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What CJ was saying was inaccurate and misleading. There is no difference in price he says? If that's the case,,,why would any Buyer pay an appraiser? Maybe because you want to know what the value of the property is????
I know any Bank wants to know that. They aren't going to take "Hulk Hogan's" word,,,or the Seller's or the Selling agent. If I'm selling my house, I'm sorry, but I want the most I can get for it and I want all the money the buyer will pay! When an appraiser comes along, he may not agree with my price as a seller.
Your point of the hulk is exactly why we can't sell our homes on wishes of what its worth, you need an appraiser to agree with the price. Homes are sold on what they are actually worth. There are deals out there where money can be made, that's a given in this type of market.
CJ claims there are no deals out there, why don't we call Trump, I'm sure he can find some.
Quote:
Originally Posted by lostbuyer
why should CJ back off?? for pointing out the false and misleading argument from the agent??someones wishing price isnt what a house is worth.reminds me of hulk hogan trying to sell his miami house ,I dont remember the exact numbers but it was something like bought for 10million trying to sell for 21,with no upgrades,but hogan lived in it so its got to be worth double right.
What CJ was saying was inaccurate and misleading. There is no difference in price he says? If that's the case,,,why would any Buyer pay an appraiser? Maybe because you want to know what the value of the property is????
I know any Bank wants to know that. They aren't going to take "Hulk Hogan's" word,,,or the Seller's or the Selling agent. If I'm selling my house, I'm sorry, but I want the most I can get for it and I want all the money the buyer will pay! When an appraiser comes along, he may not agree with my price as a seller.
Your point of the hulk is exactly why we can't sell our homes on wishes of what its worth, you need an appraiser to agree with the price. Homes are sold on what they are actually worth. There are deals out there where money can be made, that's a given in this type of market.
CJ claims there are no deals out there, why don't we call Trump, I'm sure he can find some.
The agent said that $2.75 million dollar houses where selling for $1.5 mil and $250,000 were selling for $135,000. This is total silliness, show me one house that sold for $135,000 in the past year and then was flipped for $250,000. The only way it would be worth $250,000 was if another buyer bought it for that. Show me just one of these please.
There are very, very few "deals" in this market. Simply because the people that have been right the past 4 years say the market has 30-70% further to fall before it stays flat for years. Any killer "deals" would never make it past the listing brokers office, end of story.
The houses are not worth any more than what they sold for in today's market. Please read the entire context before making comments. Thanks.
I checked the join date and number of posts. Nov 07. WOW! I guess this makes one an expert with a crystal ball. The market is what the market is! No one agent, seller,or anyone else can change it. They all thought the world was flat but no one fell off!!! Things will change for the better when people start thinking the glass is half full not half empty and aren't completely out of touch with reality. CAYBREN started this thread and is completely right! People used their equity to do things like buy investment property New cars, trips etc. and think that they are going to get lots more $$$ when they sell. So those sellers are mad at the market. Well Hello! The money was already made. I'm one of those people who used my equity in my primary home, so tough luck to me too. I either sell my house for less then I owe or hang on to it until the market eventually goes back up. The point is I already made my money! I could never have saved the amount of equity made. Home ownership is the best way to go. Just do the #'s! You gain when you buy! Just buy smart! If you wait until the glass is empty like CJ wants you to do, it might be too late. There are always deals out there! Happy homeownership to you all!!!
This is so wrong. Every single fundamental points to further decreases. You can rent for 40-50% the cost of owning in pretty much every Florida market. Putting the savings into a 5-6% CD is the way to go. It would take you owning for 20-30 or more years to make sense of buying at today's prices.
By the way, why would all those thousands and thousands of hungry realtors and mortgage people who are scrounging for anything let all these "deals" just go to Joe Q. Public??? If they were deals they would snatch them up.
Please people, read the housing bubble blog and housing panic. They have tracked the market for years and been right on. The very same real estate people who were wrong this entire time are now on here telling you now is the time to buy. Just like a 2 years ago, 1 year ago, just like 6 months ago, just like 3 months ago. How many times will they be keep being wrong?
This realtor said she blew her equity during the housing bubble. She didn't "already make her money". No, she borrowed money against her house for cars, etc. Thats not making money, thats adding debt for items that lose value the second you buy them. Thats a horrible thing to do.
The housing blogs got me to sell in 2005 for a $200,000 profit, put the money into gold at $400/ounce, get out of the stock market at 13750, and rent for half the cost of owning.....hmmm, who has the better track record?
When houses return to 28% of net income to cover housing costs and 110-140 times rent on a similar house, then it will be the time to buy. That day is a long, long, long time from now.
