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And by the way, it's THOSE BUYERS who are very much out in front now, crying that they paid too much, or didn't expect teh interest rate to go so high. Aren't THEY more to blame than the people who simply took the money that was offered for their property?
Sure, definitely the buyers' fault. But you seem to be forgetting the vultures -- sorry, I mean realtors -- who feasted on buyer stupidity by whispering nonsense like "buy now or be priced out forever" in their ears.
You misunderstand, if you believe that somehow sellers were "yanking buyers chains". Sellers can ask for whatever price they want to ask, but it's ALWAYS the Buyer that determines the value of a house. Those were BUYERS outbidding each other, paying 5, 10, sometimes 20% above the sellers asking price. Sellers said, "You an have my house if you pay me $X." And when one buyer said "OK, here's $X, the guy in line behind him said "Wait, don't sell it to him for $X, I'll pay you $(10% over X)."
Sellers can never screw buyers when it comes to price. Buyers always have to option to not purchase the house. (Indeed, many buyers are excercising that option as we speak.) And is it somehow wrong for a seller to take every penny of what someone is willing to pay for their house? Most people who sold homes during these last 8 or 10 boom years would have sold their homes at much lower prices. Because they had decided it was time to move, wheter to a bigger house, a better neighborhood, a different school district, or any of a thousand other reasons. But they had no reason to take less, becasue buyers were knocking each other over for the right to pay more for the house.
And by the way, it's THOSE BUYERS who are very much out in front now, crying that they paid too much, or didn't expect teh interest rate to go so high. Aren't THEY more to blame than the people who simply took the money that was offered for their property?
listen - I'm not "on" either side - buyers or sellers. i'm not buying or selling, I could care less how the housing market does in the short term. I was just making an argument for the other side, it seems there's a lot of "hate the buyer" talk going around, when really it's just people trying to get the most for their money, and I don't fault anyone for that, and I certainly don't expect a buyer to "feel sorry" for a seller, which was alluded to earlier. it's business, take the emotion out, do what you can to get the best bargain. sellers rubbed their hands with glee during the bidding wars, now the shoe's on the other foot (in most places), so i expect buyers to now to try to get the lowest possible price for a home (even if it means lowballing).
No bubble? Real Estate values dropped 25% in one of the retirement communities in the last year. What sandpile is your head in?
I agree with you. Just because the listing prices in some areas haven't dropped to much some people still refuse to think that we are going thru a decline. Just because some sellers refuse to budge on the listed price people"mostly other sellers" think the market is OK. Many posters say I can't sell keep lowering your price someone will buy as money is on the sidelines. In my area you have alot of old timers that listed the homes for what they were going for in 2005 and the house remains unsold and they wonder why. DUH.
Amen. And I am pretty pissed off right now about the decision made by the president to convert these ARMs to fixed rate mortgages. That penalizes someone such as myself who opted for a conventional 30 year fixed loan, took my difference and put my money into a mutual fund, whose value is partiallly determined by these mortgage companies, who are now essentially getting the $h*t end of the stick as a result of this decision. Where does government interference end? Anyone who is capable of having a job, family, etc, had to know prior from entering into such an agreement (ARM rate) what the risks were. These folks are absolutely more to blame, with a small assist from Washington D.C.
it's totally a voluntary deal...this is all lip service and public relations nonsense...
The criteria is so stringent that this will barely put a dent in the siutation...it's a joke.
I do agree...my liberal conscience be damned...why should we constantly bail out stupidity?
Well if we can bail out the savings and loans and the airlines...why not those folks that paid for those debacles.
It is painful to read threads like this where people that don't even understand the simple concept of the time value of money spout off nonsense like "house prices always go up" and then finish with more nonsense about "evil buyers trying to screw sellers".
The market is what it is. It was driven by greed and stupidity and now the bubble is bursting. Any year where your house value increase doesn't match the rise in inflation is actually a LOSS, in inflation-adjusted terms.
Not nearly as painful as reading about your time value of money nonsense. Wow, you learned an industry term. One that a third grader could understand. I'm impressed. Tell someone that bought an acre of oceanfront property in the Hamptons in 1980 for $100,000 that the 20 million dollar profit they made after adjusting for inflation and expenses is really a loss of money. This is an extreme example, but perhaps that is what you need to understand my point. Everyone can be an internet genius if they want. I'm at a point in my life where I'm pretty confident in my business savvy in the REAL WORLD and will put it up against anyone else's.
And by the way, If you are going to put quotes around a phrase, you better be damn well sure you are quoting what the person actually said. I never stated there were "evil buyers trying to screw sellers". That would be a paraphrase, not to be put in quotes. I said screw'em referring to the buyers. If you own a home, and people are low-balling you, and you don't have a real need to move, then screw'em. Don't cave into their low-ball offers. Just wait and the market will eventually come back again.
From your previous posts, I would say that you disagree with this. That people should get out now while they can. This is fine. I have disagreements with people without getting condescending about it.
Not nearly as painful as reading about your time value of money nonsense.
Says a guy who clearly doesn't understand the implications of what time value of money really means. Do you even realize that overall house price levels generally goes up only because of inflation? Go ahead, keep sticking your head in the sand.
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And by the way, If you are going to put quotes around a phrase, you better be damn well sure you are quoting what the person actually said. I never stated there were "evil buyers trying to screw sellers". That would be a paraphrase, not to be put in quotes.
Ah, so sorry. You actually said "Buyers these days seem like predators trying to cash in on other peoples misfortunes". Because calling buyers "predators" is so much better and less idiotic than how I paraphrased you.
Unfortunately, I have plenty of colleagues like you in my profession so I know the type all too well. You are so insecure in your knowledge and skill that you need to name call, condescend, and generally bully people so they don't question your "authority". You think that this type of behavior makes people respect you, but it actually just does the opposite.
In my experience, the best and brightest are humble and actually enjoy teaching others what they know. They are confident that they can give a knowledgeable response to any question or retort and don't feel the need to try to scare people into not responding. If people don't respond, they cant cant expose you for the fraud you are, right?
You are either very young of very insecure or more likely, both.
i just put an offer in that was accepted on a house. I bought a home that was remolded top to bottom except the foundation. New plumbing, electric, boiler,a/c and just add all the inside work of knocking down walls, putting in tile , floor, you got the idea. I saw what he paid for the wreck and remolded two years ago. He made a profit , and I got a great house. Its funny, friend said you should be made he is making such a profit. You should buy the other house, I did not like the other house, I liked this one. And he did a damn good job on this house, and I have no problem with him making a profit. We both won. He came down 25 thousand on list price and I wanted the house. A deal was made. I cant base my whole life on resale value, that would be nuts.
Now what got to me in this whole deal is that great scam called Title Insurance. I pay for a search and then after the search have to pay 5 times more for this so called insurance in case they missed something?? I asked my lawyer what the hell does title insurance cover? I am paying cash with no mortage so I wonder do I need it???
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