Why is ANYONE considering buying a house right now in this market unless you have to? (Chicago: spring break, student loans)

[fairmarketvalue]

Originally Posted by Anthera

I thought FMV was a guy.

Husband and wife set up one screen name to read and post on this forum. Most of the posts, are a "guy"(the husband). We have had a lot of interest in the real estate markets and the "attitude" about them, so to answer an already accused thought, we do not "sit and read" together, but view and post at different times, from different places and talk about them, overall, as well as read. Thanks, from the "she" of FMV.

[fairmarketvalue]

Originally Posted by Humboldt1

Tim,

I think perhaps you are too harsh regarding FMV. I don't agree with all their opinions, particularly that the market has bottomed in affluent, suburban Chicago, but they now have their house under contract for sale, a sale which I assume will go thru. They are no longer a seller assuming it closes.

I don't know if they ever implied they were smarter just because they had an MBA, just that they had it, along with CPA and finance undergrad degree.

Personally, I don't have an MBA. I have considered going to Northwestern or University of Chicago (I won't consider the other Chicago area schools) but have not been able to make the numbers work unless I stay in corporate America for the next 20+ years, which I don't intend on doing.

I think most of us agree rates are going up, but we disagree to what extent. I don't see them going above 8%. I don't know if FMV ever gave a prediction of where interest rates would be in 12 months but higher rates will lead to less affordable homes, which will have a downward effect on price. Essentially, if rates go to 10% you buy a home for less than you can buy it now. You can always refinance for a lower rate later, but you can't buy a cheaper home without selling the one you have for a loss.

FMV,

I disagree with you on many of your points, but you are clearly intelligent and articulate (argumentative too, like me). I wish you the best and good luck in closing on your house sale. Be glad you only have 1 mortgage to deal with now.

Thanks, humboldt, from both of us!

[Nysee53]

The only people that should have trouble selling now are those who bought in 2006 and early 2007 before most got the message that prices would fall. If you bought in 2005 you should be fine. It was not the market peak. My friend with the bush sign, bought their Evanston house for $780,000 in 2005 and zillow says its worth around $1,000,000 now. They were considering selling in 2007 and a realtor said it was worth $1.1 then. If you have bought before or after market peak you should be fine. I don't think prices will come down too much further. A NBC Today Show report stated that Chicago and Boston are the first to bottom out and won't go too much lower, and I agree.

[fairmarketvalue]

Originally Posted by Nysee53

The only people that should have trouble selling now are those who bought in 2006 and early 2007 before most got the message that prices would fall. If you bought in 2005 you should be fine. It was not the market peak. My friend with the bush sign, bought their Evanston house for $780,000 in 2005 and zillow says its worth around $1,000,000 now. They were considering selling in 2007 and a realtor said it was worth $1.1 then. If you have bought before or after market peak you should be fine. I don't think prices will come down too much further. A NBC Today Show report stated that Chicago and Boston are the first to bottom out and won't go too much lower, and I agree.

Thank you, thank you, thank you; from the SHE- FMV. We haven't agreed on some things throughout many threads but nice to agree with you on this one.

[TimtheGuy]

Originally Posted by fairmarketvalue

SHE doesn't have the MBA, HE does. SHE has a BSN (do you know what that stands for?) Hint, L&D nurse. Are you realated to SoCal Bottom Rider?

Most of the posts are HE, although this one is from SHE, the wife, and yes, my husband and I are certain that in the better areas of the chicago suburbs, our prices did drop, and are pretty much done dropping.

uhhh... bachelor of science in nursing??? (my wife is an ICU-RN).

So-Cal Bottom Rider??? I am in MPLS/St. Paul which I am sure has many similarities to the Chicago market.

In today's VERY UNCERTAIN bumpy or rocky or downright bad economy, I am sorry but the is no way in he** that you can be certain that the prices drops are pretty much done. Much the same that no one is certain where interest rates will be next year.

[TimtheGuy]

Originally Posted by fairmarketvalue

Husband and wife set up one screen name to read and post on this forum. Most of the posts, are a "guy"(the husband). We have had a lot of interest in the real estate markets and the "attitude" about them, so to answer an already accused thought, we do not "sit and read" together, but view and post at different times, from different places and talk about them, overall, as well as read. Thanks, from the "she" of FMV.

That can certainly throw things off a bit.

[Nysee53]

Minneapolis/St. Paul is a weaker market than Chicago. There is much more variety to the Chicago Suburbs than Minneapolis's. Chicago has soooo many "affluent" communities and soooo many "urban style" suburbs. Minneapolis is also much much cheaper than Chicago. It cannot be compared, we also have a much higher desirability factor.

[fairmarketvalue]

Originally Posted by TimtheGuy

uhhh... bachelor of science in nursing??? (my wife is an ICU-RN).

So-Cal Bottom Rider??? I am in MPLS/St. Paul which I am sure has many similarities to the Chicago market.

In today's VERY UNCERTAIN bumpy or rocky or downright bad economy, I am sorry but the is no way in he** that you can be certain that the prices drops are pretty much done. Much the same that no one is certain where interest rates will be next year.

Ok, I only asked becasue SoCal Bottom Rider made some durogatory comment about my husband and I sharing the same post screen name and you seemed so ademant about FMV bieng a she. I'm Sorry. It wasn't done to "fool" anyone, just easier for us to track and so it would'nt appear the same person was using 2 different accounts to post the same views. Does this makes sense? Hope so. -the she FMV

[TimtheGuy]

Originally Posted by Nysee53

Minneapolis/St. Paul is a weaker market than Chicago. There is much more variety to the Chicago Suburbs than Minneapolis's. Chicago has soooo many "affluent" communities and soooo many "urban style" suburbs. Minneapolis is also much much cheaper than Chicago. It cannot be compared, we also have a much higher desirability factor.

Weaker 'market' in what ways?

Clearly Chicago is much bigger, but that does not mean there are not a lot of similarities with respect to the real estate market and it's current state, especially in suburbia. It's not like I am comparing FLA, NV, CA & AZ.

"much higher desirability factor" that is cetainly debatable.

[TimtheGuy]

Originally Posted by fairmarketvalue

Ok, I only asked becasue SoCal Bottom Rider made some durogatory comment about my husband and I sharing the same post screen name and you seemed so ademant about FMV bieng a she. I'm Sorry. It wasn't done to "fool" anyone, just easier for us to track and so it would'nt appear the same person was using 2 different accounts to post the same views. Does this makes sense? Hope so. -the she FMV

No problem. I think they will only let you run one screen name from a computer, so you would have to share a screen name. ?????