How Far Will Prices Drop?

NEW -> Contingent Buyer Assistance Program
<p>oc-sonservative, Actually I think there are still quite a few homes being sold and I think there is room for much less. Check out the blog regarding May and June's home sales.</p>

<p>You were the one who mentioned obtaining a bottom of the crash price, so I was just going with your line of thought.</p>

<p> </p>

<p>No, you didn't say this is a golden opportunity or time is running out. NIR did.</p>
 
<p>awgee,</p>

<p>Of course any realtor would have the appearance of fishing so it's a mute point for me to argue otherwise.</p>

<p>We had some adjustments but things appear to be stabilizing in Irvine and some surrounding area, in prices at least. The good homes (good location, somewhat good price) are still selling well. Certain area, I am comfortable with raising asking price. My pricing style is at-market-bearing.</p>
 
<p>awgee - </p>

<p><em>"You were the one who mentioned obtaining a bottom of the crash price, so I was just going with your line of thought."</em></p>

<p>Actually, IrvineRenter said that as well. What I said was basically look for the home you like now, and put in the bid that you want today. I mean surely if someone were to sell you a house low enough you would take it wouldn't you? I know I would. </p>

<p>On renting, I don't like it. My wife doesn't like it. My son wouldn't know the difference. I chose to rent. It doesn't ruin my day or make us any significantly less happy, but I will readily admit I don't like it.</p>

<p>Anyways, you bought in 2000 and sold in 2005 as did I. Maybe, this is where we part ways. Or maybe we will again have similar coincidental timing.</p>

<p>To each his own...</p>
 
<em>"I start to see some movements so time may be running out; at least for the moment."





"I have seen the market changes very quickly, literally overnight. </em><em>"


</em>


Creating that sense of urgency like a true salesperson. I admire your persistence.
 
NIR - <i>"Of course any realtor would have the appearance of fishing"</i>

That is not true. There may be any number of realtors posting here, and they would have no appearance of fishing because they would not have advertised themselves as a realtor, and we would have no idea that they are one.<p>

Good luck with raising those asking prices.
 
Gosh, I just put twenty minutes into a soul searching, heart felt post and I lost it. And I don't have the heart or energy to try to re-write it now.<p>

Changed my mind. My wife and kids aren't home yet, so here goes.<p>

You and I have been through this cycle before. We know what is happening, and what will continue to happen.<p>

Just sitting and renting and waiting is not easy for me. It is actually quite difficult. There is no support out there for going against the herd. The So Cal world of friends, family, and aquaintances screams buy, own your own home, you aren't whole without owning your own home. It is so strong it can make you doubt yourself and what you know is best. I know that if we wait, we will get more home for less money, and we will have less mortgage stress, and ... <p>

And I guess I know that no one is going to sell me a home right now for what I know I will be able to get it for later. So, I guess I just don't like the original question. It isn't personal against you. But there is something about the question which is bugging me.<p>

It sounds unreasonable, but no, I wouldn't buy right now. Because, if a seller were willing to take my offer, I still know that in a few years, I could get the same home for less. Why would I pay a million for something today, that I know I can get for $800,000 in a few years. Shouldn't I be content with what I have now if it is the best interest of my family?<p>

I know you don't need this, but if you think it best for your family to buy a home now, I support you. But if you are thinking of buying a home because of those urgency feelings and you know that you could do better for your family by waiting, I want to support you in waiting.<p>

Is it just renting you don't like, or is it the actual place your are renting? I don't find renting optimal, but it has it's good points too.
 
<p>awgee,</p>

<p>I buy, sell, and lease real estates for my clients and for my large extended family, for a commission, but not always.</p>

<p>Sorry I put you in an uncomfortable position. Did not mean to do so.</p>
 
<p>awgee - nice post. I would have liked to have read your original thoughts. </p>

<p>It is a complex situation, or can be, for some of us. Some of us could buy right now. So we have more options, and as a result have to consider more in making the decision. I am fine with taking a hit on the home after I buy. But how much of a hit if I were to buy today? Hmmm... I have to weight that against my dislike of renting. I would enjoy my own home, being able to comfortably furnish it knowing I wouldn't be moving for quite some time. I am willing to pay some premium over rent for that. How much exactly? Hmmmm.... The list goes on. But definitely what is not on the list is keeping up with the Joneses and others screaming I should own a home. I've got teflon for that. Except maybe my wife. She can pierce my teflon. Maybe I should look for better body armor is what I should be doing! Hmmm...</p>
 
nirvinerealtor,





I imagine creating a sense of urgency in buyers is one of the most difficult part of the job, particularly in a market like ours where the sense of urgency is basically zero. Keep trying though, the irresistible force is always stronger than the immovable object. I'll even start to feel a sense of urgency -- in 2012...
 
NIR - No, I meant, What do you think I do for a living? What do you think I, awgee, does for a living? Not you. I know what you do. You said, <i>"however, I would sound like one anyway, right. If you walk like a duck, you are a duck."</i>, so I am asking, what do you think I do for a living.<p>

I was unaware that I was in an uncomfortable position and am sorry If I gave you that impression.
 
awgee -- I'll harken a guess. You think we're about to see the next great depression, you advise people to invest their money in gold, and you post to this blog every 5 minutes from your rented house/apartment. Are you...unemployed?
 
<p>What to do....</p>

<p>There might be a few people who would sell their homes at a discount. I know I sold one of my fixer's for 110k less than what the comps were (but I still walked away with almost 200k). But that was me, I wanted a quick sale and was willing to take a "hit" for it. Believe me the real estate agent was pretty upset about losing her cut of 110k. But she still wanted to make money....</p>

<p>As for doing your own thing? Well it just depends on you. Believe me I own quite a bit of real estate (16 apartments more recently) and I still rent. All of my neighbors drive luxury cars and have alot of nice things, and I see they live out of their credit cards.... Sometimes the million dollar idea is to save, not spend.</p>

<p>good luck and don't work too hard.</p>

<p>-bix</p>
 
<p>awgee,</p>

<p>Sorry I missed a few points.</p>

<p>I think you are in the mortgage business, probably in the secondary market, more likely in subprime. Sounds like work is giving you a headache.</p>
 
NIR - I guess you don't know what I do. Point being that without my listing my occupation as my handle in here, or without actually saying what I do, it is not too obvious what I do. And also obvious I am not advertising for clients.<p>

<i>"I thought of using a non-realtor name; however, I would sound like one anyway, right. If you walk like a duck, you are a duck.</i><p>

So no, you would not be seen as advertising, except for your name and your posts.
 
<p>awgee,</p>

<p>My second guess. You post a lot about tax laws and tax law conforming as if you are an expert; However, you do not saymuch at all about tax loop holes like my CPA does.</p>

<p>So my guess is you are an IRS agent. </p>
 
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