For those who own houses

[RevoL]

i'd do the research on it first to see what the true value of it is, this is where a real estate agent who knows the neighborhood would come in handy. just because he's offering it to you for $50K less than current asking price doesn't mean your getting a deal. there's a reason why its been on the market for this long at that price. it aint worth that much. i'd be sure to check recent comps to see if its even worth 350K. At 400K he'd be paying 20K in commissions (@ 5&#37 which would net him 380K. why would he sell it to you without an agent and lose another 30K to net 350K if it wasn't worth that much to begin with? again do your research folks, the market is a bit different everywhere, my boy's spot in fairfield is sittin on a 1/4 acre, nice house about 2000sq ft in a decent area, he's taken about a 30% loss since he purchased it 2 years ago. the market is going to do what it's gonna do regardless if you have a big lot or not. i think your being too optimistic if you think you're gonna make 100K in 2 years

 

[GHP]

right now is the time to buy especially in AZ where the market got hit hard. My house sold for 200k in 2006 and I got it for 102k. I put a small good faith payment down in which I got like more than half of it back and got some kind of credit that applied as a down payment. I had a good agent and en even better loan officer, they hooked me up.

When the market bounces back in a couple years I'm gonna be sitting on something fat

 

[ColdBlooded]

Ahh.. I forgot, the all knowing Mr Rictus is the only one allowed to make predictions. I should have known you know everything about everything, including events in the future. How bout you take a look at housing history and find a dought that has lasted as long as what you're predicting.

Maybe if you spend half as much time doing a little bit of research as you do patronizing people on this board, you wouldnt look like the pompous piece of shit that you do.

I don't even need to. Look how many posts have already been made correcting you on your "logic".

The open forum is rarely worth the time. Single line statements of superior knowledge do just fine in here. Every time I do expand on things it goes over most people's heads or else totally crushes someone's initial dispute with my statements. While I'm all for embarrassing people, even on the internet, when they start talking about things above their pay grade, it still is, more often than not, a waste of my time.

Today it just isn't worth my time to explain to you why I'm right, again, and you're not.

RevoL is doing a satisfactory enough job as it is.

 

[I. Cold]

^nah, man.. you just come off as a fuckin nerd. You aint destroying shit or embarrassing anyone.. just continuing to make yourself look like a bitter asshole.

"still a waste of your time?" putting us simple minded folk in our place? lmao.. shut the fuck up you comic book collecting geek. you spend half your goddamn life trolling these forums looking for someone you can talk down to. and on a gangsta rap message board of all places! yeah, good place to spread your intellectual wings. you're impressing everyone.

and revol is talking to me like a human being.. what you're supposed to be doing on a message board.

 

[ColdBlooded]

 

[I. Cold]

Wow. How far did you have to dig in your repetoir of witty comebacks to find that one?

 

[Dz Nutts Radio]

haha, flip that house. That shit was on this morning when I was getting ready for work. I just bought a house on 1/3 of an acre for $135,000, but that's in Modesto. :ermm: I'm guessing you're buying in the bay, right?

yeah santa rosa

 

[Dz Nutts Radio]

i'd do the research on it first to see what the true value of it is, this is where a real estate agent who knows the neighborhood would come in handy. just because he's offering it to you for $50K less than current asking price doesn't mean your getting a deal. there's a reason why its been on the market for this long at that price. it aint worth that much. i'd be sure to check recent comps to see if its even worth 350K. At 400K he'd be paying 20K in commissions (@ 5&#37 which would net him 380K. why would he sell it to you without an agent and lose another 30K to net 350K if it wasn't worth that much to begin with? again do your research folks, the market is a bit different everywhere, my boy's spot in fairfield is sittin on a 1/4 acre, nice house about 2000sq ft in a decent area, he's taken about a 30% loss since he purchased it 2 years ago. the market is going to do what it's gonna do regardless if you have a big lot or not. i think your being too optimistic if you think you're gonna make 100K in 2 years

buying a house 2 yrs ago fucked a lotta people, market ewas overpriced! erbody took a loss , my cousin bought a house two yrs ago, losing his ass now.
the guy that owns the property im looking at is a family friend, thats why he is willing to werk with me by waitng to rid the agent..more money in both our pockets. the house gets shown like 1-2 xs a week acoording to owner. people are turned off cuzz people aint lookin for a fixer uppper now. i am though, the house has 70s wood paneling on the linvinrooms walls, which is ugly as fuck which turns away alotta people is what the owner told me. i was against it atfirst but i figured out a lil sheetrock and im GOOOOOD!!!

the market will be back in a couple yrs.. ill be there waiting with my hands out

 

[rekomstop]

I own a home (not bank owned, I actually own it) and yes, let them do the work for you. Just watch out on the intrest and don't take out equity to be flashing on a whip with dubs etc etc...

yes, everyone PLEASE listen to him, people take out equity and get FUCKED in the ass!

