Friday, May 04, 2007

Jimmy Castro Calls Market Bottom

Jimmy Castro - Sacramento real estate agent, Realty Times, April 26, 2007:

Right now, the housing market in Sacramento offers buyers a real window of opportunity. Not only have prices stabilized at attractive levels, but there's generally a wider selection of well-priced homes to choose from. In addition, there is an unprecedented array of low-rate mortgages available to finance a home purchase, including loan programs that require no down payment. The market climate for finding and affording that dream home may never again be this favorable.

If you are thinking about making a move:

- Anticipate what is happening in the market right now. We are at the bottom of this market cycle and rates are low...It's a perfect time to buy!
Here's what Castro had to say in February 2006:
If you are planning to buy a home or invest in Sacramento in the near future, I highly recommend taking advantage of the "stall" in the market right now. Get into a home now while sellers are willing to negotiate and interest rates are still reasonably low.
...
I highly encourage investors to hold on to their properties! The market is going to rebound and you are going to wish that you didn't dump your investment at a fraction of what it is going to be worth in the next year or two.

16 comments:

Orca said...

Other than self serving opinion, what evidence does Mr. Castro have that this is the "bottom of the market". Based upon the opinions of unbiased experts in the field, that answer would be "none".

BTW: The NAR chief economist has just been driven from his job for an unconscionable stream of rosy predictions, that were in fact, absolutely wrong.

Bakersfield Bubble said...

This guy has called "bottom" more times than Paris Hilton!?!

highsierraguy said...

Jimmy- get with the program. We too have finally "run out of stupid people." Except those proposing FB bailouts.

Kudos to Mr Joe Kelly. Nominated for Best Bubble Quote

Source: http://tinyurl.com/3yr3py

Patient Renter said...

Who? Whoever he is, where's his evidence?

Sittin' Out This One said...

What Jimmy Castro really meant to say:

Sellers: If you need to sell today, drop your price to 10% below the market and take the first offer. Each month you delay, you lose another 1%.

Buyers: Rent for 2-3 more years. You save 50% on your monthly costs and take no risk of more declines in value. In about 2-3 more years, prices will be 30% below where they are now, totalling a 40%-50% drop from the top in 2005. You should then be in no hurry to buy, since prices will not start to rise for another 3-4 years and renting will still be cheaper, unless you are in the very maximum effective tax bracket.

Jimmy, is that what you meant?

Merced "Going Quickly" said...
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Merced "Going Quickly" said...

http://mercedgoingquickly.blogspot.com/

If you look at the bottom of his website, you can see that this man is a man faith.

He's probably been praying a whole lot that business picks up soon and has been "claiming" scriptures like Ephesians 4:5, "Now faith is the substance of things hoped for, the evidence of things not seen."

I would suggest that Mr. Castro break open the Proverbs, specifically 13:11 "Wealth obtained by fraud dwindles, But the one who gathers by labor increases it.."

Another words, get an honest job and quit trying to drum up business with your lies!

God Bless!

norcaljeff said...

I can't believe he had the balls to say that some of us aren't savvy enough to make money in this market! That's a slap in the face and I'll NEVER buy RE from him or his firm. Additionally, if the market is so ideal to buy RE right now, I wanna know how many new properties he's getting into this year? And I want to prove it and post it to his website. I have a funny feeling that would be a grand total of ZERO. He talks of people making money right now by buying and selling RE today; yea I know Jimmy, they're called realtors, appraisers, title officers and mortgage brokers! And for the record, the EVP of Pimco, the largest bond managers in the world, says he sold his house and starting renting about a year ago when he called the top of the market. Additionally, he expects to rent for another 1-2 years at the very least. For some reason I believe this guy know a little more about the market than our boy Jimmy does. You can read that article here: http://tinyurl.com/3acrow
And for some other reason, I bet Jimmy refers to himself in the third person too.

Merced "Going Quickly" said...

Mr. Castro peoples at the blahgs need your help to by house. We not savy and culd reely use help frum a savvy guy like yue. i wuz buying house last year but did not 25% down so savy mortag guy like yuo tuld me too lie on loan so i can aford house. ishuld been mor savvy and bought that house in a savvy way.

i knuw us pepuls as not as savvay as yu so thanks for shuwing us the wa.

Frum you comunts i can tall that yuo follo yuor prinsapal bible vers

"Do nothing from selfishness or empty conceit, but with humility of mind. PHILIPPIANS 2:3"

yuo sonded rel humble in you mind in yuor response to us un savvy pepuls. yuo can rely tell yuo care for us pepuls not as smart as you. to thinks i wuz tring to be wize and guud steward with mi money and not get in over mi head.

wow thnaks the good Lord for savvy and humbel reel state agents like yuo.

Merced "Going Quickly" said...
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Merced "Going Quickly" said...

Another thing Mr. Castro, these blogs track the stupid things real estate agents say to inflate the market, and the deceitful practices that keep it going. So, I know with your "humble mind" you actually think that we're interested in your savvy market opinion, but truthfully it's your classic, Lereahish stupid comments we enjoy.

Our interest is your blatant disregard for the average hardworking Californian.
Mr. Castor in all your glorious humility what do want?
Do you want this market to keep rising, so that the largest segments out community can't afford a house?
Is that what you advocate?
Is this what your "humble mind" is hoping for? Do you enjoy theses high prices? Where the only way an average Sacramento resident can get a home is if they lie (in a savvy kind of way) on their loan documents?

And how do you know we haven't made money is this market? Just because I've made money in this market does not mean that I would not advocate for the majority of family and friends -- mostly recent college graduates -- that can't afford a decent home in decent community without the help of a "savvy mortgage and real estate agent" scamming them through the process.

Stay humble Bro.

Merced "Going Quickly" said...

Just one more side note for Jimmy.

When you Google search "Jimmy Castro Sacramento Real Estate", guess what's number one one the list? Yes, this post on this unsavvy blog.

Yes, all your wonderful clients when they Google your name will be able to see what us bloggers think of your "glorious humility".

Gwynster said...

I've made 60k by not getting into this wacked out market and saving. How many of your clients can say they are coming out ahead?

Attacking Sac Landing just gives the blog more credence. Jimmy, you stumped upon one of the classic plunders - right up with never getting into a land war is Asia.

I think ReMax agents just earned special place in my heart while I'm out taking this GFE for spin.

Perfect Storm said...

Jimmy Castro says:

I always regard others finacial situations more important than my own. Though this is not a natural trait, it becomes habit, and what an important one it is.

Here's what Jimmy Castro had to say in February 2006:

If you are planning to buy a home or invest in Sacramento in the near future, I highly recommend taking advantage of the "stall" in the market right now. Get into a home now while sellers are willing to negotiate and interest rates are still reasonably low.

So if you listened to Jimmy and bought in February 2006 you would have lost 10% of your equity at least, but Jimmy would be ok though because he and his realtor buddies got 6% of the sales price in commission.

Jimmy is doing good, Jimmy is on fire, Jimmy cannot lose, Jimmy is the man, Jimmy just says buy the house because that is all Jimmy knows how to do.

Jimmy there is not a stall in the market, this market is falling faster everyday now.

Housing/Mortgage Doom 2007.

Were on track for a 50% decline by 2009.

norcaljeff said...

PS...Merced...LOL!!

norcaljeff said...

In looking at Craigslist, little Jimmy Castro is pushing new homes bigtime, guess the resales aren't moving :)