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Reggie Middleton is the Alpha and Omega when it comes to indepth analyisis. If you think what's coming is fear mongering feel free to keep burying your head in the sand, or you can profit from it.. Your choice..
Reggie Middleton is the Alpha and Omega when it comes to indepth analyisis. If you think what's coming is fear mongering feel free to keep burying your head in the sand, or you can profit from it.. Your choice..
I've been reading this site since last summer and just joined. We can either make this slow and super painful by trying to "prop" up prices, like we're doing with the zombie banks, or we let prices fall where they should be according to what most people make. Most housing should be affordable -- not the other way around, as it is on Long Island.
I've been reading this site since last summer and just joined. We can either make this slow and super painful by trying to "prop" up prices, like we're doing with the zombie banks, or we let prices fall where they should be according to what most people make. Most housing should be affordable -- not the other way around, as it is on Long Island.
I've been reading this site since last summer and just joined. We can either make this slow and super painful by trying to "prop" up prices, like we're doing with the zombie banks, or we let prices fall where they should be according to what most people make. Most housing should be affordable -- not the other way around, as it is on Long Island.
Well...interestingly, the new stimulus bill barely props up the housing market. The $15k tax credit didnt fly and now it is $8k refundable - - hardly will move people off the fence.
Additionally, the Republicans talk of a 4-4.5 nationwide 30 year mortgage - - so that they can protect and prop up the values of their own homes. However, the WSJ wrote last week that that likely will not happen as there are simply not enough institutional credit buyers to fund this rate through Fannie/Freddie.....
Here on LI, the foreclosure mess is bad - - but certainly not what the sunshine states were -- so foreclosure "proping-up" will not effect our local prices much.
THUS: without the significant first-time tax break, without the 4% mortgage rate and even with foreclosure assistance, I personally dont see much here to prop up home prices....
or we let prices fall where they should be according to what most people make. Most housing should be affordable -- not the other way around, as it is on Long Island.
The question then becomes, what do people make? One family could gross $50K/year and the next grosses $150K/year.
Does that mean that the $50K/year family is entitled to buy a house that would cost them around $175K? Even if the house is truly worth, say, $350K?
It's too bad some people have low-paying jobs where they can't even afford to buy a garage. Probably due to lack of education. But you can't expect prices to go through the floor either just so they can pick up a house dirt cheap and cheat the sellers.
I have a house currently up for sale in this awful market, and if you think I'm going to sell it what I paid for it more than 24 years ago, you're nuts.
The lookie-loos(ers) who have gone through it leave their garbage in it, dirty toilets, dirty towels, are busy breaking closet doors, letting their brats run through it (witnessed by myself unfortunately) and breaking things, etc. etc. It seems this buyers' market is making potential buyers think they have carte blanche to do whatever they want while they look at my house and if they just happen to break something, so be it. This market is turning some people into pigs.
Another serious problem are the game players. People who throw out bids that are so low, they're laughable - we ignore them and let them slither away. Then there are the more realistic bids that we have accepted, but then suddenly (gasp! what a surprise!!) the people disappear never to be heard from again.
Am seriously thinking of taking if off the market for a while and letting the thieves/slobs slither elsewhere.
The question then becomes, what do people make? One family could gross $50K/year and the next grosses $150K/year.
Does that mean that the $50K/year family is entitled to buy a house that would cost them around $175K? Even if the house is truly worth, say, $350K?
It's too bad some people have low-paying jobs where they can't even afford to buy a garage. Probably due to lack of education. But you can't expect prices to go through the floor either just so they can pick up a house dirt cheap and cheat the sellers.
I have a house currently up for sale in this awful market, and if you think I'm going to sell it what I paid for it more than 24 years ago, you're nuts.
The lookie-loos(ers) who have gone through it leave their garbage in it, dirty toilets, dirty towels, are busy breaking closet doors, letting their brats run through it (witnessed by myself unfortunately) and breaking things, etc. etc. It seems this buyers' market is making potential buyers think they have carte blanche to do whatever they want while they look at my house and if they just happen to break something, so be it. This market is turning some people into pigs.
Another serious problem are the game players. People who throw out bids that are so low, they're laughable - we ignore them and let them slither away. Then there are the more realistic bids that we have accepted, but then suddenly (gasp! what a surprise!!) the people disappear never to be heard from again.
Am seriously thinking of taking if off the market for a while and letting the thieves/slobs slither elsewhere.
Greed truly brings out the worst in people.
Where's your house at? My wife and I might be moving back to the Island in June and will look to rent before buying.. Im not buying anything until 2010! Are you going to be renting it out if it doesnt sell?
^^ AndreaII you know what they say..if its priced right for the current market it will sell! Are you comparable to other homes that sold(not listed at) in your neighborhood?
The question then becomes, what do people make? One family could gross $50K/year and the next grosses $150K/year.
Does that mean that the $50K/year family is entitled to buy a house that would cost them around $175K? Even if the house is truly worth, say, $350K?
It's too bad some people have low-paying jobs where they can't even afford to buy a garage. Probably due to lack of education. But you can't expect prices to go through the floor either just so they can pick up a house dirt cheap and cheat the sellers.
I have a house currently up for sale in this awful market, and if you think I'm going to sell it what I paid for it more than 24 years ago, you're nuts.
The lookie-loos(ers) who have gone through it leave their garbage in it, dirty toilets, dirty towels, are busy breaking closet doors, letting their brats run through it (witnessed by myself unfortunately) and breaking things, etc. etc. It seems this buyers' market is making potential buyers think they have carte blanche to do whatever they want while they look at my house and if they just happen to break something, so be it. This market is turning some people into pigs.
Another serious problem are the game players. People who throw out bids that are so low, they're laughable - we ignore them and let them slither away. Then there are the more realistic bids that we have accepted, but then suddenly (gasp! what a surprise!!) the people disappear never to be heard from again.
Am seriously thinking of taking if off the market for a while and letting the thieves/slobs slither elsewhere.
Greed truly brings out the worst in people.
Are you saying that people are going through your house breaking things and such? Isnt your realtor walking through with them? If not, why not? If so, get a new realtor! Is this happening at your Open Houses?? Wierd......
Are you saying that people are going through your house breaking things and such? Isnt your realtor walking through with them? If not, why not? If so, get a new realtor! Is this happening at your Open Houses?? Wierd......
What I'm saying is that lookie-loos(ers) are going through my house with their own realtors and doing damage. The realtors couldn't care less.
^^ AndreaII you know what they say..if its priced right for the current market it will sell! Are you comparable to other homes that sold(not listed at) in your neighborhood?
My large house is priced at what many smaller houses in comparable shape are priced in my neighborhood - I've made my house a no-brainer steal. Would sincerely like to sell it to a nice family who wants a good school district, good neighborhood, and not be ripped off by a greedy seller. And yet, no viable bids - lots of action (and damage), lots of low-baller bids, a very few realistic bids (below listed price) that never follow through. They're probably scared, or waiting for the floor to fall through on prices. If that's the case, the house will be off the market - fortunately I'm able to carry it for another few years.
Very, very reluctant to rent it - been through hell with being an absentee landlord once.
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