Anyone trying to buy a Home in Socal...Banks are Lame!!! - Page 2 - LotusTalk

plastique999 · 08-01-2009, 10:07 PM

Quote:

Originally Posted by Minnis

Congrats and goodluck. I'd contribute to the cause but I don't need any face and/or body yet...

Haha...thanks!

Here is some more recent news:

Welcome to the bottom: Housing begins slow rebound - Yahoo! Finance

ZJChaser · 08-01-2009, 11:28 PM

Congrats Eddie. I've had my preapproval fora while now but keep missing out on the homes. Anything considered a good deal right now has 20 offers on it in a few days most over asking. I've been too late to the show on most of them. Will be getting a bit more agressive with the bids now though.

IamBatman · 08-02-2009, 12:41 AM

I'm still waiting on the sidelines with my cash. As far as CA real estate, the following is my opinion: On the high subprime areas, the banks are sitting on a bunch of foreclosed inventory, and there are still houses that are in the process of defaulting but the banks are taking their sweet time. This is causing an artificially low supply but they will need to sell eventually...the longer they hold on to the "shadow inventory" the more its going to cost them at the end. The higher income areas full of alt-A and option ARMs are still waiting to recast. Those don't peak until 2012 btw...On top of that, unemployment are still going up. All the "Positive news" of a small month-to-month increase in price and activity is really not all that great. It is simply the affect of 1. first time buyer tax credit 2. artificially restrained inventory, 3. normal seasonal summer buying. Do you really trust the regular news sources who told you in 2006 that "housing price always go up"? With all that federal money injected into the market and banks, I'm surprised that the price increase was so small actually...

If activity keeps going up after October, then maybe we can talk about leveling off and bottom. On thing is for sure, home prices will not go back to the levels of 2006 in a decade or more...

If you absolutely need to buy, I'm sure there are some decently value places in certain areas, but you want to be absolutely sure that you know what you can afford it and have extra cash for rainy days.

Do not take the advice of real estate professionals as gospel, do your own research and calculations. (there are lots of resources online) Even when they are representing you, their interest is to get you to buy the most house you can so that they can make the most commission. I'm sure there are lots of honest and decent ones out there, but lets face it, the commission structure is working against the buyer. They have very little incentive to get you the best value.

sndesign · 08-02-2009, 10:19 AM

plastique999 · 08-02-2009, 11:54 AM

Quote:

Originally Posted by ZJChaser

Congrats Eddie. I've had my preapproval fora while now but keep missing out on the homes. Anything considered a good deal right now has 20 offers on it in a few days most over asking. I've been too late to the show on most of them. Will be getting a bit more agressive with the bids now though.

AJ I went through this same experience...with the good deals such as foreclosures, they are getting snatched up within days.
I was looking at ziprealty.com every day. There is another website foreclosures.com that has a bunch of listings.

I agree Batman, the option-ARMs are going to be the next wave, and then of course their is the wave of commercial real estate that lags behind.

Also there was a 90 day moratorium on foreclosures that will end in september. So there will probably be another wave of foreclosures hitting the market.
The foreclosure game is tough...as AJ mentioned, banks get at least 20 offers on them so its hard to bid on them. Also of course foreclosures are bought as is.

paulhastings · 08-02-2009, 08:18 PM

I would be optimistic for the California real estate market. The medium to lower end price ranges in San Diego are extremely active. Plenty of investment opportunities that pencil and some property so cheap you couldn't build it for that price. The higher end is a bit different but, just look at California's history. If you are starting a family I believe it's important to plant housing roots for many reasons. I think many have been pessimistic for the past few years it's hard to look at the tremendous opportunities.

08-01-2009, 11:28 PM	#22 (permalink)
ZJChaser Blue Wheel Pimp Join Date: Aug 2006 Location: Laguna Hills, CA Posts: 2,851	Congrats Eddie. I've had my preapproval fora while now but keep missing out on the homes. Anything considered a good deal right now has 20 offers on it in a few days most over asking. I've been too late to the show on most of them. Will be getting a bit more agressive with the bids now though. __________________ AJ - Akua Solutions - #128 Lotus Exige - JRZ Suspension - Innovative Mounts - Toyo Tires - TW Research Development

08-02-2009, 12:41 AM	#23 (permalink)
IamBatman Exige? SEXIGE! Join Date: May 2006 Location: Bay Area, CA Posts: 1,608 Images: 1	I'm still waiting on the sidelines with my cash. As far as CA real estate, the following is my opinion: On the high subprime areas, the banks are sitting on a bunch of foreclosed inventory, and there are still houses that are in the process of defaulting but the banks are taking their sweet time. This is causing an artificially low supply but they will need to sell eventually...the longer they hold on to the "shadow inventory" the more its going to cost them at the end. The higher income areas full of alt-A and option ARMs are still waiting to recast. Those don't peak until 2012 btw...On top of that, unemployment are still going up. All the "Positive news" of a small month-to-month increase in price and activity is really not all that great. It is simply the affect of 1. first time buyer tax credit 2. artificially restrained inventory, 3. normal seasonal summer buying. Do you really trust the regular news sources who told you in 2006 that "housing price always go up"? With all that federal money injected into the market and banks, I'm surprised that the price increase was so small actually... If activity keeps going up after October, then maybe we can talk about leveling off and bottom. On thing is for sure, home prices will not go back to the levels of 2006 in a decade or more... If you absolutely need to buy, I'm sure there are some decently value places in certain areas, but you want to be absolutely sure that you know what you can afford it and have extra cash for rainy days. Do not take the advice of real estate professionals as gospel, do your own research and calculations. (there are lots of resources online) Even when they are representing you, their interest is to get you to buy the most house you can so that they can make the most commission. I'm sure there are lots of honest and decent ones out there, but lets face it, the commission structure is working against the buyer. They have very little incentive to get you the best value. __________________ Phantom Black 2007 Exige S221.56436. All options. Black 01' Mustang Cobra 'Vert ("some" modifications) daily driver Facebook group: Add lightness...and Darkness!

08-02-2009, 10:19 AM	#24 (permalink)
sndesign To think I hesitated ! Join Date: Sep 2005 Location: Nocal Posts: 656	Dr. Housing Bubble <object width="480" height="385"><param name="movie" value="http://www.youtube.com/v/Fl3vT4-sWLI&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/Fl3vT4-sWLI&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed></object> __________________ Sndesign

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08-02-2009, 08:18 PM	#26 (permalink)
paulhastings Registered User Join Date: Apr 2005 Location: San Diego native Posts: 604	I would be optimistic for the California real estate market. The medium to lower end price ranges in San Diego are extremely active. Plenty of investment opportunities that pencil and some property so cheap you couldn't build it for that price. The higher end is a bit different but, just look at California's history. If you are starting a family I believe it's important to plant housing roots for many reasons. I think many have been pessimistic for the past few years it's hard to look at the tremendous opportunities.

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