When will this market turn around?

[spinnaker]

I am really pissed about this recent market dip. For those that know me the other forum, they know I have been looking for a new house for over 3 years now. Well I finally found one. But now this mess with the market is occurring at the same time and I am really pissed.

The original plan was to tap my mutual funds for part of the down payment. It would have been a fairly small percentage. Now I am not sure what to do. I will be talking to my financial adviser in the morning. The good new is I have a substantial percentage of the down payment / closing costs in savings. I have current equity in my current home. I have a credit line well more than enough to make up the difference and the one mortgage company has a 3 month no interest advanced equity loan. So I guess it is not all bad news.

 

[ronv]

I am really pissed about this recent market dip. For those that know me the other forum, they know I have been looking for a new house for over 3 years now. Well I finally found one. But now this mess with the market is occurring at the same time and I am really pissed.

The original plan was to tap my mutual funds for part of the down payment. It would have been a fairly small percentage. Now I am not sure what to do. I will be talking to my financial adviser in the morning. The good new is I have a substantial percentage of the down payment / closing costs in savings. I have current equity in my current home. I have a credit line well more than enough to make up the difference and the one mortgage company has a 3 month no interest advanced equity loan. So I guess it is not all bad news.

Yea, I know the feeling. At least you have a choice. I'm at that time in life that I have to make minimum withdrawals from my 401K and IRA. But that minimum is based on their value at year end. Well the market was okay then.
On the other hand it's only a little over a 10% dip. Cry to the Realtor and see if you can drive a bargain on the new house.
On the others I guess it depends on the interest rates on the other loans. I sure wouldn't put myself in a position where I didn't have an emergency fund.
My guess... the market has found a home between 15 and 16 for a year.

 

[spinnaker]

No way could I get a bargain. Not in my community. Homes go almost immediately. I looked at a place last week, it was beautiful. Was listed on Friday afternoon. I looked Saturday morning. That afternoon the house was sold.

I think I only got this place because it was listed Superbowl Sunday morning. No one interested in looking My agent was able to show it to me that afternoon. I put an offer on it right away giving them their asking price. I thought ever so slightly over priced to fair. Probably closer to fair as I will need to do nothing to it except maybe paint. It has a brand new deck with that plastic wood so no maintenance. Deck is probably close to $10K alone. Certainly not a bargain. But the place I looked at last week was probably $30K over at least and went right away.

At least I think I got it. I just got notification that the hose went contingent at 9:38 EST. Have not heard from my agent but he goes to bed early. Hopefully I will hear good news in the morning. Lots of minor negotiations going on. I cannot imagine that would have gone through that if they had a counter on the table unless something came in this evening.

 

[ronv]

No way could I get a bargain. Not in my community. Homes go almost immediately. I looked at a place last week, it was beautiful. Was listed on Friday afternoon. I looked Saturday morning. That afternoon the house was sold.

I think I only got this place because it was listed Superbowl Sunday morning. No one interested in looking My agent was able to show it to me that afternoon. I put an offer on it right away giving them their asking price. I thought ever so slightly over priced to fair. Probably closer to fair as I will need to do nothing to it except maybe paint. It has a brand new deck with that plastic wood so no maintenance. Deck is probably close to $10K alone. Certainly not a bargain. But the place I looked at last week was probably $30K over at least and went right away.

At least I think I got it. I just got notification that the hose went contingent at 9:38 EST. Have not heard from my agent but he goes to bed early. Hopefully I will hear good news in the morning. Lots of minor negotiations going on. I cannot imagine that would have gone through that if they had a counter on the table unless something came in this evening.

Yes, I just read there is a construction labor shortage. Can you believe it?
Good luck!

 

[spinnaker]

Yes, I just read there is a construction labor shortage. Can you believe it?
Good luck!

Well this is a 67 year old home. But building is going gang busters in his area. All those new homes, apartments and office buildings but my taxes don't go down. Go figure.

And now I am stressed. I have not had a mortgage in at least ten years. As of last year no debt whatsoever. Just bought a new car last year. Could have paid cash but chose to take a partial loan. Now I wish I would have put down a smaller amount. It brings real peace of mind to be in that psotion.

 

[ronv]

Well this is a 67 year old home. But building is going gang busters in his area. All those new homes, apartments and office buildings but my taxes don't go down. Go figure.

And now I am stressed. I have not had a mortgage in at least ten years. As of last year no debt whatsoever. Just bought a new car last year. Could have paid cash but chose to take a partial loan. Now I wish I would have put down a smaller amount. It brings real peace of mind to be in that psotion.

Yes, money is still cheap. Probably another reason to strike if you can.