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26 Offers. First-Time Home Buyers Are Screwed.

By donjumpsuit   Follow   Fri, 18 Jan 2013, 6:56am   3,642 views   72 comments
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http://www.bayarearealestatetrends.com/2013/01/26-offers-first-time-buyers-screwed/

“Tell them to not even bother,” said the listing agent apologetically about my first-time home buyers. “There is simply no way they can compete.”

NIZE

Real Estate is as healthy as ever!

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1. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

   33   10:59pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   E-man says LOL! Thanks for the laugh. You're funny uncle Jody. :) That's Daddy Chunder™ -- and I wasn't joking. Victoriville is up 20% YOY, and things are looking good for the next several years before I finally offload this crap and retire. IOW, my cha-ching is bigger than your cha-ching! https://www.evernote.com/shard/s1/sh/d5b94e7b-a9cf-4358-b828-1c12f950d72f/76287f41f73c48de4a9147392999d1f7 On the flip side, do you actually think you're going to experience linearly upward appreciation where you are? If so, what will drive it? And don't you goddamn dare say Chinese investors!

2. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   34   11:30pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   Uncle Jody, Santa Clara County is up 28% YOY on SFHs and 30% YOY on condos. I expect my market to consolidate in 2014 and 2015 before appreciating again. The next market top is 2018-2020. :) Looks like we have been adding quite a bit of jobs here in the Silicon Valley. The traffic is getting worse by the days. That's what driving the housing market here. I don't know the actual percentage of foreign investors buying housing here, but it is noticeable.

3. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

   35   11:39pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   bmwman91 says via web-ad revenue na... much is still product / services in SW and HW. Ad Revenue is two small to make a difference... there is no unlimited ad revenue market worth trillions and trillions. we do make what the customer needs, enterprise systems, much is for running business.

4. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

   36   11:43pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Kevin says Its expensive because of all of the childless, drinks, single professionals, and tech money. like it was back in the 70s 80s and 90s. Oh yea... NOT !

5. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

   37   11:56pm Tue 22 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   E-man says Santa Clara County is up 28% YOY on SFHs and 30% YOY on condos. It's primarily just a FED induced RE rally, though. Granted, it's the same thing driving prices up here in Victorville, but unlike SCC, Victorville actually hit a deep trough from which it is now surging (only to trough again, of course). I bought in the trough, and am enjoying the wave. Admit it! You wish you'd listened to me and bought yourself some desert parcels! FOOL! ; D E-man says The next market top is 2018-2020. :) Did your crystal ball come with a user's manual? Did you ever read it? Minus the odd rally here and there, it's diminishing returns/consolidation/consumer deleveraging for the rest of your life, junior. I know the windows in the casino make it look like the party'll never end, but...I'm sorry... E-man says Looks like we have been adding quite a bit of jobs here in the Silicon Valley. The traffic is getting worse by the days. That's a pretty folksy metric for job growth! The traffic was insane in Florida when I was there for a few weeks two years back and their unemployment was something like 12%! I see a big difference between the parabolic growth in tech in the 90's and the growth we're seeing today. The overall compensation is still very competitive in order to attract talent, but it just doesn't go as far (gas in '99 was .87 cents). Besides, much of the really smart/savvy employees (typically the highest compensated) tend to split Siilycon Valley as soon as they can cash in their chips. That's because it's a boring ass city. I see this as a growing trend going forward. All that will be left aside from a few diehards are the also-rans and investor nerds. E-man says Uncle Jody, DADDY! I've never been anybody's uncle!

6. Homeboy Follow Befriend 13 threads 1,480 comments

   38   12:35am Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike   I made an offer on a house in 2009 that ended up getting 80 offers. I made an offer on a house in 2010 that ended up selling for 35% over asking price. 26 offers? 10% over asking price? Big deal.

7. REpro Follow Befriend (1) 22 threads 469 comments San Jose, CA

   39   7:45pm Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike   In SFBA: “No cash – no house amigo”. Every broker I worked with, asked me how much cash I have.

8. E-man Follow Befriend (31) 34 threads 2,545 comments San Jose, CA Premium

   40   8:14pm Wed 23 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   REpro says In SFBA: “No cash – no house amigo”. Every broker I worked with, asked me how much cash I have. I beg to differ. It's not how much cash you have. It's all about the connections.

9. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

   41   8:48pm Wed 23 Jan 2013   Share   Quote   Permalink   Like (4)   Dislike   Protected   REpro says In SFBA: “No cash – no house amigo”. The manipulation of consumer sentiment here is so transparent: the more expensive or exclusive you make something, the more covetous the consumer becomes. That's how you get dupe A into outbidding dupe B: by making the idea of slowly dying of boredom in a 60 year old 900 sq ft rambler in Nerdopolis seem like something downright exotic. Victorville's looking better and better everyday, folks...

10. TechGromit Follow Befriend (6) 85 threads 969 comments 44 male Egg Harbor City, NJ

    42   10:15am Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   The Real estate "Bubble" isn't back, at least not for most of us. The problem with the Real Estate bubble in 2005 was all markets were way over priced, the supply shortage is mostly confined to the bay area, there certainly isn't 10 offers, with offers over assessed value for houses for sale in my area.

