In Feb or March 2009, I will be locking for 7 years, hopefully in the mid-6%.
Are you preparing for hard times?
- Thread starter MR.
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In Feb or March 2009, I will be locking for 7 years, hopefully in the mid-6%.
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By a lose I mean the difference between what agents valued the property 2 months ago compared to the best offer now. It is still above what we have paid. (It has kept up with inflation but not by much.) Its hard not to look at it as a lose. Bought land 2001 and built new house 2004. The 20 year old larger house next door 3-4 months ago sold for above the figure the agents put on our house 2 months ago. "Everything" of ours is new and "good quality".
Tech/a claimed building costs keep going up. Our experience buyers don't care when it comes to sell.
It just takes one house in the street to sell for a high price and then everyone else expects the same.
Ofcoarse as we know, just like shares, it is not the case.
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dont take aN agents valuation with anything but a grain of salt usually .they want your listing and happy to P in ya pocket up until you sign on the dotted line
your house is ONLY worth what a buyer will pay for it , nothing more nothing less
2 months isnt a long time on the market m8 , your call , all depends on your circumstances etc .
good luck with it
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Did expect say a 10% lose over agent's valuation. So maybe lose is approx' 15%. Two months is not a long time, agree. Hard to see just how things will get better. Still get 5-8 couples through each open house. But almost everyone is looking. The main circumstance to consider is "high end price bracket"
Glen48
Money can't buy Poverty
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As I have said before have a look Patrick.Net and see what is going on in USA and what will happen here will be the same.
Like shares sell high, buy low you just have to wait a few more years for housing to come down.
Like shares sell high, buy low you just have to wait a few more years for housing to come down.
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I organise my finances pretty carefully when it comes to discretionary spending like holidays etc. I've got a separate account and put a set amount away each fortnight - if there's not enough in the account to pay for it then no holidays.
I was about to organise a trip interstate for a week or so next year. Then I thought about the overall economic situation and, whilst I do have the cash to pay for the holiday, I've decided I'm better off keeping that cash "just in case". So no expensive holidays for me, I'll be going bushwalking instead - something that costs close to zero.
Classic recessionary psychology and it's embedded in my mind quite firmly it would seem. Uncertain times so I'll hold onto the cash unless it really is a necessary purchase. I doubt I'm the only one thinking that way.
I was about to organise a trip interstate for a week or so next year. Then I thought about the overall economic situation and, whilst I do have the cash to pay for the holiday, I've decided I'm better off keeping that cash "just in case". So no expensive holidays for me, I'll be going bushwalking instead - something that costs close to zero.
Classic recessionary psychology and it's embedded in my mind quite firmly it would seem. Uncertain times so I'll hold onto the cash unless it really is a necessary purchase. I doubt I'm the only one thinking that way.
prawn_86
Mod: Call me Dendrobranchiata
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My preperation at this stage involves assessing different study options for postgrad stuff, as i am less confident of finding a job in finance when i graduate at the end of next year.
Glen48
Money can't buy Poverty
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16/11/2008
The federal government has bought its first tranche of troubled residential mortgage-backed securities (RMBS), in a bid to boost competition in the non-bank home lending market.
The Australian Office of Financial Management (AOFM) bought $500 million of RMBS from privately owned mortgage lender FirstMac.
The remaining $100 million of the $600 million bond offer was taken up by private investors.
In September, Treasurer Wayne Swan gave the AOFM the authority to buy $8 billion in RMBS to ease credit shortages in the non-banking credit market.
FirstMac chief financial officer James Austin said the federal government purchase of the mortgage securities would help boost competition in the non-banking sector.
"The main benefit will be that it will allow more funding to be provided for mortgages," he said.
"FirstMac relies 100 per cent on the securities market.
"Over the past 12 months these markets have been closed."
In the wake of the credit crisis, the banks have consolidated their hold on Australia's home lending market as higher funding costs pushed non-bank lenders out of the market.
How can there be such a thing a mortgage backed Security??
who decides what is safe and this is why we are in this mess.?
The federal government has bought its first tranche of troubled residential mortgage-backed securities (RMBS), in a bid to boost competition in the non-bank home lending market.
The Australian Office of Financial Management (AOFM) bought $500 million of RMBS from privately owned mortgage lender FirstMac.
The remaining $100 million of the $600 million bond offer was taken up by private investors.
In September, Treasurer Wayne Swan gave the AOFM the authority to buy $8 billion in RMBS to ease credit shortages in the non-banking credit market.
FirstMac chief financial officer James Austin said the federal government purchase of the mortgage securities would help boost competition in the non-banking sector.
"The main benefit will be that it will allow more funding to be provided for mortgages," he said.
"FirstMac relies 100 per cent on the securities market.
"Over the past 12 months these markets have been closed."
In the wake of the credit crisis, the banks have consolidated their hold on Australia's home lending market as higher funding costs pushed non-bank lenders out of the market.
How can there be such a thing a mortgage backed Security??
who decides what is safe and this is why we are in this mess.?
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The G20 meeting is just poititians all trying to out BS each other , with ours grinning and soaking up yet another overseas trip to pose at and do nothing but run off at the mouth.
This wont be fixed by Rudd or any more "rescue packages" they just have to let it go and fix itself.
$10.5 B would have been better spent by dividing it amongst the Salvos and the Smith Family.
numbercruncher
Beware of Dropbears
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I dont think all that 10.5b will be used up , the FHBs still arnt buying into the ponzi scheme so that money will just go back to the coffers .....
The thousands they are giving to each family will probably pay down debt or go to savings do very little for the economy ....
So im expecting some other kind of package soon ...
The thousands they are giving to each family will probably pay down debt or go to savings do very little for the economy ....
So im expecting some other kind of package soon ...
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why does the village ppl song .Y.M.C.A keep popping up in my mind
am i warped ?
do i need a better investment strategy?
do i need to sell everything and buy a police uniform?
am i warped ?
do i need a better investment strategy?
do i need to sell everything and buy a police uniform?
chops_a_must
Printing My Own Money
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numbercruncher
Beware of Dropbears
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Might be good practice Robi - construction workers getting axed left and right I see .... and unfortunately some comments from you have bought a cloud of bad karma your way, im hoping it doesnt rain on you brother ....
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You might want to be careful who you call a bum there Robots, you bum:
Was he calling me a bum ?
To be honest I couldn't make head or tail of the robots code.
Back to the real world and I see Bush has said that the USA is perhaps facing the biggest DEPRESSION in it's history but that should go right over the heads of the property bulls , buy up boys nows your chance !
