Spring Market? What Spring Market? (sales, apartments, homes)

[tahiti]

Originally Posted by stevemorse

what do you mean by a v, do you mean the pattern??? ohh and I think your picture in skis makes you cute as a button!!!

i mean, i'm reading that if you don't buy now, you'll miss the best prices, like they are going to magically shoot up within a few months. I'm not aware of that happening at any time in history.

[stevemorse]

I got you, took a minute but I got you. No I dont think that, I think its like a chess game , people are at a stale mate.

[Lusitan]

Originally Posted by Marc Paolella

The government is basically filled with a legion of Lusitans who come up with endless reams of meaningless statistics to keep themselves in business and flush with taxpayer cash. ... It is usually to convince the public that a crisis exists and that only more regulation and more regulators and more spending are the solution to the "problem".

Right -- because if you read any of my posts, you know that I am all in favor of more government spending.

Oh and one other thing. You are implying that $350,000 could buy a really nice house 10 years ago. Except that incomes were reflective of the time and the same proportion of people who can afford $600,000 now could afford $350,000 then. Nothing has changed, really.

He specifically stated that incomes went up 20% between 2000 and 2009, while home prices are up 200%. That means a lot has changed. Namely, incomes have increased a little, house prices have increased a lot more.

Nice houses in nice neighborhoods will ALWAYS cost too much for the average working schlub. The solution: Move above schlubdom. Educate yourself, become better and more marketable at something that pays better.

Schlub or not, the median NJ household should be able to afford the median NJ house under traditional lending guidelines. It's really not more complicated than that.

I know a lot of people want to wait for the miracle of low prices to fall on their heads, but it ain't going to happen. Even at today's supposedly high prices, I see multiple bids on good homes that come to the market properly priced. As values drop, this will happen on more and more homes.

I know a lot of people who are trying to sell their houses, or who make money from people buying overpriced houses. They want the miracle of the housing bubble to continue, but it ain't going to happen.

(But at least you recognize this when you say "As values drop ...")

And if you do not think that low interest rates are important, just wait until they are 15% and you cannot afford anything at ANY price.

So OK genius -- when interest rates are at 15% (and I don't necessarily disagree that we're heading there) who exactly will be buying houses? Doesn't take a financial whiz to figure out that as interest rates rise, price will need to fall in order for anyone to be able to afford the monthly payment. Rising interest rates will only accelerate the collapse in real estate.

They will lock in fixed sub 5% mortgages that will one day be wistfully gazed at by others who will say: "It could have been me. If only I had not listened to Lusitan, who advised me to sit on my hands and wait for a payday that never came. I COULD HAVE BEEN A CONTENDER! Bwahhhhh..."

LOL

They will lock in fixed sub 5% mortgages on 600K houses that will one day be selling for 400K. And the person who waited patiently on the sidelines for the carnage to end will buy the house at 400K at a 10% interest rate. And a few years later, he'll refinance at 6% and owe the bank 380K while Mr. Happy with his sub 5% mortgage still owes 550K and is stuck unable to move because he can't sell the house for what he owes. Odds are he'll divorce, probably foreclose or short sale, ruin his credit, and move on. But he was a contender!

(commish!)

[NatasNJ]

Luistan: I think you missed the breaking news in this thread, The market in NJ BOTTOMED at the end of 2008. hahahahaahaha. HOLY!!!

I can't believe someone would actually post that with a straight face. (I hope they are joking but I know they really think that)

MoorestonResident: What do you want to bet that statement is so WRONG?

[bababua]

Originally Posted by MoorestownResident

Inventory levels were higher in South Jersey in Spring/Summer months of 2007 and 2008. Honestly, the lack of new inventory is a sign you waited too long. The optimal time to buy is when inventory is plentiful in your price range in a deep buyers market. If you wait too long for the best price, the inventory dries up, you either take what's left or pay more later for something you really want.

LOLOLOLOLOLOL!! Thanks for the great laugh genius.

[bababua]

Moorestown is really really cute. How much is he just begging real estate to just turn around. Some of the post must be complete jokes. Did he just say anyone who did not buy just missed the boat? What boat the unemployment boat? Good stuff Moorestown, keep making us laugh at you.

[factory3]

Well, I would take a house off the market if I could ever get a downpayment together. But with the cost of living in New Jersey... maybe I have it together at the next recession

[MoorestownResident]

Originally Posted by NatasNJ

Luistan: I think you missed the breaking news in this thread, The market in NJ BOTTOMED at the end of 2008. hahahahaahaha. HOLY!!!

I can't believe someone would actually post that with a straight face. (I hope they are joking but I know they really think that)

MoorestonResident: What do you want to bet that statement is so WRONG?

I bought June 2007 and have seen appreciation since. It is my location but if you do your homework you can find a great deal.

[NatasNJ]

Originally Posted by MoorestownResident

I bought June 2007 and have seen appreciation since. It is my location but if you do your homework you can find a great deal.

UNTIL you sell you have not seen appreciation. Wake up.....

[JG183]

Originally Posted by halfoffpeak

Their level of despair is reflected on their efforts to argue for buying a house in this market, which is impossible to argue for

as if your screen name wasn't enough of an indicator, your posts serve only to reveal how fervently you wish you were a home owner.

put a tooth under your pillow tonight, you never know...