[kort677]

Originally Posted by gulf5driver

>>Realtor's view on the right time to buy a home:

During the Great Depression: "NOW'S THE TIME TO BUY!!!"
During the current housing slump: "NOW'S THE TIME TO BUY!!!"
Whe Armegeddon arrives: "NOW'S THE TIME TO BUY!!!"<<

Why does this bother you sooo much? Everyone has an agenda, including you.

the time to buy is when things look the worst, everyone got burne when they bought because the boom looked like it would never end, notice the pattern?
smart people buy when things look the worst and get out when things look the best

[kort677]

Originally Posted by SKB

Honestly Kort, how is anyone even suppose to know what good value is right now, prices are all over the place. Townhouses that sold for 300K in Dec selling last week for 145,000 do you honestly think anyone in that neighborhood will be able to sell theirs for 300K now?? How do prices get set? by the comparables.

I am a naysayer, why would you think I am not in a position to buy a house? What basis are you making that accusation on? I really would like to know and I am sure others would like to know that as well.

I want to buy a house but, I don't want to over pay and have the value drop in several months after purchase. I don't want to be like my friends that have already lost 20K since Feb.

I know you think "its only money" if you really feel that way, why are you spending so much time on this topic and not talking about the wonderful Florida lifestyle?

please take this as a learning experience because you seem to be financially naive, your friends haven't lost 20k, unless they sell. they are in where they are. what I mean is let's say the bought their home for 200k the put 20k down and financed 180k, that 180k costs them about 1k a month in payments, so the house has gone down 20k in value, what has changed? nothing their payment is still that 1k a month, they've lost nothing, in fact they can now go appeal their tax assessment based on lower value. and if as after every housing slump in the past in 5 years or so the market firms up and they start going positive in their equity, their payment is still that 1k a month. and then 10 years down the road that hos is now worth 350k and the payment is still 1k a month. now you being so afraid you hold back from buying and you buy that same house for 175k you put 15k down and have a mortgage on 160k a year, guess how much you'll save on a monthly basis, maybe $40, now the last scenario, you see the value go down that 20k so you'll think that you know the market and you're going to hold out for it to come down another 10k, but we elect a new president who says that he's going to issue an executive order that he's going to eliminate property taxes and require every citizen to own their homes, there's a mad frenzy and houses double in price over night, but you never bought, you were holding out for that last dime. you got screwed because you never were able to pull the trigger.
the moral to the story the amount that you'll save by trying to time the market is almost meaningless in a 30 year transaction.
if you need to buy a house and can afford to buy a house this is as good a time as any to buy. at this low level houses are not going down too much more.
guys like me have a lot more at risk, my house is 5x the cost of what level you're at (not a brag, just trying to illustrate) and I don't care if the house goes down 10 or 20% for a few years, because over the long haul I know I'll be ok

[Donna-50]

I think the only one that can make the decision to buy now or wait, is YOU. No one should ask a realtor if it is time to buy. Do a little research and see if you think things are going down. If so you may want to wait, if not you may want to buy. Everyone is different as to their take on the market. Some people may be looking to buy for a short time, others long term. Don't forget to look at the rates (to purchase) when deciding also.

[jedwardjos]

Originally Posted by kort677

the time to buy is when things look the worst, everyone got burne when they bought because the boom looked like it would never end, notice the pattern?
smart people buy when things look the worst and get out when things look the best

Or as J. Paul Getty put it, "Buy when everyone else is selling, sell when everyone else is buying."

[Audacious]

Originally Posted by Mike Peterson

Should they also check out the web pages that tell us the goverment blew up the world trade center.
They have web pages so that must make it true.
I also take it that you are the good samaritan just looking out for everyone else because you are non-stop telling evryone the market is going to drop another 30-40% stay there.
What if you are wrong and those people listened to you. They could be paying 10-20% more than they may now.
State your case and let others put their 2 cents in but don't get paranoid because not everyone agrees with you.

Woooow, well said, I think in this case it is purely someone wishing for the end of the world. Misery loves company and miserable people are just that, miserable. How much Kool Aid do YOU need. As a side note, after 9-11 EVERYONE KNEW that RE in NYC would tank because of terrorists threats. The dow Jones dropped to 7400. Don't you wish you bought into RE at that time or a the very least bought into the stock market at that time. STOP! WAIT! somebody wrote on a blog that the real estate will tank down to 1930 levels! It must be true because somebody wrote it! Yikes I want a 5 bedroom house with a pool for 150K, how come I cant find one! They use to be that cheap a few years ago.

Wake up sheeple!

[Audacious]

Originally Posted by jedwardjos

Or as J. Paul Getty put it, "Buy when everyone else is selling, sell when everyone else is buying."

I thought that was Warren Buffet. Either way it is VERY good advice.

[kelly3120]

all I can say is KORT YOU ROCK!

