HappyBunny
Hi. Cram It.
Premium
join:2001-06-23
Long Beach, CA | reply to 81399672
Re: Home Values going down the toliet?
I am just biding my time and then will buy my first home... |
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81399672
Premium
join:2006-05-17
Los Angeles, CA
| said by HappyBunny  :I am just biding my time and then will buy my first home... If you think you going to see a house in 400k range any time soon in a good location then you will be waiting for long time
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i am not a lawyer but I do play one on tv |
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nightdesigns
Gone missing, back soon
Premium
join:2002-05-31
AZ
 ·Cox HSI
| reply to HappyBunny
said by HappyBunny :I am just biding my time and then will buy my first home... Ditto, I'm watching the prices, it's almost time. Condo prices are finally going down to correct pricing. Seen drops of $50k on a $450k home, talk about inflation.
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81399672
Premium
join:2006-05-17
Los Angeles, CA
| said by nightdesigns :said by HappyBunny :I am just biding my time and then will buy my first home... Ditto, I'm watching the prices, it's almost time. Condo prices are finally going down to correct pricing. Seen drops of $50k on a $450k home, talk about inflation. not sure what area you seen a house that cost 450k but in san fernando valley you not going to find a house for 450k in a good neighborhood
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i am not a lawyer but I do play one on tv |
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dogma
Premium
join:2002-08-15
Boulder City, NV
2 edits | www.realtor.com shows 163 properties currently listed in North Hollywood between $550K and $450K. These include both Condos and SFR's.
There are 50 Condos and SFR's listed in Woodland Hills, Canoga Park, and Calabasas today under $550K.
I choose $550K as an up-limit because these are all asking prices in a buyers market. I would bet 5 of these sell for 10% less than asking...if they sell at all this year.
ziprealty.com list 223 homes for sale in Burbank (at any price) as of 2/28/07. 3 years ago, 2/28/04 there were 34 homes for sale in Burbank. This simply illustrates supply/demand, which you and I have agreed is a law.
Ylen, I know Calabasas is a gang-infested, high-crime area with a shitty school system that you may not label as "good"  , but there are homes one can buy today at $450K. |
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81399672
Premium
join:2006-05-17
Los Angeles, CA
| yes you can buy a condo for 550k, i can even buy one that is new but then i also know 3kqft that recently sold for 1+ mil (about 20 of the houses) so it all depends what you looking for. I usually look at houses with sqft around 2k+
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i am not a lawyer but I do play one on tv |
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AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
·Rogers Hi-Speed
| reply to HappyBunny
said by HappyBunny :I am just biding my time and then will buy my first home... Followed my way in here from the Pub...
Is that a good thing? Waiting for the crash? Because I imagine a RE crash will translate into recession and hit the job sector - across different industries.
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Exercise and Diet journal. |
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No_Strings
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join:2001-11-22
The OC
Host:
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All Things Unix
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Efficient
| Most people wouldn't consider a real estate "crash" - however that's defined - as a good thing. Neither is it good to have a hyper-inflated market driven by speculation that prices out folks who would otherwise be responsible homeowners. And yes, a drop in housing has ripple effects in other parts of the economy.
It will be what it will be, Smart folks will find opportunity in markets - boom or bust. Conservative folks will weather rough spots. Dumbasses will get burned. |
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AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
·Rogers Hi-Speed
| said by No_Strings : Dumbasses will get burned. Question then is, how many of them are there?
Is anyone who took out some of that $1.2Trillion adjustable mortgage classified as a dumbass? The answer to this question will decide what happens to the overall economy.
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Exercise and Diet journal. |
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No_Strings
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join:2001-11-22
The OC
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Efficient
| Some are. Maybe a high percentage of them.
Not all will default. Some who bought on speculation will earn enough on other investments to offset.
I'm not smart enough to predict whether we will have a minor correction, a sharp drop or something in-between. Even if real estate gets hit "hard" in CA, that doesn't mean calamity across the continent. The Fed could step in and loosen the money rate. Other aspects of the economy could mitigate or lessen the impact.
All I know is that folks who ignored history, experts and common sense, who threw caution to the wind and bought way over their head (you know, dumbasses) are likely to be adjusting their lifestyles significantly. |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs: 
1 edit | Well my latest appraisal came in. From a bank who I was warned takes a very conservative approach in their estimations (wachovia).
They **must** be smoking something because their appraisal came in under $550k - and I can't believe the value of my home would drop over $100k in only 5 months. I got another appraisal from real time mls data that came in at $647k, and www.zillow.com puts me around $651k right now.
I guess they are worried about the market so they're making it very difficult for customers to qualify for their loans.
- FM
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jig
join:2001-01-05
Hacienda Heights, CA
| believe the 550. the prices of house sales in our neighborhood (sales, not offers) has fluctuated that much in 5 months. zillow is usually 6 months behind...
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A man compounded of law and gospel is able to cheat a whole country with his religion and then destroy them under color of law. -Ben Franklin |
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CurtesyFlush
Bababooey, fafafooey, tatatoothy.
Premium
join:2002-08-23
Fontana, CA | Zillow was way off on this one.
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Life Member, NRA and CRPA. |
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AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
·Rogers Hi-Speed
| reply to FutureMon
»www.housingtracker.net/askingpri···Glendale
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dogma
Premium
join:2002-08-15
Boulder City, NV
| reply to FutureMon
said by FutureMon :...$647k, and www.zillow.com puts me around $651k right now. I guess they are worried about the market so they're making it very difficult for customers to qualify for their loans. Try »www.reply.com/
My house on Zillow shows $711K, Reply shows $951K. I think these sites are for amusement purposes only. (Although Reply did show a neighbors house at $668K last fall. The neighbor put their house on the market in June '06 at $815K, it finally sold and closed last Month at $680K)
You may want to buy your own appraisal, which I would suggest as a good investment anyway before going loan shopping.
Does anyone else see such a big discrepancy between Reply & Zillow? |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs: | reply.com came in at $599k
- FM |
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81399672
Premium
join:2006-05-17
Los Angeles, CA | reply to dogma
reply is totally wrong, no question about it. Prices do not make any sense
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i am not a lawyer but I do play one on tv |
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ksw_92
join:2001-05-13
La Verne, CA
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| Zillow's (or any other service) problem with LA County is that the recorder's office is pretty opaque as compared to other counties. This means that sometimes data is late or is binned wrong (like refis that show as sales). Also, since sales have slowed significantly the data points (comps) are more volatile which makes them throw out a lot of data since I think they groom outliers from their estimates right now. They're going to need to change their data models now that we're moving into a market that will generate less data and be more volatile.
In the end, the value of your home is determined by what someone (loan officer or cash buyer) will give you for it. Anything else is just a guess based on point-in-time data. |
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FutureMon
OW My Eyes
Premium,ExMod 2002-05
join:2000-10-05
Colorado Springs, CO
clubs:
1 edit | said by ksw_92 :In the end, the value of your home is determined by what someone (loan officer or cash buyer) will give you for it. Anything else is just a guess based on point-in-time data. As a potential seller, that's what I like to hear. Because my property is unique enough that the right buyer who appreciates the qualities it has (I believe) would pay a premium to get. Lot offers privacy, nice view of valley, neighbors homes are about 100 feet away on both sides (below me) and no one behind me. Definately not your typical "cookie cutter" property.
For Refinancing, though, that kinda sucks.
- FM
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Undisputed BBR Karaoke Champion! Care to challenge me? |
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