Comments on: Seattle Home Prices Headed Down

By: Joel

Joel — Wed, 19 Nov 2008 00:11:56 +0000

I’ve been watching prices on redfin.com and I think that you got a good deal, andy. I mentioned that in the post. I am just trying to time the market by waiting for a year or so before getting in in an overall lower market.

That being said, if you can get a second house in the next year or two, your strategy is excellent. The question is though: How will you afford the second house? Who will give you another mortgage? Are you going to get a parental loan or something?

I am curious what your strategy is.

By: Andy

Andy — Wed, 19 Nov 2008 00:04:52 +0000

Ha I got a really good deal. Let me know if you ever want to go look at comparables; you’re welcome to try to spot a better one. I’ve actually seen a couple similar places lately, that I would grab now if Freddie Mac would let me.

My logic was never that this is as low as things will go; I’m actually (believe it or not) hoping that house values slide for at least two more years. Call it doubling down. Buy one place early on when people are scared about future declines (a down futures market might as well be reality as far as it affects prices now, at least among people who don’t have to sell; and the conventional wisdom is that Seattle is in for a slide). Shovel all spare cash into equity, and hopefully have enough to buy another highly leveraged place when we hit rock bottom in a couple years.

Buffett: ‘Be greedy when others are fearful, and fearful when others are greedy’.

Oh, and did I mention the $7,500 Federal tax credit for first-time homebuyers if you buy before April 2009? Buy now, or subsidize my purchase with your tax dollars. =P

By: Jordan

Jordan — Mon, 27 Oct 2008 23:37:30 +0000

NW real estate had some signs that it was at least putting up a fight-even though median prices fell on homes, “used” house sales were up, and the number of foreclosures were down.

Your best bet will if the big companies get hit hard and the over-inflated pay their employees got dries up.

By: Joel

Joel — Mon, 27 Oct 2008 22:20:39 +0000

I actually think Andy got a good deal. I just think it will be possible to get a better deal in about a years time. Basically just trying to time the market, but if I had to get in right now, I’d probably get something similar to what Andy purchased.

By: Trent

Trent — Mon, 27 Oct 2008 22:15:30 +0000

Why don’t you just tell Andy directly that you think he got F$CKED?