I CASHED OUT!!!!!!!!!

User Forum Topic
Submitted by hahaha on September 10, 2006 - 8:00pm

I CASHED OUT AND I AM SO SO HAPPY.

WHOEVER SUCKER TELLS YOU TO HOLD OUT FOR BETTER OFFER, TELL THEM TO F*** OFF!!

WHOEVER GREEDY ENOUGH TO WAIT FOR BETTER OFFER, LET THEM BURN. NO LOVE FOR THEM. GREEDY PEOPLE DESERVE TO LOSE MONEY!!!!

Submitted by LookoutBelow on September 11, 2006 - 6:26am.

We are glad you've sold your property at the top ! It was a ballsy move waiting this long !

 

Could you not type in CAPS ? I almost got whiplash when I opened it !

 

Cheers !!!!!!!!!!!!!!!!!!!!!!! 

Submitted by The-Shoveler on September 11, 2006 - 6:33am.

Nor_LA-Temcu-SD-Guy

Yea I got out in December 2004, Wife still nag's me that we maybe could have got another 50 to 100 K if we waited another 6-8 months, I can't believe it We did better than 80% of most people and I am to blame that we only held our second house three years (when I had to ask myself daily Why am I still holding it I should sell before it drops, it already paid for the new house and then some),

I guess I am a dumb ass jerk as always.

Submitted by powayseller on September 11, 2006 - 6:38am.

NorthLATemeculaSanDiegoGuy, I am a jerk too. Hubby says we should have held out for more...

Submitted by The-Shoveler on September 11, 2006 - 6:50am.

Nor_LA-Temcu-SD-Guy

Sorry for venting, I love my wife dearly but sometimes she wants perfection or something I can't really define or I guess it's just a way for her to vent about something she can't define.

Anyway I think once the market drops 30 - 50% (Somewhere near begining 2003 prices) she will be happier with me.

Again sorry.

Submitted by waiting hawk on September 11, 2006 - 10:16am.
Submitted by powayseller on September 11, 2006 - 10:23am.

Temecula guy, your post was great - don't apologize!

Submitted by deadzone on September 11, 2006 - 12:22pm.

Another significant factor to this bubble is the fact that women get overly emotional into the whole "I have to own a house" mentality. Men in general (and especially the analytical people on this board) are more able to detach the emotional from the practical and less likely to be bamboozled by sales types.

The female housing emotion mentality is going to cost a lot of men a lot of money. I'm glad to see at least a few of you men out there had the balls to put your foot down and do the right thing that will help you both in the long run.

Submitted by PerryChase on September 11, 2006 - 12:28pm.

Yes, I always hear of women nagging their husbands into buying a house. If it weren't for women the real estate market would be in a real slump. Could Realtors here address this?

I think one reason women want a house is so that the husbands have to stay at home and work on projects. It prevents the men from hanging-out with friends where there's more opportunity to meet other attractive women.

My sister-in-law gets pissed-off when my brother hangs out with me and my other brother too much. She'll call and say the child's not feeling well, the air-conditioner is running right or the fridge doesn't seem quite cold enough, etc... I can't wait until cell phone companies have easy to use tracking services!

Submitted by VCJIM on September 11, 2006 - 12:54pm.

Selling my house was extremely emotional for me; I almost backed out at the last minute, even with a very nice profit. It was a crappy house, horrible yard, etc. Nevertheless, it was tough.

Submitted by The-Shoveler on September 11, 2006 - 1:15pm.

Nor_LA-Temcu-SD-Guy

Thanks Guy's

It's seems I am not unique, or alone.

Submitted by Chrispy on September 11, 2006 - 1:36pm.

I don't know about all this "women keeping the RE market alive" stuff. I have quite a few friends who sold with the full buy-in of their wives. They would rather have peace of mind and rent than own a house.

I sold my house in 2004 and was never as happy as the day I slammed the front door for the last time. It was on a 10,000 sq foot lot and a huge pain to upkeep with multiple yards. You never know how much work it takes to maintain a home until you compare it to renting.

Submitted by powayseller on September 11, 2006 - 1:49pm.

Women and men use emotion when reason should be used. Two posters, men, wrote on the forum, "It is my gut feeling that house prices will drop x%". What in the heck do feelings have to do with economics? Is God talking to you? Geez!

My husband wants to own more than I do. I could rent for 10 more years, I just love it! He misses the house projects. After sitting at his desk all day, he looks forward to using his creativity, as well as his hands and body to move materials like concrete, lumber, dirt, etc. and build stuff. he loved chopping down the trees, trimming bushes, mowing the lawn, fixing the roof, building patio covers.

We women have that nesting instinct, but we can make a nest at a campsite. So I wouldn't blame the nesting instinct for wanting to buy a house, just like a man's need to provide shelter wouldn't make him more likely to want to own a house either.

I think anyone's desire to own a house now is more related to their lack of interest in finances. Could it be that people interested in finances, building wealth, economics, are more likely to sell their house now and rent.

Submitted by PerryChase on September 11, 2006 - 4:45pm.

Gut feelings have everything to do with economics. Psychology is an integral part of economics.

