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Mandelon
07-15-2004, 01:33 PM
"Home-price growth seen slowest since '70s"
Fed estimates only 2.6 percent rise over next 3 years
by The Associated Press
July 14, 2004
WASHINGTON - U.S. house prices are likely to grow at the slowest pace in more than three decades as interest rates climb and land prices take a tumble over the next three years, researchers at the Federal Reserve have estimated in a new study.
The study, published on the central bank's Web site recently, asserts that if U.S. disposable income and short-term interest rates climb as much as Wall Street expects them to, nominal existing-house prices would increase a cumulative 2.6 percent over the next three years. That would mark the lowest rate since the government began keeping records in 1970. The number implies high odds that house prices will decline in inflation-adjusted terms.
The conclusions validate the unease of many private economists who fear the U.S. housing market, having benefited recently from rapid price gains that helped maintain strong consumer spending through a recession, may become a source of economic instability as interest rates climb.
Prices of existing homes rose by more than 20 percent cumulatively over the last three years, according to the National Association of Realtors. The association has been predicting only a modest slowdown for the next few years.
"Of primary concern to some analysts is whether the recent run-up in aggregate home prices will be somewhat reversed, much like the 1985-90 and
1990-1995 experience," when inflation-adjusted house prices declined in several major metropolitan areas, write the authors of the Fed study, Morris Davis and Jonathan Heathcote. Davis is a Fed economist; Heathcote is an assistant professor of economics at Georgetown University.
They conclude a reversal of those magnitudes — involving land-price declines of as much as 10 percent — is likely.
The NAR disagreed with that assessment. "The (house-price) number is just unreasonably low and doesn't match up with the underlying factors, such as the tight supply conditions and very low mortgage rates," said Lawrence Yun, the association's senior economist. He said consumer spending would slow "if that report is correct, and there is a very minimal return that people can expect" from house purchases. The association's own forecasts call for nominal house prices to rise about 15 percent over the next three years.
Fed policy makers have generally rejected the view of commentators who argue that rising U.S. house prices have created a "bubble" in the market that could destabilize the economy if it bursts. The rise of house prices, Fed Chairman Alan Greenspan and other officials have said, is bound to slow as interest rates climb. But they said a destabilizing drop in prices isn't likely.
"Some factors, including increasing prosperity and wealth associated in part with rapid gains in labor productivity and earning power, should help support house prices in the future and thereby reduce the risk of a sizable correction in which prices actually fall across a large number of localities," Fed Governor Donald Kohn said in a speech in April.
The Fed researchers said they studied the question by using data from government-sponsored mortgage giant Freddie Mac, the Census Bureau and the Bureau of Economic Analysis to construct a quality-adjusted price index for the stock of residential land in the United States. They found the formula they developed would have broadly predicted the actual changes in the market values of homes recorded in Census data over the last 20 years.

welk2party
07-15-2004, 01:38 PM
You gotta love an article that starts with one opinion and then gives you another one in the end. Southern Cali is and will continue to grow period. Too many people want to live here.

Havasu_Dreamin
07-15-2004, 01:40 PM
Originally posted by welk2party
Southern Cali is and will continue to grow period. Too many people want to live here.
And those of us that can't afford to buy a home will continue to be priced out of the market.

welk2party
07-15-2004, 01:55 PM
Originally posted by Havasu_Dreamin
And those of us that can't afford to buy a home will continue to be priced out of the market.
Depending on where you want to live. There are affordable places to be had. The Inland Empire will be grwoing like Orange County for the next 15 years. You can buy a home in some areas for the low 200's right now.

Havasu_Dreamin
07-15-2004, 01:58 PM
Originally posted by welk2party
Depending on where you want to live. There are affordable places to be had. The Inland Empire will be grwoing like Orange County for the next 15 years. You can buy a home in some areas for the low 200's right now.
Yes, very true, but when you have a well paying job in the San Gabriel Valley, that you like no less, living in Riverside or Beaumont long-term is not an attractive option. Just about the furthest East I'd like to commute to my job from is Rancho Cucamonga and that is still 40 miles and is up there in price now.

