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Because life goes on regardless of a bad economy, it's not the first time this has happened, certainly won't be the last. Some people choose to move forward regardless, and I applaud them.
Can you explain and give some examples on how this mess was created or made worse by the media?
It's funny, because if anything, I think the media underplayed the whole thing. I don't know if it was on their radar as anything other than "fill". Every time Lawrence Yun opened his mouth, they quoted him verbatim with glowing headlines and chipper tags.
We realized we'd be moving last October. That's when I started prepping the house for selling. And reading up on the markets-- googling "housing", reading city data and blogs. The media was talking about "softening" and "recovery," but some of the blogs had laid out math that was downright frightening.
After just a couple months of looking at those figures, we made the decision to list our house in the slow month of January instead of waiting for the spring selling season. The numbers looked so frightening, we thought if we didn't sell immediately, we'd have trouble selling at all.
We sold.
Then, all spring and summer, people blithely told me, "It's a buyers' market," as if everything was normal. The media obviously hadn't clued them in that it was a knife catching festival and that something really bad was about to happen.
I'll be honest. Until very recently I didn't know if I was paranoid or justified about my concerns with the housing/financial markets. I'm not an economist. But if I had relied on the mainstream media to clue me in to what was going on with the big picture, I'd be in a heap of trouble right now.
Because you have the cash, have the credit rating and finally found a house you love and want to live in for the rest of your life.
Other than that, I don't know.
I'll agree with your statement, just because part of the american population can't afford a home due to their mis management, I'm not going to shut my blinds and keep money in a bank that may be lost to the politicans. Money invested in real estate these days is far better than in any bank...the gov't controls....
because there are many irresponsible, uninformed people that have the idea that not watching the news will shield them from the REALITY of what is taking place in our country. They are OUT OF TOUCH like a presidential candidate I know. Nobody should be buying a home right now...it's suicide. Why ? Markets are STILL declining in hardest hit areas and the economy is falling apart. People should be renting if they know what is best for them.
Agree. Why buy now when the housing market is still adjusting down in most major markets? People saying that it's time to buy now because you'll regret it when houses appreciate aren't making much sense. Home prices are not going to go from down to sky high. They will go down and then stagnate and them move gradually up. When prices become stable, then buy. You will have reached the bottom and have gotten the best deal possible.
Because life goes on regardless of a bad economy, it's not the first time this has happened, certainly won't be the last. Some people choose to move forward regardless, and I applaud them.
Not the first, that is obvious but never in history has there been a housing downturn of this nature. Couple that with a $hitty economy and sad job market and the sky is really falling this time. I don't consider purchasing a home in a declining market as 'moving forward'. Waiting for some stability in the markets and then making an studied and educated move that makes financial sense for a family, that is moving forward the correct way. And before anyone mentions 'you cant put your life on hold'. I know some nice families with excellent incomes renting beautiful homes for less than what the mortgage would be and saving beacoup dinero every month. Life on hold? hardly.
deno088. You are dealing with a bunch of stubborn ignorant people here that will be crying in a couple of months when they see everything around them falling apart. Don't even try to argue with these people..it's pointless. It's like talking to a tree.
Exactly how people who chose to try and be positive and not point fingers all the time feel about you.
It's funny, in a previous threat a poster asked why anyone would buy when the market is at the top. Here the question is why anyone would buy when the market is at the bottom. People buy homes for a variety of reasons, regardless of the current market conditions.
If you imagine the timing of the financial market to look like the face of a clock, with noon being BOOM and 6 o'clock being BUST, then the most savvy time to buy is somewhere between 3 and 9. Most people would agree that we're currently between 3 and 6, so buying real estate right now is actually a smart move for people who have the money.
It's funny, in a previous threat a poster asked why anyone would buy when the market is at the top. Here the question is why anyone would buy when the market is at the bottom. People buy homes for a variety of reasons, regardless of the current market conditions.
If you imagine the timing of the financial market to look like the face of a clock, with noon being BOOM and 6 o'clock being BUST, then the most savvy time to buy is somewhere between 3 and 9. Most people would agree that we're currently between 3 and 6, so buying real estate right now is actually a smart move for people who have the money.
Sandy
Sandy, no offense, but you're a realtor. I wouldn't expect any different of a perspective. However, houses in markets like Los Angeles are still overpriced ($650K for 2BR/1BA is lower than what we have seen but still too high). Why pay $650K for what I just described when there will be plenty of 3BR/2BA homes for $550K or less by next year.
We have a foreclosure property that originally had $680K owing against it. 2 homes and 22 shops on 12 acres. It got listed by the bank (against our recommendation of $425K) at $489K. After 90 days it went to $369K. Monday the bank said go to $299K and today they said $272K. This bank is obviously VERY motivated
If I wasn't already real estate rich and cash poor, I'd buy this in a heartbeat. somebody is going to make a very very good investment here. I wish it was me
Where the heck is that property?? You are in NorCal, right?? Holy cow!
Yup....entire South Florida (dade, broward and palm beach counties) has another 17% decline to go before we bottom out.
I don't recall anyone telling you two to buy a home..what is it to you if someone does. Everyone has a reason..Not everyone is buying a home to make a quick buck. Some folks just want a 'home'. We recently sold a home, obviously someone thought it was a good time to buy it. And we will be looking to buy another home soon. If we find a deal that suits US, then we will buy. If not, then we will wait. But please don't generalize everyone one here, it's not attractive.
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