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Oh, come on. Don't get mad. It makes it look like I hit a sore spot and you're the one in denial!! LAUGH! Life is short. You're in the driver's seat. You have the power!!!
Oh, come on. Don't get mad. It makes it look like I hit a sore spot and you're the one in denial!! LAUGH! Life is short. You're in the driver's seat. You have the power!!!
Not mad. Once again you insert your own BS comment and label me with it.
I am in drivers seat. I do have the power. Thanks for noticing.
The thing that is annoying is very few new listings are popping up. The ones that are all the leftovers from last year and winter being relisted. There was a week or two that had a bunch of new listings but since then not much. So I sit and wait for the right place.
I'd sit tight and keep waiting.
Wait till the Opt ARM & Alt A resets really start to kick in.
The prime mortgage delinquencies are also rising as Long Island Citizen posted on another thread.
My logic all along is to sit and wait until I find the perfect house at a fair price or a house that is one we can really see ourselves in for 30 years and can afford today comfortably. If either of those houses appear I will jump even if I can get it in 12 months for cheaper. But I will not buy just to buy even if the wife is sick of the house hunt...
I think comparing the stock market and the real estate market is like comparing apples and oranges.
It's hard to comment on this without including some context.
It can be informative to compare and contrast, but they are not exactly the same.
Real estate behaves more like commodity markets.
In the stock market, prices have to match future expectations, because there are arbtirage ("free money") trades when they don't. For example, if stock is expensive compared to future expectations, you can short the stock and agree to buy it for the expected future price on the future date ("buy it forward"). This locks in a profit (you are buying for less than you sold it short). You can't generally do this with real estate (and commodities), because it isn't always possible to short.
Likewise, if something is cheap relative to future expectations, you can buy it, and sign a contract to sell it in the future for the expected price. This trade fails in commodities markets (e.g. anything that is expensive to store or perishable)
Because holding real estate is relatively inexpensive (live in it or rent it out -- the latter may even make you money), expectation of future increase in value does tend to result in a flood of speculative buying. So prices can't really dip below expected future value, but can stay above it.
If I complain or suggest sellers are listing their houses too high and the "seller contingent" on this board jumps down my throat suggesting I should stop looking above my price range, I want something for nothing, etc.... BUT if those houses NEVER sell at their price and either come off the market or reduce their prices over and over again chasing the market down, aren't I right?
If I complain or suggest sellers are listing their houses too high and the "seller contingent" on this board jumps down my throat suggesting I should stop looking above my price range, I want something for nothing, etc.... BUT if those houses NEVER sell at their price and either come off the market or reduce their prices over and over again chasing the market down, aren't I right?
'Correct' would be a better adjective...'Right' would not be politically correct as it's too definitive.
If I complain or suggest sellers are listing their houses too high and the "seller contingent" on this board jumps down my throat suggesting I should stop looking above my price range, I want something for nothing, etc.... BUT if those houses NEVER sell at their price and either come off the market or reduce their prices over and over again chasing the market down, aren't I right?
Not necessarily. The market is when the seller and buyer agree. If there is no agreement, then no market, no? The seller then has the option to either A, keep the house because it doesn't make sense to sell it at what the buyer is offering, or B, if he chases the market lower and lower and you still don't buy it (or someone still doesn't buy it) then he can let it go to foreclosure and let the bank deal with it.
At some point, and whatever that is is different for different sellers dependent upon circumstances, it does not become cost effective or make sense for a seller to sell at the price you (the proverbial you) wants to buy at.
So maybe they were right or correct based on their circumstances.
And BTW, it's been my experience on this forum that there is JUST as big of a buyer contingency out there that are quick to jump on sellers and call them unrealistic, delusional, and are very quick to dump us all into one pot which you've labeled as desperate. That's not the case.
That is the current state of "the market" -- in your terms, there is no market. There are yawning spreads between list, sales and offer prices, accompanied by low sales volume. This makes it difficult to complete transactions, which might explain why there are several very frustrated buyers and sellers out there.
Reading all these posts, it just seems sellers are in denial. The data shows that housing is STILL declining, but then everyone jumps and says well real estate is local. And that 'my market is fine.'
Well if all your markets are fine, then why are the numbers showing a decline?
And then you can jump up and say well that's an average, well then why are sellers themselves posting that they sold their own houses at a loss?!
On a serious note for people who do own homes or are selling, at least be prepared for the worst case scenario rather than hoping and praying for the market to suddenly turn around. Maybe the worst case scenario won't happen, but at least you will be prepared.
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