[SunnyDog]

Originally Posted by Shores9

Sunnydog - Hood or not You still don't own. I and almost 70% of the nations households have the American dream and so long as I work hard and protect it NO ONE can put me out of it. Good or bad I'm locked-in, most renters are locked-out!! Personally with 70 yrs of history to support my case I'd rather be LOCKED-IN. YOU STILL DON'T OWN and even if you can afford to own today this is no guarantee if in the future you want to own (should you be evicted) that you can.

Own or not, do you live on the beach? If not you're not living my dream. Again, the rent vs buy ratios are far out of whack, even a realtor I know in my bldg. who 2 years ago was trying to get me to buy (had creative financing tricks for me) now tells me to stay a renter for now, even her own daughter is selling her home to rent because she can't afford the carrying costs. If you can't see that there is a huge disparity between owning and renting costs than you got your head stuck in the beach sand. Do you even realize what the rental market is and how the costs compare to owning? The costs of owning are over double what renting is here in South Florida. Under normal markets where owning and renting have comparable costs, of course owning is better. But this isn't a normal market here due to the HOUSING BUBBLE. I'm not against buying per se as you assume, again recognize my premise that owning, at this time and in my market, is unaffordable to many and does not make good financial sense.

[Floridamex]

Now The Doom & Gloom Thing is comming from the other side. Sit Tight Sunny your right.

[MyHomeIsInOcala]

I just read this article in marketwatch:
marketwatch.com/news/story/story.aspx?siteid=mktw&guid={35A757AB-9FED-4D0E-9EFA-A73E84A788A3}

It is forcasting not only housing, but land and related industries will all have down turns. (This is a National Forcast)

Just hought I would pass it on!

[josephhawkinson]

Many people who have interest in promoting a "buy now" approach deliberately twist the truth, that is, they try to make us look like we are opposed to owning. That's not true at all! All we are saying is NOW is NOT a good time to buy. It is a good time to rent. Renting is way cheaper in many places especially in MA, CA and FL. WHen the prices settle to more realistic levels, as it has already started happening, by all means GO AND BUY. We are not against buying, we are simply trying to help you understand that your hard earned dollars should not be buried in an overpriced house when you can save that money and buy a better house and save tens of thousands of dollars by simply renting until this HOUSING BUBBLE DEFLATES completely. That's all.

Today's lesson:

NOW is NOT a good time to BUY.

[seeriously]

Originally Posted by josephhawkinson

..... by simply renting until this HOUSING BUBBLE DEFLATES completely. That's all.

Today's lesson:

NOW is NOT a good time to BUY.

You'll never know when the bubble deflates completely. Are you waiting for a mailing? While you're busy bubble sitting, the market will start to inch up, slowly at first so maybe you won't recognize it, and you'll be left scratching your pants bottom. Buy now, when no one else is buying! Once the prices level off or start to go up then the asking price is the asking price. No more insulting low ball offers.

You'll get a much better deal now while sellers are desperate. Once the common person can see the end, the seller also will see the end and hold out for more robust times.

[josephhawkinson]

Originally Posted by ponytail

You'll never know when the bubble deflates completely. Are you waiting for a mailing? While you're busy bubble sitting, the market will start to inch up, slowly at first so maybe you won't recognize it, and you'll be left scratching your pants bottom. Buy now, when no one else is buying! Once the prices level off or start to go up then the asking price is the asking price. No more insulting low ball offers.

You'll get a much better deal now while sellers are desperate. Once the common person can see the end, the seller also will see the end and hold out for more robust times.

Will I never know when the bubble deflates? you dont worry about me. It only takes few minutes to look at the area rents from rents.com and look at the housing prices from realtor.com and compare the owning vs renting and bingo I'll have pretty good idea when to buy. It does not have to be the exact bottom of the market to be able to save tens of thousands of hard earned dollars my friend. Please try to come up with a better reason for buying now

[SunnyDog]

Originally Posted by josephhawkinson

Will I never know when the bubble deflates? you dont worry about me. It only takes few minutes to look at the area rents from rents.com and look at the housing prices from realtor.com and compare the owning vs renting and bingo I'll have pretty good idea when to buy. It does not have to be the exact bottom of the market to be able to save tens of thousands of hard earned dollars my friend. Please try to come up with a better reason for buying now

Buy now, save a realtor's job.

[Shores9]

Originally Posted by Floridamex

I think David Lereah said that same line on Monday. But Cash is still King.

Thanks for the note on Mr. Lereah I didn’t hear that – then again I haven’t been interested in anything he says since I found out he was investing in So Fla real estate. He can’t be impartial on his views of the market while holding a position in the same market.

Cash is King but any amount of it and in any currency can be printed at will. Land can’t!!!

What’s more valuable?

My answer to that question is:

1976 Long Island NY - I purchased my first home after leaving my parents home, getting married and renting for 6 months. I was in my early 20’s and quickly realized that I was throwing money out the window by renting. I purchased my first home for 48,500 - 20% down 8.5% 30 fixed. It was difficult but the rest was history:

1981 sold 1st house for 79,900 purchased next home (again LI NY) for 140k
1992 sold that home for 389,000 during a downward regional correction (the home was valued as high as 475K+ 2 years before)
1992 bought my next home again LI NY in the same downward correcting market for 179,000 (downsized) and pocketed some cash for other investments.
2001 sold that home for 379,000 and purchased a condo in FLA for 209,000
2002 sold Fla condo for 266,500
2002 Fla bought new house for 256,200
2003 sold that house for 313,000
2003 bought waterfront home for 440,000. This is my current residence and the community is SELLING for 700k at the low end to 3.2 million on the high end.

My moves in housing have enabled me to send 2 kids to college, live a very nice lifestyle in some very nice communities and now enjoy Fla waterfront and it all started in 1976 busting my butt to afford a small (starter) house that at the time everybody was telling me was above my means and that I should rent a while longer.

I’LL TAKE REAL ESTATE ANY DAY

[Shores9]

Originally Posted by SunnyDog

Own or not, do you live on the beach? If not you're not living my dream.

Sunnydog In case you didn’t see it in my last post I DO live on waterfront in a HOUSE with deep water access a few hundred feet from Tampa Bay. AND the houses in my community are going for 6 time the price of the condo you mentioned you RENT in your post. So I am living AND OWNING the dream you say you could not afford.

Originally Posted by ponytail

You'll never know when the bubble deflates completely. Are you waiting for a mailing? While you're busy bubble sitting, the market will start to inch up, slowly at first so maybe you won't recognize it, and you'll be left scratching your pants bottom. Buy now, when no one else is buying! You'll get a much better deal now while sellers are desperate. Once the common person can see the end, the seller also will see the end and hold out for more robust times.

Ponytail - I like your reference to the common people. In 15 years of Wall street trading it was a common occurrence. The average person being less informed would be easily influenced by uncle Joe or the local rag newspaper and before they knew what hit them it was too late. Yes once the common person know so will the sellers and by that time the truly market savvy will have already made their move.

[Shores9]

Originally Posted by SunnyDog

I myself rent a $1350/mo condo, the unit above me is for sale for $500K. Paying $1350/mo housing costs would hardly allow me to buy a 1 bedroom condo in the 'hood around here, but it allows me to rent a condo on the beach Fact is when prices were lower 6-7 years ago I made squat for income, now that I make better money prices have housing has become unaffordable for purchase

Sunnydog because this is your reality it doesnt have to be anyone elses nor should anyone be swayed by it. You should have bought 6 years ago - if you did you wouldnt be singing the same song you'd be OWNING what you now rent.