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home owners always say 'now is a great time to buy'
invite response
2010 Jun 2, 3:56am 1,476 views 5 comments
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permanent_marker
2010 Jun 2, 4:02am
Patrick
posted this from Chrome (Mac). The WYSIWIG editor looked fine (image attached). But the formatting didn't come out as expected.
any thoughts?
CrazyMan
2010 Jun 2, 5:16am
Don't use chrome?
Sorta related. Years ago (probably 2005) I told my uncle his house in Hollister would be worth 50% less in a few years than what is was then.
He argued and argued, completely insulted. Saying things like "that's not possible". He was so mad.
Fast forward to now and he wishes his house was *only* worth 50% less. Oh how things change.
Correction coming to a bay area near you.
Patrick
2010 Jun 3, 12:48am
Thanks for posting that. Added to bug list. It's always easier to understand these things with a screenshot.
I am a home owner (well, I have a mortgage like most, so I guess I am still "buying" LOL) and I would say a lot of it depends on what you are looking at and what area you plan to buy.
houses here in the 100k - 175k appear to be moving fine, as based on what seems like a common middle class income out here they are affordable using the 3 times your income level rule. Its the stuff that is 200k and above that is having trouble moving, or at least, appears to be from some of the houses still sitting on the market.
And from what I can tell, it seems that part of it could be that the houses being offered are the same types as those being built brand new for the same prices with specials. People see that, and at least if I was them, figure "why should I buy a used home for the same price as a new?".
And pretty much all the new houses that I have seen are in this price range. Those that would be in the range of what I bought my house at (4Br 2bath 1900sqft) $135k that are being built new are like $150k + specials (about $20k ) or more.
In our area if you are looking for a home in the price range that is 3 times your income with money down and are going to stay under the magical 199k price or even better around $150k, when the government had that credit going on, it probably was a really good time to buy out here at least.
Higher than that, probably not a good time right now.
so in short, its a local thing.
I get this universally from my friends, that are home owners.They always say "NOW is great time to buy".I always chuckle and say,  'yeah we will see'.One time, a friend's wife let it slip  "you did a smart thing and didn't buy, we bought at 2005 and now stuck".oh the peer-pressure :-)