Spring Market? What Spring Market? (refrigerator, unemployment, buyers)

[NatasNJ]

Originally Posted by JG183

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...

I love when homeowners act elitest. WTF....

I have owned 2 homes and rented apartments and houses. They both have pros and cons. Can people get over themselves...

I get it. Some people think the market is going to drop much further in NJ. Some people think there homes have appreciated since June 2007 and will continue to climb. While some people will blow off or ignore every statistic that is against their vision of the situation.

Why does it seem like everyone is insane?

How can some people really look at the CURRENT market and the CURRENT SOLD comps in their area and suggest prices are NOT dropping? Sure we can debate the % depending on how you calculate things but what makes people think their house or area is immune? Who really thinks houses will fall all the way back to 1999? Everything seems insane in here.

It is like arguing creationism and evolution. Like arguing pro-choice or pro-life. Each side going to insane logic leaps to bolster their argument.

It is just insane. Crazy. Nuts. Stupid.

And I am somehow sucked into it thread after thread... What is wrong with me?

[JG183]

Originally Posted by NatasNJ

Sure we can debate the % depending on how you calculate things but what makes people think their house or area is immune? Who really thinks houses will fall all the way back to 1999?

I think it's a healthy debate

[MoorestownResident]

Originally Posted by NatasNJ

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

I woke up when I saw what was going on in this neighborhood at the time I was looking in Moorestown - a tear down 3 houses down from me, now worth about $1.2 million, house across the street with a two story addition, neighbor behind me buys a victorian fixer for $750K, doubles the size of it, now worth at least $1.5 million. Three other recent sales that positively impacted my value in 2008, plus my own modest addition.

Not everyone is in my shoes, in fact, I suspect practically no-one is in my shoes. It is what it is. I knew when I saw this activity in this location of Moorestown it was a home-run. That's the opportunity this market has afforded a savvy buyer. You want to be negative about conditions, that's fine, it is somewhat understandable especially given the media. But where you're looking to live, you have nothing but upside potential. As I posted before, the lack of new listings in a tired market is now working against you, I hope you find what you are looking for.

[Marc Paolella]

Originally Posted by Lusitan

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



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.



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 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 ...")



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.



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!)

Lucy,

Are you a failed Realtor by any chance? It kinda sounds like it.

[Marc Paolella]

Originally Posted by NatasNJ

I love when homeowners act elitest. WTF....

I have owned 2 homes and rented apartments and houses. They both have pros and cons. Can people get over themselves...

I get it. Some people think the market is going to drop much further in NJ. Some people think there homes have appreciated since June 2007 and will continue to climb. While some people will blow off or ignore every statistic that is against their vision of the situation.

Why does it seem like everyone is insane?

How can some people really look at the CURRENT market and the CURRENT SOLD comps in their area and suggest prices are NOT dropping? Sure we can debate the % depending on how you calculate things but what makes people think their house or area is immune? Who really thinks houses will fall all the way back to 1999? Everything seems insane in here.

It is like arguing creationism and evolution. Like arguing pro-choice or pro-life. Each side going to insane logic leaps to bolster their argument.

It is just insane. Crazy. Nuts. Stupid.

And I am somehow sucked into it thread after thread... What is wrong with me?

Why do you get sucked into it? Because it's fun! The forum war is possibly the best thing about the Internet. Second maybe only to looking up your symptoms on medical sites and self-diagnosing rare and fatal diseases.

-Marc

[stevemorse]

it is fun!!! You can be anyone, anybody, say just about anything and not worry, you could be a closet deviant, a dysfunctional mess and noone would know. How much fun is that!!!!!!!!!!!!!!!!!!!!

[ghuber]

Originally Posted by marc paolella

why do you get sucked into it? Because it's fun! The forum war is possibly the best thing about the internet. Second maybe only to looking up your symptoms on medical sites and self-diagnosing rare and fatal diseases.

-marc

lol

[Lusitan]

Originally Posted by Marc Paolella

Are you a failed Realtor by any chance? It kinda sounds like it.

No, just a PO'd taxpayer fed up with subsidizing the greed and ignorance of others.

[NatasNJ]

Sure it is fun at times. But when you have people deny the sky is blue or argue against EVERY stat showing one thing and still demand their bubble is different is just pointless.

And suggesting that the market is going down (which it is) is not NEGATIVE. It is a fact. Not sure why people think if the market declines it equates to negativity.

[Marc Paolella]

Originally Posted by NatasNJ

Sure it is fun at times. But when you have people deny the sky is blue or argue against EVERY stat showing one thing and still demand their bubble is different is just pointless.

And suggesting that the market is going down (which it is) is not NEGATIVE. It is a fact. Not sure why people think if the market declines it equates to negativity.

It is not negative to observe what exists. It is negative to insist that what is observed will worsen and continue into the future.

The future is completely unknown. As those on 9/10/01 found out.