[nychiefsfan]

Originally Posted by kort677

ok now try and read for comprehension, Market value is determined by what a buyer is willing pay for a home and a price that seller is willing to sell the home for. No agents, no appraisers, just buyers and sellers.

There's a reason why the housing market is in a serious slump. In case you haven't noticed, the buyers ARE dictating the market buy NOT BUYING. That's why there's a slump. You can blame it on the increase in mortgage rates, but they weren't selling very well before the increase. Blame it on whatever you want, and I'm sure you will, but pricing is one of the main reasons why people aren't buying.

Originally Posted by kort677

what are you trying to say? are you implying that there are no house sales anywhere? If so, you're quite out of touch with reality. Nobody is claiming that sales are at the levels of 2 years ago, but believe it or not people are still buying and selling homes, yesterday, today and tomorrow. and

What part of Florida do you live in where there's no housing slump? I don't think I'm "out of touch" with my own market area, but I'm curious about yours. I'd love to do a property search in your county to see if you can back that statement up.

Originally Posted by kort677

here's a lesson for you, when a transaction occurs, that's the market value of that home.

What's the value of the same home that sits on the market for 120-360+ days? What does that tell you?

Originally Posted by kort677

here's some math for you to ponder, at the low end of the market, where it seems you're at, the difference in the cost of a home priced at 175k or one priced at 150k k is around $20-$40 a month if using a 30 year mortgage, all your hyperventilating over such a minor amount of money is asinine!

Damn, kort, I can tell you're much more worked up about this than I am.

relax...breathe in...breathe out...

Originally Posted by kort677

If you think you're going to see 1990 prices again, good luck!

For someone who seems to be educated, it seems like you have no idea who Economist Robert Shiller is. Let me refresh your memory with his graph:


In the history of recorded home sales, there has NEVER been a housing bubble where prices didn't revert to where they were before the boom.

Here's the MILLION DOLLAR QUESTION for you, kort:

What makes you think it's going to be different this time???

Originally Posted by kort677

and every month you rent you're paying someone else's mortgage instead of your own.

Why does that bother you when it doesn't bother me??

Originally Posted by kort677

I was a trader on the floor of the exchange for 30 years, once someone asked me about my sources of info, they asked do I use the Wall street journal? I replied that I never read newspapers to get my research because by the time a story reaches the media it is stale news, and by the time money magazine or any other economist or pundit declares that the slump is over you can be assured that the bottom was many months earlier.

I have a BA in Psychology and a Masters degree in Human Services. Your background doesn't make you any more or less informed in the RE arena than me. What's your logic based on? A hunch? That's not good enough for me.

That's why I research this slump everyday, yet I don't claim to know anything more than anyone else in this area. I'm just letting each day's articles speak for themsleves and I'll invite anyone and everyone who is willing to debate their side.

Originally Posted by kort677

This isn't an insult, but believe me, you are not smart enough to micromanage or outsmart the market.

If it wasn't intended to be an insult, you would have reworded it differently. At least I wasn't "smart enough" to buy at the end of the housing boom like some people who are trying to sell their homes to no avail.

[diane roberts]

It is different in Florida then most of the country.People move here from all over the world not just from other states.If you buy in the right area then the prices will only go up and I dont care what they are selling for in Peoria or loneyville tenn.The longer you wait the more it will cost to buy here.I dont buy a home for investment but to live in.I believe most people do.If I have to stay here another 10 years before I get my price then so be it.We also are expecting anyewhere between 12 and 40 milliion people to come into the country.Where do you think they will live? If I cant sell it in 10 years I will just live out the rest of my life here and be quite content.Sometimes you just have to get off the pot and bite the bullet.The prices of the 90s are long gone.I was once able to buy a loaf of bread for a nickel. do you think that will ever happen again?
JMHO

[nychiefsfan]

Originally Posted by diane roberts

I was once able to buy a loaf of bread for a nickel. do you think that will ever happen again?
JMHO

The price of bread has increased around the same pace as inflation. The housing market hasn't. That's where the discrepency is.

