[SKB]

Originally Posted by Jammie

PLEASE stay on topic here instead of insulting each other.

Hi Jammie!!!!!



Oh, this topic is so heated, wowza.

[nychiefsfan]

Originally Posted by SKB

Chief, he bought a house two weeks ago he is a falling knife catcher! Well, that just helps to get the ball rolling by lowering the comps and he stated he felt he got a good deal with it. I wonder how he will feel in 18 more months from now. Oh well, can't say we didn't warn him of this.

Oh man, SKB, you're baiting the hook for me to bite on. I have a few comments that I'll keep to myself on purchasing a home at this time (or two weeks ago)

I wonder if kort is Lawrence Yun? hmmmmmmmmm

[kort677]

Originally Posted by nychiefsfan

kort, you never answered my million dollar question:

In all of the previous housing booms, the market returned to what it was before the boom.

None of the ones I've seen in my short time on earth have home values ever returned to earlier levels, in 1982 when mortgage interest rates were around 15% and that was after a few years of inflation rates close to 20% and I bought my first house 105k, prices never went down. 7 years later after selling that house for over 200k, I bought my second house 300k and I endured 2 or 3 years of negative equity because of a slow economy and bad housing market, prices never returned to earlier levels. 17 years later that house is worth over 300% more than what I paid, about 1.4m, and it is still increasing in value despite the worst housing market in decades.
I just bought another home in FLA and if I have to endure a few years of negative equity, so what? history is on my side, at some point the house will be worth more.

Like I described in an earlier post, you are ignoring the math and the facts and acting irrational over what should be a simple mathematical transaction.
At your price point, we'll call it 200k, lets' say that you're partly correct and that house goes down to 160k, do you realize that your payment would be a whole $40-50 a month less on a 30 year mortgage? how much are you currently pissing away in rent? If you did the math I'd think that you like most people would be better off owning.
your emotions are holding you back from finding a home you truly love and from making an investment that over time will work out to your benefit, and as a bonus you get to enjoy living in it.
For a miserly sum of money, you are trying to time the market and not to be insulting, but neither the top real estate mavens or you really have a clue as to when the market will turn and I assure the market will turn.
and I am a betting man and I bet that you won't pull the trigger even if your gloom and doom scenario plays out.

[SKB]

Originally Posted by nychiefsfan

Oh man, SKB, you're baiting the hook for me to bite on. I have a few comments that I'll keep to myself on purchasing a home at this time (or two weeks ago)

I wonder if kort is Lawrence Yun? hmmmmmmmmm

ROFLMAO, chief

[kort677]

Originally Posted by SKB

Chief, he bought a house two weeks ago he is a falling knife catcher! Well, that just helps to get the ball rolling by lowering the comps and he stated he felt he got a good deal with it. I wonder how he will feel in 18 more months from now. Oh well, can't say we didn't warn him of this.

in 18 months regardless of the value of my house I will have had 18 month of enjoyment in my home, while you've made 18 payments towards someone else's dreamhome or retirement fund.
If I were you I wouldn't be showcasing your lack of sophistication, both financial and social.
yeah I know you were a big time supevisor in some banks credit card dept. that certainly doesn't qualify you as any kind of financial wiz, and you and people like you are last one's anyone should look towards for any kind of financial advise.
So I hope that the value of the house you're waiting on buying comes down that last 20k, so you can save $10 a month on the mortgage, good luck, and don't repsond to my messages or mention my name in your comments

[Mike Peterson]

Originally Posted by SKB

Remember the thread about our favorite quotes? I forgot about this one, and it really is a very good one:

" It's different here"
and
"everyone wants to live here".

In all due respect Diane you just joined this board (welcome) and posted two messages.

The first one you listed selling information on your home, which oddly enough, is already listed with an agent.
I ask you this, if what you are saying is true then why on earth would you post the link for the real estate agent's listing for your property?
If, it is different here and everyone wants to live here why would you feel the need to do her job?

Your house, nice enough if you like that barn style (not my taste but, different strokes for different folks), your yard looks very nice with the lake and the natural style drive in and privacy.

I say, do yourself a favor and take it off the market and enjoy living in it. In my opinion (I am sure Chief would agree) your chances of selling it at your dream price (374,900) which is just that, a dream price.

If you didn't buy a home as an investment, then why are you so concerned about how much you want to sell it for and firmly stated that you will hold out for another ten years to get that wishing price.

You are the one that needs to get off the pot and reduce reduce reduce.

BTW, I agree with what chief said. The price of bread has risen with the pace of inflation, like pretty much everything outside of housing. It is unnatural for homes to appreciate 30% YOY.

So how well do you know the market around her home?
Do you know that it is overpriced?

