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Yes I agree to many doomer trolls here on Zillow. Here in Seattle area, rents are at all time high. As inflation grew, rents keep going up also. If you have a home with fixed mortgage, this is one way to hedge against inflation.
The doomers are posting under so many names, it's not funny. I think there are only 2 doomers out there constantly changing names.
Hey, Alpine.
Good to see you are still here holding the torch for home buyers.
Well it makes sense that the board would be filled with doomers scum. They have nothing better to do than to prevent others from getting what they can't get, a home. They probably missed out on the housing boom, grew envious of their friends, celebrated their loss, and cheer on the negativity while deep down inside they wish they could afford a home. But the reality is that it will never come down to the price they can afford.
And actual homebuyers buy a home and move on. They don't hang around here. Probably what I should do but I stopped by just for today.
The doomers are not asholes because they can post anonymously and hide behind a screen name. It all goes back to my golden rule:
I was going to buy when prices reached the point where they're currently at. Thing is, they keep dropping; so I keep waiting. Maybe I'll bite when interest rates hit 4.875. In the meantime, while I wait for that to happen, the cost of houses keeps going down. To me, waiting is a win-win...though I'd sure like a place of my own.
Maybe I'll bite when interest rates hit 4.875.<---HA HA HA! In that case you have to keep waiting and wishing for interest to go that low! At the moment we are at 2.25 in Fed's funds rate. In late 2003 early 2004, Allan greenspan cut it down by 1.25 basis points. I'd refi my fixed mortgage from 7.5% 30 yr down to 5.7% 30 yr fix! So pls, stop the wishful thinking because I don't think Ben Bernanke will go down to that low again!
Sure glad you're not my financial adviser, DN!
Interest rates will never go below 5%.
Can I quote you on that?
Financial Adviser? You don't need a financial adviser nimwit! What you need is a "realist Mortgage Banker! Aren't you watching financial news that Ben Bernanke is more interested in lending money to securities dealers than cutting the Fed's fund rate? Cutting the fed's funds rate further is a bad idea because of inflation!
Prices are dropping currently. They are dropping because (a) inventory is at historic all time highs (b) inventory is still growing (c) the percentage of inventory that is "distressed" is at all time highs (d) the rate of change of "distressed" inventory as a percentage of total inventory continues to grow (e) the country is in, or nearly in a recession and therefore for the next 6-9 months income growth will stagnate or actually decline making house prices less affordable and (f) the number of low down payment mortgage products are significantly lower today than yesterday (g) the number of qualified homebuyers is still shrinking. Because of house price depreciation, a significant number of house sellers may not qualify for mortgage financing because they cannot bring the required downpayment to close on the new house
Those are my arguments for waiting until the dust settles. I am not here to say that for some (no not all, as we have been shown ample evidence that not everyone should be a homeowner) buying a home is not a good idea. I am only saying that right now, and for the near term, at least, there are better options in most places in the US.
Price here.
To some extent, I'm already long past price vs. rent. I'm better off buying. I won't, though, until we're at prices that I personally consider to be a good investment.
Let's face it, even people who bought in the last few years were attempting to make good investment decisions. I'm no dfferent than they are. After the last bubble in 1989, there were well over 10 years to buy property at quite low prices. There is just no need (for me) to rush in. All things being equal, I'd rather buy after prices have dropped as low as they're going to go and have begun to go up again, but I think that may take many years, longer than I'm willing to wait.
Well, just keep renting that crapshack you are in right now. Nobody cares if you buy are not.
Guavaboy –
“For those of you looking to buy a home, do it! It's a great time to buy.”
I’m waiting because I don’t think the downward slide in prices is over yet - every dataset I look at indicates this. I hang around here because I use Zillow to track prices in the areas I’m interested in. I’m not negative and I’m not a doomer, I’m simply a smart buyer looking for the best possible price on a house I feel no urgency in purchasing.
I don’t understand why you guys feel so much animosity toward people like myself. I’ve done my research, track all the indicators, monitor sale and listing prices in the areas I’m interested in, track how long homes are on the market, pay attention to trends, etc.. After all that I arrive at the simple conclusion that now may be an “ok” time to buy, but in all likelihood a year from now it will be even better.
“Let's have an intelligent discussion about homeownership.“
Yes, let’s do have that discussion. Let’s start it off by asking what possible motivation a recent purchaser such as yourself has for coming in here and pumping the idea of buying now rather than later? You said it yourself –
“And actual homebuyers buy a home and move on. They don't hang around here.“
So why are you hanging around here Guava?
