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So I'm...let say an interested observer. A few months ago I was considering buying an investment property because prices seemed so low but have since changed my mind as the market continues its southward journey. Homes in my area have decreased in value since the bubble peak. However, I chose not to sell (the home that I've owned since '98) at bubble prices and rent because I just plain didn't want to rent. Many here would consider me umm...a dumbass?...for making this decision. So here's my real question from months of lurking on this board (warning: this is the same post as I posted in another thread):Why is there such ridiculous smugness among "buyer"/renters on this board? Okay, so some people purchased homes in the past 4 or 5 years (not me!) and now the homes are worth less than what they paid for them. Are we supposed to run around pointing and laughing at them, gleefully calling them stupid, ignorant and lazy? Is anyone who didn't sell their home at peak bubble prices and rent an apartment (not me either!) a complete dolt? Are you are so much smarter than all of the Ivy-League educated doctors, lawyers, PhDs and businesspeople that bought homes because you sold your home at a high price and are currently waiting to buy low?I think it's helpful to advise people who come here seeking advice to wait and ride the market out before buying anything.You sold your home at a good time and now you're reaping the rewards of this wise financial move- GOOD FOR YOU! But this "Ha ha ha! Your home is worth less than what you paid for it! Nanny nanny boo boo!!" attitude adopted by most of the "buyers" on this board is so childish. I wonder why seemingly rational adults choose to act this way?
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"Nanny nanny boo boo!!"
I'm gonna steal this line okay?
I wonder if anyone will actually address my question rather than: (1) call me a troll and ignore the question or (2) only choose to harp on the "nanny nanny boo boo" line.
FYI, "nanny nanny boo boo" is an irritating saying that one may use when they feel as if they've bested someone else at something. I've heard it used before and didn't think it was all that unusual. But then again, I didn't sell my home at bubble prices and rent so, obviously, I'm not as smart as most of you.
You can't. It's copyrighted by my 3 year old nephew.
Spleng, PLEASE, Don't!!!
Because everybody secretly wants to be seen as one of the smart ones, even if they do come off as snarky jacka$$es trying to prove it.
Just_looking_please, Smug you say?
just looking, relax, no one here, maybe except a few people had any clue whats coming. If you would, they would be a millionaries by now by buying puts on all financial companies. Lets be real, no one had a clue and now it is very easy to say 'hey, look i timed the market right'.. but guess what, no one can time the market right, even the star traders.
Lets see, every single time I've posted mathematical reasons housing would fall, since 2005 I have been brutally attacked online. People have even searched out my phone numbers and called insulting me. Only recently, in the past few months, has the notion that housing prices are tumbling been widely accepted. Even that acceptance is grudging, witness the cherrypicking bottom callers who climb out every time more data detailing this fact is posted.
"housing always goes down" has morphed into "housing won't fall much, buy now its the bottom"... The SOB's have never once said, maybe the other guys were and are right!
azrob, one thing is posting research reports, another putting your money where your mouth is :)
I sold 4 investment properties before the peak, Last summer I bought puts in countrywide (just play money, but I made enough on that one gamble to fund my 3 months vacation in asia)... what you got? ratk0t?
***azrob, one thing is posting research reports, another putting your money where your mouth is :)***
No he DIDN'T put his money where his mouth was, luckily because HE was right....
azrob, that is good :) When did you buy CFC puts, and how come it was only 'play' money if you were so sure?
azrob- Very good for you! You must be a very smart and savvy real estate investor. I think it's awful that people would stoop to attacking you online for your success. Clearly, they are distraught and/or jealous of your acumen and success. But, why stoop to their level? The facts speak for themselves- based on your past performance, you've made better financial decisions and reaped greater financial rewards. Is there any need to point out anything more?
Anne- Can you please point out where I've been smug? Please be specific.
