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JG who claims the bottom was in Nov 2008 is long gone.
Moorestown is still around. He wrote on 8/25: "Of course I successfully called bottom 6-9 months ago". I believe that is a somewhat revised estimate of his calling the bottom though -- I think he was "calling the bottom" on a daily basis some time before then.
Moorestown missed a few weeks of Positive News Spin in September. With todays retail expectations for 2009 Holiday and a quicker drop in sales #'s I can't see this Winter being KIND!
its a shame i dont have much choice but to buy now. the future is looking better for buyers. though, one house i was interested in was on and off the market in less than 2 weeks. another seller i made an offer to is totally unrealistic with what she wants. she wont see the price she wants for 15 more years.
I'm in a similar situation...I just sold my condo, and I feel as though I don't have any choice but to buy something else.
To me, paying rent is paying off somebody else's mortgage...maybe an old fashioned way of looking at things.
I'm not looking for an investment, hopefully I will live in my next home as long as my current home...which was about 15 years.
While I think many of the homes are still overpriced...some folks have come to grips with reality and are starting to lower their asking prices to something within reason.
I would have to pay at least $1800 for a decent 2 BR/2BA rental...I'm not sure that's such a great choice.
I'm in a similar situation...I just sold my condo, and I feel as though I don't have any choice but to buy something else.
To me, paying rent is paying off somebody else's mortgage...maybe an old fashioned way of looking at things.
The problem with that way of looking at things is that it isn't rational. Buying a house has associated costs too.
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While I think many of the homes are still overpriced...some folks have come to grips with reality and are starting to lower their asking prices to something within reason.
I would have to pay at least $1800 for a decent 2 BR/2BA rental...I'm not sure that's such a great choice.
Would suggest running the numbers carefully. If you buy a place for 350k, your costs are about 2200/month. At the start of the loan, only about 400/month or so is going into equity. The rest is "thrown away" -- on interest, property tax, etc. So you're still "throwing away" about 1800/month, and you're not earning any returns on the money you used for a down payment.
Existing home sales unexpectedly drop in Aug - Yahoo! Finance (http://finance.yahoo.com/news/Existing-home-sales-rb-3189253074.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=
Nobody said housing was 'great'. The trend in sales and prices is up, modestly, but up.
Moorestown missed a few weeks of Positive News Spin in September. With todays retail expectations for 2009 Holiday and a quicker drop in sales #'s I can't see this Winter being KIND!
Haven't been active here, been busy seeing clients. You guys come out of hiding for the first time in 4-5 months on a slight drop in sales at the end of the summer.
The problem with that way of looking at things is that it isn't rational. Buying a house has associated costs too.
Would suggest running the numbers carefully. If you buy a place for 350k, your costs are about 2200/month. At the start of the loan, only about 400/month or so is going into equity. The rest is "thrown away" -- on interest, property tax, etc. So you're still "throwing away" about 1800/month, and you're not earning any returns on the money you used for a down payment.
I understand where you are coming from. One of my biggest fears in renting is the close proximity of your neighbors. While you can obviously get "bad" neighbors in any environment, being in an apartment (sometimes with very thin walls) can be a nightmare.
This is one of the main reasons I am moving out of my condo.
We are also finding that many apartments do not come with washers/dryers...which is a huge factor.
Nobody said housing was 'great'. The trend in sales and prices is up, modestly, but up.
Have you ever thought what will happen when Fed stops all the cheese? See you in 2/3 yrs.
If you buy now, you have to live in that house for AT LEAST 5/6 yrs to break even. That means, if you consider housing as an investment(which I don't but a lot of folks STILL do), then it's 5 yrs worth of borrowed money without any return. Don't even think of return on the additional cost of maintenance of that white elephant for that 5 yrs !!!!!!!
I think, if you really really need to buy now, go ahead and buy. Money is not always number one priority in life. If you can wait, wait for another two yrs if you live in NJ
I've just watched many people sell homes in a week. Seems the couples are really wanting that 8 thousand tax credit. They are pushing for end of Nov closings.
I am surprised how many are selling so quickly.
I think we will be ok, but I think lower home prices will be the norm. I have to believe that some went way overboard with pricing in the past. Things should reset now.
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