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The house I want to buy has been on over 90 days and is about 20% overpriced. We approached the realtor and tried to get her to support her value but she just couldn't. She seems content to let it sit.
Agent has no call on deducting or adding to pricing. They may be able to suggest to the seller that the price may be hard to justify but that’s about it.
And remember, boyz n' gurlz, it's different this time!
Ok show us where the market today is the same as the bubble days. Other than “high prices” you don’t have anything to stand on. Do you see a raise in mortgage defaults? NINJA loans? Banks offering crazy loans? Nope they can’t sell those. They may be able to keep them in house but unless they follow FED rules that loan is getting kicked back. People buying multiple houses with no money down? What happens in 07/08 is now well known as the cause and effect.
The people that will get in trouble are the ones who refi and HELOC their property and bleed it to death. That’s not everyone. And banks have guidelines on borrowing. I brought a house over two years ago. I have great credit, money in the bank, investments etc. I had to jump through many hoops to get it. They looked at all my financials. To the point where I was starting to get pissed about their meddling. But if I wanted a loan I needed to let them do what they had to. Granted I had everything lined up and I had it a little easier as I had no financial hurdles due to my financial standing, but it wasn’t a sign here , you’re done like the bubble days.
Quote:
Originally Posted by JonathanLB
The economy is booming. I don’t know why some people are praying for a crash, seemingly. It’s a good thing for the housing market to cool off a bit and reach a sustainable level. Nobody thought it was double digit growth ahead for years, did they? But it’s not so black and white, just because some markets aren’t going up 15% annually based on last month doesn’t mean they’re going to crash, either. Housing typically isn’t an amazing investment, it plods along at 4-6% growth historically and that doesn’t even take into account property taxes.
Why do some people pray for a crash?
Simple. They want to get in on the house purchase and appreciation train they missed the first time around. They may say they don’t care about owning and buying a house is bad, but really it’s bs. Unless they live in their car or crash somewhere for free , they’re paying someone to have a roof over their heads. And that rent keeps going up doesn’t it. Sure it does. So they’re pissed about getting rent raises, they’re pissed cause they can’t buy a house so basically in general they’re just pissed and their way of getting satisfaction is by wishing everyone to lose and come to their level (basically “level” the playing field which is bs in itself ) and to be able to beat their chest and say “yup I told them. I knew it was gonna happen. I knew it. I was RIGHT” This way they feel vindicated and they can bask in their “i was right “ party.
Agent has no call on deducting or adding to pricing. They may be able to suggest to the seller that the price may be hard to justify but that’s about it.
Ok show us where the market today is the same as the bubble days. Other than “high prices” you don’t have anything to stand on. Do you see a raise in mortgage defaults? NINJA loans? Banks offering crazy loans? Nope they can’t sell those. They may be able to keep them in house but unless they follow FED rules that loan is getting kicked back. People buying multiple houses with no money down? What happens in 07/08 is now well known as the cause and effect.
The people that will get in trouble are the ones who refi and HELOC their property and bleed it to death. That’s not everyone. And banks have guidelines on borrowing. I brought a house over two years ago. I have great credit, money in the bank, investments etc. I had to jump through many hoops to get it. They looked at all my financials. To the point where I was starting to get pissed about their meddling. But if I wanted a loan I needed to let them do what they had to. Granted I had everything lined up and I had it a little easier as I had no financial hurdles due to my financial standing, but it wasn’t a sign here , you’re done like the bubble days.
Why do some people pray for a crash?
Simple. They want to get in on the house purchase and appreciation train they missed the first time around. They may say they don’t care about owning and buying a house is bad, but really it’s bs. Unless they live in their car or crash somewhere for free , they’re paying someone to have a roof over their heads. And that rent keeps going up doesn’t it. Sure it does. So they’re pissed about getting rent raises, they’re pissed cause they can’t buy a house so basically in general they’re just pissed and their way of getting satisfaction is by wishing everyone to lose and come to their level (basically “level” the playing field which is bs in itself ) and to be able to beat their chest and say “yup I told them. I knew it was gonna happen. I knew it. I was RIGHT” This way they feel vindicated and they can bask in their “i was right “ party.
Your entire way of thinking is wrong and messed up. There has never been any real Housing Market Recovery in America ONLY Housing Price Recovery towards and above bubble prices of 2004-2007. Housing Market Recovery and Housing Price Recovery are not the same and are two different things. There is nothing normal about the housing market for the last 17 years. Housing prices normally appreciate around 1%-3% annually. I posted a chart on another thread where you can clearly see that housing prices from 1949 till 1999 stay relatively flat with few cyclical up and downs. This madness and insanity with massive housing speculation, making our housing market Las Vegas Casino game started after 2001, the first bubble popped in 2008 and then instead to raise interest rates our Fed Criminals decided to double down on insanity, to encourage more debt, more speculation with ZIRP and now we have the biggest housing bubble in our history.
