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I realize you need to sell homes; and I love to approve loans for them to be bought, but I am glad I am able to reveal another side of this housing market. I am very sorry if some on here think SA was/is immune to problems because it's not, but I don't think we need to discuss it any longer because folks have moved on to other topics on this thread. I wish you great luck in real estate! I wish it for all of us.
It's got nothing to do with that. I've sold more real estate this year already than all of last year, and that was a VERY good year. It's just got to do with the over-dramatizing. Half? Really?
No. SOME folks are under water.
While a lot of the reason we're in this mess is because of the economy, this gloom and doom garbage is scaring people from getting into the market. If reporting were more positive (not false, just positive), and people weren't so scared by the national news, we'd be in a different boat. Lots of this is due to the economy, but lots of it is mental.
While a lot of the reason we're in this mess is because of the economy, this gloom and doom garbage is scaring people from getting into the market. If reporting were more positive (not false, just positive), and people weren't so scared by the national news, we'd be in a different boat. Lots of this is due to the economy, but lots of it is mental.
Good! I hope they ARE scared- people are no longer making knee-jerk decisions. Let me tell you something. I met with a great couple yesterday. They have a VERY good income, one small car payment, a good start at savings, and a downpayment. BUT they are only going to be here 3-4 years and cannot say this is a place they would retire. We went over everything (remember I make loans), and they are going to rent for now.
Look, I'm ok with you tooting your own horn about how much you sell; I really am. BUT if I can keep people from making the same mistakes that got us in this mess, I feel I am doing a good job- it makes me confident I am making loans that will actually get PAID BACK. Not EVERYONE needs to be a homeowner. I don't care if I can give them a 1% loan; sometimes it just doesn't pay and housing will never go back to what it was before the bursting of the bubble.
Moderator cut: Off-Topic
Last edited by BstYet2Be; 09-07-2012 at 11:59 AM..
Good! I hope they ARE scared- people are no longer making knee-jerk decisions. Let me tell you something. I met with a great couple yesterday. They have a VERY good income, one small car payment, a good start at savings, and a downpayment. BUT they are only going to be here 3-4 years and cannot say this is a place they would retire. We went over everything (remember I make loans), and they are going to rent for now.
Look, I'm ok with you tooting your own horn about how much you sell; I really am. BUT if I can keep people from making the same mistakes that got us in this mess, I feel I am doing a good job- it makes me confident I am making loans that will actually get PAID BACK. Not EVERYONE needs to be a homeowner. I don't care if I can give them a 1% loan; sometimes it just doesn't pay and housing will never go back to what it was before the bursting of the bubble.
Moderator cut: Off-Topic
So, you'll complain about how bad the economy is and then negate any evidence to the contrary, huh?
Oh, and great advice to the "great couple." It is currently a buyer's market with prices starting to slowly climb back up. You've pretty much convinced them to do the wrong thing. If they have the financial means, buying property would be a very good investment at the moment. In 3-4 years they could have had a nice little return on their money if they made the right move, nice of you to steer them wrong!
Although we were only in SA for three years the first time we were stationed here, we were lucky enough to get advice from someone who knew what they were talking about and bought instead of renting. Considering how much money would have been spent on the latter, even if we had sold our home at a lost we would have still come out ahead even without factoring in the tax benefits. Actually, less than three years later, we actually sold our home for a profit in a market that wasn't geared in favor of the seller.
And, if you truly believe that falsehood that you posted about half of SA being underwater on their homes (which has been proven to be far from true), then it would have been wiser to recommend that this couple who have the means buy in the current market. Why you would tell them otherwise is beyond comprehension!
I understand you argument about people getting home loans who weren't qualified, but that doesn't mean everyone should avoid the housing market. Luckily smarter people who don't listen to such bad advice are buying again and the market is starting to recover. Hopefully your new-found friends will get a better recommendation from someone else and rethink their options...
Last edited by BstYet2Be; 09-07-2012 at 12:00 PM..
Reason: updated quoted text
It's got nothing to do with that. I've sold more real estate this year already than all of last year, and that was a VERY good year. It's just got to do with the over-dramatizing. Half? Really?
No. SOME folks are under water.
While a lot of the reason we're in this mess is because of the economy, this gloom and doom garbage is scaring people from getting into the market. If reporting were more positive (not false, just positive), and people weren't so scared by the national news, we'd be in a different boat. Lots of this is due to the economy, but lots of it is mental.
Completely agree, apparently some people are getting some very bad advice which is not helping.
Of course, with all the misinformation they seem to be spreading, it's not surprising!
Those who are smarter are taking advantage of the opportunity, which is what will help the housing market recover, not spreading false information.
I have no idea what is going on in this particular city thread Moderator cut: Off-Topic I am there to lend to people who are ready to make the biggest investment of their life.
Moderator cut: see note NOBODY should be buying a house if they know they will be in it 3-4 years. Where on earth did you get information like that? Those days are LONG-GONE, friend. I have been in mine 5 and would lose money if I sold today. Do you see comps? Do you look at people's finances all day? Do you understand that shorts and foreclosures take others down with them?
