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No, I didn't listen to the video nor did I read the comments but I'm going to say this anyway...
Most of the media and the "experts" (and I use that term loosely), refer to the housing market as a whole. Thats ridiculous. Housing markets are LOCAL.
Yes, California and Florida and some parts of VA had an EXPLOSION of house prices. In Florida, the housing was appreciating 10% PER MONTH. Now thats just crazy! Now its time for these markets to CORRECT THEMSELVES. Prices have to come down in these areas to a certain degree. Even in these areas, there are still certain neighborhoods that may not come down.
However, in our area, we didn't appreciate like that. We have a very STABLE MARKET. We typically appreciate 6% to 8% per year. So we have no reason to drop prices, we have no need to correct our market.
Builders overbuild, they have inventory homes. Most builders want to sell those inventory houses before the end of the year. Thus, its a great time to buy those houses. Production builders typically reduce those homes $10,000, $20,000. That doesn't mean EVERY builder is offering those incentives.
As long as you and your Agent do your research, you will know if the neighborhood that you are considering was overpriced and overbuilt.
If you are concerned, don't buy now. Wait. You have that choice.
I remember one of the local companies used to have a picture of a little old man, hunched over with a cane. The caption read "the YOUNG MAN that waited for the price of houses to go down"!!!
LOL!!! I thought the same thing!! But I thought it was going to be joke. If I'd had known it was the other Cramer I would not have wasted my time. That guy is so annoyingly extremist.
After I realized it wasn't the guy from Seinfield...I still got a laugh...at myself!!! Glad you did too!
And if inflation rears its ugly head the cost of money to borrow in a year will be? Remember the days of 12-18% mortgage interest rates? We are still in a period of historical lows and to turn your back now on homes that never escalated is lunacy. Cramer is playing the Raleigh market he is playing the Florida condo market which is becoming popular with investors. Not to sell but to rent. They are starting to hit prices that become very attractive as rental properties. If he can drive them down a tad more investors are ready to pounce. Don't be surprised to see hedge funds moving to buy in a while with an eye on renting. Realtors how tight is the Florida rental market for condo's and apartments becoming?
Good Job. I think you have this feller figgered out.
Quote:
Originally Posted by TuborgP
Aghhhh but it sells Mike and thats what he is all about money and making money. If he can drive the market artificially further down it is more money for him to make on the way up. Not that he has ever been accused of manipulation. Hmmmmmmmmmmm he was on what network? Rattttttttinggs or is it Raaaaaaaaaaaaaatings
Mike, I invest and I watch the financial shows and even when I try I can only stomach Cramer for 15 minutes max. I swear his worshippers must be young and don't remember the Tech Pundits during that run up. If he recommends a stock and his 100,000 followers buy it of course it goes up. And his insiders brought it at a point early enough to avoid SEC scrutiny. Then he says told you so. Let me go put another 20K in my Janus fund. Or was it let me put another 20K of someone elses money. If anyone reading this swears by Cramer and doesn't remember Janus. You better read before you follow to long. Hey he will probably be good unless you go on vacation when he says sell. If 100,000 buy when he says buy and 100,000 sell when he says sell. Ouch to the last 80,000. Hmmm if you are the last to buy (high ) and the last to sell (low) you might lose a chunk.
So if I have 4 kids and Grandma lives with us, I should not "dare to buy a house" to raise them in, but keep them all shoved into a 3BR flat waiting for Cramer to announce the Bottom, so it is safe to buy?
"“Don’t you dare buy a home now, you will lose money,” Cramer declared on the NBC morning show. "
Pitiful and irresponsible, but it gets eyeballs and drives ad revenue which is the sole goal.
I was a Cramer skeptic for a long, long time but the guy has a good track record. He was telling people to move out of stocks and into cash well before the tech bust. Oh, and yes, Cramer's goal is ad revenue but you aren't exactly a disinterested party.
To generalize markets is a amateur mistake. Markets are local. Is the market the same in raleigh as it is in greensboro? Is NY, NY the same as upstate NY?No so saying "NC" is a general term.
Remember, homes were never meant to be a quick money maker for a primary residence but it is a plus when it happens....and when it doesnt real estate is still a good investment for the long term.
I have said in the past, this news is spreading because some areas were seeing people buy a home and 2 years later walk away with 150k....that is not normal and couldnt go on forever. Unless you are moving between at least a few states, things tend to balance between selling and buying a little.
Remember these people are PAID to get on TV and talk about the market. When they are wrong they just come up with excuses later on....
Also, when prices have dropped enough, homeowners then will not move unless they have to....and then we start the cycle again...
So if I have 4 kids and Grandma lives with us, I should not "dare to buy a house" to raise them in, but keep them all shoved into a 3BR flat waiting for Cramer to announce the Bottom, so it is safe to buy?
Renting is still an option. The problem is that Cramer implies that, if you don't already own a house, renting is the ONLY sane option right now. That's incorrect.
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By George, I Think He's Got It!
I watch Cramer/Janus Fund
LOL!
