…and I’m pretty sure AN’s the only new home buyer who wants his house to lose value, so besides him, your poll should serve its purpose pretty well.
July 22, 2011 @ 4:23 PM
I own my home. I don’t care
I own my home. I don’t care that much if it goes up or down since I plan on staying put. I’m not planing on HELOCing and am making extra principal payments… Since I’m not planning to sell, price fluctation is just a paper loss or gain. It doesn’t affect my long term plans.
As far as general societal trends… I still feel like San Diego real estate is overpriced compared to income… so I feel like prices should come down. It’s crazy that it still takes half a million to buy a 40-50 year old fixer. That’s the situation in my ‘hood. Who can justify that as reasonable.
July 22, 2011 @ 4:33 PM
UCGal wrote:I own my home. I
[quote=UCGal]I own my home. I don’t care that much if it goes up or down since I plan on staying put. I’m not planing on HELOCing and am making extra principal payments… Since I’m not planning to sell, price fluctation is just a paper loss or gain. It doesn’t affect my long term plans.
[/quote]
That’s exactly it.
I believe those who want a return to boom either 1) have anxiety about their house prices, or 2) have maxed out and need price appreciation to bail them out.
For example, you wouldn’t believe the number of people who need house appreciation to get out of PMI.
[quote=UCGal]
As far as general societal trends… I still feel like San Diego real estate is overpriced compared to income… so I feel like prices should come down. It’s crazy that it still takes half a million to buy a 40-50 year old fixer. That’s the situation in my ‘hood. Who can justify that as reasonable.[/quote]
Another great point.
High house prices are good short-term, but, long-term, they can’t be good for the economy when the majority of people have to struggle and put all of their money into housing.
July 22, 2011 @ 4:39 PM
Hey! Who said boom? I just
Hey! Who said boom? I just want nice normal up. What is that, a percent or two a year averaged over the last hundred?
July 22, 2011 @ 4:51 PM
sdcellar wrote:…and I’m
[quote=sdcellar]…and I’m pretty sure AN’s the only new home buyer who wants his house to lose value, so besides him, your poll should serve its purpose pretty well.[/quote]
There a big difference between wanting it to go down vs being ok with it going down. I know it’s a hard concept to understand, but you’ll get it one day. BTW, I vote for up baby. Bubble #2, here we come 🙂
July 22, 2011 @ 5:09 PM
Wait, you’ve said many times
Wait, you’ve said many times that you’re actually hoping it goes down 20% and you’ll be totally okay with it. Something about scooping up a bunch of investment properties. So, a) your story is inconsistent at best and b) that might just suggest you’re the one who’s struggling with concepts (I think the technical term is called a delusion).
I know, I know, you must just be a lemonade guy.
July 22, 2011 @ 5:38 PM
sdcellar wrote:Wait, you’ve
[quote=sdcellar]Wait, you’ve said many times that you’re actually hoping it goes down 20% and you’ll be totally okay with it. Something about scooping up a bunch of investment properties. So, a) your story is inconsistent at best and b) that might just suggest you’re the one who’s struggling with concepts (I think the technical term is called a delusion).
I know, I know, you must just be a lemonade guy.[/quote]
Do you even read what you write? hoping it going down 20% and being totally okay with it? If I hope it goes down, then I wouldn’t just be OK, I’d be ecstatic to get what I hope for. I think amnesia is more appropriate for you.
Anyways, I’m done following your rat hole.
July 22, 2011 @ 5:48 PM
Well, I was hoping to tone it
Well, I was hoping to tone it down, lest folks think I was exaggerating, but yes, that’s my specific recollection as well.
So yes, you really want prices to go up, but if they go down, you’ll be ecstatic. Sounds like you’re a winner either way!
July 22, 2011 @ 5:55 PM
sdcellar wrote:Well, I was
[quote=sdcellar]Well, I was hoping to tone it down, lest folks think I was exaggerating, but yes, that’s my specific recollection as well.
So yes, you really want prices to go up, but if they go down, you’ll be ecstatic. Sounds like you’re a winner either way![/quote]
Way to twist some one’s word. Either you’re intentionally twisting my words or your reading comprehension is worse than I thought. No wonder your recollection is so bad.
July 22, 2011 @ 6:55 PM
Forgive me, so which is it?
Forgive me, so which is it? Are you okay if your house drops 20% or ecstatic? or neither?
I can’t disagree that I’ve never completely understood you on this point.
July 22, 2011 @ 7:05 PM
If it went up quickly I’d
If it went up quickly I’d kinda feel like a sucker for putting 20 perc down when I coulda got out of pmi so quick. Mainly I want my house to stand up, as in not crumble from natural disaster or wear and for me to keep making enough money to pay the mortgage.