Dr. Eagle
07-15-2004, 02:00 PM
Exactly what I was expecting.... yet to be noticable though...

welk2party
07-15-2004, 02:03 PM
The prices are not favorable for people that are rooted already. But the Inland Empire is affordable and business is starting to arrive for jobs. People just moving here are likely to move there for obvious reasons. I sell land in this area and the growth is amazing. My clients are making a bundle!

CA Stu
07-15-2004, 02:05 PM
Originally posted by welk2party
You gotta love an article that starts with one opinion and then gives you another one in the end. Southern Cali is and will continue to grow period. Too many people want to live here.
Real estate is a cyclical market, as are most markets that I'm aware of.
It's all basic supply and demand.
I bought my house in 1998 for $100k less than the previous owner owed on it when it was repossessed! He refi'd in 94 or 95.
I reckon the real estate market goes in about 7 or 8 year cycles, and I predict a market correction in 2005. I have said so for years.
In the long run, you can't lose with real estate, you just have to have deep enough pockets to be in it for the long run.
All these poor folks that are cashing out all the equity in their home, living beyond their means and earning just enough to pay thier debt service are building their castles on sand.
Don't people understand that when you refinance your house, you're just borrowing money? Sheesh!
Who wants to pay more and more interest? Not me!
Thanks
CA Stu
PS The opinion expressed above is that of a 909 High School Graduate.
:(

Havasu_Dreamin
07-15-2004, 02:09 PM
Originally posted by CA Stu
PS The opinion expressed above is that of a 909 High School Graduate.:(
ROFLMAO!

FREIND OF AA AND TA
07-15-2004, 02:23 PM
Santa Clarita has trippled its inventory in the last 90 days. It is a good thing for buyers. Price reductions are here and commisions are up. We've sold five homes this week. We are hoping its just a wierd lul in the market!

CA Stu
07-15-2004, 02:26 PM
Supply and demand, I tell ya..
Friend of mine took out an equity line on his house and used part of it to put a down on another house he plans to use as a rental :confused:
I did a search at homeseekers.com, and there are 342 (yes, 342) houses for sale in that same zip code!
I think he's on crack!
Thanks
CA Stu

Dan Lorenze
07-15-2004, 02:29 PM
Don't people understand that when you refinance your house, you're just borrowing money? Sheesh!
You're absolutly correct... If you pulled out 30 grand for a car or 50 grand for a boat that means you just agreed to finance it for 30 YEARS... :eek:

HCS
07-15-2004, 02:32 PM
Things are nuts here. Houses are selling for an all time high.
They can't build them as fast as there selling.
The value of my home has increased about 60% a year for 4 years
straight.

welk2party
07-15-2004, 02:33 PM
Originally posted by CA Stu
Supply and demand, I tell ya..
Friend of mine took out an equity line on his house and used part of it to put a down on another house he plans to use as a rental :confused:
I did a search at homeseekers.com, and there are 342 (yes, 342) houses for sale in that same zip code!
I think he's on crack!
Thanks
CA Stu
I would not rely too much on the online numbers. They tend to be highly outdated. Remember folks, the houses depreciate and the land appreciates. If your friend can afford the payment on the rental without renting it out, then I say go for it. Not to sound like a sales guy, but I sell land to people like him and they never have to worry about being a landlord. Just the benefit of long term appreciation.

RiverDave
07-15-2004, 02:36 PM
Originally posted by Havasu_Dreamin
And those of us that can't afford to buy a home will continue to be priced out of the market.
Ain't that the freakin truth.. :(
RD

Hallett19
07-15-2004, 02:45 PM
Oh, it gets slower than this ?? great !! what was I thinking walking in to that room to take my state exam ?? Its terrible but true, but when the market is great for agents seems when everyone is buying and selling, (obvious) or when everyone is loosing their homes to the banks !! REO GODS, DO YOU HEAR ME ???? I came in right at the tail end of the REO boom and I sold several properties real quick and I thought "real estate is awesome, I should have done this years ago" Not now, I work updesk regularly and cant seem to get any bites, anyone have an open house they want me to hold open ? :D

Mandelon
07-15-2004, 02:48 PM
I think the top of the southern California market came and went this spring. But it won't be a bust, just a lot more properties on the market than their used to be which will outpace demand in many areas.
Demand and appreciation will slow.

