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That all makes sense, provided that you're ready, willing, and able to stay in your home for a long period of time, and that you'll be able to handle watching prices continue to drop around you for a while before they rebound. If there's any chance that you'd have to move in the next few years, I'd say buying today is a bad move
That all makes sense, provided that you're ready, willing, and able to stay in your home for a long period of time, and that you'll be able to handle watching prices continue to drop around you for a while before they rebound. If there's any chance that you'd have to move in the next few years, I'd say buying today is a bad move
**Depending on where don't you think?*** This is exactly the advice that is driving me nuts, and I thought it was only the media doing it....
But, not every single city in the country is seeing such a dramatic drop NOR did they see such a dramatic jump. That is what we are running into for the particular city & area we are moving....small jump & small increase; much less than the rest of the country in comparision.
There are definite issues out there in the RE market, but it's hard to make a blanket statement that every homebuyer who buys now will be losing tons of money.
This mess isn't going to be figured out for several years. By then, who knows what else will have factored into the equation.
I think that people need to look at the area they are wishing to buy in for some areas are so overpriced it is beyond comprehensible. Also, people need to take a LONG, hard look at buying a new home compared to a resale home.
It depends. I think it is very hard to say a definite yes or no b/c so much goes into buying a home other than asking price.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by jimj
**Depending on where don't you think?*** This is exactly the advice that is driving me nuts, and I thought it was only the media doing it....
Dead on again Jim. The self -fulfilling prophesies drive me nuts. In 1979 when I first got my license, one of the Seattle newspapers headlined that "mortgage money dries up" (it was there, it just got VERY expensive) the office I worked in went from 140 ad calls a week to 3. People in Seattle lived by the motto "If Boeing sneezes, we all catch a cold"
Markets are the sum total of peoples perceptions of fear and greed. The stock market is a better example of this but if somebody hears or reads that the real estate market is bad more than 3 times, they're going to start repeating it to everyone they know and !Pooof!
I'm grateful every day that I don't participate in the real estate market 25 miles away, much less the ones in the rest of the state or country.
Dead on again Jim. The self -fulfilling prophesies drive me nuts. In 1979 when I first got my license, one of the Seattle newspapers headlined that "mortgage money dries up" (it was there, it just got VERY expensive) the office I worked in went from 140 ad calls a week to 3. People in Seattle lived by the motto "If Boeing sneezes, we all catch a cold"
Markets are the sum total of peoples perceptions of fear and greed. The stock market is a better example of this but if somebody hears or reads that the real estate market is bad more than 3 times, they're going to start repeating it to everyone they know and !Pooof!
I'm grateful every day that I don't participate in the real estate market 25 miles away, much less the ones in the rest of the state or country.
Very well put!
Also, does anyone remember the 18% interest rates that were commonplace
over 20 years ago. Doom and gloom...give me a break.
Can someone give me a major market (or two or three) where inventory isn't above normal and its a sellers market? No one here since I've been on has posted one single market.
**Depending on where don't you think?*** This is exactly the advice that is driving me nuts, and I thought it was only the media doing it....
Oh I absolutely agree with that! I've always felt that the media has made the situation way worse. Constant gloom and doom reports everywhere just cause and perpetuate this severe slowdown in the market. I think otherwise it would have been just a natural correction of the swinging pendulum to a more normal market.
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