July 22, 2011 @ 8:44 PM
sdcellar wrote:Forgive me, so
[quote=sdcellar]Forgive me, so which is it? Are you okay if your house drops 20% or ecstatic? or neither?
I can’t disagree that I’ve never completely understood you on this point.[/quote]
I know I’m probably entering a trap here, but I’ll say it again, I’ll be sad but I’ll be ok, since I came in expecting I probably will lose 20%, before I might see an increase.
July 22, 2011 @ 8:46 PM
AN, are you thinking of
AN, are you thinking of buying an investment property still?
July 23, 2011 @ 12:10 AM
pemeliza wrote:AN, are you
[quote=pemeliza]AN, are you thinking of buying an investment property still?[/quote]
Yep, still looking for great cash flow properties.
July 23, 2011 @ 12:12 AM
Okay, now we’re getting
Okay, now we’re getting somewhere. You’ll be sad, but not suicidal. That’s great. I was never hoping you’d be suicidal (and I would never mess with you if I thought that were even possibly the case).
This (to me) means that every time you’ve hinted that you’d be ecstatic, happy, not sad if prices dropped, you were actually being sarcastic or joking and I’m obviously just not good at picking up on that with you. So, I think we’re straight there.
But you really went in expecting you’d lose that much money? It’s one thing to consider it a possibility. Quite another (to me at least) to expect that it will most likely happen.
I know for me, if I truly thought my house was going to drop 20%, I wouldn’t have bought it. On the other hand, I did acknowledge that it’s possible and I too will be okay should it come to pass. Not stoked, but okay. Sad really, like you. But I’ll get over it.
Maybe I’ll consider investment properties too, if such a thing does. Seems like big stuff to dollar cost average, but maybe it does make sense to make lemonade out of lemons. (and on the investment property stuff, I’m assuming you’re not being sarcastic).
I think maybe I’m just too conservative. As a matter of fact, I know I am. Thankfully, I’ve still had some pretty good luck. I hope the same for you.
July 22, 2011 @ 5:26 PM
I vote for up. Of course
I vote for up. Of course there is no reason, logical or otherwise, to believe that housing prices will go up substantially in the next five years or so … but we can dream, can’t we?
July 23, 2011 @ 10:46 AM
I really don’t think this
I really don’t think this thread separates owners from non-owners unless the owners plan to sell and buy in another locale (where prices are much lower). Every Pigg owner that wants to sell in the next few years and remain in coastal CA will have to turn around and buy (if they want to continue to be owners).
July 23, 2011 @ 11:16 AM
Exactly right BG. There are
Exactly right BG. There are consequences for continued depreciation or another bubble for all.
A normal market works for me.
July 23, 2011 @ 2:50 PM
Who cares what we want?
To
Who cares what we want?
To quote the old adage,
“If wishes were horses, deflationists would ride.”
July 23, 2011 @ 7:38 PM
I bought in 2009 and my
I bought in 2009 and my neighborhood has had regular sales 100-120k over where I bought. We have also had Short sales anywhere from 5K over what we bought for to 65K over what we bought for. I would love for this pace to continue, if not rise a bit (in the short sale area). I didnt buy a house I love nor one my DW loves but its been a good move for a few reasons. We would have had a 10K tax bill for tax year 2009 if not for the home purchase and tax credit. This house is newer so no real maintenance required and with dual AC units, our utility bills have gone down from our previous rental (this is a 1000 sq ft larger home). We put a lot down so at worst if we need to move, im ok with a wash walking away with what we put down and what we have put into it (about 15K of updates).
What i dont get is why the short sales are so low below the regular sales in my development. These short sales arent in bad shape. Of the last 6 that have sold or are for sale, only one of them was a bit vanilla in terms of upgrades but nothing was wrong with the house. It was like a blank canvass. There is one for sale now that is like a small resort and they are listed for 65K under the highest sale in the last year. It got 5 or more offers the first day so I guess thats the drive behind the pricing but would be interested to hear the perspective of SDR, Jim or Rich.
July 24, 2011 @ 9:55 AM
Gee, flu. This is a tough
Gee, flu. This is a tough poll. Now that I’m a homeowner, it would be nice to see prices rise, but I can’t vote for that b/c I think we need to be at bottom before they can go up again and many ZIP codes are no where near bottom and I would like to see those go down some. But some places have seen bottom, Temecula, Escondido, Chula Vista, etc. It would be good for those areas to have some appreciation. I can’t even vote “I don’t care” b/c I do care. So I’m not voting.
July 24, 2011 @ 10:15 AM
As a “bitter renter” myself –
As a “bitter renter” myself – down.
Seriously though, I would like to see the market be allowed to normalize. What we have today and over this decade is destroying our economy…