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Peter P
2005 Nov 13, 1:03pm
I hope that the admin here has provisions for making sure that these blog comments will remain here and be searchable for years to come!
We sure will. :)
not bitter says, "If you can’t afford to buy a house, simply state that you are incapable of buying a house"
First, the *only* reason your house appreciated is because our fed made certain that the next buyer, followed by the next, followed by the next *could* afford to buy it. Therefore, if it should ever happen that one day we really can not afford to buy your shit box that will be the day you can kiss your paper profit goodbye.
Second, what you fail to understand is that the more liquidity the fed pumps into the market so your house can continue to appreciate, the less your house will be worth in real terms in the long run. If you were smart, you’d sell your investment real estate, and put the profit in some inflation protected investment.
"...there is always a buyer in California"
No, only up to a price. And unless interest rates reverse or everyone gets a salary raise, we may be at or near that price limit.
"That $459K condo that is out on the market will be worth $1 mil in 5 years. Mark my words!"
Just wishful thinking on your part. I'm sure that you are not even convinced of that; otherwise you wouldn't be a reader of this blog "for years".
Peter P
2005 Nov 13, 4:17pm
Just check out Michael's comment... the credit spigot is being turned off slowly.
Reflexivity. Boom and bust. We will see soon enough.
Peter P
2005 Nov 14, 3:40am
Opinions please. Sell now at a sell fast price. Or wait til spring, to see if the market is going to pick up a tad.
We cannot give investment advice... but if the market does not pick up significantly, market participants will see that as a major confirmation of bubble bust. There will be a lot of desperate sellers.
It is up to you whether you want to take the chance.
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Excerpts courtesy Ben's site (original article at Inman.com - unfortunately for pay subscribers only: tinyurl.com/accv8)
"Empowering phrases keep the real estate sale moving" - Agents find success through word choice
The type of language we use is a powerful force in the sales process. Successful agents use 'empowering' phrases that keep both seller and agent from feeling like a victim. The phrase, 'I can't,' implies we have no control over outcomes. Try substituting the words, 'I choose not to.'"
"When you attribute your feelings to something or someone else you are also disempowering yourself. Saying, 'This market makes me so mad,' suggests all your problems are the market's fault and there's nothing you can do. Instead name your emotions without blame by saying, 'I'm upset prices are falling.' Now you have room to explore your feelings and consider your options for handling the situation."
"Or try the words of Julie Garton-Good, renowned trainer. Instead of saying, 'The market is terrible,' she says, 'The market has not been as generous lately,' or 'In the economy we are given today, the reward factor isn't as high as it was last year.' These words remind clients that markets are beyond our control, and good things will still come of a sale."
"In pricing, don't tell sellers to 'reduce the price.' Instead, give them the opportunity to, 'reposition the home in the market.' They don't 'have to list' at a certain price, they can, 'choose to place the property anywhere in the market that fits their needs, considering that homes sell faster at one price compared to another.' It's their choice."
Looks like our friends in the realty biz are "choosing to proactively reposition" themselves for a "less generous market" with a "much lower reward factor". In the near future they can encourage their overleveraged sellers to substitute their "needs-based pricing" for a more "reality-based model", and "empower" themselves by "right-sizing" asking prices, then bending over and grabbing their ankles (preferably while making a squealing sound) for prospective buyers. Or (one of my favorite posts from Ben's blog): "...I wouldn't say the market is tanking per se. I like to refer to it as a shit sandwich that must be eaten. -jt"
Gee... have I got the hang of it, yet? Double-plus un-good!
HARM
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