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re: Why are homeownership rates precipitously declining?
Posted on 8/31/16 at 11:37 am to slackster
Posted on 8/31/16 at 11:37 am to slackster
Yes, exactly. This is why that guy talking about how much he has made owning houses in Austin is ridiculous. Austin has been one of the hottest cities in the U.S. for the last 5-10 years. No shite the housing market has been on a huge uptick.
That isn't the case everywhere. Further when/if Austin cools down that you could be fricked if you bought into a massive bubble.
The idea that all (or pretty much all) land infinitely appreciates is ridiculous. You can see it happening some of the old Flavor of the Month suburbs.
That isn't the case everywhere. Further when/if Austin cools down that you could be fricked if you bought into a massive bubble.
The idea that all (or pretty much all) land infinitely appreciates is ridiculous. You can see it happening some of the old Flavor of the Month suburbs.
2
Posted on 8/31/16 at 11:51 am to CorporateTiger
Ya, Austin definitely made us nervous since we knew it already has run up for some time and unlike New Orleans, you can actually build out from downtown, which the MS River and Ponchartrain prevent, which puts demand on those homes in Orleans parish.
The house we ended up offering on has come down 60k or so from when they originally listed it and had been sitting awhile, so hopefully we've mitigated some downside there. That's pretty much been our MO for our two purchases. Find something we like that has been sitting too long.
But yes, certainly more worrisome than just checking rental rates and picking one. If you don't like the price after a year, move.
The house we ended up offering on has come down 60k or so from when they originally listed it and had been sitting awhile, so hopefully we've mitigated some downside there. That's pretty much been our MO for our two purchases. Find something we like that has been sitting too long.
But yes, certainly more worrisome than just checking rental rates and picking one. If you don't like the price after a year, move.
This post was edited on 8/31/16 at 11:52 am
Posted on 8/31/16 at 11:57 am to CorporateTiger
quote:
The idea that all (or pretty much all) land infinitely appreciates is ridiculous.
Yes, but renting will always go up and never acquire any value.
If you do it 'right' and buy a house with a 15 year mortgage at a reasonable price then by age 55-60 you should own your home and stop having to pay rent. There's plenty of ways to not do it that way, but that doesn't undermine the fact that owning a home the right way will long term be far and away the cheapest method.
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