There is a 55 month inventory in Palm Beach County alone.
Last edited by CJFlorida; 01-20-2008 at 07:37 PM..
Well I followed the market heavily when I was selling and also watched the North of Tampa are too.
Straight out I'll say this,my old neighborhood in Culter Bay a house typically sold for 360k to 400k in 05.When I sold last April prices were typically 20k lower though I went a little lower than most.Now prices I see are "asking" prices of 250k to 280k.....prices in 2 years have dropped 80 to 100k,and about 50k lower in the last year and I don't see it improving any time soon.
Same here where I'm now,last year a house listed for 170k is now going for around 130k and sometimes a little lower and there is hardly a street where you don't see a for sale sign.
LOL,my friends at the time said,I think you are a little low,you should ask 20k more at least.....I'd still be sitting there and dropped 30k less for what I sold last April.
Okay CJ. Now everyone hurry and pull your for sale signs up and don't sell your homes or land. Don't let any one build new construction. Don't worry about the ones that are taking a beating and need to sell now or lose their home. Kids and dogs out in the street. Absolutely do not buy a short sale, distress sale, forclosure or buy that home from the elderly person that needs to sell because they can't get their meds due to there homeowners insurance and taxes. Sound like a deal CJ. I'm not saying you have to bail out bad deals, People come to me for help!!How do you tell people to stop living for two years! I have sold RE for 25+ years and yes, this is a tough market. I have worked in other bad markets too. If you rent in Port Saint Lucie, you will pay anywhere from about 800 to about 1,700 for a monthly rental (more in some area's of PSL). Most are around 1,200-1500. Not everyone should buy right now. There are homes in the low $100's that would give you payments pretty close to the 1200-1700 range for payments. Depending on your credit. That does not equal half RENT/OWN? My equity my UP FRONT $$ was used to make more $$$.not cars or waste. I have no problem paying a low fixed rate on it, (it's called leveraging) So don't compare my brain to yours, I know what I am doing. I think you are right on some points. I wouldn't buy in Palm Beach right now There is still too much high priced inventory, the prices are way to high there. PSL is a different story. you are not comparing Apples to Apples! There are parts of the country where it is a good time to buy. (Ask Trump!) There are people out there that neeeeeeed a home. I think we have both brought out good points! Fair and Balanced!!!!
Quote:
Originally Posted by CJFlorida
This is so wrong. Every single fundamental points to further decreases. You can rent for 40-50% the cost of owning in pretty much every Florida market. Putting the savings into a 5-6% CD is the way to go. It would take you owning for 20-30 or more years to make sense of buying at today's prices.
By the way, why would all those thousands and thousands of hungry realtors and mortgage people who are scrounging for anything let all these "deals" just go to Joe Q. Public??? If they were deals they would snatch them up.
Please people, read the housing bubble blog and housing panic. They have tracked the market for years and been right on. The very same real estate people who were wrong this entire time are now on here telling you now is the time to buy. Just like a 2 years ago, 1 year ago, just like 6 months ago, just like 3 months ago. How many times will they be keep being wrong?
This realtor said she blew her equity during the housing bubble. She didn't "already make her money". No, she borrowed money against her house for cars, etc. Thats not making money, thats adding debt for items that lose value the second you buy them. Thats a horrible thing to do.
The housing blogs got me to sell in 2005 for a $200,000 profit, put the money into gold at $400/ounce, get out of the stock market at 13750, and rent for half the cost of owning.....hmmm, who has the better track record?
When houses return to 28% of net income to cover housing costs and 110-140 times rent on a similar house, then it will be the time to buy. That day is a long, long, long time from now.
There is a 55 month inventory in Palm Beach County alone.
Don't worry about the ones that are taking a beating and need to sell now or lose their home. Kids and dogs out in the street. Absolutely do not buy a short sale, distress sale, forclosure or buy that home from the elderly person that needs to sell because they can't get their meds due to there homeowners insurance and taxes.
Gee, makes being a homeowner so appealing. Where can I sign up?
Seriously, why on earth should/would anyone want to buy a home whose costs are more than 3x his/her annual income? That's the traditional barometer for affordability.
Buying above their means sure didn't work out for the folks about whom you're speaking, did it?
And, while I do feel badly for the grandmother who can't afford her medication, that doesn't mean I want to buy her house and join the ranks of the House Poor.
Also, if there hadn't been this run-up in prices by the tricky financial folks, speculators, investors, etc., Grandma would be doing nicely on her fixed income in this (what used-to-be traditionally low-cost) retirement state.
