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"It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 20-30% yearly price appreciation.
Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.
This asset bubble is different than all of the previous and other asset bubbles - it will never slow down, or pop. The gains are permanent."
Okay, so it hasn't been quite THAT bad the past few years (although, around 2004-2006/7, those quotes above weren't too different from what many [ NOT ALL ] agents/realtors were saying - particularly the talking heads in the NAR).
Now again, we are hearing (as we pretty much always do from agents/realtors) "it's a great time to buy." At least that's what realtors/agents are saying. Thus I was thinking...do they ever say that it's a BAD time to buy?
Sure, it's commissioned sales...so why would people listen to the person that only makes money if you buy the house? Sure, they provide the invaluable service of access to a no longer exclusive database, as well as open a lockbox. Maybe not invaluable...but most definitely worth 6% of the sales price. So has anyone that is not an RE agent/realtor ever heard one advise a client to hold off and wait to buy a home?
"It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 20-30% yearly price appreciation. ...
I've never said anything remotely like your statement, or that it's a great time to buy as a blanket statement.
It depends on the individual's need and situation. If someone has decided that they want to buy, I facilitate their purchase. I can provide market stats if they want to study the trends and make their own decision.
Now, on to the usual agent bashing. You can read any number of responses in other postings.
Good agents help buyers understand the characteristics OF A PARTICULAR property and IT'S PRICING in relative and absolute terms -- it is NOT about "timing" except in terms of the BUYER'S NEEDS.
I have told MANY potential buyers that they should probably NOT make an offer on the properties available and instead RENT and those that understand why have then come back to me when their circumstances match the available inventory.
You know, Chet, I've seen you consistently give a lot of good advice here, along with MAM and a few other agents/realtors. And I know you all are not the only ones in your profession that may actual have ethics, morals, integrity, and value honesty and trustworthiness. But in all honesty I've seen NONE of that, no agents or realtors with any of the above, in 35+ years in SoCal.
I really wanted to know if any non-agent or realtor on here has heard such advice as what you've given.
Agents, realtors, and other RE professionals have their own sub-forum, I knew this topic would take heat from the pros but I'm asking mainly the buyers and sellers (and potential buyers and sellers) here.
If someone is going to a RE agent it means they want to buy. A RE agent will help facilitate that transaction. Have you ever walked in to a store and they advised you not to buy? Of course not, that isn't their job.
If someone is looking for advice on if they should buy or not they should probably consult a financial expert, not someone whose job is to sell houses.
One of my FAVORITE realtors (we have had 6) told us not to buy. We had called him about buying our very first place and he had told us not to buy for at least a year. He helped us get things financially set and then happily helped us the next year. We LOVE him b/c he really cared and knew his stuff.
the thing i always hear from realtors is "i don't have a crystal ball"...heh heh...
i think those "always a good time to buy" lines are normally used on less experienced home buyers. the realtors won't really dare to use those crap lines on seasoned home buyers
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