I believe the point being made is that women tend to want to "own" a home regardless of prices being low or high. Men, on the other hand, are more swayed by making a "killing." Men are more willing to move in an out of the market if they beleive they can make or save money. Their emotional attachment to a house is lower.

I know that gender roles is a controversial subject but what women want is well known in the real estate industry. Smart marketers use psychology to sell their products and services.

Of course, not all men or women are the same but there are certain generalities that do hold true.

I'm all for treating a primary residence like consumption -- it's a place to live. Only 2nd residences and rentals should be viewed as investments on which one would want to maximize returns.

Submitted by powayseller on September 13, 2006 - 12:24pm.

Perry, I should clarify. I have trouble with an analysis based on gut feeling, i.e. "I have a gut feeling real estate will go down 10% and then start going up next spring". Yes, psychology is a driver of behavior and asset prices, but unless you have an "in" with the heavenly spirits, you can't know the future based on your gut feelings.

Submitted by ybc on September 13, 2006 - 1:06pm.

Although I hate to admit it, I think that Perry's generalization about women being more emotional about houses is true. But a rational woman (like powayseller and others on the board) is no less rational than a rational man. I also think that women in general are more pragmatic and grounded -- they know their priorities. It could be that making a killing by selling her house is simply not a priority. It's more about making a home, raising kids, etc. A friend related such a story: once a realtor knocked on her door asking whether she'd like to sell her house (that's back in 05 in CV when housing market was hot!), and her 5 year old overheard and yelled -- mom, don't sell our house! If her kids are emotionally attached to the house, so is she.

So all in all it's good to have women's more pragmatic thinking balancing out men's desire to profit, etc. By this measure, housing, barring a really bad local economic recession, will more likely decline slowly, rather than return to equilibrium pricing quickly.

Submitted by JES on September 13, 2006 - 4:39pm.

It's also fun when extended family get involved and look down on you for 'selling out.' That pressure alone was almost enough to keep me from selling. But I did anyway and since the sale have felt more isolated, even though we are being proven right by the market. All sorts of emotions come into play. The perception that family develop that you don't manage your finances well enough to be able to afford a house, for starters. Never mind the fact that everyone else in the family has ARMS, and one I know of paid 200k for a house now worth 700k, and somehow now has no equity at all. Owning a home goes beyond pure financial matters and speaks to your worth as a man by God! The American dream with a white picket fence!

We often talk about forclosures, but even those who aren't that deep in trouble can find themselves financialy screwed. EG: Three relatives above, all make approx 90k-120k/year. One paid 650 for a home worth 650. Another paid 1 million, now worth 950 (2 months later), and the last paid 470, now worth 725 or so. All three have used equity loans, and all three have staked much of their financial future on the belief that the market will go up, level, or go down only a little. If it crashes, they'll be living on raman noodles and mowing their own lawns!

And they question my judgement? There's a huge paradigm shift that needs to take place here and it's slowly happening. You no longer 'have to get in before it's too late,' and it doesn't 'just keep going up.' I sold for 750k in March and in my mind everything above 450k or so was pure 'speculative equity' and not justifyable by any economic formula. I needed to grab that equity before it was too late, like a 40 year old virgin at the end of a hot date.

The sad thing is that people out there actually believe current prices reached their peaks because of supply and demand, rising incomes, low interest rates and because we have nice weather. Not only did they fail to pay attention in economics, but they obviously didn't even sign up for psychology. The game is over folks. If you haven't cashed in your lottery ticket or decided not to go for the million yet, enjoy the ride. May this crash be a peaceful one and bring you much wisdom so that you don't sacrifice your family future in such a foolish way again. Call me when your home is down 40% and I might bail you out, but meanwhile I'm busy fully funding my children's college plans, fully funding my Roth IRA for two years for my wife and I, and planning to go to the Midwest and buy a house with cash, never to have a mortgage again. I'm using the rest to buy warm clothes!

Submitted by anxvariety on September 13, 2006 - 9:14pm.

U R TEH SUCK!

Submitted by JES on September 14, 2006 - 9:55am.

That's classic vrudny!

I chalk alot of this up to the differences between people and their approach to things. For example, I like to analyze things and am continually adjusting my opinion about issues like the real estate market, the economy, political issues and everything else based on new information that I take in through research and intuition. Because of this, I usually find that I am ahead of the trends and have a good sense of what is happening at any moment in time, which gives me a better ability to predict the near term future.

In stark contrast, I have a friend who is an entrepreneur and owns a moderately sucessful business. He is optimistic to a fault and disregards any information that does not support his preconveived beliefs about his business being sucessful. He is strong willed and pushes ahead without an inkling of doubt that he will succeed. Interestingly, he is also overleveraged on his house and still believes that it will only keep going up. He is now advising me to buy again! Another friend of mine is extremely religious and has even tied his multi level marketing business into his religious beliefs. God is willing him to succeed, and if he merely believes, it will surely happen. He too has closed his mind to new information, advice and trends and pushes ahead even though he has made no money in 7+ years of business. He can't quit because Amway and Quickstar have brainwashed him into thinking he would be letting down God. On the surface, these two friends sure exude confidence and poise, but I can't help marvel at how false it is.