-30ashopper
Thank you, Elmer, for your kind words. I'll keep renting my (lovely) crapshack with a view of the ocean until I'm good and ready take over the burden of buying someone else's money pit.
snap!
I keep hearing that the market in CA has gone down the toilt so I would not buy there. I just get pissed when people ciriticze decent markets, like mine. We have SHRINKING inventory, flat prices, and a low foreclosure rate. So when I keep hearing about crahsing prices here, I jsut want to throw somwthing at my computer!
30ashopper,
I don't have any animosity against home buyers just doomers. You are obviously a true home buyer not a doomer. So any negative comments weren't made at you.
I too before buying spent a lot of time researching prices, and reading real estate boards such as this. But before any type of serious discussion on real estate could begin there would a flood of doomers making outlandish remarks that made any serious discussion next to impossible. So after buying my house I had no reason to check up on this board until today. Hence, the question of this post.
I bought because I found a house in an area I wanted to buy in for a long time at a good price I could afford. I hated renting. I'm getting married this summer and want some form stability for the family. The tax benefits. I thought it would only get harder to get financing in the future and even if prices conitued to get cheaper it wouldn't matter if I couldn't get a loan. Real estate always goes up in the long term and I'm holding this property long term. Energy, food and rent is going up at a crazy pace. Real estate will have to follow this trend eventually as the population in the US is growing not shrinking in desirable areas. I live in Hawaii so it's a little easier to predict where prices are going here. Foreigners see US real estate at bargain prices with the real estate decline of 30% and the weak dollar. If you don't buy the house of your dreams, they will. Oh yeah, I bought my home as a home not a quick profit although any appreciation in equity is a wonderful bonus!
That's all I can think of right now.
Doomer & Elmer
There is no real need to call someone a “nitwit” or put them down simply because you don’t agree…
That poster has been here far longer than you and has very good reasons for a decision that has nothing at all to do with you personally.
As time goes on and prices get better you all may find a far more positive spin on the posts here.
More people will buy (with good reason to) and only those who were (and will never buy) will continue not to.
I love real estate and can’t wait for the day I can tell my buyers it’s time to move forward (believe me!) It is just that in most of the areas I work in we are no where near “a great time to buy”
I understand, Alpine. Things are absolutely not dropping at the same rate everywhere.
There's a somewhat isolated area out here deep in the suburbs that puzzles me. It doesn't seem to be dropping much (comparitively). It's thought to be a safe area, but it's very far from almost anything. I've kind of wondered what's held prices somewhat steady there when areas that I think of as being nicer have dropped in price, though I know that many people bought into that area in 2004 - 2006 when it was one of the few places that was affordable.
I understand, Alpine. Things are absolutely not dropping at the same rate everywhere.
There's a somewhat isolated area out here deep in the suburbs that puzzles me. It doesn't seem to be dropping much (comparitively). It's thought to be a safe area, but it's very far from almost anything. I've kind of wondered what's held prices somewhat steady there when areas that I think of as being nicer have dropped in price, though I know that many people bought into that area in 2004 - 2006 when it was one of the few places that was affordable.
(how on earth did i post twice?)
And BIG Congrats to you Guava Boy Enjoy your new home!
I agree, Guava. Congratulations on your new home and upcoming marraige!
By the way, I know people who have bought and are buying now. For their sets sof circumstances, it's the right thing for them to do. We're all in different situations that affect our decisions.
Frankly, if I saw someplace that I think is beautiful in the area I like best at a price that I feel is "good enough," I'd grab it today, most especially if I felt that I could easily cover my costs with a tenant if as prices continue to drop, I find that in a few years I could afford the house of my dreams and need to rent it out.
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guavaboy
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I just bought a home and was spending a lot of time researching on Zillow. Since I bought I haven't checked back. Just wondering if all the doomers are still out there.
For those of you looking to buy a home, do it! It's a great time to buy. My friend just closed on her home this month. She bought a really nice home in a desirable neighborhood with an oceanview. Totally unaffordable a few years back. A couple friends are looking to buy too. Now is a great time to get into that hard to get into desirable part of town. I'm not saying it's a good time to "flip" a house. But if you are financially secure and love the town you live in, then by all means buy!
The only people upset about real estate are the ones who bought in the last few years. And most likely they couldn't afford the house when they bought it and still can't afford it today. They were trying to "flip" it for profit and they got burned. But everyone else who bought a house in the last 50 years or so doesn't regret it. Why? Because their home is worth much more today than what they paid. And they've enjoyed all the benefits of home ownership for all those years. Unlike their neighbor who owns nothing and pays more and more rent each year.
Anyway, good luck future home buyers!!
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