Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I find that there are lots of buyers out there but many of them want to keep shopping because they are afraid to commit. Home purchases work best when you enter for the long haul and not worry about these swings of a few dollars that don't amount to much over the life of the mortgage. Those who continue to wait on the sidelines and allow the media to tell them when it is the right time to buy will probably miss the boat because once the media reports it - it has already happened.
a few dollars? Those that waited it out this past year avoided a 12% decline in NJ. For a house that's 300k, that's over 30K in savings. Do it another year and they'll probably save about 60k. This isn't a few dollars. This is the difference between losing your entire down payment. You don't miss the boat in Real Estate Markets unless you wait 10 years. This whole the bottom will leave you behind nonsense is just that. No real estate market has recovered in less than that. You have the biggest bust in the history of housing. The market isn't going back up. Interest rates cannot physically go below 4.5%. They only got there through massive manipulation. If 4.5% has failed to increase sales numbers, what the heck makes you think the market is poised for recovery?
Yes, and then it will continue to take place for the next 10 years. Nobody is in danger of "missing the bottom" in the housing market. We've baked an L-shaped recovery into the cake ...
consumer confidence is still low, and that is why people are hesitant.
if gas goes back to $3.50 /gallon, then yes -- confidence will wither and any recovery will be put on hold
I can only hope gas goes up to $4. Imagine all those people having to choose between their homes and gas!! Yes Yes!!!!
Then again if you listen to some of you, the state can overcome anything. YOu guys make it seem as if the consumer has an endless amount of cash.
what the heck makes you think the market is poised for recovery?
consumer confidence is up.
spending is up
unemployment is down
and I refuse to be guided by doomsayers.
If you can time the exact top and bottom of any market, real estate, stocks, currency, you are literally GOD. And being GOD you have no use for money. For the rest of us, I think if you can hit the bottom or top 10% you are in great shape and pretty lucky to boot. If you can hit the top or bottom 20% you are a smart person who timed it right. I am very confident we are in the bottom 20%, probably in the bottom 10%, but of course, only time will tell.
I bought because I think the time is right. Sure, there might be another 5-10% move downward, but I really doubt it. And even if there is, any purchase is worth what you believe it is worth. In my case, the place I bought is worth to me what I think I paid for it.
consumer confidence is still low, and that is why people are hesitant.
if gas goes back to $3.50 /gallon, then yes -- confidence will wither and any recovery will be put on hold
there is no evidence of pent up demand. How low would like interest rates to go before the so called pent up demand shows their face? 4.5%, which is about the lowest you'll ever get didn't do it. All the data shows demand is stagnant and decreasing while supply is increasing. The market is doing exact opposite of what you are predicting. Maybe we should give people negative interest rates. That should do it.
Confidence hit an ALL time low recently and bouncing off that bottom and being a TAD above it is hardly a "consumer confidence is up lets rejoice!"
Unemployment is down by around around 1% (still 600k+ filed last week)
Still way too many people losing jobs to rejoice. Sure we all want fewer jobs lost but we are not close to that happening yet.
I am not saying we are doomed. But we have a long road ahead of us and there are many more bumps to get over which all point to real estate continuing to decline. How much? No one knows.
The more people losing their jobs, the more houses that need to sell or more foreclosures or short sales get created. Fewer jobs = fewer people moving. The sales #'s don't lie. They are down DRAMATICALLY from last year. There is no phantom pent up demand. Only when deals are there to be had maybe...
I bought because I think the time is right. Sure, there might be another 5-10% move downward, but I really doubt it. And even if there is, any purchase is worth what you believe it is worth. In my case, the place I bought is worth to me what I think I paid for it.
This type of motivation is what should drive the housing market - it did in the past and should in the future. The present seems to be bogged down in fear and greed based on what was a false market.
This type of motivation is what should drive the housing market - it did in the past and should in the future. The present seems to be bogged down in fear and greed based on what was a false market.
Agreed. The false market is what is hurting sales. Houses for the most part are still priced at bubbled levels. No one knows where those prices will fall to and where they SHOULD be. But everything shows that prices are falling and once they settle to a place where majority of people feel is a FAIR number then sales will pick up and back to normal business.
If you can time the exact top and bottom of any market, real estate, stocks, currency, you are literally GOD. And being GOD you have no use for money. For the rest of us, I think if you can hit the bottom or top 10% you are in great shape and pretty lucky to boot. If you can hit the top or bottom 20% you are a smart person who timed it right. I am very confident we are in the bottom 20%, probably in the bottom 10%, but of course, only time will tell.
I bought because I think the time is right. Sure, there might be another 5-10% move downward, but I really doubt it. And even if there is, any purchase is worth what you believe it is worth. In my case, the place I bought is worth to me what I think I paid for it.
You seem to think consumer spending is a good thing. In our economy today, consumer spending is destructive to the long term health of our domestic economy. We borrow money from China, spend it on Chinese products, and then we have to pay back the borrowed money with interest. The net result of this process is a decrease in wealth in the United States. Sure, some American makes money off it in the short run but the effect of it is felt on the downward pressure of the dollar. Ultimately, this hurts our economy. Consumer spending won't save you. It may post pone pain. Besides, it's not up. It's still down. It's just slightly up from it's lows.
Unemployment is NOT DOWN. Your statement there is completely false. Unemployment is still rising.
Your talk about market timing is completely pointless. If you ignore market timing in any market, then you can only buy at a low price and hold. You aren't buying at a low price if you buy now, by any historical measure. Not being able to time the market doesn't mean "buy now". It means "buy low". I'm no market god. But there are no positive indicators for housing. But if you want to inquire to the market gods, those that predicted this entire mess years in advance, they all agree housing still hasn't seen the bottom.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. 