This is the major problem I have with those on the boards that say everything is overpriced. If you have no idea of the current market in that area how can you have any clue as to what the price should be.

Not everything is overpriced and prices are not coming down everywhere.

[nychiefsfan]

Originally Posted by kort677

Like I described in an earlier post, you are ignoring the math and the facts and acting irrational over what should be a simple mathematical transaction.

At your price point, we'll call it 200k, lets' say that you're partly correct and that house goes down to 160k, do you realize that your payment would be a whole $40-50 a month less on a 30 year mortgage? how much are you currently pissing away in rent? If you did the math I'd think that you like most people would be better off owning.

I did the math. Most of the homes that I'm watching have a JMV significantly lower than the asking price. If asking prices revert to somewhere near 2003 prices, then I'll be able to buy a house similar to the $275k houses I'm watching for around 200k.

Let's use those numbers and we'll do the "math".

275k at 6.75% for 30 years = $1783.64 per month x 12 months = $21,403.68

200k at 6.75% for 30 years = $1297.20 per month x 12 months = $15,566.40

$21,403.68 minus $15,566.40 = $5837.28 more per year buying at 275k

$5837.28 x 30 years = $175,118.40 more for $275k house.

Buying right now is pissing away money. If the price of housing drops to 2003 prices in the next couple years, then it would make more sense to rent right now, while rent is cheap, and SAVE $175k over a 30 year loan.

Of course, you're hoping the market turns around quickly so you don't look foolish for buying at the wrong time. I can't blame you for hoping that. There's a good chance your house will lose value in the next few years, which means you might have negative equity, depending on how you paid for your home.

I'm a psychology major, not a math major, but my calculations come to more than "$40-50 a month" difference. Please correct me if I'm wrong.

[SKB]

Originally Posted by kort677

None of the ones I've seen in my short time on earth have home values ever returned to earlier levels, in 1982 when mortgage interest rates were around 15% and that was after a few years of inflation rates close to 20% and I bought my first house 105k, prices never went down. 7 years later after selling that house for over 200k, I bought my second house 300k and I endured 2 or 3 years of negative equity because of a slow economy and bad housing market, prices never returned to earlier levels. 17 years later that house is worth over 300% more than what I paid, about 1.4m, and it is still increasing in value despite the worst housing market in decades.
I just bought another home in FLA and if I have to endure a few years of negative equity, so what? history is on my side, at some point the house will be worth more.

Like I described in an earlier post, you are ignoring the math and the facts and acting irrational over what should be a simple mathematical transaction.
At your price point, we'll call it 200k, lets' say that you're partly correct and that house goes down to 160k, do you realize that your payment would be a whole $40-50 a month less on a 30 year mortgage? how much are you currently pissing away in rent? If you did the math I'd think that you like most people would be better off owning.
your emotions are holding you back from finding a home you truly love and from making an investment that over time will work out to your benefit, and as a bonus you get to enjoy living in it.
For a miserly sum of money, you are trying to time the market and not to be insulting, but neither the top real estate mavens or you really have a clue as to when the market will turn and I assure the market will turn.
and I am a betting man and I bet that you won't pull the trigger even if your gloom and doom scenario plays out.

Who the heck wants to take out a 30 year mortgage? I know I sure as hell I will not.

Do the math KORT, AGAIN, because you are wrong.

160,000 at 6.75 over 30 years, monthly payment is 1040.47. The total amount of interest paid over those 30 years is 214,569.37

160,000 same interest rate, 15 year total interest paid is 95,261.27

200,000 at 6.75 over 30 years payment is 1300.59. The total amount of interest paid over those 30 years is 268,211.71

200,000 same interest rate, 15 years interest paid is 119,076.59

The amount difference is 290.12 monthly where do you get 40 bucks?

Basic "mathematical transaction" didn't you meant calculation?

[nychiefsfan]

Originally Posted by SKB

Who the heck wants to take out a 30 year mortgage? I know I sure as hell I will not.

Do the math KORT, AGAIN, because you are wrong.

160,000 at 6.75 over 30 years, monthly payment is 1040.47. The total amount of interest paid over those 30 years is 214,569.37

160,000 same interest rate, 15 year total interest paid is 95,261.27

200,000 at 6.75 over 30 years payment is 1300.59. The total amount of interest paid over those 30 years is 268,211.71

200,000 same interest rate, 15 years interest paid is 119,076.59

The amount difference is 290.12 monthly where do you get 40 bucks?

Basic "mathematical transaction" didn't you meant calculation?

LOL...great minds think alike

[SKB]

Originally Posted by nychiefsfan

LOL...great minds think alike

Kort was a stock broker, no wonder that is his former occupation.