[afghan67]

Originally Posted by diane roberts

It is different in Florida then most of the country.People move here from all over the world not just from other states.If you buy in the right area then the prices will only go up and I dont care what they are selling for in Peoria or loneyville tenn.The longer you wait the more it will cost to buy here.I dont buy a home for investment but to live in.I believe most people do.If I have to stay here another 10 years before I get my price then so be it.We also are expecting anyewhere between 12 and 40 milliion people to come into the country.Where do you think they will live? If I cant sell it in 10 years I will just live out the rest of my life here and be quite content.Sometimes you just have to get off the pot and bite the bullet.The prices of the 90s are long gone.I was once able to buy a loaf of bread for a nickel. do you think that will ever happen again?
JMHO

The people who are coming into this country are not taking high paying jobs. And if they are not taking high paying jobs, they cannot afford housing in Florida. Until wages catch up with the recent price surge (which they won't, because it was a temporary surge caused by speculative investing), prices will continue to go down.

Of course, this is analysis is not altogether true for areas like Naples, Palm Beach, Miami Beach, etc., areas where high wealth individuals from other parts of the country purchase second homes. I believe that will be the case, however, for other areas of Florida (e.g., Orlando, Jacksonville, Tampa away from the coast, etc.). Unless people make a whole lot more money in these areas, prices have to decline. The economics don't work.

[lostbuyer]

I love your stats nychiefsfan ,thats what im saying you have evidence backing your claims,you wont convince people though because they probably bought in 05.....so you know how that goes....but what do we tin foil hat wearing people know?plus we should lay off the kool-aid...haha

[JimKing]

Why do people feel the need to make analogies like the price of a loaf of bread? That has zero to do with housing.

The simple facts are you can rent for much cheaper than buying, wages stayed flat when adjusted for inflation while housing prices went up a ton, wages stayed flat while insurance rose, wages stayed flat while property taxes rose.

People can only spend a portion of their incomes on housing. So housing has to come down until it is affordable again.

It is a very easy concept.

[nychiefsfan]

Originally Posted by kort677

and chicken little said the sky is falling, so what?

Apparently, you know more about real estate than Robert Shiller. Not many on this thread claim to be a RE expert. I'm certainly not one, but I feel I'm well-informed. That's why I post daily articles on this topic.

Dude, for whatever reason it is, you're in denial of what the news is reporting. I suspect, by the way you refuse to ignore the statistics, that you're one of the people who bought real estate at the end of the housing boom. If so, I may not be able to empathize your situation, but I might be able to sympathize your dilemma.

Also, It'd be nice if you could back your thoughts with something tangible. Give us a link showing how well housing is selling in your area. Show us some numbers that back what you say.

[lostbuyer]

why do they have to quote a bunch of idiots on housing related articles??seriously,we have R.E.agents now saying houses aint selling cause people are being picky....how about being smart!!!! oh and they say home owners are being stubborn,or unrealistic about the listing prices....the reason they cant sell for less is they would be under water on the mortgage,or did they forget they were pushing people into buying or "be priced out forever" now you want them to sell at big losses so you can keep receiving your % checks....what a bunch of greedy bastards...I have no respect for these people....granted they are not entirely responsible,they dont help the situation either....

[Mike Peterson]

Originally Posted by lostbuyer

why do they have to quote a bunch of idiots on housing related articles??seriously,we have R.E.agents now saying houses aint selling cause people are being picky....how about being smart!!!! oh and they say home owners are being stubborn,or unrealistic about the listing prices....the reason they cant sell for less is they would be under water on the mortgage,or did they forget they were pushing people into buying or "be priced out forever" now you want them to sell at big losses so you can keep receiving your % checks....what a bunch of greedy bastards...I have no respect for these people....granted they are not entirely responsible,they dont help the situation either....

Please find me some information where a real estate agent put a gun to someone's head and forced them to buy.
Our business is to help people buy and sell real estate. Usually they contact us first if they are looking to buy. I always get them preapproved before looking so we know what will fit their budget. Most people I have helped buy were looking for a home to live in and if that is what they were looking for they usually planned to be there for a while.
If that is the case, the fluctuations in pricing should be no problem.
On the other hand if they were looking for investment they should have been aware of the loss risks and it is not my place to advise someone on their personal finances. That is why we have financial advisors.

You on the other hand are the type person I would sell a rat infested home in the middle of the worst part of town because as you said I am a greedy bastard.

[nychiefsfan]

Originally Posted by Mike Peterson

You on the other hand are the type person I would sell a rat infested home in the middle of the worst part of town because as you said I am a greedy bastard.

Darn it, Mike! You had me ready to stick up for you in regard that all RE brokers, agents and realtors are not the same.

Then you had to throw all professionalism down the toilet on that last line...

Anyway, I just read an article by a RE broker advising his clients that if they don't HAVE to sell right now, then DON'T because they're wasting everybody's time. It was refreshing to read that.