[Audacious]

Originally Posted by kort677

please take this as a learning experience because you seem to be financially naive, your friends haven't lost 20k, unless they sell. they are in where they are. what I mean is let's say the bought their home for 200k the put 20k down and financed 180k, that 180k costs them about 1k a month in payments, so the house has gone down 20k in value, what has changed? nothing their payment is still that 1k a month, they've lost nothing, in fact they can now go appeal their tax assessment based on lower value. and if as after every housing slump in the past in 5 years or so the market firms up and they start going positive in their equity, their payment is still that 1k a month. and then 10 years down the road that hos is now worth 350k and the payment is still 1k a month. now you being so afraid you hold back from buying and you buy that same house for 175k you put 15k down and have a mortgage on 160k a year, guess how much you'll save on a monthly basis, maybe $40, now the last scenario, you see the value go down that 20k so you'll think that you know the market and you're going to hold out for it to come down another 10k, but we elect a new president who says that he's going to issue an executive order that he's going to eliminate property taxes and require every citizen to own their homes, there's a mad frenzy and houses double in price over night, but you never bought, you were holding out for that last dime. you got screwed because you never were able to pull the trigger.
the moral to the story the amount that you'll save by trying to time the market is almost meaningless in a 30 year transaction.
if you need to buy a house and can afford to buy a house this is as good a time as any to buy. at this low level houses are not going down too much more.
guys like me have a lot more at risk, my house is 5x the cost of what level you're at (not a brag, just trying to illustrate) and I don't care if the house goes down 10 or 20% for a few years, because over the long haul I know I'll be ok

VERY well said.

[SKB]

Originally Posted by kort677

please take this as a learning experience because you seem to be financially naive, your friends haven't lost 20k, unless they sell. they are in where they are. what I mean is let's say the bought their home for 200k the put 20k down and financed 180k, that 180k costs them about 1k a month in payments, so the house has gone down 20k in value, what has changed? nothing their payment is still that 1k a month, they've lost nothing, in fact they can now go appeal their tax assessment based on lower value. and if as after every housing slump in the past in 5 years or so the market firms up and they start going positive in their equity, their payment is still that 1k a month. and then 10 years down the road that hos is now worth 350k and the payment is still 1k a month. now you being so afraid you hold back from buying and you buy that same house for 175k you put 15k down and have a mortgage on 160k a year, guess how much you'll save on a monthly basis, maybe $40, now the last scenario, you see the value go down that 20k so you'll think that you know the market and you're going to hold out for it to come down another 10k, but we elect a new president who says that he's going to issue an executive order that he's going to eliminate property taxes and require every citizen to own their homes, there's a mad frenzy and houses double in price over night, but you never bought, you were holding out for that last dime. you got screwed because you never were able to pull the trigger.
the moral to the story the amount that you'll save by trying to time the market is almost meaningless in a 30 year transaction.
if you need to buy a house and can afford to buy a house this is as good a time as any to buy. at this low level houses are not going down too much more.
guys like me have a lot more at risk, my house is 5x the cost of what level you're at (not a brag, just trying to illustrate) and I don't care if the house goes down 10 or 20% for a few years, because over the long haul I know I'll be ok

"but we elect a new president who says that he's going to issue an executive order that he's going to eliminate property taxes and require every citizen to own their homes, there's a mad frenzy and houses double in price over night,"

Yawn, that long winded post made me sleepy. Wake me up when the housing market finishes crashing and prices are back to 2000 again. Given the speed of the crash that should be overnight.

[kort677]

Originally Posted by SKB

"but we elect a new president who says that he's going to issue an executive order that he's going to eliminate property taxes and require every citizen to own their homes, there's a mad frenzy and houses double in price over night,"

Yawn, that long winded post made me sleepy. Wake me up when the housing market finishes crashing and prices are back to 2000 again. Given the speed of the crash that should be overnight.

not to be argumentative,, negative or insulting, but if you are unwilling to listen to advice from people who have a bit more experience than you do, then you are doomed to never getting ahead. Believe it or not you don't know too much about financial matters.
I learned a long time ago that I am always learning from people, in fact the smartest most successful people are always willing to accept advice from people who know more about things than they do. In business I've always held to the premise that in order to be a success I've always hired people who have more expertise than I do in their fields.
For example my wife is a CPA, but when she needs legal advice, she doesn't pretend to know the law, she hires a lawyer, another example, her strengths are in auditing, so when I need financial planning, I use a financial planner, and she's ok with that, why? because she knows that is not part of her range of expertise, and here's the kicker, I've been a trader on wall st for over 30 years, and guess what, I use an investment adviser. Why? because trading and investing are not the same and I am willing to accept advice from people who have better knowledge of investing than I do, and guess what, my advisor uses my expertise on trading for timing. because he realizes that my knowledge is stronger than his in that field.
Bottom line:
As soon as you learn to accept advice you'll be better off.