11. Call it Crazy Follow Befriend 229 threads 2,767 comments

    43   10:53am Thu 24 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   TechGromit says the supply shortage is mostly confined to the bay area, there certainly isn't 10 offers, with offers over assessed value for houses for sale in my area. That's because many of the houses in your area are out laying in the ocean after Hurricane Sandy.... :)

12. Kevin Follow Befriend 40 threads 2,652 comments

    44   8:42pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   There is a big supply shortage being reported in every major us metro. People aren't selling.

13. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    45   8:46pm Thu 24 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Kevin says There is a big supply shortage being reported in every major us metro. People aren't selling. I drive down the street and see many "FOR SALE" signs on homes..especially on weekend.. But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend.. I suggest you look at if this is also true in your Metro.. I am sure you will find it true.

14. gregpfielding Follow Befriend (9) 43 threads 288 comments Danville, CA gregpfielding's website

    46   8:51pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says I drive down the street and see many "FOR SALE" signs on homes..especially on weekend.. But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend.. I suggest you look at if this is also true in your Metro.. I am sure you will find it true. I haven't seen this at all in my part of the East Bay.

15. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    47   8:55pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   robertoaribas says move to a small town in the midwest, and quit bitching about how expensive the bay area is... or move to nevada or something. maybe reno, and you could fly back to the bay area, or even drive whenever you want to spend a weekend. thats what business does.. move out of SFBA.. to North West... South West and Texas.

16. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    48   8:57pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   gregpfielding says I haven't seen this at all in my part of the East Bay. just saying... keep open mind about how complete these listings are.. no requirements.

17. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

    49   9:58pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   thomaswong.1986 says But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend.. Very true -- but this is a growing trend outside of California, too. Patrick once discussed why pocket listings were not advantageous for buyers, but I can't find the thread now.

18. REpro Follow Befriend (1) 22 threads 469 comments San Jose, CA

    50   10:14pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   Pocket listing is growing due to low inventory. Having own listing is like finding a golden egg now.

19. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

    51   10:20pm Thu 24 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike   Protected   I predict some folks'll sure feel duped when the time comes that EVERYONE'S walking around town with one of what they thought were once so rare -- especially when they paid the concomitant premium that goes along with *RARE*

20. REpro Follow Befriend (1) 22 threads 469 comments San Jose, CA

    52   10:23pm Thu 24 Jan 2013   Share   Quote   Permalink   Like   Dislike   JodyChunder says I predict some folks'll sure feel duped when the time comes that EVERYONE'S walking around town with one of what they thought were once so rare -- especially when they paid the concomitant premium that goes along with *RARE* Yep, can happen. Like open just bought spoiled 100 years old bottle of wine.

21. TechGromit Follow Befriend (6) 85 threads 969 comments 44 male Egg Harbor City, NJ

    53   12:46pm Fri 25 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   I wonder what the "For Sale by Owner" market looks like. It was pretty rough there for awhile, because so many people had trouble selling there houses due to the rough market people started started using realtors again. If there's so many offers on anything that comes on the market, they I see little reason to use a realtor, you should be able to successfully market your house yourself.

22. Call it Crazy Follow Befriend 229 threads 2,767 comments

    54   12:52pm Fri 25 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   thomaswong.1986 says Kevin says There is a big supply shortage being reported in every major us metro. People aren't selling. I drive down the street and see many "FOR SALE" signs on homes..especially on weekend.. I drive down many side streets and see bunches of empty houses without "for sale" signs on them. There are three within one block of my house now. The few that come on the market are mostly underwater and the owners are asking unrealistic prices for them, even though there's no chance they will get anything close to what their mortgage balance currently is...

23. New Renter Follow Befriend (3) 13 threads 2,201 comments San Jose, CA Premium

    55   4:14pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   JodyChunder says I rode my bike down there from Texas the summer of '58 and loved it better than anyplace else on Earth -- despite a nasty hurricane and the turmoils unfolding at the time. This was just before the shit hit the fan down there. You rode a bike from Texas to Cuba??? Joey Chunder... JC... OMG!! HE'S BACK!!!

24. The Professor Follow Befriend (5) 24 threads 1,302 comments Premium

    56   4:34pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Protected   New Renter says JodyChunder says I rode my bike down there from Texas the summer of '58 and loved it better than anyplace else on Earth -- despite a nasty hurricane and the turmoils unfolding at the time. This was just before the shit hit the fan down there. You rode a bike from Texas to Cuba??? Joey Chunder... JC... OMG!! HE'S BACK!!! He never left.

25. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

    57   7:35pm Fri 25 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected   New Renter says You rode a bike from Texas to Cuba??? A motorbike - an oil pissing '52 AJS I traded my cousin for. New Renter says Joey Chunder... JC... OMG!! HE'S BACK!!! Ol' JC is always here for you, my son.

26. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    58   7:44pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   JodyChunder says a growing trend outside of California, too. exactly... becoming the norm.. so all the inventory numbers have become meaningless.

27. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

    59   7:47pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   thomaswong.1986 says so all the inventory numbers have become meaningless. Somebody just shitcanned the idea a few comments above, pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states?

28. hrhjuliet Follow Befriend 7 threads 87 comments

    60   7:51pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   JodyChunder says I'm just sympathetic to being born too early/too late. I have been alive a long time, and I can see in vivid detail how the boomers fucked up a good thing. The power of Monetary Policy, as the great Polanyi illustrated some 70 years ago in his book The Great Transformation, should not be underestimated. It rends and puts asunder everything from business concerns to marriages and household formation. It is truly a destructive force. Thank you. You may be the only boomer who gives a darn - thank you just the same. (:

29. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    61   7:52pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   Call it Crazy says I drive down many side streets and see bunches of empty houses without "for sale" signs on them. There are three within one block of my house now. The few that come on the market are mostly underwater and the owners are asking unrealistic prices for them Crazy, what city/neighborhood is it?

30. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    62   7:58pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   JodyChunder says pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states? god knows what their internal policies are regards listing on MLS.. more like hearsay and speculation.

31. hrhjuliet Follow Befriend 7 threads 87 comments

    63   8:00pm Fri 25 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   robertoaribas says good grief, my family left Barcelona and fled across the mountains into France to escape death when the fascists took over. My direct family (grandfather, grandmother) went to Cuba, where my father was born... They escaped out of Cuba to NYC with nothing... cost of living a tad high seems like an itty bitty thing. That's out of touch. I would leave this mess called Silicon Valley, but it's very complicated. Everyone's story is different, you are in real estate, that's working for you - more than working you, you seem to love it, and like a religion and it has given you what you need to fill your holes. Your personal experience doesn't qualify you to judge other people's choices - it's not as simple as it looks to you in your real estate temple. Things are not black and white.

32. JodyChunder Follow Befriend (3) 16 threads 1,371 comments Victorville, CA Premium

    64   8:19pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   hrhjuliet says Thank you. You may be the only boomer who gives a darn - thank you just the same. (: Only I'm not a boomer!

33. thomaswong.1986 Follow Befriend 15 threads 2,838 comments

    65   10:21pm Fri 25 Jan 2013   Share   Quote   Permalink   Like   Dislike   JodyChunder says the more expensive or exclusive you make something, the more covetous the consumer becomes. That's how you get dupe A into outbidding dupe B: by making the idea of slowly dying of boredom in a 60 year old 900 sq ft yes.. you said it...

34. SJ Follow Befriend 17 threads 157 comments

    66   8:00am Sat 26 Jan 2013   Share   Quote   Permalink   Like   Dislike   More reason to move out of the overpriced overated bay area.

35. gregpfielding Follow Befriend (9) 43 threads 288 comments Danville, CA gregpfielding's website

    67   10:53am Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   thomaswong.1986 says pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states? god knows what their internal policies are regards listing on MLS.. more like hearsay and speculation. It's not true of every REO or every bank within California. Some will look at offers right away. Others, like Fannie Mae, often have a window for owner-occupants and then a later window for investors.

36. Call it Crazy Follow Befriend 229 threads 2,767 comments

    68   11:33am Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   B.A.C.A.H. says Call it Crazy says I drive down many side streets and see bunches of empty houses without "for sale" signs on them. There are three within one block of my house now. The few that come on the market are mostly underwater and the owners are asking unrealistic prices for them Crazy, what city/neighborhood is it? Central New Jersey

37. tatupu70 Follow Befriend (3) 15 threads 5,619 comments

    69   11:48am Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Central New Jersey Where exactly are you looking? I'm in central Jersey and I don't see any...

38. Call it Crazy Follow Befriend 229 threads 2,767 comments

    70   12:11pm Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   tatupu70 says Call it Crazy says Central New Jersey Where exactly are you looking? I'm in central Jersey and I don't see any... Apparently, your not looking close enough... Westfield isn't really central NJ..... I know you're new there... you'll learn...

39. tatupu70 Follow Befriend (3) 15 threads 5,619 comments

    71   12:27pm Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Apparently, your not looking close enough... Westfield isn't really central NJ..... I know you're new there... you'll learn... You're probably correct. I don't know where North ends and Central begins. On Craigslist, it seems that the area around me is generally listed in Central, but that's probably not the definitive guide I'll admit. To your point--I'm sure there are people in pre-foreclosure in Jersey, but I don't see many empty houses.

40. Call it Crazy Follow Befriend 229 threads 2,767 comments

    72   1:20pm Mon 28 Jan 2013   Share   Quote   Permalink   Like   Dislike   tatupu70 says ou're probably correct. I don't know where North ends and Central begins. That's your fault for moving here, I tried to warn you!! Union County sort of falls in the lower part of North Jersey, pretty much right on the line on Central and North. tatupu70 says To your point--I'm sure there are people in pre-foreclosure in Jersey, but I don't see many empty houses. Westfield is like a culture of it's own, you might not see many empty house in your town but venture into Cranford, Garwood, Clark , etc. and you'll probably see more... There's a ton of pre-forclosures that have popped up recently now that the robo-signing deal was reached. Time will tell how fast these come on the market.

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