Do you understand what shadow inventory is? Do you understand I deal with this all day long? How would you like it if I tried to dispute your job and your expertise on your job?
Moderator cut: see note
Last edited by BstYet2Be; 09-07-2012 at 12:03 PM..
Reason: Discuss the topic at hand - not other members!
I have no idea what is going on in this particular city thread Moderator cut: Off-Topic I am there to lend to people who are ready to make the biggest investment of their life.
Moderator cut: see note NOBODY should be buying a house if they know they will be in it 3-4 years. Where on earth did you get information like that? Those days are LONG-GONE, friend. I have been in mine 5 and would lose money if I sold today. Do you see comps? Do you look at people's finances all day? Do you understand that shorts and foreclosures take others down with them?
Do you understand what shadow inventory is? Do you understand I deal with this all day long? How would you like it if I tried to dispute your job and your expertise on your job?
Moderator cut: see note
Moderator cut: see note I am sure your "expertise" led you to that so-called "fact" that half the people in SA are underwater with their mortgages. That blatant exaggeration has undercut any credibility you might have had on this topic.
Honestly, I trust kevcrawford's opinion on this as he has not posted such overinflated lies on this forum before. Moderator cut: orphaned
You can make up statistics and might be able to convince a few unknowledgeable, gullible souls on here; but some of us are much wiser to the reality Moderator cut: see note
As for your analogy that "NOBODY should be buying a house if they know they will be in it 3-4 years," for someone who has a spouse in the military you should know better. Based on that poor advice, no one in uniform should ever buy property; but I spent 25 years in the military and successfully bought and sold several properties with considerable profit during that time. I've heard similar claims to yours, but I was smart enough to do my research and know what the housing market and my credit could sustain. Luckily I knew better than to trust the opinion of a self-claimed expert and learned that most don't know what the hell they are talking about. I also know a lot of other people in the military who did similarly, and had the same results.
For those that blindly accept your advice, well, they'll learn the hard way I guess...
Anyone who can afford to buy property right now should do so, anyone who is "gun shy" because of the drop in the market a few years back is missing out on ample opportunities. Be smart and it's very easy to profit, it's a buyers' market and those with brains will capitalize on it. Those still fearing market trends that are already reversing are going to find themselves regretting that decision in a few years. The San Antonio housing market is one of the best investments a person could make right now if they're smart...
Last edited by BstYet2Be; 09-07-2012 at 12:08 PM..
Reason: Discuss the topic at hand - not each other!
I have absolutely NO reason to make SA's housing market look "bad", but I will not watch people Moderator cut: see note post such ridiculous "facts". This reasoning is excactly why housing tanked. People should be in a house to LIVE, not flip, and not reside in for a few years- hoping to make a buck.
We have four military rentals on our street just from this past spring. I can tell you of streets FULL of them in Westcreek, Alamo Ranch, Amherst, Redbird Ranch, Bella Vista, and so on. We can be thankful that at least military folks will rent them out instead of mailing keys in, like so many others did. Call around to local property managers and ask them if the rental business has picked up. I hate seeing the folks serving our country be left to worry, long-distance about real estate matters.
My own house has lost since 2005. I don't want anyone else to make bad decisions. Unless you are almost positive you can and want to stay put with a good job, it does not make sense to purchase a home. You almost sound like the lenders of the boom times. This town, in particular, had lots of issues that I blame on HUD. I won't get into specifics, because you will accuse me of all sorts of false things.
I'm glad you put all kinds of faith in realtors; that's wonderful. I'm not out for myself or I could push through a lot more loans. And I do disagree with you and will work to PROTECT my fellow military members/spouses and stand by what I said: Buying a home for a few years these days is very risky. It's amusing to me that everyone was so quick to blame the banks when housing tanked; but when one is trying to educate, advise, and protect potential borrowers, we get flamed.
Last edited by BstYet2Be; 09-07-2012 at 12:12 PM..
Reason: Discuss the topic at hand - not each other!
Good! I hope they ARE scared- people are no longer making knee-jerk decisions. Let me tell you something. I met with a great couple yesterday. They have a VERY good income, one small car payment, a good start at savings, and a downpayment. BUT they are only going to be here 3-4 years and cannot say this is a place they would retire. We went over everything (remember I make loans), and they are going to rent for now.
Look, I'm ok with you tooting your own horn about how much you sell; I really am. BUT if I can keep people from making the same mistakes that got us in this mess, I feel I am doing a good job- it makes me confident I am making loans that will actually get PAID BACK. Not EVERYONE needs to be a homeowner. I don't care if I can give them a 1% loan; sometimes it just doesn't pay and housing will never go back to what it was before the bursting of the bubble.
Moderator cut: Off-Topic
Not "tooting my own horn". Just pointing out that there are others in your industry, that may in fact, also know that they're talking about.
You're right. Not everyone needs to be a homeowner. But since you've started posting in this forum, you've taken great offense if anyone DARES to disagree. You're welcome to think what you want, but your opinion isn't gospel.
