It ain't sick, it's dead. A year ago, maybe even 6 months ago there was a possibility of salvaging the old business/industry. Now we just need to bury the carcass and do something different. There's lots of nice people in the industry. Hard working, ethical and all that. For them I'm sorry but we can't let the others continue to do this. There's a storm coming. Right or wrong millions of people upside down and trapped are going to lash out and the target is going to be the REIC.
23 comments:
I'm not familiar with the topic, but Murst!
I haven't been FIRST in a while.
DAMMIT!
I've been murst in a whale so there!
NURSED!
Rob,
People will lash out. At almost everyone. I agree, the REIC is going to get slammed.
Got popcorn?
Neil
WTF happened to Ahab anyway?
There's got to be a fishnet joke in here someplace.
A whale is a mammal. Mammals only where fishnets for work or something like that.
I've got a f-ing koi so I don't care!
Dead and starting to stink:
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/15/MN8RV2K0E.DTL
I particularly like the line:
"Even though your local real estate agent will tell you, it's OK in this neighborhood or it's a wonderful time to buy because interest rates are low, all that's wrong. If you're buying into this market, you're overpaying."
David Rich and his fiancée, Erin Gaffaney, are ready to buy. The betrothed couple are about to pass the inspections phase of escrow for a Craftsman duplex in Rockridge, potentially their first home. They realize it's possible that prices could drop further or interest rates could improve, but they've been looking for nearly six months and the seller already lowered the price by $40,000 to less than $750,000. "A couple of months ago, it stopped being fun and started being work and stressful," Rich said. "We feel pretty good, the house feels right."
---how sad, its not fun anymore. Rich should talk to some of the people who have waited through the whole boom.
Good article property flopper. Also, it is a little hard to feel sorry for the couple who bought a new house for 1.7 million because their old house wasn't big enough and have not sold the old house yet.
...six months and the seller already lowered the price by $40,000 to less than $750,000.
Oakland 94618
Sales 11 -52.2%
Median $740,000
YOY Median -10.2%
$40k less is a WORSE deal than 6 months ago.
Why isn't there Realtors out there that only work for buyers and who market themselves as ruthless deal getters? I want a lawyers mentality in my agent. They could certainly charge more if they were good.
Realtors in the US are the equivalent of retail merchants in Japan. It just shouldn't cost so much to sell a house. As long as Realtors® good and bad continue to resist pricing reform the entire profession is at risk of disintermediation.
I believe one of your realtor posters here was trying to get buyers to pay him a $5k retainer to print out a MLS and ride in his shiny car.
I wonder how that "pricing reform" is going for him.
Well, I'm trying to convince the spouse that if we need a realtor any time soon, we GOT to hire the one involved with this transaction! 3443453
I just love the description!! And the pictures too!
Great location! Close to Target, Cub, Sams, Bus, Hwy. Brand new windows, hrdw flrs, carpet, granite countertops, appls, wdw treatments, doors, fixt. paint, etc. Oh! Plus a free decibel meter, so it can show you it's much quieter inside than you thought..
A guy I work with , who recently got out of NJ State Prison, (Baseball bat to someone's head), is so proud that he just bought a home from Countrywide.
It was for sale at 296K and his agent got it for him at 290.
I couldn't believe it.
I've been talking about Mad-Max scenarios with the world economic collapse, and mentioned CW a few times as the biggest culprit, I guess he wasen't listening.
I have mixed feelings about how far property is really going to fall. By realistic standards, Sacramento is still high. But I am starting to see friends and family looking at real estate as now a good buy. Baby boomers are still in their peak earning and savings years and they need to invest that money somewhere.
When tech stocks busted in 2000, do you remember if they dropped to the point where people who were going to invest by fundamentals would think they were a good buy? I realize they have gone up since then, but I have never understood the pricing for their P/E/growth ratios.
The world is full of stupid people (yet we aren't allowed to delete them... very annoying).
Anyhow, on Craigslist:
http://sfbay.craigslist.org/eby/wan/575321943.html
Someone wants to borrow 70K, unsecured. They're in trouble and hoping someone else out there is just as dumb as they are.
Anyone want to loan them the money?
I am starting to see friends and family looking at real estate as now a good buy.
A Wall Street Gut is in an accident in 2000. He awakens from a coma in 2008 and asks, "Please, tell me housing isn't up 100% is it?" The doctor replies; " No, for now just 50%." The would be investor replies; "Oh good, I was afraid I'd missed it." [rimshot]
Imagine the stench when this whale gets blown up. Along those lines, it certainly looks like Bernanke is trying to re-inflate aka blow up the bubble again. Famous last words: "Well I'm confident that it will work".. time index 0:53...
disintermediation nice word.. most of the RE shills have disintermediated the space between their ears.. not exactly proper use.. but what the hey..
w, that's an interesting question you ask about finding an agent to work for you in a 'ruthless' fashion. if anyone is buying a house with the current market conditions and is not using a ruthless agent, they're using the wrong agent.
now that i've said that, the reason that most buyers don't use an aggressive agent is that people wish to work with an agent that is a 'friend'. not a friend in the standard meaning of the word, but someone they like. there is a lot more emotion in the buying process than when someone sells a house. so people want to work with someone they feel comfortable with.
so you get your agent telling you that some house has lowered it's price $40,000 and you're so excited about it that you write an offer at that price. sadly, most agents are happy to agree with you that it's great.
oh yeah, i almost forgot, it's a great time to buy a house!
Sac re agent, nice post. Excellent finish.
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