To the OG poster. It's called Schadenfreude. It's seems to be very popular amongst us 'doomers' who have lived conservatively during the 'boom' times when the cheerleaders were rubbing it in with their Heloc/cash-refi purchased H2s with 21 inch spiiners, fake designer t$ts an Dolce and Gabana for the kids.
rakot: I bought puts on cfc "leaps" actually in late may or early june. I closed the postions in august. At that time, I had confidence they would collapse, but no confidence when, so I stretched it out to jan09... In hindsite of course way way too long, and I could have held them much longer and made much more, but my "few thousand" had grown 4x+, even after paying my discount broker.
A market can stay irrational much longer than an investor can stay solvent, I'll do small money gambles on my ideas in the markets, but never much more than say $5000. Its a game, and I need to bet enough that losses hurt to make it fun, but I'm not going to bet money that I might miss on it either...
Housing is another thing. I started buying during the beat down market after resolution trust got liquidated here, and intended to acquire and hold rentals forever. I didn't see a bubble coming, until it came flying in, and rental income no longer justified holding the properties at those prices. Nothing made sense to me, and I began studying economics, econometrics, and bubbles seriously at that time.
Anne- Can you please point out where I've been smug? Please be specific.
Read your posts.
The only smugness you'll get from me is when I see some dolt who spent $400k on a house that probably isn't even worth $250k get foreclosed on. I'm glad the tides are shifting back to sanity. I'm glad not many people are using real estate like their personal stock market anymore. This was the most disgusting to me. It's a house, not a stock option. Live in it or sell it. Flippers and investors need to go buy 20,000 shares of Google if they want to make a quick buck. Flipping should be illegal and regulated by the government, not incouraged.
I remember the days when house prices rose gradually. I remember when someone selling their house would give newlyweds a deal because they wanted the house to raise a family in, it wasn't about the almighty dollar. It's really sad to think that those days are long gone, all because of GREED.
azrob, i respect you, but i cant say the same for all people who are raving now how much they know and how smart they were not to buy house. Everything looks clearer in hindishgt, and unless you had a thorough research confirming your intuition then you are not better off then some one who bought a house at peak prices
Schadenfreude? I guess so. Part of human nature. I still believe that most of those prone to schadenfreude are prone to it due to some innate insecurity they have with themselves. No amount of back-and-forth on a message board is going to help/change them.
I don't know. I think schadenfreude towards the idiots that 'lived large' in the boom time and rubbed it into others faces is Ok. On the flip side, I genuinely care about those that purchased a home, lived conservatively and suffered a job loss and now are facing FC.
I have to disagree a bit. The bubble occurred, primarily, over the course of 2 years here in central FL. It was very clear that it was unsustainable considering local wages, alone. I have talked with several other (renters, gasp) that sold in 2006 because they knew what was coming. One guy told me that he knew that when the waitress in her 20s was discussing RE investing that it was time to get the hell out of Dodge.
"I wonder if anyone will actually address my question rather than: (1) call me a troll and ignore the question or (2) only choose to harp on the "nanny nanny boo boo" line. "
You didn't have a question, you had a rant. You exaggerated and generalized about us "renters". Therefore, I'll do the same and assume you are a confused owner that bought in the past five years, refied and blew your "equity" on overpriced consumer electronics that are now obsolete, and you want to double-down and buy another overpriced house. Better just to be smug than both smug and ignorant.
SoCal...this is the part I don't understand. We bought a house in 2002. We didn't overbuy. We took out a HELOC - to remodel the house. We did not, have not, and apparently now are NEVER going to be living large! So our house (theoretically) increased in value threefold in three years, and is now still (theoretically) worth more than we owe, due in a large part to our own sweat and, literally, blood. But according to a lot of the "doomers", we should just quit being greedy and reduce the selling price to less than what we paid in 2002.
I just don't....get.....it
Klarek- Sorry, I'm an old-time homeowner who's 2/3 of the way through a 15 year mortgage on a reasonably-priced home that I was able to afford on my 1998 salary. And, my question is: why are "buyer"/renters on this board so smug? I'll add on another question: why do many "buyer"/renters on this board get so defensive and assume the worst of someone just asking a question?
Pot calling the kettle black klarek?
Uh when someone starts a thread specifically calling out a group of Zillowers on being smug, what the F do you expect lady?
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