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Hey, I just dodged the bullet. I bought, then canceled the contract a few hours later due to a lucky coincidence.
Guess what? That home, which I was convinced was easily well priced, has dropped another $220K and still hasn't sold.
C'mon Amerisave. Do your NPV on how much money I came within a hair of pissing away. Hint: It's _not_ $220K. C'mon. Everyone says "but if you're in it for the long term". Well, let's think long-term. Assume 10 years. Assume I'm paying property taxes @ 1.4% and interest on $220K more than if I bought today, a big whopping 7 weeks later.
randy, in highend areas the correction is happening and it is accelerating now. in many areas mid-level areas it is getting closer to bottom. if we don't see big alt-a or option-arm wave this could become the bottom.
Sorry Amerisave, we are fence sitting until summer 2009. If rent=buy perhaps I may buy.....hey that rhymes, neat slogan.
I hosted a tea party for a group os students from my dd's kindergarten class......the moms came and they all know that we rent, I have never discussed details except that we weren't ready to buy a house since we had yet to sell the other one. Anyway, one of the moms is a PT REA, she is amazed at how nice my house is.......I told her that I am enjoying the break in home ownership, then later on the ladies are talking about some people buying nice houses and letting the lawn care go to heck, then the one asks me and I state that "lawn care is included in our rent, we don't do anything to the house" and they are amazed, then the REA mom inquires
ooops,
Inquires
I think the smart money still sits on the sidelines. At least until the tail end of the foreclosure wave is over.
......as to how much I pay for rent, I tell her and then explain to her that in just one year of renting I have saved $25K by not buying and she is shaking her head yes. She tells me that her house is underwater cause the neighbor can't seem to sell their 1.2 million house for $750K......sucks, but what can you do.....I so wanted to blurt out "hand the keys back". HA HA. She started talking about regretting buying the move up house and how much work it is.......HA HA HA HA. There is a deep level of satisfaction when several women can say that "you are in the best possible position to be in by renting". It seems so strange.
it seems that the upper middle devaluation is finally accelerating. Here in FL that means the homes that are about 1 1/2 times median and up to about 3 times median price(450- 700k). On the other hand the starters ( 150k ) have been flat for months.
3girls is in Northern Virgina which for the most parts isn't through the free dive. We're waiting to buy too - too many foreclosures hitting in our area to keep values steady. We sold this June and now our poor buyers have 2 foreclosures & several more coming in the neighborhood. Sorry for them but we just got out of the market in time :)
3girlsVA - you are very smart for staying in that sweet deal - lot of people wish they had it as good as you! We currently rent too and are so happy with our decision but we're not saving as much $$ as you!!
We just bought here in CA for well under 2001 pricing, not sure how much lower it can go in this area...
Oh no, haha that is just an image I grabbed from the computer, one of the pictures pre-loaded on the computer;)
I'm in the central valley
A doomer buying is not anything special. Fact is that some houses in my area are listed at over 70% LESS than they sold for a few years ago. I understand that appeal. But I personally am not there yet.
A doomer buying and admitting it is special and interesting.
Nobody expects the die hard schiller disciple guys like azrob or spleng to ever let off the gas with their message (armageddon or bust), but when an agnostic semi-doomer like 6gt60 or silent observer goes ahead and takes the plunge it is very interesting indeed.
Klarek I would be very interested to see an address or two of homes at 70% off peak that are not complete teardowns. Would you post them I'm interested. Is your area Calif?
We haven't seen 70% in my area of CA, the house I bought was 55% less then last sales price. 610K in 2006, 269K now.
Randy:
I Like Goethe just fine, but I have a problem with Faust part 1... namely the following:
A highly respected, well off intellectual (Faust) should not need a pact with the devil signed in blood to seduce a virtuous young fraulein. A six pack and a couple of good one liners is about all it takes! You can take my word on this one!!
RENT = BUY
Yes Corona Nick, it boils down that lovely equation.
For rent=buy in my area, the house I rent and those around me would have to be priced at $300K........this house would have sold for that in 2001.........we are already at 3rd quarter 2003 prices in many pockets here in Northern VA. Right now the highest price in my hood is $575K and the lowest is a REO at $379K that no one seems to be willing to buy. If that REO goes to $300K I am snapping it up.......it is like that cashmere sweater going on sale, when it gets to the right price and is still available I will buy it :-)
Pls review your doomer dictionary. I bought and am still a doomer.
Yup Debts, your pantry proves it :-)
"Pls review your doomer dictionary. I bought and am still a doomer."
As will I after I buy. Owning and seeing the market for what it is are not mutually exclusive. Being that I am a renter now, I have the choice of deciding when to join the pack and see where this market takes us. Not there yet. Maybe towards the end of summer. Maybe.
Like 3girls, my spouse and I packed away a little more than $25k during two years of renting. We're currently in escrow to purchase, because we're a lot more worried about gas prices than housing prices. Renting out in the boondocks isn't cutting it anymore, so we're buying in a nice first-ring suburb with excellent access to public transportation. The area has been very stable in the midst of the RE upheaval, and while I don't expect values to rise anytime soon, I do expect that the downward pressure will be mitigated as others also come to the conclusion that exurban living is an expensive luxury for those who have to commute.
Klarek I would be very interested to see an address or two of homes at 70% off peak that are not complete teardowns.
REO in Los Gatos... over 50% decline...
http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=19665974
And another one...
http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=19790282
Sale History
02/22/2008: $1,600,000
10/25/2007: $1,900,000
06/03/2005: $3,000,000
05/03/1993: $865,000
I am a "doomer" (a.k.a. realist) and I held my nose and bought back in 2002, and still own. As others have said, being a doomer and owning a home aren't mutually exclusive.
I'll buy again at some point, when it's not financial suicide to do so.
Of course "doomers" are buying like everyone else ---
food, gasoline....
But they are watching their bottom line closer and the comparative pricing...
I am buying allright. having a good time buying HELOC stuff from craigslist! I just bought
a clean 2005 Nissan Maxima for 11G for my wife from some guy that was in FC. I also recently picked up a nice stainless steel grill for me. The guy originally paid 2k and I got it from him for 400. Soon I hope to buy a rental at 2000 price range. Coming soon.
It's a great time to buy quads, motorcycles, trucks, jeeps and motorhomes, too!
OK all, I admit it. I bought my house cuz I just wanted the permanent storage!!!!
... and, it's free and anonymous
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