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[Safe-N-Sound215 10+ year member]

All of you real estate agents telling people to sell their house for more than it's worth are making the cost of homes go through the roof: . Capitalism at it's finest, but you know what people say, it's worth what someone is willing to pay for it

 

[Fast1one 10+ year member]

another word of advice, prison guards make bank

Already mentioned it //content.invisioncic.com/y282845/emoticons/naughty.gif.94359f346c0f1259df8038d60b41863e.gif Put in 20 years and you have FULL retirement with benifits.

 

[helotaxi 5,000+ posts]

All of you real estate agents telling people to sell their house for more than it's worth are making the cost of homes go through the roof: . Capitalism at it's finest, but you know what people say, it's worth what someone is willing to pay for it

Actually most agent tht are worth a **** won't do that. They want the home to sell quickly and show the seller what it is worth based on what other comparable homes in the area have sold for. What drives the price up is a person with a lot of money coming in and placing an offer on the house that is higher than the listed price. Don't think that it doesn't happen. It happens all the time in a hot market. When this kind of thing starts on a large scale, the speculators swoop in and it creates a bidding war in the market as a whole and the price inflation gets ridiculous. the end result is that the average Joe looking for a place to live gets priced out of the market and the market slows leaving the speculators with what they deserve, a property that they paid too much for that now they can't getrid of because the market won't support a price high enough for them to get rid of the property without taking a loss.

A good agent won't encourage listing a house for more than it is worth because the difference in their paycheck between a marketable price and an inflated price isn't worth the difference in time between the two sales. The agent makes no money if the house doesn't sell. The quicker it sells, the sooner they get paid and the number of quick transactions that can be made will far outstrip the income potential of a few hugely overpriced houses that take forever to sell if hey sell at all.

 

[Safe-N-Sound215 10+ year member]

Actually most agent that are worth a **** won't do that. They want the home to sell quickly and show the seller what it is worth based on what other comparable homes in the area have sold for. What drives the price up is a person with a lot of money coming in and placing an offer on the house that is higher than the listed price. Don't think that it doesn't happen. It happens all the time in a hot market. When this kind of thing starts on a large scale, the speculators swoop in and it creates a bidding war in the market as a whole and the price inflation gets ridiculous. the end result is that the average Joe looking for a place to live gets priced out of the market and the market slows leaving the speculators with what they deserve, a property that they paid too much for that now they can't getrid of because the market won't support a price high enough for them to get rid of the property without taking a loss.
A good agent won't encourage listing a house for more than it is worth because the difference in their paycheck between a marketable price and an inflated price isn't worth the difference in time between the two sales. The agent makes no money if the house doesn't sell. The quicker it sells, the sooner they get paid and the number of quick transactions that can be made will far outstrip the income potential of a few hugely overpriced houses that take forever to sell if hey sell at all.

Agreed, That's what's happening around here. Alot of people from places like where I used to live in Philly, D.C., N.Y. Baltimore are moving down here and they have more money because the pay is better up there, and the cost of living is cheaper down here(Or should I say was). They drove the prices up like crazy. A lot of what the agents down here call"starters homes" are going for 200k+, which is almost impossible for most people down here because their pay rate hasn't adjusted to compensate. So what what is happening down here is the select few with the money are buying houses and renting/leasing them for outrageous amounts and the "average joe" has no choice other than to pay it. And once they get in that situation it becomes a neverending cycle. They can't save up to put a down payment on a home because all of their money is going to the rent. And even if they did they couldn't afford a mortgage anyway because, after home cost, interest on a 30yr. loan, and other fee's the price they paid is right around double the original purchase price. So for that 200k "starter home" winds up being a 400k home, and being that most people around here make $10 or less it's impossible for them to even get approved

Here's an example

Your Monthly Payment for 30 Years

for an Interest Rate of 5.750 %

on a Loan Amount of $ 200,000.00:

$ 1,167.15 a Month

Good thing for me I'm one of the lucky few who happens to make a decent wage

And this is why people are moving here

that and our area was ranked #1 place to live in the country by better homes and living for a few years. So now they're throwing homes and businesses up left and right.

 

[hzsogood 5,000+ posts]

My wife is in her third year as a real estate agent. She made $35k in Montana which was a small fortune in that area in her first year. She spent the bulk of her second year waiting for her license for NV to process and couldn't do anything as a result during that time and still made around $40k. This year she should make more than me. Easily. I make around $90K a year plus bennies.
Real estate has the potential to be quite lucrative. That said not everyone has what it takes to make it in that business. You have to work hard. Anyone who tells you that it's easy money isn't all that good at it, and is about to come on some hard times. The pricing inflation is leveling off, which is good for everyone except the speculators but they deserve to get hosed since they were the ones responsible for the outrageous inflation of the last few years anyway, but people are still buying and selling houses. That won't change. As long as transactions are taking place there will be money to be made as an agent. It doesn't take a degree to do and in most states there is only a week-long course required and a test to get your license. Most big companies will provide you with training on being a good agent. It's in their best interest to do so since they need you to make money for them to make money. The money won't neccessarily come in regular intervals so you have to budget and build up some savings initially unless you have another source of income. Also starting out and getting yourself established (honing your salesmanship) can be difficult and frustrating but once you make it past that point, the only limits are how hard you are willing to work and how much time you are willing to put in.