Debbolas
07-15-2004, 02:51 PM
Back in the 80's, I remember looking around OC and being very frightened that I would never be able to afford a house. It seemed like my friends had to go farther and farther from the ocean to be able to afford housing.
I guess my point is that this has been happening all along. The market will only go up. I know, I know, it went down in the 90's we lost $30,000 on the Fontana house we had just bought.
The market came back up, and now that house is worth $100,000 more than we bought it for. Of course we don't own it anymore, but we are happy to be in our house in Alta Loma (which has gone up as well):D
My advice (educated in the 714 area code) is to buy a house ASAP!! and buy somewhere you like.
:D

LeE ss13
07-15-2004, 02:52 PM
Mandelon, who did the remodelling on that one bedroom you just completed and showed us a picture of?

RiverToysJas
07-15-2004, 02:56 PM
Originally posted by CA Stu
Don't people understand that when you refinance your house, you're just borrowing money? Sheesh!
There are good reasons to refi too. Some do it to take advantage of a lower interest rate, and by doing so lower their payments. Some do it to shorten the term of the loan in preperation for retirement. A re-fi, by definition, is NOT borrowing more money. That's just one thing that can be done with a Re-fi. I have re-fi'ed and not added a dollar to my principle owed on the house.
RTJas :D

GrapeApe
07-15-2004, 02:56 PM
I just opened an Office here in Vegas... Talk about a Housing Crisis.. There is a Boat Loan of Money to be made here.. We are doing Loans on Condo Conversions, and they are Increasing in Value up to 44% a year... Buy Investment Properties here... They are still Low.. 8,000 new residents are coming here a month, with no new Building being allowed, besides the current projects that are in the works...
*** Grape Ape ***

FREIND OF AA AND TA
07-15-2004, 03:00 PM
Originally posted by Hallett19
Oh, it gets slower than this ?? great !! what was I thinking walking in to that room to take my state exam ?? Its terrible but true, but when the market is great for agents seems when everyone is buying and selling, (obvious) or when everyone is loosing their homes to the banks !! REO GODS, DO YOU HEAR ME ???? I came in right at the tail end of the REO boom and I sold several properties real quick and I thought "real estate is awesome, I should have done this years ago" Not now, I work updesk regularly and cant seem to get any bites, anyone have an open house they want me to hold open ? :D
That is some funny sh-t! Try getting in in 1991. That was just about all I could take until the freekin earthquake! Wow! Just work the fsbo and exp market. Get away from that desk and open houses. Call everyone you know and remind them of what you do for a living. It all works itself out. Just wait till you do a short pay my brother. And for god sake stop advertising lower commisions! You are worth it!:)

FREIND OF AA AND TA
07-15-2004, 03:04 PM
Oh ya! Everyone needs as big as an equity line on their home as possible. You will need it to put downpayments on rentals when it the market crashes. Dont use it to buy the new boat either.
This is the way to retire! Trust me! I watched all of the guys do it in the mid 90s and now they are sitting very pretty!

UBFJ #454
07-15-2004, 03:17 PM
Basic Economics says that you must double your money every decade in order to stay EVEN in Constant Dollars.

Hallett19
07-15-2004, 03:17 PM
I actually saw 2 fsbos in my area both get listed by coldwell a few weeks after the fsbo signs went up. I need to jump on that wagon. And what is with the exp market ? what is the angle on picking those up ? I probably sound like a rookie because I am.

Havasu Cig
07-15-2004, 03:19 PM
Like was said above the market cycles. Those that think it will not slow down are living in a dream world. It already has slowed down from six months ago. I hope the market crashes like it did in the early 90's so I can buy some stuff up.
I laugh at people that work in the real estate field that have not been doing it long when they say it will never end. The don't have a clue.:rolleyes:

boatnam2
07-15-2004, 03:21 PM
we live in norco were they have as many new tract homes as anywhere going in.probaly 20+tracts as we speak and growing.i always cruise by and check on things and 2 months ago every place had big waiting lists.i called a new place right up the street from us to get on the info list and to see how the waiting list looks and she says there is no waiting list come get your house starting at 558k no upgrades.also houses in our tract which is pretty popular because of horses are slowed way way down.then all the with the creative financing 3-1 or 5-1 are about half way through there loans and will be losing there asses soon when intrest rates juump up alittle, then the next group of guys that bought for 250 and refinanced up to 550 will look when prices start going down and jump out then it will be on again.

