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Live in a hot rental market and the economy is catering, what to do?
Posted on 5/4/23 at 8:01 pm
Posted on 5/4/23 at 8:01 pm
So live in Houston, moved here from Covington, have a young family. Starting with a new company Monday and our lease is coming up. Assuming I don't get laid off due to the economy I would plan to stay with this new company for at least 2-3yrs+.
To get something livable rent wise is 2200 to 2500 a month so would like to buy.
With that said it is hard to buy with what looks like a cliff headed our way in the economy and the banking bs.
What say the MB?
Rent another year or buy knowing it is not our forever or even longterm home.
To get something livable rent wise is 2200 to 2500 a month so would like to buy.
With that said it is hard to buy with what looks like a cliff headed our way in the economy and the banking bs.
What say the MB?
Rent another year or buy knowing it is not our forever or even longterm home.
This post was edited on 5/4/23 at 8:03 pm
10
Posted on 5/4/23 at 8:13 pm to GREENHEAD22
Houston’s housing has been mostly insulated from anything over the past year to two where others saw a pullback.
Wouldn’t bank on Houston going the way of others… if you’re gonna be in it for years, any pullback would be recouped by the time you sold.
Wouldn’t bank on Houston going the way of others… if you’re gonna be in it for years, any pullback would be recouped by the time you sold.
Posted on 5/4/23 at 8:15 pm to ItzMe1972
Rent 100%.
Unless you plan to live there 5+ years. If you sell in the short run, you’re going to take a 5-6% haircut right off the top for realtor fees. Not enough time to make that up with appreciation in that short amount of time.
Ps - stop watching the news. We are not headed off a cliff.
Unless you plan to live there 5+ years. If you sell in the short run, you’re going to take a 5-6% haircut right off the top for realtor fees. Not enough time to make that up with appreciation in that short amount of time.
Ps - stop watching the news. We are not headed off a cliff.
Posted on 5/4/23 at 8:31 pm to GREENHEAD22
Try to go month to month or shorter renewable terms like 3 or 6 months. That way you still have flexibility to evaluate job security and pounce on a house you like .
Posted on 5/4/23 at 8:49 pm to SaintsTiger
Also if it’s a hot rental market, you can always negotiate an early lease termination even if you sign a 12 month lease. I did it take here in dc. They will tell you that you are on the hook until they can re-lease it but that shouldn’t take them longer than a month. You might have to agree to pay for their marketing and advertising for it as well, up to a certain dollar amount of course.
Posted on 5/4/23 at 8:49 pm to SaintsTiger
That would be nice but just finding a 12 month is hard as hell.
The rental market is just as bad or worse than the purchase market was. Three times we got bumped for corporate contracts and had one bastard who gave them a month rent for free.
The rental market is just as bad or worse than the purchase market was. Three times we got bumped for corporate contracts and had one bastard who gave them a month rent for free.
Posted on 5/4/23 at 9:19 pm to GREENHEAD22
Rent
You don't seem sure you will be there 4+ years even if there's no deflation in property values
You don't seem sure you will be there 4+ years even if there's no deflation in property values
Posted on 5/4/23 at 11:58 pm to Im4datigers
quote:
Unless you plan to live there 5+ years.
This, and if you can afford the down payment on a buy. We may or may not have a downturn in the next year but I would assume we will. But over 5 years, you are going to have appreciation. Just be prepared to be upside down for a couple of years, not saying you will be, but assume you will be. Don't get freaked out if it happens, it will come back. We fell off a cliff in 2007, I'm in Dallas, I lost a chunk of value but by 2012 I was above where I was in 2006.
Posted on 5/5/23 at 5:42 am to GREENHEAD22
quote:What's on the menu?
economy is catering
Posted on 5/5/23 at 8:34 am to GREENHEAD22
I’m a big fan of suggesting that you get into something you own as fast as you can. I don’t love the Houston area so it’s hard to say. I’d rather own than rent, and if moving attempt to keep the property and rent it out.
If you really think the economy is catering you’re getting your economic news from the wrong sources. You’re probably going to make a series of bad decisions.
If you really think the economy is catering you’re getting your economic news from the wrong sources. You’re probably going to make a series of bad decisions.
This post was edited on 5/5/23 at 8:36 am
Posted on 5/5/23 at 8:57 am to GREENHEAD22
quote:
Three times we got bumped for corporate contracts
What's a corporate contract? A corporation rents places for its workers?
Posted on 5/5/23 at 9:00 am to PetroBabich
Yes
Posted on 5/5/23 at 9:01 am to Motownsix
Maybe not cratering but definitely heading for a slowdown.
This post was edited on 5/5/23 at 10:34 am
Posted on 5/5/23 at 9:34 am to Asharad
quote:
What's on the menu?
We haven't seen an inversion like this for this long since the economic troubles of the late 70s/early 80s. The closest we've been was just over a generation ago.
Posted on 5/5/23 at 10:38 am to Bard
Fed is still going to raise rates, which it should. Lending is drying up, inflation is still high, good chance we are still at the beginning of these bank troubles, debt levels across the board are climbing. What am I missing that I should be optimistic about?
Manufacturing is slowing down big time as well due to inventory piling up.
Manufacturing is slowing down big time as well due to inventory piling up.
This post was edited on 5/5/23 at 10:59 am
Posted on 5/5/23 at 10:59 am to GREENHEAD22
I’ve never looked for real estate in Houston but I’m aware that most all Texas real estate near any medium to large city is in high demand, most is overpriced and it all faces escalating property taxes that jump more each year, at least that’s been our experience since moving to Texas 4 years ago.
You mentioned $2000-2500 for something worth renting, I’d shop the area I was interested in and see what kind of homes are available on the market in that monthly price range.
Our property taxes alone are $970 a month and have increased significantly each year since we bought, if you buy a house that has a principle amount of $2500, you may have taxes in the $600-900 range to add to that. Many buyers probably have to concede a loss on taxes when they sell unless the real estate values stay brisk and continue to climb.
You mentioned $2000-2500 for something worth renting, I’d shop the area I was interested in and see what kind of homes are available on the market in that monthly price range.
Our property taxes alone are $970 a month and have increased significantly each year since we bought, if you buy a house that has a principle amount of $2500, you may have taxes in the $600-900 range to add to that. Many buyers probably have to concede a loss on taxes when they sell unless the real estate values stay brisk and continue to climb.
Posted on 5/5/23 at 11:04 am to HighlyFavoredTiger
I am in Katy/Cinco area, taxes are high as hell.
Posted on 5/5/23 at 11:10 am to GREENHEAD22
If you have lived there awhile and don't know the answer, I think you are much better off continuing to rent until you KNOW the answer is to buy.
Like you said there's too many variables in play to buy without knowing exactly what you want.
Like you said there's too many variables in play to buy without knowing exactly what you want.
Posted on 5/5/23 at 11:14 am to baldona
I know I just hate pissing money away on rent but it is the safer route.
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