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Not sure, but my guess is it refers to posters who dump on renters as being somehow subhuman or believe that anyone who wants prices to come down before buying is somehow a lower class of buyer/owner (as opposed to just a more cautious or savvy buyer).
Might also be those folks in high priced areas who say "it won't happen here, because people here are so wealthy, they can afford to ride it out and aren't effected by silly things like severe global recessions" (paraphrasing and exaggerating to make the point)
This requires a lengthy explanation to do it justice, I'll do my best.
The short answer is, what I call the "real estate aristocracy" are home owners who bought at pre-bubble prices, and for goodness knows what reason, think they are entitled to sell at post-bubble prices.
To expound a little -- I am referring specifically to those who believe that
(a) if your budget is 400k, you have no business "window shopping" for (and possible low balling) a "500k home" (e.g. a home that the owner purchased for 250k in 1999).
(b) you should buy now, but you should only buy what you can afford (because the seller is entitled to his capital gains).
(c) you can eventually earn the right to live in a bigger place, by working your way up the property ladder. Of course if prices go up indefinitely, eventually no-one can afford the bottom rung! besides, the "property ladder" only makes sense if prices are increasing.
(d) are worried that "bottom feeders" (who happen to earn 1.5-2x what the home owner earns) will buy houses that they "shouldn't" be able to buy (including the home owners, which rightfully appreciated, having benefited from him/her keeping the toilet seat warm for 5 years, and "upgrading" the carpet to a different color).
Some examples (not all that great, there are better ones but this is what I dug up):
Not sure, but my guess is it refers to posters who dump on renters as being somehow subhuman or believe that anyone who wants prices to come down before buying is somehow a lower class of buyer/owner (as opposed to just a more cautious or savvy buyer).
That's close to it, but there's more to it. It's not only this, they believe that they are entitled to a better deal for no other reason than they got in first.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,591,098 times
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Quote:
Originally Posted by cohdane
Not sure, but my guess is it refers to posters who dump on renters as being somehow subhuman or believe that anyone who wants prices to come down before buying is somehow a lower class of buyer/owner (as opposed to just a more cautious or savvy buyer).
Might also be those folks in high priced areas who say "it won't happen here, because people here are so wealthy, they can afford to ride it out and aren't effected by silly things like severe global recessions" (paraphrasing and exaggerating to make the point)
LOL, who on this thread dumped on renters? LIC accused me of hanging out in my mom's nonexistant basement! I will admit I have called a couple of folks on this forum a bitter renter before, but I don't think I've ever said renting is bad or you're subhuman for renting. Renting is cool...if that's how you roll...
(As for the rest...I'm glad I'm not in one of those high priced bubble areas..call it denial if you must..LOL)
LOL, who on this thread dumped on renters? LIC accused me of hanging out in my mom's nonexistant basement! I will admit I have called a couple of folks on this forum a bitter renter before, but I don't think I've ever said renting is bad or you're subhuman for renting. Renting is cool...if that's how you roll...
(As for the rest...I'm glad I'm not in one of those high priced bubble areas..call it denial if you must..LOL)
The "real estate aristocracy" was not a reference to you.
No-one has been accused of dumping on renters in this thread, but if you'd like to confess to it anyway, go right ahead
LOL, who on this thread dumped on renters? LIC accused me of hanging out in my mom's nonexistant basement! I will admit I have called a couple of folks on this forum a bitter renter before, but I don't think I've ever said renting is bad or you're subhuman for renting. Renting is cool...if that's how you roll...
(As for the rest...I'm glad I'm not in one of those high priced bubble areas..call it denial if you must..LOL)
Sorry, wasn't referring to this thread in particular. Been flitting around a bit with a fried brain and saw the "real estate aristocracy" reference and question.
Responded in a bit of a vacuum.
FWIW, I've also read renters dumping on owners on these boards.
Whole lotta dumping goin' on... If we all had pies, this board would be a Marx Brothers movie.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,591,098 times
Reputation: 677
Quote:
Originally Posted by cohdane
Sorry, wasn't referring to this thread in particular. Been flitting around a bit with a fried brain and saw the "real estate aristocracy" reference and question.
Responded in a bit of a vacuum.
FWIW, I've also read renters dumping on owners on these boards.
Whole lotta dumping goin' on... If we all had pies, this board would be a Marx Brothers movie.
According to some on this board, anyone who owns a piece of real estate.
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I will admit I have called a couple of folks on this forum a bitter renter before, but I don't think I've ever said renting is bad or you're subhuman for renting. Renting is cool...if that's how you roll...
If we all had pies, this board would be a Marx Brothers movie.