What do you people think that this is normal? Have you all collectively lost your minds? Really now, have you all got mad or what? Why do we build homes in America? Is a home place to live, a shelter, place to raise family or trading vehicle, buy and rent scheme, flip a house scheme, some kind of backed security for Wall Street Crooks?
American homes should be build as a shelter for our fellow citizens to live, for our young Americans to form and raise a family NOT for some world wide and domestic speculators or VAMPIRES who want to suck blood from American workers, american citizens. Do you understand that today most of our fellow citizens can't afford to buy a house in their own country??????? This is not normal, this is crazy actually.
Deflation is a necessary evil and housing deflation is desperately needed in America today. It lower prices so that people can afford to live again - breaks the Bubble Economy. Yes; it hurts. For every Inflation (growth period) there is an equal and opposite deflation. Deflation and higher interest rates reinforce and strength the local currency (our US Dollar) by forcing borrowers to pay more for Dollars, meaning fewer Dollars will be circulating, meaning we reverse the usual FED policy of too much paper everywhere.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,312 posts, read 8,489,553 times
Reputation: 16602
Quote:
Originally Posted by C2BP
Your entire way of thinking is wrong and messed up. There has never been any real Housing Market Recovery in America ONLY Housing Price Recovery towards and above bubble prices of 2004-2007. Housing Market Recovery and Housing Price Recovery are not the same and are two different thinks. There is nothing normal about the housing market for the last 17 years. Housing prices normally appreciate around 1%-3% annually. I posted a chart on another thread where you can clearly see that housing prices from 1949 till 1999 stay relatively flat with few cyclical up and downs. This madness and insanity with massive housing speculation, making our housing market Las Vegas Casino game started after 2001, the first bubble popped in 2008 and then in stead to raise interest rates our Fed Criminals decided to double down on insanity, to encourage more debt, more speculation with ZIRP and now we have the biggest housing bubble in our history.
What do you people think that this is normal? Have you all collectively lost your minds? Really now, have you all got mad or what? Why do we build homes in America? Is a home place to live, a shelter, place to raise family or trading vehicle, buy and rent scheme, flip a house scheme, some kind of backed security for Wall Street Crooks?
American homes should be build as a shelter for our fellow citizens to live, for our young Americans to form and raise a family NOT for some world wide and domestic speculators or VAMPIRES who want to suck blood from American workers, american citizens. Do you understand that today most of our fellow citizens can't afford to buy a house in their own country??????? This is not normal, this is crazy actually.
Deflation is a necessary evil and housing deflation is desperately needed in America today. It lower prices so that people can afford to live again - breaks the Bubble Economy. Yes; it hurts. For every Inflation (growth period) there is an equal and opposite deflation. Deflation and higher interest rates reinforce and strength the local currency (our US Dollar) by forcing borrowers to pay more for Dollars, meaning fewer Dollars will be circulating, meaning we reverse the usual FED policy of too much paper everywhere.
Real estate is actually very affordable in the USA compared to other desirable countries.
Lots of foreigners buying up houses in the USA.
The RE market today in the USA is much more global now.
That is the first problem, foreigners who don't have permanent residency or "Green Card" should never be allowed to buy American homes. We need to pass the same law like New Zealand did prohibiting foregners to buy our American homes.
I ask you again, have you all collectively lost your mind? Do you think it's ok that American workers, American family is paying rent to foreign nationals in their own country? Most Americans can't afford to buy a house in their own country anymore and rent now. Homeownership rate in America is at multidacade low. That is a proof that this was never a housing market recovery, only house price recovery where worldwide and domestic speculators including Wall Street Hedge funds are involved in buy to rent scheme and flipping homes again.
With strong US dollar foreigners are already priced out of the US housing market. We also need a law prohibiting any foreigner without the green card to buy our American Homes. It's time for you people to wake up. This me, me, me and only me mentality to hell with anyone else needs to end. Those are our fellow Americans who are suffering today, who are one or two Paychecks away from bankruptcy, who can't afford not only to buy but to rent as well. For many of our citizens today this recovery since 2008 feels worse than any other recession or depression.
You people really need to wake up. We need to pop this bubble in real estate. How do we do this? We keep raising interest rates and let the strong dollar do the magic ��
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,312 posts, read 8,489,553 times
Reputation: 16602
Quote:
Originally Posted by C2BP
That is the first problem, foreigners who don't have permanent residency or "Green Card" should never be allowed to buy American homes. We need to pass the same law like New Zealand did prohibiting foregners to buy our American homes.
I ask you again, have you all collectively lost your mind? Do you think it's ok that American workers, American family is paying rent to foreign nationals in their own country? Most Americans can't afford to buy a house in their own country anymore and rent now. Homeownership rate in America is at multidacade low. That is a proof that this was never a housing market recovery, only house price recovery where worldwide and domestic speculators including Wall Street Hedge funds are involved in buy to rent scheme and flipping homes again.
With strong US dollar foreigners are already priced out of the US housing market. We also need a law prohibiting any foreigner without the green card to buy our American Homes. It's time for you people to wake up. This me, me, me and only me mentality to hell with anyone else needs to end. Those are our fellow Americans who are suffering today, who are one or two Paychecks away from bankruptcy, who can't afford not only to buy but to rent as well. For many of our citizens today this recovery since 2008 feels worse than any other recession or depression.
