Poster, have you ever been a real estate owner or a home owner? Once someone has been a homeowner, one is not going to choose to be a peasant renter. Owning is better. Is it wise to buy ten homes with the idea of fixing them up to turn around in a year or year and a half and sell all ten? Not necessarily. Is it better to rent than own. Never!
If you plan on staying in the house long term, it’s never a bad time to buy. If you may change careers, job transfer, etc then renting is better only in the very short term.
It depends where you live and what your lifestyle is and how much money you have.
The West Coast is probably totally overpriced and that will not change soon.
RE expert wrote:
It depends where you live and what your lifestyle is and how much money you have.
The West Coast is probably totally overpriced and that will not change soon.
If it's not going to go down then how is it overpriced?
huh? huh? wrote:
RE expert wrote:
It depends where you live and what your lifestyle is and how much money you have.
The West Coast is probably totally overpriced and that will not change soon.
If it's not going to go down then how is it overpriced?
Because you are not able to buy a normal house with a normal income anymore.
Generally speaking, it's better to own than rent.
Jamin, being in Seattle, will probably need a huge wad off cash to make a down payment. Or he could move to Tacoma, Tukwila, Burien, where the prices are a bit lower. All the nice eastside places, Kirkland, Redmond, Woodinville, Bellevue, and out in Issaquah are hugely expensive. A little cheaper up north in Everett, Lake Stevens, and Arlington.
RE expert wrote:
huh? huh? wrote:
If it's not going to go down then how is it overpriced?
Because you are not able to buy a normal house with a normal income anymore.
how is that the definition of overpriced? A house on the west coast is not a normal house. It a house in the most desirable region of the country. Hence it costs more.
Is it affordable? no. Is it overpriced? that's debatable. If people keep buying them and they don't drop in price in the future....then by definition they weren't overpriced.
If they are overpriced then they are priced more than people will pay.
I say, DO IT
Don't hesitate.
House prices have declined? I’m sure it’s differe everywhere but houses have appreciated 50% the last 2 years.
The best time was 8-10 years ago right after the crash and it was tough to get a loan. You’re near the peak now.
jamin, you can't even talk to a girl properly. How in the world would you ever manage to negotiate the waters of purchasing a house?
Just keep living in your mother's basement.
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jamin wrote:
lol, wut? wrote:
lol....wut? It's never a bad time to go into massive debt on an non-liquid asset that costs money to hold and can depreciate hundreds of thousands of dollars.
What's bad about a decline in the theoretical price you could sell your house for in a given year? All that means is you pay less in property taxes and insurance.
(1) Sure, if you don't want to sell. You're inadvertently hitting the nail on the head. The biggest factors in deciding whether or not it's a good time to buy a house are personal. If you're currently renting and know you'll want to live in the house for many years, that's more relevant than your stock market outlook.
(2) A significant decline in "theoretical home value" probably happens for a reason, and that reason may affect you, even if you're not selling. Maybe your condo fees skyrocket, causing your home value fall. Maybe you're renting out a room or a unit, and your home value falls because neighborhood rents are falling. Maybe your home value falls because your city is raising property tax rates. Maybe your city raises property tax rates because home values are dropping. Maybe your home value falls because the building is found to need expensive work.
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I don't understand why your other thread got deleted. Yes, it was off topic i.e. not about running but so are a lot of the threads on here. It wasn't inflammatory, just about housing.
track chick wrote:
I don't understand why your other thread got deleted. Yes, it was off topic i.e. not about running but so are a lot of the threads on here. It wasn't inflammatory, just about housing.
It was that fool Ernest. He indiscriminately deletes comments and threads. He also deleted Jamin’s TME/Shalane cookbook thread!
With the 20/20 hindsight, yes it would have been a good time to buy a house. At least if you could have closed by mid-March 2020 when the world shut down.
Sure bro. Go spend 400k, which you cant afford, on a house worth 100k in reality.
I’m a D2 female runner. Our coach explicitly told us not to visit LetsRun forums.
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