Oh I am not angry. i just like to get the facts out there. And I am an owner, and have rental property as well. That being said my job is to stop the reckless cheer leading from your industry which has done so much to destroy the economy. Your former head cheerleader David Lereah admitted as much since he left your unregulated unprofessional conflict ridden industry. As far as burying any stance I might have on any subject, it would never happen. I will take my Harvard MBA up against your Realtor license any day,
4% interest rate on a declining investment, who cares, as per your own NAR prices in the NY metropolitan area which of course as you know includes north Jersey are down 6.3% in the first quarter of 2012.
Anyone who bought in the first quarter of 2012, is already out money. Than of course throw in out of control property taxes, and what a wonderful investment it truly is.
A house is consumption which offers a tax benefit to many, which may or may not make a profit for the homeowner after 30 years. since the average American does not stay in a house that long, the investment potential is quite limited. Even of one does, it would be a profit after 30 years of property taxes maintenance etc, and that is factoring in the potential tax benefits. Again not my idea of a wonderful investment.
And again encouraging people to use their houses as a funding too for college etc, is simply reckless.
So buyers if you are in the market, this is your opportunity to bid hard out there. Many sellers are still asking ridiculous prices for old unmaintained homes with ugly yearly tax bills. Don't fall for the Realtor spin, bid hard, don't worry about "insulting the seller", and if they do not accept your bid, then walk away.