Sportin' Wood
07-15-2004, 03:27 PM
Who really knows what will happen?
Something to consider,
The last boom and bust of the early 90's was a much different set up in my neck of the woods( Yea 909)
We had houses 40-50 deep allready built waiting for buyers. acre's and acre's of improved lots ready to be built on.
Not this time....
Builders do not stock pile houses, and labor and material is through the roof.
I "speculate" that house prices will not go down for some time.
Concrete, steel, and copper is hard to get right now. I am doing a tract of 9 semi custom homes in Alta Loma right now that start at a million ( $250.00 a sq ft.). The concrete contractor could only get enough mud to pour one house a day. They can do much more... What do you think that will do to prices? Every job is in the same boat.
Another opinion from a 909 graduate

callbob4homes
07-15-2004, 03:52 PM
Same thing here in Gilbert, Queen Creek, Chandler. Some builders have stopped sellin to investors and some have even stopped selling until they are built. They can't build fast enough to keep up and with concrete prices what they are, not to mention supply and demand, they are raising prices fast. The resale market here is unbelievable. Homes not even hitting the MLS, bidding wars, and sellers not taking contingencies. Sellers market, but still way cheaper than Calif. $200,000 to $250,000 single story with pool and only 3 listed in the east valley. and they have only been on the market for a couple of days. I got a buyer, just need to find the right house with little to choose from.
boblarsen@movephoenix.com
Century 21

CA Stu
07-15-2004, 04:24 PM
Originally posted by RiverToysJas
There are good reasons to refi too. Some do it to take advantage of a lower interest rate, and by doing so lower their payments. Some do it to shorten the term of the loan in preperation for retirement. A re-fi, by definition, is NOT borrowing more money. That's just one thing that can be done with a Re-fi. I have re-fi'ed and not added a dollar to my principle owed on the house.
RTJas :D
My bad :(
That's the 909 education showing.
What I meant is that when people take equity out of their house, they are just borrowing money.
Thanks
CA Stu

Mandelon
07-15-2004, 04:45 PM
Originally posted by LeE ss13
Mandelon, who did the remodelling on that one bedroom you just completed and showed us a picture of?
My crew and I did it. Only thing I subbed out was the flooring. It is what we do. We used to rehab bank foreclosures. Now there aren't any in San Diego, but it looks like they might be increasing.......but still not many yet.
In the mid 90's when I started my own business doing rehabs we did 15 REOs a month, we do one a year now.
There is always money to be made in real estate no matter which way the market goes.

Mandelon
07-15-2004, 04:48 PM
Originally posted by Sportin' Wood
Who really knows what will happen?
Something to consider,
The last boom and bust of the early 90's was a much different set up in my neck of the woods( Yea 909)
We had houses 40-50 deep allready built waiting for buyers. acre's and acre's of improved lots ready to be built on.
Not this time....
Builders do not stock pile houses, and labor and material is through the roof.
I "speculate" that house prices will not go down for some time.
Concrete, steel, and copper is hard to get right now. I am doing a tract of 9 semi custom homes in Alta Loma right now that start at a million ( $250.00 a sq ft.). The concrete contractor could only get enough mud to pour one house a day. They can do much more... What do you think that will do to prices? Every job is in the same boat.
Another opinion from a 909 graduate
But if the buyers can't afford it they can't buy it..........the perception of weak demand and rising interest rates may indeed affect and lower that demand........only 17% of residents down here can afford to buy the average house....... That means that maybe 2% can afford that million dollar place.