Ironically, it's these two friends who put the most pressue on me not to sell and who would look down on me the most now that we have cashed out. Similar to your relative, I respect them, but also respectfully disagree with their overconfidence, criticism and closed minded approach to everything. They get away with it because on the surface it always appears that all is well even when the business is failing and the home equity is stretched to the limit.

Submitted by Chrispy on September 14, 2006 - 10:12am.

Speaking of religion - a friend of mine recently got an email with the header, "Great Mortgage Interest Rates for Christians."

Wow - guess I need not apply. I knew mortgage companies are desperate for business, but to appeal to someone's religious beliefs? Sounds unethical if not illegal.

Submitted by JES on September 14, 2006 - 12:01pm.

I saw an ad in the WS Journal today that caught my attention. It was a huge financial ad for Lutheran Thrivant Financial for Lutherans or something like that. What caught my eye was the name. They actually appeared to be excluding non-Lutherans by using the phrase 'for Lutherans.' I'm curious if that was their intention, and perhaps they only take Lutheran clients? If they are open to anyone I found this to be very bad marketing!

Submitted by JES on September 14, 2006 - 12:02pm.

Duplicate

Submitted by Chrispy on September 14, 2006 - 2:25pm.

Can you imagine if a big lender, such as Bank of America, had ads that stated "5% Mortgage Loans for Catholics Only?" They'd have the ACLU on them in a heartbeat.

Submitted by heavyd on September 14, 2006 - 2:37pm.

Thrivent is a non-profit fraternal organization with about US$70bn in assets under management -- not BofA, but not small potatoes, either. As a non-profit it can legally extend benefits to the groups it was founded to help. This is no different from a parochial school offering parishioners a break on tuition, or unions offering members' kids scholarships. Nothing illegal about it...as long as it retains its non-profit status. They are BIG in the midwest...not much of a presence out here. DH

Submitted by bsrsharma on January 19, 2008 - 4:16pm.

How we cashed in before the housing crash

Friends thought he was nuts when a Times reporter sold his home and started to rent in 2005. But for him, the warning signs were just too hard to miss.

By Peter Y. Hong, Los Angeles Times Staff Writer
January 20, 2008

Our friends said we were crazy. Relatives asked whether we were in financial trouble. But in April 2005, my wife and I bailed out of the American dream. We sold our two-bedroom Pasadena condominium and became renters again. ¶ We got nearly three times what we had paid for the place nine years earlier. It seemed to us like a staggering profit -- and a sign that the market had been pumped up beyond reason. ¶ That's why we decided to rent instead of buying another house right away. We wanted a place with a yard and a third bedroom, but we weren't willing to pay the sky-high price or take out an exotic mortgage to buy something our income did not justify. ¶ So our plan was to take our profit and wait for prices to return to Earth. The madness had to end, we thought. ¶ For a while, we wondered whether we would prove to be the crazy ones as home values in Southern California overall continued rising through last spring. But a closer inspection of real estate sales data shows that signs of trouble were already appearing when we sold......

http://www.latimes.com/business/la-fi-sh...

Submitted by bubble_contagion on January 20, 2008 - 12:02am.

In 2005 people thought the Housing Bubble was only a t-shirt....

http://realtytimes.com/rtpages/20050811_...

Submitted by Aecetia on January 20, 2008 - 9:48pm.

Sometimes it pays off to listen to your gut.

Submitted by contraman on January 21, 2008 - 9:14am.

Vincent Hanna: So you never wanted a regular type life? Neil McCauley: What the $uck is that? Barbeques and ballgames?

Vincent Hanna: My life's a disaster zone. I got a stepdaughter so $ucked up because her real father's this large-type asshole. I got a wife, we're passing each other on the down-slope of a marriage - my third - because I spend all my time chasing guys like you around the block. That's my life.

Neil McCauley: A guy told me one time, "Don't let yourself get attached to anything you are not willing to walk out on in 30 seconds flat if you feel the (bubble) heat around the corner." Now, if you're on me and you gotta move when I move, how do you expect to keep a...a marriage?

Sincerely, Contraman

Submitted by rocket science on January 21, 2008 - 7:06pm.

It is funny, the LA Times guy sold in April of 2005.

I was cleaning my office and came across a LA Times front page section I had saved in May of 2005.

Right there on the front page was an article:

 “It’s Not a Bubble Until It Bursts”·  Although ignoring real estate bears has been profitable lately, doom is again on some lips.The chief economist for the Mortgage Bankers Assn. is worried enough about the torrid housing market to get out of it.

"I'm going to rent for a while," said Douglas Duncan, who expects "significant reversals" in regions that have enjoyed strong home price appreciation, including Washington, D.C., Florida and California. He plans to sell his suburban Washington home, which has tripled in value since he bought it a dozen years ago, and move into an apartment.Duncan is among a multitude of experts and consumers across the country debating the possibility of a housing bubble — a condition where prices have risen so far out of hand that they eventually crash 

http://www.phuthopoly-educaid.org/S65.doc

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.