Welcome to the CD forum. We disagree. A LOT. But overall it's a helpful forum for many folks.
Last edited by BstYet2Be; 09-07-2012 at 12:13 PM..
Reason: updated quoted text
Not true; I'm not like that...offended if someone DARES to disagree, as you say. No, I just calmly reply with what I know to be accurate information. Never said my opinion was gospel, either Moderator cut: Off-Topic
We need to learn from the past mistakes and messes. If I can help even one person re-think their decision and be positive they are making a wise choice, I will feel I've helped them with the biggest financial investment of their life... a place to LIVE. Don't worry though, there are still plenty of lenders out there waiting to make a fast buck, so I doubt it hits your bottom dollar.
Last edited by BstYet2Be; 09-07-2012 at 12:15 PM..
I have absolutely NO reason to make SA's housing market look "bad", but I will not watch people Moderator cut: see note post such ridiculous "facts". This reasoning is excactly why housing tanked. People should be in a house to LIVE, not flip, and not reside in for a few years- hoping to make a buck.
We have four military rentals on our street just from this past spring. I can tell you of streets FULL of them in Westcreek, Alamo Ranch, Amherst, Redbird Ranch, Bella Vista, and so on. We can be thankful that at least military folks will rent them out instead of mailing keys in, like so many others did. Call around to local property managers and ask them if the rental business has picked up. I hate seeing the folks serving our country be left to worry, long-distance about real estate matters.
My own house has lost since 2005. I don't want anyone else to make bad decisions. Unless you are almost positive you can and want to stay put with a good job, it does not make sense to purchase a home. You almost sound like the lenders of the boom times. This town, in particular, had lots of issues that I blame on HUD. I won't get into specifics, because you will accuse me of all sorts of false things.
I'm glad you put all kinds of faith in realtors; that's wonderful. I'm not out for myself or I could push through a lot more loans. And I do disagree with you and will work to PROTECT my fellow military members/spouses and stand by what I said: Buying a home for a few years these days is very risky. It's amusing to me that everyone was so quick to blame the banks when housing tanked; but when one is trying to educate, advise, and protect potential borrowers, we get flamed.
Moderator cut: orphaned You still haven't replied as to where you got this information ("Half the people who bought homes from 2005-09 in this city are now underwater") so since you feel you can post falsehoods on this forum and then not be held accountable for them, I for one am going to challenge them. As long as it's those claims that are being "attacked" (in other words, the ones that are unsubstantiated), then this thread's not going to be shut down despite how much you probably would like it to be after all the bad information you've injected into it! If you don't want your comments to be challenged, quit posting such erroneous information!
Plus, you have a track record of bad-mouthing everything about San Antonio, so your doing so about the housing market is not surprising.
But here's a little bit of a clue for you, San Antonio has ALWAYS had a large rental market because of the military here. I know you've only been here a couple of years, but I can tell you from having lived here back in the 1990s it was the same thing even when it was a sellers' market. One of the main reasons for that is because many military people stationed here plan to come back. Now I am sure you're going to try and refute that, but to save you the embarrassment I've found some statistics that while six years old, have only
Quote:
San Antonio is home to one of the largest populations of military retirees in the country. There are 47,924 military retirees in San Antonio receiving retirement payments from the Department of Defense amounting $1,179,069,780 to 2006, spending supported over $761 million in additional earnings. The economic impact of military retirees is $2,183,049,308 (Source)
And that doesn't include the even larger community of veterans that are not retired.
So you basically made bad financial decisions back in 2005 and now you think everyone has done the same. First, I am curious as to how if you are married to a military member you lost your home as it would be protected under what was then the 2003 Servicemembers Civil Relief Act? Articles III and VII pertain to evictions, lease terminations, installment sales contracts, repossessions, mortgage foreclosures on real and personal property, storage lien foreclosures, and the rights of life insurance contract assignees. But since that is a personal question you don't have to answer, but as a self-proclaimed expert in all this, I am curious as to why this happened when there were avenues to prevent it.
However, just because you had the misfortune of losing your house doesn't mean everyone else is going to do the same, nor does it mean everyone is going to repeat the mistakes you may have. You are lumping all perspective home buyers in one category, which is the main fallacy in your argument; much like your claim that it was the banks that drove the housing market to tank when in truth it was the Clinton Administration trying to keep the economy afloat by forcing banks to lower the standards for new home loans.
You may think it's risky to buy a home now, but truth is that many experts (and not just realtors) agree that it is one of the best times to invest in real property. Think about it, prices are low but starting to climb again; when is that never a good time to invest? If you claim to be some sort of financial advisor, I hope you know at least that much!
Moderator cut: orphaned
Lastly, don't go calling people "my fellow military members" unless you have served yourself, it's insulting as you are trying to claim membership in a group that you don't qualify for. I understand you're trying to build some credibility here, but for those of us who have served it is almost as embarrassing as one of those posers who wears decorations they never earned.
Last edited by BstYet2Be; 09-07-2012 at 12:23 PM..
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