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Real estate gold rush of 08'

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lkbryant
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I'm telling you folks, the gold rush is coming. We have so much surplus of homes that are on the market right now. And they are lowering prices every day. By middle of 08', there will be hordes of buyers trying to get a taste of the real estate bargains.
Donald Trump alone would probably buy half the state of California next year. He will not miss out a chance like this. So you see, you buyers might as well buy a home now before you miss the boat. I'm telling you, another real estate boom is coming, and it is coming fast.
And while you are at it, I advise you all to get your real estate agent license now. Once the boom hits, you will want to profit from all your friends and family on this next gold rush. It will be a big one!

September 11 2007 - US

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2 Big 2 Fail
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Thank you Dr. Lereah :-)

September 11 2007

2 Big 2 Fail
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You might have a point. On the zillow poll, 64% of the respondents said that NOW is the best time to buy. However, I am a little curious to know how many of those who voted for "now" were realtors.

September 11 2007

andrewsesta
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Now is the time to buy! Hence the Sloan " Buyers Market ". There are lots of great advantages to buying real estate during this time in the cycle. A lot of scared people, giving away the farm. You?re probably right about the 64%. Most probably are realtors. We know to buy when the market is low and sell when it?s high. A lot of us are buying the great deals out there .Interest rates are still low. We know that there may be a possibility of a continued decline, but also know that the real estate market runs in cycles. Most wait to buy until they begin to see an upward swing and then get caught off guard when it drops and they are left holding the bag! That?s why the foreclosure rate is so high now. Inexperienced, so called wanna be investors that fed into the frenzy. Buy now, rent the property out for a year or so, and when the market picks back up sell it !

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Andrew Sesta, ABR, GRI
CENTURY 21 Duncan & Associates
www.andrewsellsflorida.net

September 11 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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Andrew- Buy now and rent the property out in CA would be an annual lost of $20k to $40k as Monthly mortgage is 3x to 4x rate payment. Not to mention having to pay the tenant to move out when you do sell.

September 11 2007

andrewsesta
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I'm not familiar with CA Market. I can only speak about the Treasure Coast area of Florida. You can buy 3/2/2 for around $ 100,000 all day long.

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Andrew Sesta, ABR GRI
CENTURY 21 Dunan & Associates
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September 11 2007

fsconsult
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"I'm telling you folks, the gold rush is coming."

lk:
I'm starting to see your angle...you are trying to entice doomers to respond to your rediculous rantings...nice!...u r a programmer.

September 11 2007

ghennis00
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your so out of line!!!! why would anyone use a barbarous relic like gold to describe such a lucrative asset class as RE?!?!?

September 11 2007

haggerwood
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Andrew I am in Florida and I am not aware of these $100,000 dollar bargains you speak of are you talking about houses in the ghetto or something? I am in Gainesville and you can't buy a house for 100,000 even in the ghetto

September 11 2007

Aldreth
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Look in detroit.

September 11 2007

ldierkes
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Haggerwood ... Andrew exaggerates ... but only a little. I'm just north of him on the Space Coast and there ARE $100K homes to be had .... albeit not "all day long." :-)

September 11 2007

andrewsesta
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I'm telling you. I sold three in the last thirty days between 95,000 and 115,000. All in good shape, in nice areas. The 95,000 home needed new flooring but the structure was sound. I'm telling you they are out there. You just have to look. I'm talking actually sale price. The asking prices are between 110,000-130,000. I can send you all the listing you want.

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Andrew Sesta, ABR GRI
CENTURY 21 Duncan & Associates
www.andrewsellsflorida.net

September 12 2007

x0x0
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"your so out of line!!!! why would anyone use a barbarous relic like gold to describe such a lucrative asset class as RE?!?!?"

ROFLOL

September 12 2007

Alan May
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<<barbarous relic>>

yeah... speaking of barbarous relics!?

September 12 2007

Nic Netherton, "ColoradoLender"
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Every time you guys post on his topics you feed his fire and give him his attn. he is in dire need of...

September 12 2007

mallonblucomet
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It douse not matter what a deal they are if you can`t afford them, house`s went up about 4% a year from 1945 to 1999, then 6%-&5 for a couple of years, then they jumped 100% from Jan. 05 to July 05, crazy, yet there was no shortage except in NO of course, today even with them dropping $20,000-$30,000, they are still 60% higher than they should be according to economic trends of the past, wait 6 months to a year, then bargan harder than you ever did in your life and you will only be slightly robed, but we should all be tough, and don`t letthe gov mail anyone out, they were not going to share there profits with you, the took a chance and lost as most people that take a chance do, this is not hollywood, it`s to expensive to live there anyway.

September 12 2007

mallonblucomet
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You know that buy now and rent out until it goes up thinking, one problem: you have to survive a few years, maybe up to 7, if this is like nearly all the economic trends of the past and there are a million people that thought that in 05-06 that are going to lose everything because of that thinking and don`t think the big shoot`s did not know it, they past that new bankruptcy as fast as they could two or three years ago, now your stuck to pay the money mongers that run this world, they knew what they were doing, why did so many people fall for it?

September 12 2007

fsconsult
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"why did so many people fall for it? "

Simple...GREED

Think about it...when you hear stories of real estate riches for so long, one feels they are being left behind...so they want to get in at any price until the market can substain no more.

At the end... it's all about GREED.