Outnumbered
07-15-2004, 04:52 PM
Originally posted by welk2party
... Southern Cali is and will continue to grow period. Too many people want to live here.
It may continue to grow but price increases cannot continue at their pace. Talk to the people that bought in 1989-1990 and tried to sell in 1995-1996. There was a 25% decline in values in most areas of SoCal in that time frame. On the other hand, the people that bought in 1995-1999 are now looking at one of the best investments they ever made.
My point is that the market is subject to cycles and timing is key. Don't think that Cali is immune to it. The spike in prices is interest sensitive and if mortgage rates go up above 7.5% you are looking at a decline in values, period. Tract homes are selling near a million dollars in a lot of areas of OC and LA. Take away the 5/1 arms at 5% and not many peeps can afford that kind of payment.
OL

Mandelon
07-15-2004, 04:55 PM
That sounds like the voice of experience typing. :cool:

welk2party
07-15-2004, 04:57 PM
Originally posted by Old Lavey
It may continue to grow but price increases cannot continue at their pace. Talk to the people that bought in 1989-1990 and tried to sell in 1995-1996. There was a 25% decline in values in most areas of SoCal in that time frame. On the other hand, the people that bought in 1995-1999 are now looking at one of the best investments they ever made.
My point is that the market is subject to cycles and timing is key. Don't think that Cali is immune to it. The spike in prices is interest sensitive and if mortgage rates go up above 7.5% you are looking at a decline in values, period. Tract homes are selling near a million dollars in a lot of areas of OC and LA. Take away the 5/1 arms at 5% and not many peeps can afford that kind of payment.
OL
Don't get me wrong. The market in OC and LA is due for something. To what degree we have yet to see. My point has been that people are moving here despite the high prices. Now, when I say this, I mean that people are moving to Southern California namely the Inland Empire because it is still affordable. unfortunately, LA and OC are locked out for most new buyers.

ahhell
07-15-2004, 05:01 PM
you all are forgetting the "760" ...up here in the DESERT homes are still at $125 sq ft. but going up quick. hesperia has 1500 "new" track homes going in and who nows how many customs. I have 2 neighbors that are contractors and they each do 45+ homes a year. with the 210 fwy in place you can spend an extra 20-30 mins on the road and actually have a home larger than 1700 sq ft......IM lying go away...nobody wants to live in the desert....

welk2party
07-15-2004, 05:03 PM
Originally posted by ahhell
you all are forgetting the "760" ...up here in the DESERT homes are still at $125 sq ft. but going up quick. hesperia has 1500 "new" track homes going in and who nows how many customs. I have 2 neighbors that are contractors and they each do 45+ homes a year. with the 210 fwy in place you can spend an extra 20-30 mins on the road and actually have a home larger than 1700 sq ft......IM lying go away...nobody wants to live in the desert....
Too late Ahhell! I am selling land to people like crazy out there. I get 5 to 6 emails a day about new housing and business for the whole victor valley. Soon I will be buying property out there to land bank.

CA Stu
07-15-2004, 05:04 PM
I reckon people aren't really buying the price of the house, they're buying the payment, if you follow my drift.
If a person can afford a $3000 mortgage payment today, they can spend ~$500k on a 5.5%, 30 yr mortgage, and even more on one of the more exotic ARMs.
That same $3k will only get a ~$410k mortgage at 7.5% fixed.
So the prospective buyers buying power will determine the price of residential property. I guess.
CA Stu <-- A simple man from the land of the bogs and the little people.

MagicMtnDan
07-15-2004, 05:05 PM
Slow down...yeah sure!
A year or so ago, the shoe box homes here in Burbank where I work were around $300,000 and up.
Today I stopped by two houses for sale at lunch time - one is 1700 s.f., looks clean but still an old (clean) shoe box. It has a pool out back and neighbors close on all sides. They're only asking $689,000!!! :eek: :eek: :eek:
Another one without a pool, not as clean, is 1500+ s.f. and they only want $565,000!!! :eek: :eek: :eek:
Home sales may slow down but the prices keep on going UP, UP, UP!