And that's why I'm eager to buy as soon as I can because I'm afraid if I wait too long, the market will rebound and it will no longer be a buyers market.

my mom is waiting until summer of next year, but then again we are in a whole diff. region of the u.s.

it really depends on what market or major business(es) employ the people that are middle class, if its Nasa, of any other government affiliated company, then of course it will be a very steady increase (or neutrality) in home prices, but it might drop in certain areas still.
But then again, we never know who will be elected and how the majority of gov. spending and bartering will be panned out.

 

[ColdBlooded]

Foreclosure filings in August broke the 300,000 mark in the United States, the most properties having papers filed against them since foreclosure reports were first issued by RealtyTrac more than 3 years ago.

One out of every 416 households in America received a foreclosure notice in August, also the highest rate seen by the company since it started issuing its monthly report in January 2005.

 

[big D]

I agree with Rictus 100%. I'll go further and say 2011 or later until most areas see a turnaround. The foreclosures will saturate the market with cheap housing. You'd think thats good and the market will rebound, but the problem is its forcing down the values of those people's homes that have to sell in order to buy these foreclosures. Many people not getting forced into bankruptcy have little or no equity to buy. Too many people have re-financed recently with cheap rates meaning most of their monthly payment is going toward interest, not principle.

On a side note....owning a house is over-rated. Unless you can comfortably afford a 15yr fixed mortgatge...don't buy. There are too many hidden costs of ownership that aren't taken into consideration, IMO. Only during a period of high appreciation would i go against my own judgement. I don't feel we'll see a period of high appreciation for quite some time.

 

[Sneak]

Pros of a real estate agent:

1. They do the paper work
2. They know how much houses sell for
3. They know when nicer houses and bang for the buck houses come up.

 

[Sneak]

I agree with Rictus 100%. I'll go further and say 2011 or later until most areas see a turnaround. The foreclosures will saturate the market with cheap housing. You'd think thats good and the market will rebound, but the problem is its forcing down the values of those people's homes that have to sell in order to buy these foreclosures. Many people not getting forced into bankruptcy have little or no equity to buy. Too many people have re-financed recently with cheap rates meaning most of their monthly payment is going toward interest, not principle.

On a side note....owning a house is over-rated. Unless you can comfortably afford a 15yr fixed mortgatge...don't buy. There are too many hidden costs of ownership that aren't taken into consideration, IMO. Only during a period of high appreciation would i go against my own judgement. I don't feel we'll see a period of high appreciation for quite some time.

Owning a house is over-rated? First time I ever heard that. You can go ahead and pay rent on an apartment and not earn any equity. There arent any hidden costs, just people that make informed decisions.

 

[ayo4yayo]

If I were you I would just rent, jump from city to city if you want. If your in it for money, look for a foreclosure in a good location and up the rent. People are looking for rentals nowadays so they dont have to worry about other expenses (HOA,taxes ETC.). Theres also a deal on first time home buyers. dont feel like explaining. do your research.

 

[DaBay]

My uncles a Real estate Agent and He doesnt get payed by the BUYER the BANK pays him.
and theres alot of Houses/aparment/town homes etc that doesnt go online
and need to have an agent go on a site that realtors go on to look around
for your price range. and they do all your paper work that takes a month of bullshit

who ever needs a realtor get at me

 

[GHP]

If you are in phoenix I can give you the number to my agent, low key old guy sold my grandma her house too and I have an awsome loan officer too basically paid me to buy a house. I got almost everything I put down back.

 

[Hu$tle530]

Owning a house is over-rated? First time I ever heard that. You can go ahead and pay rent on an apartment and not earn any equity. There arent any hidden costs, just people that make informed decisions.

Did you even bother to read what he wrote after?

"Unless you can comfortably afford a 15yr fixed mortgage...don't buy"

Do the math on how much more interest you pay to for the extra 15 years. Just ask all the people who bought a house the last 3 years on how informed their decisions where............ they are prob. paying 1 1/2 what it would cost to rent, a grip of property taxes and they wont build back their previous home value for at least 5- 10 years.............

 

[ColdBlooded]

http://www.arizonahcc.org/education.html

^^^ For AZ residents

 

[ColdBlooded]

House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month's credit crisis.

The S&P/Case-Shiller home-price index dropped 16.3 percent from a year earlier, more than forecast, after a 15.9 percent decline in June. The gauge has fallen every month since January 2007, and year-over-year records began in 2001.

The housing slump is at the center of the meltdown in financial markets as declining demand pushes down property values and causes foreclosures to mount. Banks will probably stiffen lending rules even more in coming months to limit losses, indicating residential real estate will keep contracting and consumer spending will continue to falter.

``The fact that house prices quickened their slide before the worst point in credit markets hit this month does not bode well,'' said Derek Holt, an economist at Scotia Capital Inc. in Toronto.

. . .

Compared with a year earlier, all 20 areas showed a decrease in prices in July, led by a 30 percent drop in Las Vegas and a 29 percent decline in Phoenix.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aEyKpTpk90C0&refer=home

 

[KEEPIT100]

If you are the buyer I dont know why you would not want an agent. The seller pays the cost at closing to the real estate agents. Not sure why anybody would make a major commitment without a professional involved.