I wouldn't say I've stopped living because I'm renting, I'm saving money while I watch the fallout. Buying a deal is great, but at this point, you have to ask yourself, "How much of a deal is it?"
Speaking of which, the stock market looks poised to take a big dump tomorrow morning. Should be interesting.
Wendy, there's a way to put the "real estate agent" tag under your name. I'll be darned if I know how to do it, though. You might want to ask some of the other agents on the real estate forum.
Speaking of Cutler Bay, I have noticed dramatic drops in asking prices in South Florida. I am still heading to north Florida, because for my personal situation, $225,000 buys a better house in a better area - and I am self employed. I don't depend on employment in florida to do what I do - most of my work is online. So all I want is my dream house within a mile of a beach.
IF you are looking to buy a house now for your own reasons to live in- now is better than yesterday, and it may get even better as the year goes on in terms of opportunity. I would not recommend flipping unless you really know what you are getting into and have done so before. Buying property that can be held, developed, or rented makes sense. But crazy speculation with other peoples money? No.
As for appraisals, I am currently in a part of northern NJ where the value of the same house can vary from block to block and town to town, depending on schools, location, crime, etc. I have fought appraisers when I was a realtor who just pulled up three comps for the same model of the house in the same town and said "whoops, you don't appraise" - for example, you may have a ghetto on the west side of town, but the entire west side is not a ghetto. Appraisers often have to pay attention to those local details. And here in NJ, attempts to tie valuation for property tax to market value are proving disasterous.
Can't wait to sell my house here in NJ - largely for personal reasons - and go back to Florida. For someone like me, coming from out of state, the time to buy appears to be good now.
Buying isn't for everyone. If you are not in that position. So Be it. 28% to 29% of your gross monthly income is acceptable to a lender for your Mtg payment taxes, Ins.and if necessary mortgage Ins. , if you have good credit. 36 to 41% for payment and monthly bills, Credit cards car payment etc. %'s are based on the type of financing Conv. vs FHA, VA etc. Just because the bank likes the numbers doesn't mean you will like the payment. I was 21 and my husband was 26 when we bought our first home in NJ 1978. 9% FHA loan. We had small children and I was a stay at home mom taking care of them. Go back to the salary's back then and the payment. We struggled... But all said and done, no matter how tough. We stuck it out and sold in 1989 and moved to FL. with $$$ in our pockets to start a new life. I hope your situation changes and you can buy someday. Good Luck to you!
Quote:
Originally Posted by FSU_Alum
Gee, makes being a homeowner so appealing. Where can I sign up?
Seriously, why on earth should/would anyone want to buy a home whose costs are more than 3x his/her annual income? That's the traditional barometer for affordability.
Buying above their means sure didn't work out for the folks about whom you're speaking, did it?
And, while I do feel badly for the grandmother who can't afford her medication, that doesn't mean I want to buy her house and join the ranks of the House Poor.
Also, if there hadn't been this run-up in prices by the tricky financial folks, speculators, investors, etc., Grandma would be doing nicely on her fixed income in this (what used-to-be traditionally low-cost) retirement state.
For the record, my family and friends have now sold all their properties. For 'things aint selling'. 5 properties. All in Miami. All at about 20% less (or less) than the peak prices... but all sold. (8 months, total). From north miami, to the design disctrict, to kendal, to cutler bay, to west miami. Mine is the only one that hasnt sold, and thats because i was a fool and didnt list it. So the sky isnt quite falling just yet. But when it does, Im sure CJ will chime in.
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If that's the case,,,why would any Buyer pay an appraiser? Maybe because you want to know what the value of the property is???? 
Nov 07. WOW! I guess this makes one an expert with a crystal ball. The market is what the market is! No one agent, seller,or anyone else can change it. They all thought the world was flat but no one fell off!!! Things will change for the better when people start thinking the glass is half full not half empty and aren't completely out of touch with reality. CAYBREN started this thread and is completely right! People used their equity to do things like buy investment property New cars, trips etc. and think that they are going to get lots more $$$ when they sell. So those sellers are mad at the market. Well Hello! The money was already made. I'm one of those people who used my equity in my primary home, so tough luck to me too. I either sell my house for less then I owe or hang on to it until the market eventually goes back up. The point is I already made my money! I could never have saved the amount of equity made. Home ownership is the best way to go. Just do the #'s! You gain when you buy! Just buy smart! If you wait until the glass is empty like CJ wants you to do, it might be too late. There are always deals out there! Happy homeownership to you all!!!
Housing market!
Own or rent
