Housing Bubble Popped but why aren't the prices reflecting it? (Memphis: real estate, condos)

[BahamaBreeze]

Originally Posted by nychiefsfan

I could care less what a realtor makes... the realtor business is flooded with agents, fighting for that 3-6%commission.

Try to find 3 realtors who will tell you NOW is NOT the time to buy....

Mission Impossible.

Originally Posted by verobeach

throwing bogus links at us to prove their point.

DCRStats

The above link is to the Miami Dade Florida Association of Realtors very own stats for ALL of South Fl, so why would this be bogus?

[kelly3120]

kort!

you are one smart cookie!
I argee w/ you totally.

We take great pride in our home and calling it ours.

After this move I can honestly say WE ARE NOT MOVING for at least ten years! ...Because I don't ever wanna pack, keep a clean house in the midst of packing, work out of my home and be a homemaker all at the same time EVeR AGAIN!

ok off to grocery shop!

[carolac]

It's all in perspective. If the buyers were in the position of the sellers, and the sellers were in the position of the buyers, "justice" would have a different meaning to each one. The sellers are wanting to get as much as possible for their homes and the buyers are trying to pay as little as possible for homes--understandably so. It's a tough market/time for both. I don't see where tables have turned on any one group--both are in a difficult position. In fact, I actually feel a little more sorry for buyers right now because, frankly, I couldn't afford a home in Orlando under these conditions, and I'm worried for my newly-married daughter. The common thread throughout that everyone is agreeing with is that (1) right now, sellers are not going to get top dollar for their homes, top dollar being loosely defined as the fast-super increased price for a home from the price for a home a few years ago; (2) prices have dropped a bit and may drop some more; (3) foreclosures due to predator loans are on the rise; (4) the market is definitely providing some talking points herein. The rest to me is opinion and speculation.

If someone has to sell their house, they'll do what they have to do to sell it. If someone has to buy a house, they'll do what they have to do to buy one. Some bought low and sold high, others didn't, and are suffering for their decisions. This doesn't necessarily render them "stupid" or "foolish" or "greedy" as I've seen them called on this thread.

If plans go accordingly, we will be in the position of both seller and buyer next year. I expect to receive and I certainly will give the respect and dignity that both positions deserve. In the position of seller, I will toss any buyer and his little realtor too out my front door if I am dealt with in any way other than with respect and dignity which I will afford from the get go to the potential buyer. And in the position of buyer, I will refuse to slice someone's financial throat to save a buck.



". . .Now that the tables have turned it is not very pleasant is it?

Now some have continued the name calling, we went from "bitter renters" to "bottom feeders". . . ."

[LingLing]

I applaud Kelly 3120. Simply, what she said is right. We buy a house to live not to get rich. Every one around me bought houses as soon as they arrived here in 2007. No one is waiting. Absolutely no one!!! We all have a career to pursue and we want our family live comfortably while we pursue our dreams to be the best in our field. For bitter renters, if you were in the housing market before, you won’t hurt by this downturn. Also owning a home is a form of asset protection. If you were involved in a lawsuit (due to a car accident or other unexpected reasons), your primary residence in Florida is protected against all creditors. They can go after your bank account but not your primary residence. If you are a renter, your bank account can be cleaned out by creditors and you can be on the street next day.

Furthermore, the houses in my street were selling. When we bought in January, 2007, there were 10 of them on the market. Now there are only three. I won’t buy any of these three no matter how low the price will be because they simply don’t meet my standard of comfortable living.

[nychiefsfan]

Originally Posted by SKB

People can have their own opinions, but please tread very carefully when you start accusing us of providing "bogus links". The information we are providing is factual real information.
All you have to do is LOOK AROUND down your own street to see the housing market is collapsing like a house of cards. One doesn't need links and charts on web sites to know that.

This information has been on the internet for the entire run up. I have been a member of some of these boards for years now. We all saw this coming, no one believed us, they said we were wearing tin foil hats. People denied the bubble, said it didn't exist but, we knew it did and now the chickens are coming home to roost.


