04-06-2011 03:44 PM
I read the posts of frustrated buyers and I totaly agree, I am however a frustrated seller that hopes to be in the frustrating stages of buying.
I bought my condo for $510,000, added 60-80,000 in improvements and I am now unable to sell the condo for as low as $438,000 which is just enough to cover the reminder of my loan. On the same time I am stragling to find a new loan for the new home that I would like to buy (depending if I can ever sell).
The loans seems to be so tight right now that the current situation of the housing market has no chance to recover, i.e. buyers cannot get a loan so the sellers must lose and sell for less making it more and more challanging for recovery.
04-09-2011 09:04 PM
I really feel for you, but what possible recovery can anyone even be talking about ? There won't be any recovery until people realize that homes need to be supported by incomes not by some pie in the sky price. The market got ridiculous due to loose lending by banks. These same banks got bailed out by us, and now are not lending because they don't want to be in the same situation as they were before. There won't be a recovery, forget about it, people will eventually come to their senses and realize that houses are not piggy banks. The real-estate market is done for now. If you want to sell you must lower the price until a buyer willing to pay for it comes along.
04-10-2011 01:02 PM - edited 04-10-2011 01:18 PM
So true.. This fantasy of "your house is a piggy bank" is the worst thing that could happen. The homeless population in New York City exploded when housing prices increased in the early 80's. High housing prices spread across the country and in the 90's the prices went too high in California (following New York's lead) and Los Angeles continues to be overwhelmed with a high population of homeless. Somewhere the concept of housing as a necessity, not an investment, was lost. A few people became very rich selling buildings they paid 30,000 for a million. It's been so ridiculous and has caused a lot of pain to a lot of people and "a recovery" will just exacerbate the pain. I've lived in New York City and now in Los Angeles.
04-11-2011 09:24 AM
Sorry but You all deserve the place you are in. Greed made you obtain something that you knew you Could Not Afford. You wanted The Whole Pie instead of a Slice. Do I feel Bad? Yes I do for Your Children because They Did Not Have a Choice but To Follow You Over The Cliff You Led Them. The Market is Barely Stabilizing but It Still Needs To Be Driven Down. You All aGREED to buy your home or condo at a ridiculous price and Assumed You Were Taking The Lenders For a Ride when it Was They Who were Conning You...Now you want to Recoup your Money for a Condo??? You knew they were 30 year Loans or Whatever Dumb Loans they Offered...The Whole Point is to Ride The Wave of Bad Loans You Signed...The People Who Deserve Credit Are The One's Who Said No! to Unrealistic Loans and Held Their Ground and Did Not Jump in a Sinking Boat...Keep Your Condo or Be Realistic About Your Sale...
04-13-2011 11:01 AM
Greed, huh? Oh, that totally explains it. Everyone must now suffer for their sin of greed. Remember that next time you want to live in a nice neighborhood with a great school system for your children, that's WRONG! You're being greedy!
Look, if you buy a home that you can afford the payments no matter what it's worth today, how is that being greedy?
Two years from now all these doom and gloomers will still be paying rent to someone. A "greedy" landlord, no doubt.
Evryone who buys now is buying along with the big investment houses that have offered their holdings as having a 15% return.
You can choose to believe the disinformation or you can take control of your lives. I suspect the negative posters in this thread are too fearful to do that. They'd rather cast blame.
04-14-2011 01:10 AM
The bottom line is that housing is too expensive and costs too much to maintain on top of the mortgage. People will continue to be homeless as they can't afford the high price of housing, renting or buying. This will never end until prices become reasonable for all to afford. The economy will not recover fully until people can spend their money on other things besides their house. The majority are Living paycheck to paycheck just to pay rent or mortgage, which these days is 60% of their income (30 years ago the norm was 25%).
04-14-2011 05:07 AM
04-14-2011 09:50 AM
You were my assigned agent on ziprealty a few years back. I have an email from you written to me on December 11, 2007 ( am happy to post it here if you like). Guess what? You were peddling the same story you are peddling now. If I listened to you back then I'd be down at 20%. Meanwhile you would of had your commission at the time and your response to me now would be, but you live in a nice neighborhood and can afford the payments.
You mean it wouldn't matter that the house would be down 20% after the historic housing bubble??? Guess what I am renting a nice place with my family and we are not dependent on a house that would be down if we bought. We can move anywhere we like and cherry pick foreclosures and short sales, the volume for which is only beginning to pick up.