welk2party
07-15-2004, 05:07 PM
Originally posted by CA Stu
I reckon people aren't really buying the price of the house, they're buying the payment, if you follow my drift.
If a person can afford a $3000 mortgage payment today, they can spend ~$500k on a 5.5%, 30 yr mortgage, and even more on one of the more exotic ARMs.
That same $3k will only get a ~$410k mortgage at 7.5% fixed.
So the prospective buyers buying power will determine the price of residential property. I guess.
CA Stu <-- A simple man from the land of the bogs and the little people.
Keep in mind that the majority of mortgages are refi'd every 4 to 5 years. Few people keep there loans longer than this.

ahhell
07-15-2004, 05:08 PM
Originally posted by welk2party
Too late Ahhell! I am selling land to people like crazy out there. I get 5 to 6 emails a day about new housing and business for the whole victor valley. Soon I will be buying property out there to land bank.
Maybe i should call you about some land?? let my home buy me some......:D

RiverToysJas
07-15-2004, 05:09 PM
Originally posted by ahhell
IM lying go away...nobody wants to live in the desert....
Ain't that the truth! :D Fullerton was too hot for my wife. My theory has always been, the closer to the beach you live, the more money your house will be worth, no matter what. People will always want to live close to the beach. Plus it's cooler in the summer, and warmer in the winter. My first house was 15 miles from the beach, I'm down to 4 miles now (that moved save 10 degrees of summer heat also). ;)
The desert market is really smokin' though. My buddy is building a big custom home on 3 acres in Yucca Valley. The lot was purchased like 3 years ago for $11K, and now the same empty lots are $50K. The realtors are telling him the house will be worth nearly 500K when it's done!!! Nice place too, I'm happy for him. Helps him to be gainfully employed near by, by the County too. ;)
RTJas :D

CA Stu
07-15-2004, 05:10 PM
Originally posted by welk2party
Keep in mind that the majority of mortgages are refi'd every 4 to 5 years. Few people keep there loans longer than this.
Do you think with rising interest and static or falling values this would still be the case?
Thanks
CA Stu

welk2party
07-15-2004, 05:11 PM
Originally posted by ahhell
Maybe i should call you about some land?? let my home buy me some......:D
Let me know. I just got a notice that everything in the inventory is going up 10% next month. We offer long term financing too. I love making people money!

welk2party
07-15-2004, 05:14 PM
Originally posted by CA Stu
Do you think with rising interest and static or falling values this would still be the case?
Thanks
CA Stu
Generally speaking, yes. I have heard every reason in the book for a refi.

MRS FLYIN VEE
07-15-2004, 05:16 PM
is there any way to find out how much your house is worth without haveing an agent..?:confused: they always tend to bug us here even though our house is not for sale.. they always knock on our door.. :eek:

RiverToysJas
07-15-2004, 05:18 PM
Originally posted by MRS FLYIN VEE
is there any way to find out how much your house is worth without haveing an agent..?:confused: they always tend to bug us here even though our house is not for sale.. they always knock on our door.. :eek:
You can get a general idea by looking at what other places like yours are selling for in the neighborhood. The easiest way to do that, is to read that stuff the realtors leave on your doorstep though. ;)
RTJas :D

welk2party
07-15-2004, 05:19 PM
Originally posted by MRS FLYIN VEE
is there any way to find out how much your house is worth without haveing an agent..?:confused: they always tend to bug us here even though our house is not for sale.. they always knock on our door.. :eek:
Sure is. I can help in that department if you like.

MRS FLYIN VEE
07-15-2004, 05:19 PM
there are no houses like ours in the neighborhood.. we did a complete remodel and all the other houses are alot smaller.. :(

MRS FLYIN VEE
07-15-2004, 05:20 PM
Originally posted by welk2party
Sure is. I can help in that department if you like.
what do I need to do.. we are thinking about selling ours here and moving to a less busy street.;)

