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Jim in Orlando
2 Comments
Homeowners Feel the Pain of Over-Improvement Syndrome [view article]
Very good article Tim! Yes, things have really changed, enough so that the HGTV shows look laughable right now!Back in 2002 I bought a nice house, corian counters, older kitchen, etc. A neighboring agent warned me back then don't over-improve, as it was a small home for the neighborhood and was valued properly. I sold that house in 2006 due to job change; it was 6 months on the market and I sold basically for what I paid plus some minor upgrades I had completed. The new owners however immediately invested $200K in marble floors, granite kitchen, and new bathrooms - now the house is back on the market for $225K more than they paid me and I don't see how the market can support that price!
But wszwarc writes "the housing downturn completes its cycle later this year" - I don't see that at all. We are just beginning the downturn and property owners are still in the denial phase. Long long way to go here. Mar 04 12:10 PM
Housing Prices Are Still Headed Down [view article]
Expat, dude, put down the Kool Aid! There is not a pent-up demand, the population of many overbuilt areas is decreasing as folks flee to less expensive areas, and the economy is tanking! Interest rates are going up - have you looked at mortgage rates lately?Yeah, they're not making any more land... wait a minute, don't realtors say that a lot... you wouldn't be... nah!
Ah ha - you hit the nail right on the head man - PRICES HAVE TO DECLINE 35% or 40%. I salute you!
If the buying public wasn't so stupid and gullible they wouldn't have fallen for this ponzi scheme in the first place! Feb 28 07:46 AM