Friday, March 23, 2012
The problem with society: What is up with home owners
The problem with society: What is up with home owners: What is up with home owners today? What is up with people just walking away from their homes because "They owe more than the house is worth"...
What is up with home owners
What is up with home owners today? What is up with people just walking away from their homes because "They owe more than the house is worth". Purchasing a house has always been a gamble. 25 years ago I tried to get a home equity loan on my house but couldn't because I owed more than the 70% value of the house. I didn't say "Well than take my house I don't want it". That was not a thought that I would have ever crossed my mind.
Now my real question is are there really that many people who are choosing to walk away from the homes because of the current value of their home or is this just another thing that today's media it touting as truths. I can honestly say I have not personally know anyone who have chosen to do this. In my line of work I talk to people about their homes everyday and only a couple have said they were "allowing" their homes to be foreclosed on.
My thought is was self respecting person would just willing give their house back to a bank because they owe more than it is worth. I get it if they can't pay the mortgage but then that goes back to my blog yesterday, did they actually purchase a home they could afford or did they buy "over" their heads. And even if you couldn't pay your mortgage couldn't you file bankruptcy. Of course I shouldn't judge any of the people who chose to do this because I don't truly know their circumstances but in the reports I have seen through the media many of these people can actually make their mortgage payments but chose not to because their house isn't worth what they paid for it.
Anyone who has been around for a while (I am 47) knows that the economy is like a roller coast. It goes up and down very quickly. The peaks are very high and the valleys are very low. Real estate is the same why. Sometimes it's a sellers market and sometimes is a buyers market. If you buy high chances are at some point you will owe more than your house is worth.
My opinion is if you are not willing to ride out the storm, don't ever buy a house.
Now my real question is are there really that many people who are choosing to walk away from the homes because of the current value of their home or is this just another thing that today's media it touting as truths. I can honestly say I have not personally know anyone who have chosen to do this. In my line of work I talk to people about their homes everyday and only a couple have said they were "allowing" their homes to be foreclosed on.
My thought is was self respecting person would just willing give their house back to a bank because they owe more than it is worth. I get it if they can't pay the mortgage but then that goes back to my blog yesterday, did they actually purchase a home they could afford or did they buy "over" their heads. And even if you couldn't pay your mortgage couldn't you file bankruptcy. Of course I shouldn't judge any of the people who chose to do this because I don't truly know their circumstances but in the reports I have seen through the media many of these people can actually make their mortgage payments but chose not to because their house isn't worth what they paid for it.
Anyone who has been around for a while (I am 47) knows that the economy is like a roller coast. It goes up and down very quickly. The peaks are very high and the valleys are very low. Real estate is the same why. Sometimes it's a sellers market and sometimes is a buyers market. If you buy high chances are at some point you will owe more than your house is worth.
My opinion is if you are not willing to ride out the storm, don't ever buy a house.
Thursday, March 22, 2012
The problem with society: Just my Opinion
The problem with society: Just my Opinion: What do you think is the down fall of society today? My opinion is that we have become a society of people who want instant gratification ...
Just my Opinion
What do you think is the down fall of society today?
My opinion is that we have become a society of people who want instant gratification and people who feel "entitled" just because they exist. When did this happen? What happened to saving your money to put a down payment on a house or a car, purchasing a house that you could actually afford or not having to own the best of the new gadgets the day they come out. I think it is crazy for people to wait in line to be one of the first to buy the new IPhone when they just waited in line 12 months ago to purchase the then new edition of the IPhone. I often wonder what bills didn't get paid that month for them to make this purchase.
People blame the banks for the mortgage situation in the country today. But in my opinion you can only put part of the blame on the banks. The reason these tricky mortgages became available was because there was a demand for them. If your young family has an annual income of $50,000 a year what makes you think you can afford to purchase a 4000 sq ft "McMansion" priced at $750,000. Better yet what makes you think you "deserve" a 4000 sq ft "McMansion"---because you want it?
People today don't believe in starting small. I watch these shows like House Hunters on HGTV and people want brand new homes that are painted the colors they like and need no work put into them. Forget about fixer-ups. It seems like the fixer-ups are beneath a lot of people. A starter home. I don't think there is such a home out there anymore. If a house isn't at least 2000 sq ft a lot of young people don't even want to be bothered looking at it.
Instant gratification is I feel the root cause of many of the problems in today's society. People wanting something for nothing. We need to get back to our grassroots and if we want something we need to work for it. Big homes and fancy gadgets are not your God given right, they are things you earn, through hard work and saving. They are things to put on your when I have disposable income I will purchase. I will pay my bills, feed my family and build a little nest egg then if there is anything left over I will put it in a "I want to purchase" fund. But heck I guess maybe I am just old school.
This is just my opinion.
My opinion is that we have become a society of people who want instant gratification and people who feel "entitled" just because they exist. When did this happen? What happened to saving your money to put a down payment on a house or a car, purchasing a house that you could actually afford or not having to own the best of the new gadgets the day they come out. I think it is crazy for people to wait in line to be one of the first to buy the new IPhone when they just waited in line 12 months ago to purchase the then new edition of the IPhone. I often wonder what bills didn't get paid that month for them to make this purchase.
People blame the banks for the mortgage situation in the country today. But in my opinion you can only put part of the blame on the banks. The reason these tricky mortgages became available was because there was a demand for them. If your young family has an annual income of $50,000 a year what makes you think you can afford to purchase a 4000 sq ft "McMansion" priced at $750,000. Better yet what makes you think you "deserve" a 4000 sq ft "McMansion"---because you want it?
People today don't believe in starting small. I watch these shows like House Hunters on HGTV and people want brand new homes that are painted the colors they like and need no work put into them. Forget about fixer-ups. It seems like the fixer-ups are beneath a lot of people. A starter home. I don't think there is such a home out there anymore. If a house isn't at least 2000 sq ft a lot of young people don't even want to be bothered looking at it.
Instant gratification is I feel the root cause of many of the problems in today's society. People wanting something for nothing. We need to get back to our grassroots and if we want something we need to work for it. Big homes and fancy gadgets are not your God given right, they are things you earn, through hard work and saving. They are things to put on your when I have disposable income I will purchase. I will pay my bills, feed my family and build a little nest egg then if there is anything left over I will put it in a "I want to purchase" fund. But heck I guess maybe I am just old school.
This is just my opinion.
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