I realize now that some of the most zealous non-realtors responding to this particular thread are the naysayers with all the answers. However, if everybody listened to them, we would be back in a feudal society renting from prosperous landlords ruling the land. When I said the American Dream of property ownership, I meant the macro mass not the micro percentage of over-mortgaged/declining value properties escalating in the marketplace.
I have been an agent for almost 30 years and I work with the interest of my customers above my own working 7 days a week showing as many homes as necessary to find the "perfect fit." Most of my customers are grateful and that is rewarding. I take objection to anybody who insults our profession based on a small percentage who could give our industry a bad name. You don't have to be a brain surgeon to be a realtor, but you needs loads of personal skills thats transcends sitting behind a desk jiving numbers.
Thanks, Bill Jacobs, for your logical thinking. To answer a couple of earlier comments from Chandler and John, there is never a perfect time to buy or sell real estate because housing is a necessity not always a luxury. You don't need Economics 101 to figure that out. And yes it does depend on the area. Montclair NJ is a relatively healthy market where some towns next door are idling. There is no rhyme or reason to the real estate market --it's like water seeking it's own level. Economic up turns and down turns are always going to part of our economy. Anyway, what is the alternative? Do you have an answer?
To respond to your cheeky comment, the people who purchased my parent's home in 1987 for $250,000 sold it for $480,000 in 1999. I don't think they were really thinking that much about how much more my parents prospered when they bought it. I will always advise people to buy their shelter first and then invest in other stuff. Interest and taxes are income deductible and if the home does happen to appreciate relative to how much you have spent on I.T.I. and added income tax savings let's say over a 10-year span, then you have basically lived for free - BUT YOU ONLY REALIZE THIS WHEN YOU SELL. So you sell low and buy low or sell high and buy high. What's the differerence unless you are 1st time homebuyer. It's just too darn complicated for the lay person to wrap their head around.
Let's get a bit more technical. My parents sold their home in England in 1968 for 8,000 pounds when we emigrated and the British pound was worth $2.50 to the dollar (deflated more than it is now.) My father had $20,000 in purchasing power in the U.S. In 2000, our old house in England was selling for 550,000 pounds (roughly $1.1 mil for a 1,800 s.f. home). Now put that in your hat and smoke it!!!™ (An old English idiom for those not in the know) Should we should have stayed in England? Not on your Nelly!™ Changing countries, owning a home-- it's a lifestyle we chose without a crystal ball. It's a dream in any country, any language.
So, crikey mate, just keep renting and we'll be happy to sell real estate to the investors who rent to you. By the way, what happend to my Lucent stock??
Check active/sold prices in your town (Northern NJ only)
http://www.homeinsight.com/Widget/default.asp?WK7JL36V3VLE - Sun May 18 2008, 14:42
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