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Old 12-08-2007, 08:49 AM
 
Location: San Antonio
944 posts, read 2,808,017 times
Reputation: 263

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And let me clarify for readers that my previous post pertained primarily to existing homes. I have not been receiving posts for new homes, nor do I have much of an idea how they are selling (I'd sooner die than buy or move into one of those crap boxes).

 
Old 12-08-2007, 09:13 AM
 
Location: San Antonio
4,149 posts, read 9,331,885 times
Reputation: 3308
Appreciation slowing down and values dropping are different. Yes, I'm a Realtor, but I'm not trying to get his business by saying the market isn't bad. I'm simply stating that values of homes are not dropping. If you'd like, I can take you out to some very exclusive neighborhoods where they're building $2 million dollar houses like crazy. If the luxury market is still growing, the housing industry is doing just fine. Luxury home buyers are usually extremely savvy business people, and you won't catch most of them building such an expensive home when they're just going to lose value.

And yes, massive depreciation follows massive growth. The percentages might not be exactly the same, but you're not going to see a market where the growth is slow and steady over 10 years and then it just tanks. You won't.

To the other Realtor who says they've been doing price drop after price drop, you overpriced it to begin with. A properly priced house will sell. Home prices have not dropped from last year. They haven't.

My livelihood doesn't depend on the market. I've worked hard enough to become one of the ones that doesn't worry about the market. I don't worry about going out of business in a slow market because I have more than enough business. Not all Realtors need a great market to make a living. This slow market just weeds a lot of agents out. Trying to convince myself or others that the market's OK doesn't help or hurt my business in any way.

Last edited by kevcrawford; 12-08-2007 at 09:26 AM..
 
Old 12-08-2007, 09:15 AM
 
Location: San Antonio
7,629 posts, read 14,388,006 times
Reputation: 18712
Quote:
Originally Posted by hello13685 View Post
You are wise to be cautious. Do NOT believe anyone whose livelihood depends on your believing that the market is reasonable. The housing market in SA has slowed considerably. I've been getting listings for months and it's been one price reduction after another. Many homes sit on the market for months and months. I would guess that SA's decline curve is just a tad behind that of the more pronounced "bubble" cities. San Antonio DID have a significant bubble by San Antonio salary/economic fundamentals standards.
Moderator cut: unnecessary statement why would you NOT go to a Realtor for real estate information??? That is their JOB...to assist those wanting to invest. Our realtor over the years has become a dear friend who we have referred many people to, and they were all thrilled with her ability to help them find what they want. If you feel that your realtor (or Dr, or mechanic, etc) has anything but YOUR best interest at heart, you are always free to work with another one.

If the OP does not require the direction and feedback of the realtor (who is who I go to when investing in property)...then at least get the opinion of those that OWN...I would NEVER go to someone who is terminally miserable and unable to purchase EVEN with the most reasonable markets in a long time in a particular location.

I think the OP was interested in BUYING here...something you have failed to be able to do from what you have posted. As for your statement about those of us with the means and ability (and perhaps foresight?) to own rental property, I have never even had to LIST my rental home....my Med Student renters have always lined up other Med Student families to follow in their place on graduation because we are such FAIR AND RESPONSIVE landlords. It is all about LOCATION, LOCATION, LOCATION, and getting the right size/price range for the area you are serving IF you are thinking about buying investment property.

I feel sorry for anyone as who has such a dark view on EVERYTHING in life as you present in your posts...how very sad that you can not find ANYTHING to bring you joy, happiness or even contentment. However, if I am going to get information about purchasing real estate in a particular area, I certainly am more interested in those that have walked the path I am looking to walk down than one who has NO experience in what they are babbling about, but chooses to bash everything in their path.

Last edited by Hoosier; 12-09-2007 at 10:54 AM..
 
Old 12-08-2007, 09:28 AM
 
Location: SoCal-So Proud!
4,263 posts, read 9,718,416 times
Reputation: 1551
Agreed Paka...and just in case hello...didn't know, it's very insulting to those that have bought new homes when you call them "crap boxes". Moderator cut: unnecessary comment

Last edited by da jammer; 12-08-2007 at 10:26 AM..
 
Old 12-08-2007, 10:24 AM
 
2,896 posts, read 6,029,131 times
Reputation: 5022
Quote:
Originally Posted by JNA View Post
I saw this in an article about the housing market.


"Housing in one hot market, San Antonio, where prices rose 10% in the past year and 40% in the past five years, is still fairly affordable. But it may soon go the way of Miami and Las Vegas. Between 25% and 29% of loans in the city in 2006 were for second homes or investments, according to Freddie Mac.

"It suggests instability in the market," says Robert Shiller. "Prices could drop significantly."


Last of the Red-Hot Markets: Financial News - Yahoo! Finance (broken link)

As I'm planning on moving there spring of next year, I wanted to get some feedback on the conditions out there as it is brutal in many parts of here in Southern CA right now.
just to remind everyone what the original topic was.....

now......let's get back on track and refrain from personal insults folks.
 