You people really need to wake up. We need to pop this bubble in real estate. How do we do this? We keep raising interest rates and let the strong dollar do the magic ��
Your thinking is to simplistic. Trulia is actually correct.
I posted a while back on a house I had in Roseville California back In the 80s. Back then my loan rate was 17 percent. I ran the payments back then versus the cost of the house today and what the payments are at the lower interest rates of today.
The monthly payment was lower today than back then. Wages were a lot lower in the 80s also.
I would also challenge to see the budgets of people who can't afford to buy today. Home ownership was never guaranteed to everyone, it was something you aspired to. A lot of people simply can't control their budget and that is why some can't buy a house today. Some people have to have the latest iPhone, BMW, $200 a month cAble bill, Starbucks everyday, then wonder why they can't buy a house.
The me mentality you say everyone else has is countered by the me mentality you have yourself. If you force house prices to drop, what happens to all the people who paid a higher price? You have the same selfish mentality that would benefit you only and not caring how many other people would suffer.
The only thing I can agree with is I too would like to see restrictions on foreigners buying real estate here.
Your entire way of thinking is wrong and messed up. There has never been any real Housing Market Recovery in America ONLY Housing Price Recovery towards and above bubble prices of 2004-2007. Housing Market Recovery and Housing Price Recovery are not the same and are two different things. There is nothing normal about the housing market for the last 17 years. Housing prices normally appreciate around 1%-3% annually. I posted a chart on another thread where you can clearly see that housing prices from 1949 till 1999 stay relatively flat with few cyclical up and downs. This madness and insanity with massive housing speculation, making our housing market Las Vegas Casino game started after 2001, the first bubble popped in 2008 and then instead to raise interest rates our Fed Criminals decided to double down on insanity, to encourage more debt, more speculation with ZIRP and now we have the biggest housing bubble in our history.
What do you people think that this is normal? Have you all collectively lost your minds? Really now, have you all got mad or what? Why do we build homes in America? Is a home place to live, a shelter, place to raise family or trading vehicle, buy and rent scheme, flip a house scheme, some kind of backed security for Wall Street Crooks?
American homes should be build as a shelter for our fellow citizens to live, for our young Americans to form and raise a family NOT for some world wide and domestic speculators or VAMPIRES who want to suck blood from American workers, american citizens. Do you understand that today most of our fellow citizens can't afford to buy a house in their own country??????? This is not normal, this is crazy actually.
Deflation is a necessary evil and housing deflation is desperately needed in America today. It lower prices so that people can afford to live again - breaks the Bubble Economy. Yes; it hurts. For every Inflation (growth period) there is an equal and opposite deflation. Deflation and higher interest rates reinforce and strength the local currency (our US Dollar) by forcing borrowers to pay more for Dollars, meaning fewer Dollars will be circulating, meaning we reverse the usual FED policy of too much paper everywhere.
When prices here in East Oakland fell as much as 80% few first time home buyers were buying... many were afraid to buy...
I sold a small house in 2005 for 255k and in 2007 it sold for 350k and in 2009 the bank sold it for 70k... that is how crazy the market is... but, it was also the buy opportunity of a lifetime.
Knew a lot of people that simply walked away... saying owning was a fools game and rent was half the cost of owning.
One of my coworkers did buy... her friends cautioned her... single mom and 13 year old daughter and steady work as a nurse... she recently said I was the only one that encouraged her... 6 years later her home doubled... but all she wanted was a place that was hers and stability... it did cost more to buy but that apartment where she paid rent is now more expensive than her mortgage, taxes and insurance...
Your thinking is to simplistic. Trulia is actually correct.
I posted a while back on a house I had in Roseville California back In the 80s. Back then my loan rate was 17 percent. I ran the payments back then versus the cost of the house today and what the payments are at the lower interest rates of today.
The monthly payment was lower today than back then. Wages were a lot lower in the 80s also.
I would also challenge to see the budgets of people who can't afford to buy today. Home ownership was never guaranteed to everyone, it was something you aspired to. A lot of people simply can't control their budget and that is why some can't buy a house today. Some people have to have the latest iPhone, BMW, $200 a month cAble bill, Starbucks everyday, then wonder why they can't buy a house.
The me mentality you say everyone else has is countered by the me mentality you have yourself. If you force house prices to drop, what happens to all the people who paid a higher price? You have the same selfish mentality that would benefit you only and not caring how many other people would suffer.
The only thing I can agree with is I too would like to see restrictions on foreigners buying real estate here.
Another aspect to easily overlooked is many became home owners through military service... growing up... just about everyone I knew had a parent that served... many also used the education benefits...
Same programs exist today but few are willing to commit...
We hired two new RN's... both were able to become nurses by using their earned military education benefit...
It is too easy to think everything was roses and overlook the reality... like 17% interest rates!!!
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