“prices to jump by 10% or more in 2008″
April 5, 2007cbs5.com - NorCal Real Estate Market Heating Up, Realtors Say
Byron Alvarez of the REMAX Real Estate Center, a 27-year real estate veteran, expects prices to jump by 10 percent or more in 2008.“We’re going to be sitting here 4 or 5 years from now when we’re at the peak of the up cycle saying: ‘Remember ‘06 and ‘07?’ We should have been buying everything on the market,” Alvarez said.
I’m adding a new category of posts called “Quotes” - let me know if you see any good ones.
April 7th, 2007 at 11:59 pm
I’ll start hunting for a bowling trophy at the thrift stores so it can be awarded to the winning quote; however, I think this guy may have already spit out the winner…what a dolt!
April 8th, 2007 at 7:39 pm
Absolutely- this period is just a minor blip- after all, the bubble is bogus! Proof:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2005/07/10/BUG8JDLA661.DTL
April 9th, 2007 at 8:42 am
He should immediately be investigated for fraud for any RE transactions he’s been involved in for the last 5 years.
April 9th, 2007 at 11:06 am
A “27-year real estate veteran” or a 27 year-old real estate veteran?
April 9th, 2007 at 1:35 pm
Oh, how I do love the supply and demand argument.
One should access the census information for Silicon Valley for the past 5 years. The population of the area is actually declining. While at the same time, new homes are being constructed. So how exactly does that correlate with the notion of supply and demand.
The author of the “housing bull” article also is using quantitative amounts to justify his position. That is equivalent to me saying “my net worth is X dollars and the net worth of someone my age in 1970 was much smaller. Therefore, I am rich”. It is not inflation adjusted.
Ultimately, my answer to anyone that uses the supply and demand argument is to simply ask them the following question:
“If a law was passed tomorrow that demanded new home buyers place a minimum of 20% down on a home and have only a choice of either a 15 or 30 year fixed rate mortgage, what would happen to real estate prices?”
Any guesses? Well we all know; they would plummet.
Everyone heard all these arguments before during the dot com runup. The “new economy” and “this time its different”. But ultimately, the bears of that timeframe (The Buffetts, the Soros’, the Shillers) all proved to be right in the end. Now these same people indicate the same problem exists in housing. So who are you going to believe? The 27 year old real estate “veteran” or the financial genius’ of our lifetime?
April 11th, 2007 at 5:58 am
[...] clearly this writer didn’t do enough research - what about interviewing experts like Byron Alvarez: Byron Alvarez of the REMAX Real Estate Center, a 27-year real estate veteran, expects prices to [...]