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Monmouth county is still way over priced. Sellers are still offering their houses at 2005 prices. They have a sentimental attachment to them. I look at a house as a place to live, thats it. Even the house I grew up in. A house is only worth what the market calls for. The market will not come back any time soon due to rising unemployment. We need to get to about 10% before unemployment levels off. I see more down side in the housing in Monmouth County, but the sellers just say I will wait for the turn, my house is special.
interesting to see who was commenting that is still a regular poster on here, who was commenting that no longer posts, and who posts currently that wasn't around back then.
some predictions were fairly accurate, others wildly wrong. pretty much everyone who posted had their predictions tainted (to varying degrees) by their current situation.
moral of the story: no one knows what's going to happen, take anything you read on the internet with a grain of salt.
instead of trying to "time the market", decide if you really want a house, assess your financials, and go from there.
instead of trying to "time the market", decide if you really want a house, assess your financials, and go from there.
"Timing the market" for housing right now is a bit like "timing the market" for watermelons. Sure, we don't know with certainty what the price will be, but, as I've explained previously on several occasions, the price movements are hardly a random walk in the same way as they are with stocks.
The price is right for housing - MarketWatch (http://tinyurl.com/covtw5 - broken link)
That article is not talking market specific so as I may agree with it to some degree for areas like Vegas or PHX or FL, I don't think it fully applies to areas like NJ which have been late to the price correction game.
interesting to see who was commenting that is still a regular poster on here, who was commenting that no longer posts, and who posts currently that wasn't around back then.
some predictions were fairly accurate, others wildly wrong. pretty much everyone who posted had their predictions tainted (to varying degrees) by their current situation.
moral of the story: no one knows what's going to happen, take anything you read on the internet with a grain of salt.
instead of trying to "time the market", decide if you really want a house, assess your financials, and go from there.
Rofl, did you just say that some people were accurate but the moral of the story is that no one knows what's going to happen? Apparently someone knew.
We all hear the so called experts and of course our friendly overly positive thinking Realtors talk of better times in one year, 2 years maybe less. Dont believe that hogwash. We are looking at 7-10 years before better times come. And there is no guarentee it will.
Take these millions of people who have walked away from mortgages. They all have foreclosures, short sales and many late payments on their credit now. These people are now removed from the home buyers pool for 7-10 years. That is a lot of home buyers out of the buyers market for a long time. Some will be lucky to find a decent rental with thier bad credit. Unless lenders and landlords loosen up on thier old standards there is going to be a lot of homeless people on the streets.
Traditionally homes go up and down. When they go up too high for the average first time buyer then they level off and come down and when salaries catch up then the homes move back up just the same. This will no longer work that way. Salaries no longer go up unless you work for the govt or a union. Raises are something we will be reading about in history books soon enough. Today the very best companies toss thier best employees a quarter an hour per year. That is not going to help anyone buy a home let alone get ahead or keep gas in the tank.
It is almost impossible to get any type of mortgage today if your credit has the slightest blemish. So even if one of us gets lucky and finds a sucker to buy our home, we can not turn around and buy another one for ourselves.
Now with the prices on everything we do related to gas prices, the pool of able home buyers are shrinking because we have no money left after buying food and gas. More home buyers out of the market.
I see a total and complete economic crash coming. Something like has never happened in this universe. Mark my words. Those of you with a nice comfy job making slightly over scab wages dont yet see it because we as humans are blind to problems that dont affect us. It's only a matter of time when you too are a victim. Maybe a medical problem, maybe your company will close without notice, any number of unforseen catastrophes can strike you at any time.
Time will tell.....perhaps not much time. But there will be a total economic crash. Mark my words.
ok this one deserves a quote, it was posted in june 2008. So desertsun41, is the last 9 month the crash you predicted.
for the second month in a row, Zillow says my home increased in value:
+0.6%
+1.4%
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