September 12 2007

Nic Netherton, "ColoradoLender"
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thats what runs the world bro money........sad but true, if you dont admit thats what drives you, youre in denial

September 12 2007

fsconsult
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nic

True...but from 2002-2005 it has been GREED on steroids.

September 12 2007

Nic Netherton, "ColoradoLender"
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suppose youre right, those who were too greedy will be punished and the rest of can pick up the pieces and move on to the next deal i spose

September 12 2007

!bank_owned!
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actually, the gold rush will last through 2008 until sometime in Q2 2250 (+/- one or two quarters).

September 12 2007

Stopthebailout.org
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There are two ways out, houses drop FAR in price, or everything else rises in price fast for several years including wages. The problem is that the Fed and the investor class do not like wage push inflation because wages are the largest drain on investor's income. Part of the Fed's mandate is to ensure that wages don't rise too fast which means anywhere near the speed of the price of everything else.

Also, there is a real dollar problem going on that could help real estate, but could also make this bust a lot worse. As the dollar falls in value, everything denominated in dollars that is bought by foreigners will rise in price. For example, when the dollar tanks, high schoolers from Europe travel to the USA to eat in fine restaurants using their allowances that will only buy a latte back home. China is sitting on a big pile of dollars and so are the Saudis, UK, and Japan. As the dollar drops, those people may come shopping here and this can support prices A LITTLE BIT, but only in areas where those people would buy things -- NYC, LA, SF, Chicago maybe, Miami, but sure as hell not anywhere else.

The problem with the Fed's money printing antics is that they can lower the federal funds rate to 1 pct. and print the big money, but they would risk sending long term rates through the roof. Imagine 30 year rates at 10 pct. for FIVE YEARS. That would break people and would screw with corporate financing, commercial paper, bonds, etc. although it would be nice to get long US treasuries at 9 pct. or so.

It would not take much for long rates to spike because they are controlled by foreign investors. The Fed needs to think more about them than Americans when it tinkers with monetary policy because if those people stop buying US Treasuries, Mortgage Backed Securities, and other bonds, rates would skyrocket worse there simply wouldn't be enough money to loan out period. I think the real cause of the current credit crisis is big foreign investors are not buying.

September 12 2007

Stopthebailout.org
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By the way, this message board's inability to accept common punctuation is highly irritating. If you use the percent sign, quotation marks, or other ordinary punctuation, the message won't submit. Maybe James Joyce should post to this board.

Also, as for gold being a barbarous relic, it certainly is in some regards. But it is very closely related to houses in that way. It doesn't produce anything. A stock is part ownership of a company that makes something. Homeownership used to be measured in value by owner's equivalent rent and it still is in the consumer price index, perhaps another relic as you say. But owner equivalent rent does not have anything to do with prices anymore and that makes houses much like gold, a speculative investment that rises and falls in price based on demand driven by leverage.

While I think gold is a bad long term bet in a functioning capitalistic economy. I think we do not have such an economy here. We have a kleptocracy where banks and government get together to make the rules and they can print as much money as they like and hand it out to a favored group to profit from before the price inflation spreads through the economy. The ability of an extra-governmental group like the Fed and its secret banker constituents changes all of the rules.

Under these circumstances where either houses go down in price, or everything else rises, there's some fairly good chance that we will have a little of both and that means HUGE price inflation and gold ought to do very well in such an environment.

People are nervous. Look at that run at Countrywide Bank in Los Angeles. There were lines out of their branches of people taking all the money out of their accounts. Countrywide had to draw down lines of credit that no one thought they would actually use and were supposed to serve as mere paper evidence of compliance with our extremely low and disturbing bank reserve requirements, which by the way are ZERO dollars for deposits up to 100K.

September 12 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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Plenty of house to be had in Detroit for $20k!!!! Get them boys!!!!

September 12 2007

Alan May
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<<By the way, this message board's inability to accept common punctuation is highly irritating. If you use the percent sign, quotation marks, or other ordinary punctuation, the message won't submit. Maybe James Joyce should post to this board.>>

I use them all the time %, ", ?, ? �, �...[ ] ( ) & ? �

what punctuation are you looking for?

September 12 2007

omnimamma
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Folks, Im sorry if this is the wrong place to post this,but I can't find a 'fit' in the topics.
I'm trying to find a tool that will show me a 100 mile radius on a map from my current location. Does anyone have any idea if there is an online tool for this? I have several people looking for something within 100 miles of our town, however it's taking me FOREVER to find a detailed radius I could go 'shopping' in for homes.

September 13 2007

Walty804
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zip codes...

you should be able to find a search engine and plug in zip codes that will accompish your goal.

September 13 2007

Walty804
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back to some of the topic..

there are some seemingly good deals to be had. the challenge is finance. my last loan was too easy....now its going to be allot stricter but if you are qualified to buy I would put your agent to work. give him/her your price tag goal and send them out there into the trenches!

September 13 2007

Brad Slavens, "SlavensRealty.com"
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I agree, with homes dipping down below $417k in CA government loans are a great option. If you are qualified to buy now, then now is your time. It's not everyday that you can afford to buy a home.

September 13 2007

omnimamma
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Thank you for the suggest but the zip codes (the obvious solutions)dont really work.. I almost need a visual radius tool to find what zip codes are IN that radius. Know what I mean?

September 13 2007

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