I like the idea of real estate.. It's pretty much everything i like doing, working on houses, interacting w people, always moving etc.. And with knowlrdge in construction/carpentry I think it would help me in the long run if i decide to go with it.. It also helps that i have An uncle here in duluth, one in my hometown of Bayport Long Island NY , and another relative in La Jolla .. If i make it i'll buy every one who mentioned the real estate idea a w7 jellybean holder //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[fakename 10+ year member]

my dad paints houses and shit like that and makes 100k+ a year.

 

[hzsogood 5,000+ posts]

my dad paints houses and shit like that and makes 100k+ a year.

I live in Minnesota..90% the houses are vinyl/ stucco

 

[THUNDERBIRD 10+ year member]

you could start your own construction company? thats what i am doing after my buddy gets out of the army? just gotta spend a butt load up front for tools which i have most and then advertising.

 

[mikeyboc 10+ year member]

Agreed, That's what's happening around here. Alot of people from places like where I used to live in Philly, D.C., N.Y. Baltimore are moving down here and they have more money because the pay is better up there, and the cost of living is cheaper down here(Or should I say was). They drove the prices up like crazy. A lot of what the agents down here call"starters homes" are going for 200k+, which is almost impossible for most people down here because their pay rate hasn't adjusted to compensate. So what what is happening down here is the select few with the money are buying houses and renting/leasing them for outrageous amounts and the "average joe" has no choice other than to pay it. And once they get in that situation it becomes a neverending cycle. They can't save up to put a down payment on a home because all of their money is going to the rent. And even if they did they couldn't afford a mortgage anyway because, after home cost, interest on a 30yr. loan, and other fee's the price they paid is right around double the original purchase price. So for that 200k "starter home" winds up being a 400k home, and being that most people around here make $10 or less it's impossible for them to even get approved
Here's an example

Your Monthly Payment for 30 Years

for an Interest Rate of 5.750 %

on a Loan Amount of $ 200,000.00:

$ 1,167.15 a Month

Good thing for me I'm one of the lucky few who happens to make a decent wage

And this is why people are moving here

What's really going to screw people, and already has started to, are those that used interest only finanancing to leverage themselves into a house they can't afford because of the price increases. I have run across several instances recently that when the principle became due and the note was re-adjusted to reflect a full principle and interest payment, they couldn't sell because the still owe what they bought the house for (which is worth roughly the same as what they bought it for), next thing you know, foreclosure.

edit: don't forget me when it is time to dish out the jelly bena holders.

 

[Slo_Ride 5,000+ posts]

another word of advice, prison guards make bank

Yeah, but get caught slippin' and you're bent over with a big wad of man meat stuck in your ***. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[hzsogood 5,000+ posts]

you could start your own construction company? thats what i am doing after my buddy gets out of the army? just gotta spend a butt load up front for tools which i have most and then advertising.

Ive got all nailers. Framing, trim, brad/finish , roof compressors, transits all power tools, ladders, piks, a few 5 pc dewalt 18 volt sets.. Everything i would need is ready, i wish my cousin would leave his $34/ hr full bennie construction job at Kraus Anderson and come work w me //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[wilzyx 5,000+ posts]

Agreed, That's what's happening around here. Alot of people from places like where I used to live in Philly, D.C., N.Y. Baltimore are moving down here and they have more money because the pay is better up there, and the cost of living is cheaper down here(Or should I say was). They drove the prices up like crazy. A lot of what the agents down here call"starters homes" are going for 200k+, which is almost impossible for most people down here because their pay rate hasn't adjusted to compensate. So what what is happening down here is the select few with the money are buying houses and renting/leasing them for outrageous amounts and the "average joe" has no choice other than to pay it. And once they get in that situation it becomes a neverending cycle. They can't save up to put a down payment on a home because all of their money is going to the rent. And even if they did they couldn't afford a mortgage anyway because, after home cost, interest on a 30yr. loan, and other fee's the price they paid is right around double the original purchase price. So for that 200k "starter home" winds up being a 400k home, and being that most people around here make $10 or less it's impossible for them to even get approved
Here's an example

Your Monthly Payment for 30 Years

for an Interest Rate of 5.750 %

on a Loan Amount of $ 200,000.00:

$ 1,167.15 a Month

Good thing for me I'm one of the lucky few who happens to make a decent wage

And this is why people are moving here

200k for a starter house where live is the deal of the century. here that'll buy ya a 2bd/1bath 800sq ft house in shit condition.

 

[schism13 10+ year member]

**** surprised so many of you can live off of 30k or less salarys..I need to move //content.invisioncic.com/y282845/emoticons/eyebrow.gif.fe2c18d8720fe8c7eaed347b21ea05a5.gif

 

[hzsogood 5,000+ posts]

**** surprised so many of you can live off of 30k or less salarys..I need to move //content.invisioncic.com/y282845/emoticons/eyebrow.gif.fe2c18d8720fe8c7eaed347b21ea05a5.gif

Cost of living is way different to man.. In minneapolis about 1 1/2 south of me you could walk into pretty much any mcdonalds and get 10-12 bucks an hour.. Here its like 5.75 or 6 bux

 

[saywhat? 5,000+ posts]

its all about lifestyle, gotta decide what is needed and whats wanted. but then again, cost of living in tulsa > most everywhere else

a "decent" life is subjective. to me a decent life is being able to do as i wish, in a nice little house that fits me and the family comforatably, has a 2 car garage and a workshop and all the tools I would need to work on my cars. That doesnt happen on 25k. To live comforatable your "lifestyle" shouldnt have to change, thats the whole point of being comforatable.