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I am really curious how bad the real estate market will get if they dont try and prop it up again. I am thinking pretty bad but who really knows? My general idea of this is that most people dont have any money at all. These people like elflord said are the people who are rushing out trying to get their hands on the 8k. My question is should these people be buying houses at all?
Not sure when this happened but renting and saving money has become equivalent to being on welfare. If you tell people you rent they look at you like you are leper. Did the media do this to us? What is it? I could care less about what people think of me and that would explain my financial situation. I really feel bad for those that listen to headlines and word of mouth to make THEIR decisions for them.
I've got to hope the stricter lending standards are weeding out the unqualified.
I think it remains to been how bad it's going to get, I haven't been following this very closely, but did the tax credit help sales and/or prices at all? I tend not to think so, so maybe the bottom won't drop as far as we think? I don't know. I saw an article yesterday saying sales are at the lowest levels since they started tracking?
I'm eternally grateful we bought before the bubble and have no plans on moving. I do feel for people who need to sell b/c of circumstances beyond their control.
Don't miss this window of opportunity. Prices have come down quite a bit and interest rates are at a historical low. The market is very active and buyers still have a lot to choose from. Good Luck everyone!
Don't miss the opportunity to give agents some quick transactions. They are dying for that and will do whatsoever to get them.
First, they said, buy now before you get priced out. Now, rush before the tax credit expires.
Remember those days? Real estate never goes down!!! They are not making any more land.
I say, they are not making any more FREE money!!!! Got it?
Honestly this would be a huge mistake. Extending the credit does nothing but waste tax dollars. People who will buy home will do so regardless of the tax credit. . I understand the govt doesnt want to see real estate get any worse but honestly they cant control the market by throwing money at it. Sooner or later they will have to stop and the situation will be worse. They should have just let things go and we could have been on our way up already instead of this situation that nobody knows what will happen. My prediction is, when the credit runs out the housing market will finally bottom out and we will see things were they really should be. Then and only then will things get better and we can work our way up. That is until the next get rich scheme come along.
Agreed. BUT, when did government EVER does what is right?
Agreed. BUT, when did government EVER does what is right?
I am sure they do a lot of things that are right. I am sure they did this with good intentions. That being said I dont agree with what they did even if they were bailing out what the banks and people had done. Hard to believe they will continue the tax credit.
I completely sympathize with some of you that are not buying in to these tactics. I did't create it, I am just handling some of the transactions that developed from it. It's a great sales tactic, and YES I will try to sell a few more homes on account of it. Our economy depends on home sales. When someone buys a home, they go to Home Depot and spend more money, then they call a contractor to do repairs, and paint. Also, the state of NJ factored in Billions on Transfer fees they were counting on. I guess the tax payers will need to make it up somehow. Truth be told, It's agreat time to buy a home! I cannot fortell the future and yes, it may be a better time to purchase next year, or maybe, we will be kicking ourselves then because we should have bought. This is an opportunity for those who were serious about buying, and just to help them make a decision sooner than later.
At Sunday's open house, I will know exactly which one's are serious buyers.
I completely sympathize with some of you that are not buying in to these tactics. I did't create it, I am just handling some of the transactions that developed from it. It's a great sales tactic, and YES I will try to sell a few more homes on account of it. Our economy depends on home sales. When someone buys a home, they go to Home Depot and spend more money, then they call a contractor to do repairs, and paint. Also, the state of NJ factored in Billions on Transfer fees they were counting on. I guess the tax payers will need to make it up somehow. Truth be told, It's agreat time to buy a home! I cannot fortell the future and yes, it may be a better time to purchase next year, or maybe, we will be kicking ourselves then because we should have bought. This is an opportunity for those who were serious about buying, and just to help them make a decision sooner than later.
At Sunday's open house, I will know exactly which one's are serious buyers.
As a realtor I would say the same exact company line and I cant blame you for that. Honestly though as an informed person dont you think a buyer will have his pick of the litter once the tax credit expires? I am thinking when this credit expires it will shake out the weak hands. Meaning fewer buyer in the summer but buyers that are qualified and dont need govt welfare programs.
Serg, all kidding aside I'm watching CNBC and it's justed reported that last months sales are down 8% on existing homes. That followed sales being down 12% in December. If the market was very active as you put it you wouldn't have time posting this thread you would be busy with clients. But I do hope that housing and the overall economy does pick up.
Completely agree with your comments! I wonder what these numbers mean for us here in NJ though. Can't find much data on how the market is doing lately in northern Central NJ. My agent is telling me that the inventory is moving, yet, most of the homes we've seen are grossly overpriced, and many are still on the market. Very few sell. Does anybody have any idea on what is happening? Do you think that the down trends for December and January are representative of this area as well, or not really?
Completely agree with your comments! I wonder what these numbers mean for us here in NJ though. Can't find much data on how the market is doing lately in northern Central NJ. My agent is telling me that the inventory is moving, yet, most of the homes we've seen are grossly overpriced, and many are still on the market. Very few sell. Does anybody have any idea on what is happening? Do you think that the down trends for December and January are representative of this area as well, or not really?
Here is what I have seen and been told. Good towns are selling but only if the house is priced right. If not the house will sit and sit and sit until the lower the price. Now your avg towns....the only thing I can say is about avg. towns is it sucks to live in one. Good luck selling your home. To give you an idea what I have seen.. I have seen homes that sold for 460k in Cranford hit the foreclosure list for 280k. Crazy stuff.
I've got to hope the stricter lending standards are weeding out the unqualified.
Stricter lending standards? My bank just said "ok" to a <5% down, 4x my income loan (which I'm unlikely to use, especially in NJ, but I'm looking around (and not seeing anything that isn't way over priced)) which isn't what I would call being strict.
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