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Message
re: Buying a first home
Posted on 11/18/14 at 2:23 pm to ItNeverRains
Posted on 11/18/14 at 2:23 pm to ItNeverRains
quote:
Very true about selling in 2008, but in your current market Betty Sue is not still living in that house due to not being able to sell it for a profit. She also likely qualified for Harp in 2009.
Well yeh. Was just pointing out buying/not buying is never completely cut and dry. And when one uses a personal example it is completely useless
1
Posted on 11/18/14 at 2:32 pm to cwill
quote:
He's flipping his house today? He bought it purely as a flipping investment? Or did he just do the traditional get out of college and buy a house because he's supposed to and is going to live in it for 5+ years as his starter house? I'm banking on the latter which suggests to me he like most people don't factor in all the costs of owning a place to live in. It's not an investment - it's a house. When you're young you should be investing your free cash not locking it up in a house and renting money.
What? He said he's up about 10%, you asked if he factored in maintenance wear/tear/repair. I asked what % have these issues with home year one. Usually 0, so his 10% is accurate.
FYI I'm up $125k in my house I closed on in Aug 2012. I've put about 5k into house uplighting and mudroom. I've spent $0 in maintenance.
Posted on 11/18/14 at 2:39 pm to lsupride87
quote:
Well yeh. Was just pointing out buying/not buying is never completely cut and dry. And when one uses a personal example it is completely useless
Sure. Any market you enter (except supermarket) poses potential financial risks. There will always be those that get burned. But that window is very, very narrow in the housing market.
Posted on 11/18/14 at 2:50 pm to ItNeverRains
quote:
What? He said he's up about 10%, you asked if he factored in maintenance wear/tear/repair. I asked what % have these issues with home year one. Usually 0, so his 10% is accurate.
No its not, it's meaningless...he bought a house to live in that he's trying to think of as an investment equivalent to being in the market when it's not.
quote:
FYI I'm up $125k in my house I closed on in Aug 2012. I've put about 5k into house uplighting and mudroom. I've spent $0 in maintenance.
Did you buy the house to live in or as an investment? Are you selling? After you sell are you going to rent or buy a comparable house at the new higher prices or downsize into a smaller house or move somewhere out in the burbs where houses are cheaper?
Posted on 11/18/14 at 2:51 pm to ItNeverRains
quote:
Sure. Any market you enter (except supermarket) poses potential financial risks. There will always be those that get burned. But that window is very, very narrow in the housing market.
If the housing market goes into the tank tomorrow how quickly can you liquidate?
Posted on 11/18/14 at 2:54 pm to cwill
Exactly, you don't know the OPs situation. Don't give a blanket statement like you originally did
Posted on 11/18/14 at 3:00 pm to TigerTatorTots
quote:
Exactly, you don't know the OPs situation. Don't give a blanket statement like you originally did
So you think the best advice is to give them the rundown of your very specific situation and outcome or general advice that has proven to be more effective over time?
Posted on 11/18/14 at 3:23 pm to cwill
quote:
No its not, it's meaningless...he bought a house to live in that he's trying to think of as an investment equivalent to being in the market when it's not.
If we're still talking about poster dustinm27 I saw nowhere in his post where he made such a claim. Here is the quote:
"I'm 24, bought my first home in BR over a year ago. Bought it at 186k with 5% down. Now only a year later, other houses in my neighborhood with similar sq ft and condition are going for 205k.
I am no longer wasting money on rent, and I will likely have a nice return when I go to sell.
I see nothing equating the stock market/mutual funds/bonds/etc... to him selling his home.
quote:
Did you buy the house to live in or as an investment? Are you selling? After you sell are you going to rent or buy a comparable house at the new higher prices or downsize into a smaller house or move somewhere out in the burbs where houses are cheaper?
Both, as most homebuyers generally do. I'll always listen to offers, but at this time nothing out there that excites me. I would build new construction in the same zip code and school district I'm currently in, but probably add a little square footage and be closer to 4000 sq ft. As far as pricing, that's not fair in my scenario,one of my best buds is a custom builder who still gets NVR pricing from his relationships when he worked there. I'll admit that aspect plus my market does skew my opinion. Fortunately I'm able to pass some of that along to my clients if they go that route as well.
Posted on 11/18/14 at 3:30 pm to NoSaint
I've got a house I am looking to sell. Lovely house, great neighborhood, just moving around the block. Bought it 6 years ago, let me know if interested.
Posted on 11/18/14 at 3:40 pm to ItNeverRains
quote:
Both, as most homebuyers generally do.
Which, I think, is generally a mistake. Clearly, you aren't the typical home buyer. You are either a realtor or contractor or something of the like who has an interest in people buying homes.
Posted on 11/18/14 at 3:45 pm to cwill
quote:
If the housing market goes into the tank tomorrow how quickly can you liquidate?
If you're willing/able to take the same hit as you would when liquidating an IRA/401k investment account, then based on market you're in as little as 14 days. But of course generally it's easier to liquidate an investment account for the SHTF scenario.
But again you've gone way off base to try to make your case on dustinm27's house appreciation.
Posted on 11/18/14 at 3:50 pm to cwill
quote:
Which, I think, is generally a mistake. Clearly, you aren't the typical home buyer. You are either a realtor or contractor or something of the like who has an interest in people buying homes.
I disagree. But that's why they make chocolate and vanilla. I'm a realtor. I have more than an interest in people buying homes.
Posted on 11/18/14 at 7:01 pm to ItNeverRains
quote:
ake the same hit as you would when liquidating an IRA/401k investment account, then based on market you're in as little as 14 days. But of course generally it's easier to liquidate an investment account for the SHTF scenario.
If you have all your money locked up in a 401k or Roth then you're the type of person who also buys a home as an investment. Remember we're thirty, no kids.
Secondly, I don't think you understand the conversation. My points have nothing to do with what's his name specifically. I've made general points specifically to people under 30 w/o kids that generally buying a house doesn't make much sense. If you want to be a speculator/flipper or invest in real estate that's one thing, but a home is not an investment. You're far better served in investing in the market or investing in a business or opportunity when you're young.
And you're a real estate agent, you have a bias. It's your job to sell the investment idea to people.
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