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It's actually statements like this, from people like Gary Shilling, that are what cause people to panick and therefor what's causing the prices of properties to drop even more. If people think that they are just going to lose if they buy now, they aren't going to buy now. If they think that the bottom is going to drop even further, they are going to run in the other direction. It's sad, but people just don't understand this...
I completely agree with Joe... "NO ONE knows"...
Quote:
Originally Posted by BiggJoe4181
You think Bernie Madolf told his investors to do the same thing?
I don't see how we could drop another 20% in pricing....next thing you know we're going to be paying people to buy a house.
The fact of the matter is...NO ONE knows whats going to happen. Last time I checked there wasn't a shop in the world that sold crystal balls.
A quote I overheard the other day....."Flat is the new UP".
It's actually statements like this, from people like Gary Shilling, that are what cause people to panick and therefor what's causing the prices of properties to drop even more. If people think that they are just going to lose if they buy now, they aren't going to buy now. If they think that the bottom is going to drop even further, they are going to run in the other direction. It's sad, but people just don't understand this...
I completely agree with Joe... "NO ONE knows"...
when demand exceeds supply, prices go up.
when supply exceeds demand, "OMGWTF NOBODY HAS A CRYSTAL BALL NOBODYPANICNOBODYPANICCALLBERNANKE."
I don't think the cost of RE right now should be reason for alarm with most buyers. Or owners who aren't planning to sell, for that matter.
If your budget will allow for the purchase, you feel confident about the location and that the home will suit your needs, why not buy it? Do people worry about how much it will be worth in 5-10 years when they buy a boat or an RV? Nope.
If you own a home that you bought before the housing bubble burst (I do, btw), as long as you're still gainfully employed and you can afford the home, why not keep right on paying your mortgage?
You'll own it, sooner or later.
The people who have the most to lose are the ones who HAVE to sell for whatever reason.
Even for them, if they've owned the home for a good while, and put a reasonable amount down when they bought it, only in the most depressed markets are they going to wind up owing more than they paid in order to sell their home.
I think some people stubbornly hang on to homes for years, thinking the market will magically rebound and give them the high rate of return they expected. That's foolish.
If you like the house and want to keep living there, do.
If you need to relocate or something, bite the bullet and take the loss.
You're going to buy in a new area at prices lower than what your neighbors who bought at the height of the market paid, so for many people, it'll all even out.
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