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Hey look man, homes will continue to lose value for at least a couple more years. You know it and I know it and everyone on here knows it. The only people who say different are Realtors. You see we all see right through all that positive thinking spit upon us by your kind. As bad as things get a Realtor will always tell you how wonderful things are. I know. I been to some of the same motivational seminars as you. I know the game. Who wants to buy from a depressed negative attitude right?
I gave plenty of reasons to back up my claim. Just as you gave your bloated reasons why homes are selling like hotcakes and sausage which by every local NAR in the country defies your opinion.
I may have lumped all homes together to try to make a point with the rich guy but I know full well of the deep depression of Las Vegas, Phoenix, Detroit and Miami type of economy. Nearly the whole country is in a pretty bad recession. You should try and brag about all your sales to some one in those depressed areas. The joke will be on you.
You are just dead wrong. Anyone that would make a blanket statement for the whole of the market is just ignorant of how the market works.
Don't fall back on the old tired, "You are a Realtor that's why you say that".
I gave reasons why the market will not go down in my market including stablilized median price, decreased inventory and steady sales. You rambled on about some physical army not being able to stop a spiritual destruction.
Maybe that amounts to a reason where you are from but not for me.
I have never been to a motivational seminar and don't plan on going to one any time in the future.
I don't brag about all my sales but I do give an honest assessment of the situation rather than some convoluted big brother is going to destroy us conspiracy theory.
You are just dead wrong. Anyone that would make a blanket statement for the whole of the market is just ignorant of how the market works.
Don't fall back on the old tired, "You are a Realtor that's why you say that".
I gave reasons why the market will not go down in my market including stablilized median price, decreased inventory and steady sales. You rambled on about some physical army not being able to stop a spiritual destruction.
Maybe that amounts to a reason where you are from but not for me.
I have never been to a motivational seminar and don't plan on going to one any time in the future.
I don't brag about all my sales but I do give an honest assessment of the situation rather than some convoluted big brother is going to destroy us conspiracy theory.
Sorry but I am not wrong. Just ain't. Im a victim too here.
You say maybe my reasons are because where I am from but since you are from such a thriving market place then I must be wrong because homes are selling at a fast clip there and not here. Hmmmm. Are you this arrogant with your dozen or so clients each day?
Wait.......dont answer. Im outta here and no one else cares what your answer is so dont answer. Lets see if you can muster up everything in you to comply.
I know real estate is local, but that is getting old, especially as the markets as a whole are generally declining. Instead of 2009 seeing bottom, economists are now calling late spring 2010 bottom.
Mike,
You are in Florida and are saying that your market is strong, much stronger than much of the rest of the state. I am not familiar with your area. What metro area are you located near?
As your area appears to not be experiencing price declines (no one other than realtors care about sales volume, prices are what we care about-which are also driven by inventory) what is driving this? Please explain what makes your market different from other markets.
I know here in Chicago our declines are not as severe as those in Phoenix or Miami, but we are still seeing declines and record inventories with increasing short sales and foreclosures. I feel we are at least 1-2 years from bottom, price-wise (again I don't care about sales volumes).
Desert Sun,
That guy buying a house for $125M is not rich (though he could be rich from other things). Many of us on here put more than that down just to buy homes. I realize some markets are more expensive than others, but $125M to buy a house, even if it is worth twice that is still a fairly inexpensive house. Single family homes in decent areas here in Chicago generally run north of $300M unless you are in some far flung suburb.
I work in banking and I know how it works. If an appraiser doesn't come up with a value necessary (typically 80% LTV) the bank will just use another appraiser. This creates lots of pressure for inflated appraisals. I have never heard of a mortgage broker complaining of an appraisal coming in too high.
It is actually possible that the home PGH purchased for $125M may be worth $100M in a couple of years (though doubtful). I guarantee that this property will not appraise for $250M now or in 2 years (unless some huge employer with good jobs comes to town).
Sorry but I am not wrong. Just ain't. Im a victim too here.
You say maybe my reasons are because where I am from but since you are from such a thriving market place then I must be wrong because homes are selling at a fast clip there and not here. Hmmmm. Are you this arrogant with your dozen or so clients each day?
Wait.......dont answer. Im outta here and no one else cares what your answer is so dont answer. Lets see if you can muster up everything in you to comply.
First off you are not comprehending what I am saying.
Nowhere did I say it was a thriving market, nor did I say homes were selling at a fast clip.
If you think it helps your argument to completely misstate what I said then so be it but most here are smart enough to see through that.
Statements that are truthful can be misconstrued as arrogant if you do not understand them. Bottom line is all markets through out the country are not the same and if you can't understand that I can't help you.
I will answer and you know you can't stay away so don't even try. You also don't speak for anyone else so I will keep posting for those that wish to have a rational discussion whether they agree with me or not.
I know real estate is local, but that is getting old, especially as the markets as a whole are generally declining. Instead of 2009 seeing bottom, economists are now calling late spring 2010 bottom.
Mike,
You are in Florida and are saying that your market is strong, much stronger than much of the rest of the state. I am not familiar with your area. What metro area are you located near?
As your area appears to not be experiencing price declines (no one other than realtors care about sales volume, prices are what we care about-which are also driven by inventory) what is driving this? Please explain what makes your market different from other markets.
I know here in Chicago our declines are not as severe as those in Phoenix or Miami, but we are still seeing declines and record inventories with increasing short sales and foreclosures. I feel we are at least 1-2 years from bottom, price-wise (again I don't care about sales volumes).
Desert Sun,
That guy buying a house for $125M is not rich (though he could be rich from other things). Many of us on here put more than that down just to buy homes. I realize some markets are more expensive than others, but $125M to buy a house, even if it is worth twice that is still a fairly inexpensive house. Single family homes in decent areas here in Chicago generally run north of $300M unless you are in some far flung suburb.
Hernando County/ North of Tampa/
I never did say my market was strong. I did say it seems to have stabilized.
I based this on the median price this month being within $1000 of the median from 10 months ago. The months in between have jumped around a little but most within just a few thousand of the $150,000 mark. A couple of months it did jump up to $170,000 but came right back to around $150,000.
The inventory has also gone down by 14-15% since the beginning of the year.
It still has a ways to go but it is getting down to an acceptable level.
Sales have not jumped back up but they have stayed steady the last 10-11 months. Usually within 10 units up or down each month.
We are not a huge area and this has alot to do with it stabilizing. We did see some growth and price increases but not to the levels of many other areas.
When it went up it went up fast and came down just as fast.
We are about 45 miuntes from Tampa but we have no condo market to speak of and did not have anywhere near as many developments go up here though we did have a good bit. We are overbuilt but not to an extreme and the prices, $150,000 median, is at an acceptable level. This has helped my area hit a plane as far as prices go for the time being. No one can predict future prices but the indicators here look good.
There are pockets like this all over the U.S., that are defying the national average thing. I have no doubt that some of those pockets are in the hardest states, too.
Condos versus single family and different price points perform differently.
There are pockets like this all over the U.S., that are defying the national average thing. I have no doubt that some of those pockets are in the hardest states, too.
Condos versus single family and different price points perform differently.
Don't get me wrong, we were hit hard and sales are not going crazy but here at least the worst is over IMO.
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Mike Peterson, your market
