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Attention: Potential Homebuyers
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  (#1)
Happiness Consultant
 
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Attention: Potential Homebuyers - December 22, 2009, 10:29 AM

thought I would share:

10-things-to-know-about-real-estate-in-2010



DBR
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Will pay to see this
whatever henry's name is these days: jason, seriously, im going to kick your face in when I get back
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  (#2)
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December 22, 2009, 10:59 AM

i would also recommend zillow.com to track mortgage rates. i used it to track rates until early december when it got down to record lows and scored a sweet refi rate.


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  (#3)
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December 22, 2009, 11:00 AM

I wish I had waited to buy ::sigh::
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  (#4)
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December 22, 2009, 12:11 PM

Bought a condo in DC in 2005 with the intention of being out of it by 2009/10 time frame.

Currently taking it in the arse and financially frozen into my home.

I am not happy about this.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

- Nicolo Machiavelli 1469-1527

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  (#5)
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December 22, 2009, 12:24 PM

When I sold my first home Zillow was only 1k off what I got for it. Not perfect but it's been pretty close for other people as well.
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December 22, 2009, 12:30 PM

it is sad to hear of so many people trapped in their homes or struggling to make ends meet. I am clad that our building is almost paid off and we are locked in a great rate.

On the other hand people that got into the ARM mortgages had to know it was a risk they were taking.





MY SPELLING SUCKS....DEAL WITH IT



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  (#7)
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December 22, 2009, 12:59 PM

Quote:
Originally Posted by Nubbs View Post
it is sad to hear of so many people trapped in their homes or struggling to make ends meet. I am clad that our building is almost paid off and we are locked in a great rate.

On the other hand people that got into the ARM mortgages had to know it was a risk they were taking.
I know that there are two very distinct schools of thought on this, but I totally disagree. Thankfully, I ended up in a 30 yr fix. However, at the time, those ARM mortgages were being pitched as the best thing since sliced bread (especially to a 24 yr old) "you'll just refinance within 2 yrs anyway --- and look at the property value trend?? you will have so much equity. it isn't even going to matter!" And it wasn't just the loan officers selling this. Everyone I knew that had anything to do with the real estate and/or mortgage industry (friends included) had me convinced that this was the very best way to go. Luckily I said ehhhhh ----- im gonna just do the 30 yr fix even if I end up with a higher interest rate.

Basically --- I was almost right there being stuck in an ARM with negative equity. And I don't consider myself a big dummy .
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Give me the Ban Button!
 
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December 22, 2009, 01:06 PM

I am very happy you made the smart choice. When we refi'd our building a few years back they were pushing ARM all over us. Everybody was doing it just like you said. Friends even Family. The 23 of us sat down and said No we want a fixed. We do not want to take any chances with this not working out. I have found that most things that seem to good to be true tend to be just that. We paid more but now we are at no risk of loosing our building or our mortgage going up. 7 Years and we own the building free and clear. We are actually thinking about refi'ing so we can sink about $20k back into the building





MY SPELLING SUCKS....DEAL WITH IT



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  (#9)
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December 22, 2009, 01:22 PM

Most ridiculous thing is that no one learned from the financial crisis and people still make the same mistakes:
- people put all their eggs in one basket by trying leverage one asset hoping it will appreciate.
- banks still lending with minimal downpayment requirements instead of 20% - dumbest idea ever that guarantees this will happen again.
- govt is trying to prop up the bubble by extending additional tax credits.
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Local Realtor's Perspective
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  (#10)
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Post Local Realtor's Perspective - December 22, 2009, 02:55 PM

Hey guys 'n gals,

Thanks for the link here, Eduardo. I actually peddle houses in DC and Northern Virginia for a living and thought I might share a few thoughts. While there are some basic truths to be found in the article, I think it's also important to remember that housing - not unlike politics - is essentially and always local. So, what happens in OH or MI doesn't really impact on us - in the most sought after relocation destination in the country - DC. No. 2 is Arlington with it's 4.1% unemployment rate - most economists call that "full employment". So, count your blessings folks, as the market rebounds next year a bit, we will likely see that accentuated here more than anywhere else in the country.

For more specific localized treatment of economic prognostication check this out:

http://www.cra-gmu.org/forecasts.htm

Also, w/ regard to Zillow, it is definitely a cool site, many of my clients love it. But the thing wrong with it is that it's more macro-ish and not sufficiently localized. I'm glad someone found it was only off $1K for his appraisal, I did not have this experience and I daresay, most people will not. Appraisals for re-fi's or purchases are a whole different game now; federal rules have tightened up considerably, just like in the lending industry. If you have a credit score under 650, I wish you luck, because you will have a very difficult time getting a mortgage. Over 700? No problem, no worries. FHA loan products are very attractive these days and Military/Veterans can get some awesome deals with a VA loan product.

Anyway, I'm always looking to build my client base so if anyone is in need of professional real estate services, please feel free to contact me: jkozyn@cbmove.com (I've helped out a couple buddies here who are also .netters.)

Happy Holidays Everyone,


JK

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  (#11)
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December 22, 2009, 03:00 PM

i wish i could upgrade to a bigger house but i'm kinda stuck in my house now. I'm ok with it. It could be a lot worse for me.
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  (#12)
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December 22, 2009, 03:36 PM

Hmmm. Maybe instead of selling in the spring...I'll put my house up for rent. Seems like there will be lots of people looking for a home that can't afford to purchase one. I just need to make sure my insurance policy covers idiots effing up the house.

I truly wish I didn't buy this house. Could be worse though. At least I have a 5.5 30 fixed.


Then again... That's just me.

On the internet... Everyone is an expert.

And now...The dancing Banana:
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December 22, 2009, 03:39 PM

I think im just going for land now. Cant find a house I like with the land I like, so im making my own
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  (#14)
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December 22, 2009, 03:50 PM

Quote:
Originally Posted by Chris2 View Post
I think im just going for land now. Cant find a house I like with the land I like, so im making my own

great idea!



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  (#15)
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December 22, 2009, 10:38 PM

Zillow is way off, at least from what it says my house is valued at. It says something like 450,000$. There has been a townhouse identical to mine on the market for weeks at 330,000$. Hmmmmmmmm.....

That being said, its time for me to refi. I am on a 7/1 ARM that is set to go up in like 2012 or so.


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