I was standing in line a few days ago waiting for my food to be prepared at a local restaurant in Silver Spring, MD (suburban Washington, DC) , when I overheard a real estate related conversation. It went something like this:
Patron: "So how's life? "
Restaurant Server: "Good thanks. [Pause] "How is your new business?"
Patron: "Slowing down. As the prices are very expensive and mortgages rates are rising."
Restaurant Server "Keep plugging. Things are slowing down in general."
Patron "Thanks. [ picking up the food] Have a great day."
Keep you ears and eyes open. This blog adores personal housing bubble related stories submitted by users. :-) Please post them.
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Since you ask for personal stories:
ReplyDeleteI spoke with my realtor friend two days ago. She's been a realtor for 12 years here in Marin County, CA. She knows we want to buy another house but that we are waiting for things to cool off. Anyway, I asked her for some Marin market data which she gave me (will post it soon) and asked how the market is doing. She said it will be a buyers market soon in all categories in Marin. So I said when things are selling for a 30% discount call me and we'll do some business. She said "Ok, talk to you in a year then". For what it's worth.
We just renewed our lease for another year with no price increase - the landlord would've done two more years at the same price if we wanted to.
ReplyDeleteThey own multiple properties in our area, and are aware that other investors are now selling. I asked him what he thought about the housing bubble, etc. - what might cause prices to head back down. He said his biggest worry was when Greenspan leaves - that the new guy might not know how to fix things if something bad happens.
I didn't tell him about my blog.
Hearing the above two comments make be believe the overall economy should begin to slow in mid autumn- therefore obe should see the stock market fall in the last 3 months of the year.
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