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when prices finally do come down to "normal" levels, but all the buyers laying in wait will no longer be able to afford the 14%-20% mortgages.
Of course, those 20% interest rate mortgages will only drive prices down further. Home prices cannot be sustained at levels the population cannot afford. It's really that simple.
yes, a bunch of homes have come on the market around here in the past 2-3 weeks - 80% of them overpriced (meaning 2005 prices when we're at about 2001/2002).
Of course, those 20% interest rate mortgages will only drive prices down further. Home prices cannot be sustained at levels the population cannot afford. It's really that simple.
Home prices cannot be sustained at levels the population cannot afford. It's really that simple.
They never were. They never are.
Housing has never been affordable. Not even in the 1950's in the Golden Age when your father worked part time for the newspaper and raised a family in a nice 3 BR home with chocolate chip cookies and apple pie. It's all a myth.
Housing will never be affordable. Owning nice real estate will always cost talent and hard work. There is no right to it. It is a privilege reserved for those who make it a goal and force it to happen.
I think the #1 reason there is a glut of listings right now is due to bad pricing. Most listings are NO WHERE near currently sold comps. Some are priced in line and still sit but many are overpriced by 10% or more.
Saw a new listing, purchased in late 06 for $275k. Asking $320k. No upgrades down inside from what I can tell. Amazing in this down market their house still went up 20%. haahaha.
How on earth would you know if there were any upgrades or not without going to see the property and asking the seller?
There's a big difference in mentality between sitting on the sidelines and being an active buyer or seller. I would go so far as to say someone who's not actually active in the market now really has nothing worthwhile to say on the topic.
How on earth would you know if there were any upgrades or not without going to see the property and asking the seller?
There's a big difference in mentality between sitting on the sidelines and being an active buyer or seller. I would go so far as to say someone who's not actually active in the market now really has nothing worthwhile to say on the topic.
Who said I didn't SEE the house? I did.
And sure the new owners may have painted or refinished the floors but from a MAJOR upgrade standpoint (renovated bath or kitchen or new roof, etc...) it was CLEAR there were no upgrades done.
And I am ACTIVELY in the market. I am going in fully knowing that whatever I buy this Spring/Summer (hopefully) that it will lose value over the next year and maybe longer. But I plan to live in this next house long term so I am not worried about any short term value drop.
As a buyer do you even care? If the house is overpriced you'll move on, right?
If you were serious about buying this particular house, instead of talking about how greedy and stupid the sellers are, you would be calculating how much money you'd have to spend to bring the property up to par, subtract it from the asking price and base your offer on that.
As a buyer do you even care? If the house is overpriced you'll move on, right?
If you were serious about buying this particular house, instead of talking about how greedy and stupid the sellers are, you would be calculating how much money you'd have to spend to bring the property up to par, subtract it from the asking price and base your offer on that.
Did not talk to the sellers. I was not interested in house for numerous reasons. I am aware how to determine what I deem fair market value for a house based on current comps, etc... Thanks...
I brought it up to show an example of what was still happening in my market/area. Is there something wrong with that? Am I not allowed to point out the stupidity of some sellers in the market today and how out of touch with reality they are?
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