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Old 03-05-2008, 09:37 AM
 
Location: Jersey Shore
828 posts, read 2,203,732 times
Reputation: 220

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Keep on telling people that "the market is not that terrible".
BTW, it is you're not your.

Good luck with your potential sales.
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Old 03-05-2008, 09:40 AM
 
222 posts, read 679,485 times
Reputation: 83
Quote:
Originally Posted by jy_2007 View Post
t's quite simple - entry level buyers are priced out of the market. Worse now, with tightening credit, they can't borrow enough to get into this crazy market (which is a GOOD thing). Are you familiar with the food chain analogy? If the source at the bottom of the food chain dies, it affects all the other species in the chain.

Market has to correct itself. It's the only way.
Spot on.

It's amazing to me to hear the reactions of some of my friends/relatives who are maybe 2 or 3 years removed from being "first time home buyers" themselves. They think that their crap-shack that they bought for $200k is now magically worth $500k after no upgrades at all. No person in their right mind would pay more then $200k for a first home.
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Old 03-05-2008, 09:41 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,060,493 times
Reputation: 1187
Quote:
Originally Posted by fischfan13 View Post
Keep on telling people that "the market is not that terrible".
BTW, it is you're not your.

Good luck with your potential sales.
Funny...I was just having a conversation about spelling issues on this forum - it's just lazy typing dear...your you're..whatever : )) Still much better than some in here...
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Old 03-05-2008, 09:44 AM
 
222 posts, read 679,485 times
Reputation: 83
Quote:
Originally Posted by wileynj View Post
No, I never said that - they just have a habit of pounding the negativity into the system and all that does is keep the trend on the downward side. They do have alot of control on what and how we spend our money.
Funny that I didn't see anyone complaining when the media was pushing real estate investment over the past few years and the NASDAQ during the first internet boom.

No one is responsible for your financial strategy except you.
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Old 03-05-2008, 09:46 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,060,493 times
Reputation: 1187
Quote:
Originally Posted by krusher View Post
Spot on.

It's amazing to me to hear the reactions of some of my friends/relatives who are maybe 2 or 3 years removed from being "first time home buyers" themselves. They think that their crap-shack that they bought for $200k is now magically worth $500k after no upgrades at all. No person in their right mind would pay more then $200k for a first home.
This is a part of the problem for sure - unrealistic expectations as to what your house is really worth and some realtors aren't helping much - they'll say whatever to get the new listing. And the creative licensing being used by some realtors - it's shocking! 16 room colonial...4 bdrms..etc. - turns out that they split the kitchen in half, added the laundry room and foyer...the 4th bdrm is in the attic with pull down stairs - but it could be a bedroom one day..included the shed in the back yard as a small vacation bungalow!!! It's not right!
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Old 03-05-2008, 09:48 AM
 
Location: Stewartsville, NJ
7,577 posts, read 15,060,493 times
Reputation: 1187
Quote:
Originally Posted by krusher View Post
Funny that I didn't see anyone complaining when the media was pushing real estate investment over the past few years and the NASDAQ during the first internet boom.

No one is responsible for your financial strategy except you.
Of course not... wouldn't be the Jersian way : )) When things are good, we're all happy - but when things look bleach, we're all ready to jump!
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Old 03-05-2008, 10:03 AM
 
Location: bergen county
5 posts, read 4,860 times
Reputation: 11
i apologize for my spelling error, i did not think it was that important to review what i wrote and make sure no mistakes were made.
bottom line, at the end of the day if it makes sense for the buyer and or the seller and your happy with the outcome then it is a great deal and or investment for you.
believe me or not, i do not make a sale just to make a sale. what is the purpose of making a quick dollar if potentially making that quick dollar will only come that one time. i strongly base my work on referrals and return clients! what client is going to return to you for your services if you made the sale just to make the sale?
yes , over priced homes do exist! great deals exist as well!


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Old 03-05-2008, 10:31 AM
 
Location: bergen county
5 posts, read 4,860 times
Reputation: 11
just another note..... values increase and values decrease, they never stay the same. if your buying a home in todays market, today , march 5th 2008 and you are purchasing this home with the intentions of living in this home for at least 5-10 years , this is the best time for you to buy. your invested money will be returned in the future. if your going to wait for the market to come back, which will mean the prices will go up at the same time, then chances are the prices you see today will not be here. if you are purchasing a home today and plan on selling it in a year or you have watched those stupid real estate shows on cable television and decided you want to flip this house and become rich tomorrow then this is NOT a good time for you to purchase a home. take your money and go buy yourself a coffee at starbucks.
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Old 03-05-2008, 10:45 AM
 
362 posts, read 528,701 times
Reputation: 99
Default why blame media?

Why blame media for spreading the bad(?!) news. If media can play a role in boom time, it can play a role in burst time also.

Don't forget the math that ties income, home price and all others bills together. Did we forget child's education?

Where will people get all the money to buy a half million $ starter home (read old home) and then pay for the property tax, mortgage, maintenance, utilities..the list goes on...

I am also one of the first time home lookers. But when I think how I am going to manage my finance when I buy a home, it drives me nuts.

Just my 2 cents.

Last edited by Delphi; 03-05-2008 at 12:12 PM..
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Old 03-05-2008, 11:10 AM
 
Location: bergen county
5 posts, read 4,860 times
Reputation: 11
it is very important to do the math, at the end of the day when all your expenses are paid for , what do you have left over? it is very important. you want to be able to have everything you want and not be able to stress on how your next mortgage payment will be made , how am i going to buy my groceries this week or my car payment etc. etc.
so do the math before you make this investment, because real estate is a huge investment and for many people the biggest investment they will make in a lifetime.
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