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Which supports the argument that for housing to sell it must be affordable and at price points that are reachable within the new paradigm. Now lets see what areas are metropolitan and suburban with single family housing at reachable price points.
A. Boston
B. Suburban New York
C. Philadelphia
D. Baltimore/DC
E. None of the above
So hard for a professional family of 4 to decide where to move on the east coast. Hmmm is it Miami I should have added?
I agree with the above article that the biggest growth will happen in areas with sun (good weather)-like the article says the I-85 corridor from Raleigh to Atlanta, New Mexico and Arizona. If this was true in the near term and the growth supported higher home prices in the above areas then we would not be seeing a drop in prices in most of New Mexico (except for Farmington) and Arizona (most sunny days). The article is about growth and pricing to 2020.
The original link that started the thread talks about the pricing model for the next 5 years from June 2007 not into 2020. Given enough time everything will go up in price.
But we as homeowners are all entitled to 5-10% appreciation/year. Aren't we?
I looked at a property last weekend and I put in an offer 20% below what got sold next door in April. I would say the properties are essentially the same as both were priced the same from the developer early this year. I got a counter at 13% below which I did not accept.
Looking at this post prompts me to ask 2 questions:
1) Why do you think homes in that neighborhood are now worth 20% less than what the 6 month old comp showed?
2) If the neighborhood truly has deppreciated 20% in 6 months like you are suggesting, why would you want to buy there? I mean do you really want to buy a home for 1 million dollars today and that you are suggesting is in a falling market? I doubt you want your home value to go down 20% in 6 months like you are suggesting has already happened in this neighborhood.
I do not subscribe to the notion that you and Fruddy keep repeating. I am not entitled to any appreciation of my home. I just don't get why you would want to buy in a neighborhood that you claim is seeing 20% price reductions in 6 months. If things are that bad in that neighborhood, your house will continue to depreciate over the next months. Maybe you are in it for the long haul, but why would you buy into such a self-described sinking market? What is your rational for the 20% reduction anyway?
butterbean, you are asking an intelligent question from those that are not intelligent enough to even understand your point.
My theory is that some of these people on this forum are here just to make trouble. Their questions and posts have no relevance to this market and this area.
I'd be willing to bet that none of them have even owned a house.
I have blocked a few of them. Isn't having a delete button on the computer great???
If you look at these people that seem to want to stir up trouble, you'll notice that they are new to this forum. They have a multitude of names. You can tell because their writings are the same, same typos. And they have few rep points. Not to mention how much they enjoy GIVING neg points but never signing their name to that. Can anyone say "chicken"?
We have lost quite a few good people because they are just tired of the constant arguing with these people who just are so wrong on so many points and simply refuse to understand.
I say we just do not add fuel to their fire. Lets just not answer their ridiculous questions and not fall into their irrelevant arguments any longer. In hopes that if they are ignored, they will just move on and our forum can return to being helpful to those relocating here and to us that have lived here for years but can still learn from the newbies.
We all know who they are...I've received so many DM from the NORMAL folks on here that I know you know who they are. Either block them from even seeing them or just ignore them, please.
Looking at this post prompts me to ask 2 questions:
1) Why do you think homes in that neighborhood are now worth 20% less than what the 6 month old comp showed?
2) If the neighborhood truly has deppreciated 20% in 6 months like you are suggesting, why would you want to buy there? I mean do you really want to buy a home for 1 million dollars today and that you are suggesting is in a falling market? I doubt you want your home value to go down 20% in 6 months like you are suggesting has already happened in this neighborhood.
I do not subscribe to the notion that you and Fruddy keep repeating. I am not entitled to any appreciation of my home. I just don't get why you would want to buy in a neighborhood that you claim is seeing 20% price reductions in 6 months. If things are that bad in that neighborhood, your house will continue to depreciate over the next months. Maybe you are in it for the long haul, but why would you buy into such a self-described sinking market? What is your rational for the 20% reduction anyway?
It might provide the perfect mix of depreciating prices and low fixed interest rate, assuming you have the 20% down that is now more of a prerequisite. For someone buying cash, however, one should wait a while longer and get rock bottom. It won't make you new friends, but it's called capitalism, not altruism.
Also, as we've both been saying, the price didn't drop 13% from asking because it's in a bad neighborhood. It dropped because the law of supply and demand is evident.
As for those not believing us...I don't know how to address this other than if folks truly believe in the triangle market appreciating in the near term, they should consider buying some more homes. As for my viewpoint on entitlement, it's not too far off the mark as many take any sort of hit on their biggest investment, their home, personally. The feeling of entitlement to guaranteed perpetual gains in real estate isn't rational and convoluted economic reasoning, but it is a feeling that's subscribed by many.
It's where you live folks. Don't make it out to be your nest egg. Those days are OVER for at least a generation or two. We're onto the next buying opportunity. Real estate has been asked to leave the stage for now. After you take into account maintenance, taxes, and lack of mobility, even after the tax subsidies the explicit and implicit costs of owning a home (primary or investment) don't make for a get rich investment 9 times out of 10. Hey, if you don't believe us, like I said...buy some more homes. Just don't think for a moment that the gubmint will help you out if you encounter problems. Talk of bailouts make for good politics, but it ain't happenin'.
butterbean, you are asking an intelligent question from those that are not intelligent enough to even understand your point.
My theory is that some of these people on this forum are here just to make trouble. Their questions and posts have no relevance to this market and this area.
I'd be willing to bet that none of them have even owned a house.
I have blocked a few of them. Isn't having a delete button on the computer great???
If you look at these people that seem to want to stir up trouble, you'll notice that they are new to this forum. They have a multitude of names. You can tell because their writings are the same, same typos. And they have few rep points. Not to mention how much they enjoy GIVING neg points but never signing their name to that. Can anyone say "chicken"?
We have lost quite a few good people because they are just tired of the constant arguing with these people who just are so wrong on so many points and simply refuse to understand.
I say we just do not add fuel to their fire. Lets just not answer their ridiculous questions and not fall into their irrelevant arguments any longer. In hopes that if they are ignored, they will just move on and our forum can return to being helpful to those relocating here and to us that have lived here for years but can still learn from the newbies.
We all know who they are...I've received so many DM from the NORMAL folks on here that I know you know who they are. Either block them from even seeing them or just ignore them, please.
I can't do it alone...please help.
Lets take back the Forum!!!
Vicki
Bwahahahahaha! Moderator cut: flaming From the person who didn't understand the concept of mean and median of an apples to apples comparison of a metropolitan area? I truly hope you're not homeschooling.
I've never given neg points to anyone on this forum.
Again with the jealousy comment. Also, from a person who believes that taking a zero down 30 year multi hundred thousand dollar mortgage means you "own" your home. I'll scan my deed and e-mail it just for you. I'll even leave the street address on it. You'll see from the comps it's only about a 170K house, but I'm comfortable with that esp. since we don't have a mortgage. How much you want to bet we don't own? Moderator cut: flaming
Moderator cut: off topic
Last edited by SunnyKayak; 11-10-2007 at 10:34 AM..
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