This is a very touchy subject for any homeowner and we realize this, just remember it WAS NOT by our actions that this housing bubble started in the first place. WE are in the end ALL real victims in this. Just because we are getting the news and updated information out there doesn't mean we are bottom feeders and it DOESN'T mean we are causing this crash to happen or helping it along.

If you wish to be angry, be angry at the FED, Banks, Investors and builders and speculators that caused this run up in the first place.

Some people are actually honest in their concerns regardless of their personal housing situation. My husbands work mate told my husband yesterday on the phone, NOT TO BUY A HOME. He openly admitted that his home has now lost 20K of value in the last few weeks and is regretting buying in like he did in February. He is not the type that would love us to join him in his sinking boat. He knows now that there is NOTHING that will stop this housing crash.
NOTHING. All he will do now is watch at the values of his home sink deeper and deeper into the dark abyss.

IF anyone is trying to sell their home right now, the best advice that anyone could give you is PRICE IT LOWER THAN YOUR COMPS. If you continue to make small price adjustments you will end up chasing the price down all the way to the bottom, that is what a lot of people are doing. The ones that are selling are making big reductions.

If you can not reduce there are other options, talk to your bank.

If you don't like this subject, don't read this thread as it is going to get a lot worse, the bubble has just started to deflate.

***standing ovation!!!***

[nychiefsfan]

Originally Posted by Mike Peterson

Just a few things. First off if you check the prices of houses that have sold so far this year in Florida you will find that the prices have not come down all that much if at all. The number of homes sold has come down considerably but not the prices. The people talking about their neighbor dropping the price $30,000 or $40,000 are talking about someone who was pricing their home way above where it should be. I know there are those that will say this is completely untrue. If you feel this is untrue you can look up the price trends here http://www.nahb.org/fileUpload_detai...contentID=2028

As far as calling real estate a crooked business, you can name me any business and I will show you many examples of crooked dealings in that business. You only read so much about crooked dealings in real estate and mortgages right now because housing is a hot item right now to the news media and they only focus on the bad never the good.

You can also check how much homes that are sold by owner sell for compared to homes sold by a realtor and will find that on average the homes sold by a realtor will sell for over 10% more, more than making up for the commission you pay. This does not even take into account the money spent by a homeowner to advertise their home. By owner homes generally will take quite a bit longer to sell also even though they are selling for less.

If you want to use zillow.com to try and price your home and help you sell it go right ahead. As a realtor I have checked zillow many times to see where a certain house should be priced and I have seen $50,000 homes valued at over $100,000 on there. I have also seen homes that should be $150,000 valued at $100,000. So use zillow at your own discretion but if you want an accurate value talk to a realtor or get an appraisal

Great post and thanks for the awesome link! I'm downloading it as I type. I may not agree with everything you stated, but I respect your openess and opinion. As you can see, a lot of people feel the same way as each other, but are, unfortunately, divided against each other. There are 2 sides to every coin. I appreciate you taking the time to read some of the comments from real prospective home buyers and getting a chance to hear (read) our thoughts. Thanks for the other side perspective!!

[carolac]

I agree. Great message and information.

Originally Posted by nychiefsfan

Great post and thanks for the awesome link! I'm downloading it as I type. I may not agree with everything you stated, but I respect your openess and opinion. As you can see, a lot of people feel the same way as each other, but are, unfortunately, divided against each other. There are 2 sides to every coin. I appreciate you taking the time to read some of the comments from real prospective home buyers and getting a chance to hear (read) our thoughts. Thanks for the other side perspective!!

[lostbuyer]

i think the house market did just crash and is burning all the way to the bottom,like someone else stated look down the block and see how many houses are for sale,(tell me about it)10 houses down my block within a half mile..another indicator seems to be the free home shopper guides looking more like phone books than magazines......

[LingLing]

Originally Posted by carolac

I agree. Great message and information.

I agree too. Actually, I think nothing wrong to rent. Renters have freedom. They can move anytime they want. We all have different need.

[Steve M]

For the Riverside area of California I see individual pockets of higher foreclosures and short sales than other areas. Some areas in my market are declining in price and others are still creeping up. I'am seeing more and more listings popin up on the market and advertised as "short sales".

Steve McGuffey