ahhell
07-15-2004, 05:20 PM
Originally posted by RiverToysJas
Ain't that the truth! :D Fullerton was too hot for my wife. My theory has always been, the closer to the beach you live, the more money your house will be worth, no matter what. People will always want to live close to the beach. Plus it's cooler in the summer, and warmer in the winter. My first house was 15 miles from the beach, I'm down to 4 miles now (that moved save 10 degrees of summer heat also). ;)
The desert market is really smokin' though. My buddy is building a big custom home on 3 acres in Yucca Valley. The lot was purchased like 3 years ago for $11K, and now the same empty lots are $50K. The realtors are telling him the house will be worth nearly 500K when it's done!!! Nice place too, I'm happy for him. Helps him to be gainfully employed near by, by the County too. ;)
RTJas :D
for some reason the wifey and love the heat, 100* no problem...
as for the home prices...i had a custom home built (2400') on 2.5 acres, one mile south of Bear Valley (river runners know where that is) for 145k...7 years ago, today 320k easy, not alot in OC and LA terms, but im shit howdy happy, and a traffic jam up here is 8 cars......12 on bear valley. AND we have a starbucks....wtf is starbucks???? i like coffee, plain old coffee:cool:

RiverToysJas
07-15-2004, 05:24 PM
Originally posted by MRS FLYIN VEE
there are no houses like ours in the neighborhood.. we did a complete remodel and all the other houses are alot smaller.. :(
It still matters what they are selling for though. How close to you want to get? It doesn't cost anything to have a realtor run a comp and give you the value they'd list it at. That's a service they offer.
RTJas :D

Debbolas
07-15-2004, 05:24 PM
Originally posted by ahhell
for some reason the wifey and love the heat, 100* no problem...
as for the home prices...i had a custom home built (2400') on 2.5 acres, one mile south of Bear Valley (river runners know where that is) for 145k...7 years ago, today 320k easy, not alot in OC and LA terms, but im shit howdy happy, and a traffic jam up here is 8 cars......12 on bear valley. AND we have a starbucks....wtf is starbucks???? i like coffee, plain old coffee:cool:
Bob! You are so funny, Mary and I had Starbucks today and she told me what you said about it! LOL:D
"I just want plain coffee"!:D

MRS FLYIN VEE
07-15-2004, 05:26 PM
Originally posted by RiverToysJas
It still matters what they are selling for though. How close to you want to get? It doesn't cost anything to have a realtor run a comp and give you the value they'd list it at. That's a service they offer.
RTJas :D
the agents out here are asses.. thats why they always try to get us to sell.. we've been here for 10 years and they come to the house at least three times a month and ask if we are interested in selling it.. I don't get it.. ;)

welk2party
07-15-2004, 05:28 PM
Originally posted by MRS FLYIN VEE
the agents out here are asses.. thats why they always try to get us to sell.. we've been here for 10 years and they come to the house at least three times a month and ask if we are interested in selling it.. I don't get it.. ;)
Sending you PM V.

MRS FLYIN VEE
07-15-2004, 05:29 PM
I love p.m's.. :p :D

Sportin' Wood
07-15-2004, 07:30 PM
Originally posted by Mandelon
But if the buyers can't afford it they can't buy it..........the perception of weak demand and rising interest rates may indeed affect and lower that demand........only 17% of residents down here can afford to buy the average house....... That means that maybe 2% can afford that million dollar place.
Somebody is buying them???
I am actually looking forward to the slow down, I could use a day off..:D
I'm sitting on a lot of equidy and am ready for the over extenders to bail out so I can go on a feeding frenzie.
I just don't think it will be on the level that we saw in the 90's.
We have to wait for inflation to go wild, which is what it is starting to do. ( Repo's been real good to me, I really love it when the home owner some how blames the bank and thrashes the house.)
If we could just get a couple more years out of this I will be stoked. Its all bonus material now.
The southwest IE is in a different world. I like to think of us as a colony of OC. Tons of money to be made down here.
Baby boomer real estate is where I see the safe money.
Damn bunch of burn out, hippy old farts, are gonna need all kinds of assisted living complexes.
No offense to the hippy, burn out, old farts:D

NorCal Gameshow
07-15-2004, 09:56 PM
Originally posted by MRS FLYIN VEE
is there any way to find out how much your house is worth without haveing an agent..?:confused: they always tend to bug us here even though our house is not for sale.. they always knock on our door.. :eek:
check out ditech.com they have an e-appraisal on the calclulator page...it's pretty close...
click here--->E-appraisal (http://www.ditech.com/solimar/propertyValuationRequest.jsp)

MRS FLYIN VEE
07-15-2004, 09:57 PM
thank you.. ;)