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Lusitan, thanks for the wise advise!
Yes, today we were told that the seller is not willing to budge so we took your advise and remained calm and non-emotional, told our realtor "ok, if they are not willing to budge than neither are we". I know $26 doens't seem like much but not willing to give something more if it's not worth it.
We feel that we are doing a huge favor already as it's.
Tahiti, you are right not even sure if that's even legal to pay for taxes? some sneaky about this person.
there is a lot of fish in the sea for sure.
If I had followed my realtor's advise early last year and bought already at that time, we would have already lost about $100k or so in equity by this time. Sure, if you look long term it might recover, but it sure do taste bad to know the home you bought for x dollars is now only worth x-$100,000 only one year later...the drop basically wipes out your downpayment - since the mortgage remains the same, it's your equity that vanishes. Don't listen to anyone who thinks so lightly of losing your equity - it's not their money going down the toilet.
And here's some warnings for the economy in general:
If I had followed my realtor's advise early last year and bought already at that time, we would have already lost about $100k or so in equity by this time.
This is why I believe a healthy perspective is to simply think of your real estate agent as a used house salesman. Just as a used car salesman may be very knowledgable about cars, the used house salesman may have lots of information about the area, the houses in general, and a particular house, and that may all be good information to consider. And when you end up making a purchase, he'll get his commission and that will be the compensation for sharing that information with you, and helping you locate a property you like.
But when it comes to price, the used house salesman is not looking out for your best interest. And you shouldn't expect him too -- he's trying to make a sale. Negotiating a good deal is your responsibility as a buyer, not his as a salesman.
Wow - every time you think of that 100K you almost lost, you must breath a sigh of relief! There's no telling how much you would lose by next year if you bought today, so it's a good thing you're wise to the game they are playing now.
People hoping for a continuation of bloated housing prices may have a momentary, false sense of hope
I'm not hoping for that at all, I knew a correction was needed. I pulled all my investments out of the stock market because there, it was really akin to legalized gambling, i.e. there were no more "rules" to use when making decisions, everything was/is a lie being spoken by talking heads whose motives were/are for self-gain only.
in contrast, real estate is first "where you live", and an "investment" second. so, I tend to perhaps downplay the gloom & doom prophecies.
when I buy a car, I know it is going to depreciate a huge amount in the first year -- does that stop me from buying it ? hell no.
as long as you have a job, and are responsible with your discretionary purchases, we'll be fine. I just can't ever see myself as a renter, no matter how bad the "investment" aspect of home ownership gets. I like being the captain of my own ship
Last edited by JG183; 02-18-2009 at 11:18 AM..
Reason: punctuation
I just can't ever see myself as a renter, no matter how bad the "investment" aspect of home ownership gets. I like being the captain of my own ship
I am sorry but you glorify home ownership. A captain of its own ship is the one who makes smart decisions and does not give in to realtors, loose large amounts of equity, and deprive his/her family from additional income. Not one whio has to have a house with high cost. This is irresponsible.
Some captains land planes on Hudson and other crash them in Buffalo.
I just can't ever see myself as a renter, no matter how bad the "investment" aspect of home ownership gets. I like being the captain of my own ship
How many millions of Americans are finding out who the true "captain of the ship" is when they're in hock to their eyeballs to a bank who owns the mortgage on the overpriced house they can't afford?
you are alittle over board on this. I know several people who bought houses, lets say Dec, Jan ( I was one) and Feb , March 2008. Only one of 5 has lost 100,000 that is my brother in law who bought a 1.75 million dollar home is Armonk, NY. The others bought ranges from 260K to 450 K and lost but only about 20 - 40 grand. They did lose but not everyone has lost 100K in the last year!!!! It depends on how much you bought your house for. Now all did lose money though.
you are alittle over board on this. I know several people who bought houses, lets say Dec, Jan ( I was one) and Feb , March 2008. Only one of 5 has lost 100,000 that is my brother in law who bought a 1.75 million dollar home is Armonk, NY. The others bought ranges from 260K to 450 K and lost but only about 20 - 40 grand. They did lose but not everyone has lost 100K in the last year!!!! It depends on how much you bought your house for. Now all did lose money though.
you are alittle over board on this. I know several people who bought houses, lets say Dec, Jan ( I was one) and Feb , March 2008. Only one of 5 has lost 100,000 that is my brother in law who bought a 1.75 million dollar home is Armonk, NY. The others bought ranges from 260K to 450 K and lost but only about 20 - 40 grand. They did lose but not everyone has lost 100K in the last year!!!! It depends on how much you bought your house for. Now all did lose money though.
Ok, ok, I was assuming paying the asking price of the home in Watchung. The home is still there and has devalued by around $100k. Even assuming we had paid some point below asking, it would still mean an equity loss of several tens of thousands of dollars.
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so we took your advise and remained calm and non-emotional, told our realtor "ok, if they are not willing to budge than neither are we". I know $26 doens't seem like much but not willing to give something more if it's not worth it.