Old 12-08-2007, 10:50 AM
 
41 posts, read 38,421 times
Reputation: 17
I've been reading this thread with interest... I do think people are in kind of a "denial" about the housing market here. Nothing pre-existing is selling in my subdivision... only new construction is moving. There were also several foreclosures in Westcreek this last time around... a couple of them were the newer houses, too. I have seen the "For Sale" signs go up, come down, and then the "For Lease" signs replace them... and they are not renting, either. My friend, who is a respected realtor in the northwest part of San Antonio told me that if you are staying in a house less than five years, you will lose money, period. If housing keeps declining, it will be even worse... especially for people like us who bought at the top of the market in 2006. That's who is going to get hurt... military folks who used their VA and can make their mortgages on time just fine, but go to sell in 3-5 years and find out with a decline in prices that they owe more than they can get for the house. I hate the people responsible for getting people into homes they couldn't afford in the first place. We are all going to pay for it, too. I would say if you are going to buy a home these days, it better be the old fashioned way: 20% down and stay put until you croak!
 
Old 12-08-2007, 10:59 AM
JNA JNA started this thread
 
Location: San Antonio, TX
243 posts, read 668,767 times
Reputation: 136
Generally speaking, it's a go for our move. As long as I don't see high inventory levels like the Inland Empire in CA (10-12 months) or signs that it's getting that way, we're anxious to finish this move.

Ryneone posted a nice article in this thread with details about housing and economic conditions in SA.

Also, the company I plan on working for is a building materials company largely reliant on housing. It began doing business in SA 3 months ago and they are exceeding all their sales goals, so hopefully that's a positive sign for the SA market.

I also sold a home in the tough CA market recently and my realtor was very upfront about price declines.

I will say that we also had a realtor who was seeking our business who we felt was being unrealistic about the market.

As in any financial decision, it's good to seek professional advice as long as you understand the data they are using to reach the conclusions.
 
Old 12-08-2007, 11:01 AM
 
Location: San Antonio North
4,147 posts, read 7,240,267 times
Reputation: 1009
Quote:
Originally Posted by Bayag_Mo_Gago View Post
appreciation is on the decline.

Find this somewhere anywhere.

Here i will save you the trouble.

San Antonio, TX Single-Family Building Permits

Number of permit are down, the appreciation rate is up.

try this one for new and existing home sales. Once again prices up volume down a bit.

San Antonio Housing Sales, Prices and Listings


Quote:
crap boxes
Moderator cut: you're pushing it here. Comments like these will give you infractions.

Last edited by Hoosier; 12-09-2007 at 10:55 AM..
 
Old 12-08-2007, 11:06 AM
 
Location: Seaford, Delaware
3,471 posts, read 17,293,272 times
Reputation: 2625
The reason for the statement of buying a house and selling in 3 to 5 years will always lose money is not based on a decline in value, necessarily. Nor is it necassarily true.
The closing costs of buying a house and the closing costs of selling a house may well eat any profits. Appreciation in this area has been slow and steady, not gigantic. The slow and steady appreciation will mean less of a profit in 3 to 5 years and the cost of selling will be steady. I think it is wise to plan when buying, if your going to have to relocate in 3 to 5 years, plan on losing money, only becasue of the lack of HUGE appreciation.
After 5 years, there may well be profit on a sale of a house. The key here is slow and steady growth (translate to slow and steady profits). Even the stock market averages only 12% per year in gains. Sometimes it explodes in profit and sometimes it tanks. It's all a gamble.
Get educated first and then decide how to proceed.
Another thing, everyone has different tastes and needs. Please do not describe someone else's dream home as a box of crap. You lose all credibility with your childish rant.
 
Old 12-08-2007, 09:23 PM
 
Location: Western Bexar County
3,823 posts, read 13,377,042 times
Reputation: 1906
Quote:
Originally Posted by passitup View Post
I've been reading this thread with interest... I do think people are in kind of a "denial" about the housing market here. Nothing pre-existing is selling in my subdivision... only new construction is moving. There were also several foreclosures in Westcreek this last time around... a couple of them were the newer houses, too. I have seen the "For Sale" signs go up, come down, and then the "For Lease" signs replace them... and they are not renting, either. My friend, who is a respected realtor in the northwest part of San Antonio told me that if you are staying in a house less than five years, you will lose money, period. If housing keeps declining, it will be even worse... especially for people like us who bought at the top of the market in 2006. That's who is going to get hurt... military folks who used their VA and can make their mortgages on time just fine, but go to sell in 3-5 years and find out with a decline in prices that they owe more than they can get for the house. I hate the people responsible for getting people into homes they couldn't afford in the first place. We are all going to pay for it, too. I would say if you are going to buy a home these days, it better be the old fashioned way: 20% down and stay put until you croak!
I too live in Westcreek and agree about the slower sales on pre-existing homes. I also think that military people who plan to stay here just 3 years or not retire here, should rent. But this is a free country and they can do what they want. However, I believe that singling out VA home buyers for all the homes not selling/foreclosing in this subdivision is not based on fact. Don't forget there are many homes that were sold to investors (especially by Centex in the newer areas), not to mention that people tend to move more often (less than 5 years) than in the past.
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