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re: Every time I passed on a real estate purchase because the price was too high...
Posted on 10/12/23 at 12:52 pm to sidewalkside
Posted on 10/12/23 at 12:52 pm to sidewalkside
Me too and I’m tired of it. I’m pulling the trigger on a flip
1
Posted on 10/12/23 at 12:54 pm to LSU_postman
quote:
Im a millenial
Obviously.
You should proof read before posting.
Posted on 10/12/23 at 1:27 pm to sidewalkside
So you're a realtor then....
Posted on 10/12/23 at 1:57 pm to wasteland
Bought my 4200 sf home in 2012 for $249k. The original owners had bought it for $289 new in 2007. It was the model home in a neighborhood that only had 10 custom homes built before the builder folded. Refinanced to a 2.25 rate a couple of years ago and changed to a 15 year term. I pay around $2400 a month and have 13 years to go but plan to pay off in 10. It appraised at $520k in March of this year. I don’t need the size of the house any longer as 2 of my kids have left and recently graduated from college but still don’t plan on selling. I am going to get my other 2 kids out of HS (5 years to go) and then sell and just buy a small 3 bedroom one story in the Florida panhandle and pay cash for it.
Posted on 10/12/23 at 1:58 pm to Tigrenutz
quote:Long-term American real estate has compounded at like 100% over the past century. 5% a year would be insane.
Now consider if your home appreciates 5%/yr
quote:This is simply false. It's highly situational and it's the type of "thinking" that led in part to the housing bubble 15 years ago.
but in general, rent almost never beats owning.
I also think your P & I numbers and tax assumptions are off.
I also don't see any allowance for maintenance - which a conservative analysis would allow at least 1% of property value per year for.
Posted on 10/12/23 at 1:59 pm to sidewalkside
We bought our first house in 2007 and sold it for less than we paid for it 8-9 years later.
We'd have ultimately been good if we could have stayed in it for 13-15 years, but we needed to move.
We'd have ultimately been good if we could have stayed in it for 13-15 years, but we needed to move.
This post was edited on 10/12/23 at 3:25 pm
Posted on 10/12/23 at 1:59 pm to sidewalkside
quote:
They all appreciate faster then throwing money away on rent
I didn't realize that shelter was considered a frivolous expense. Who knew?
Posted on 10/12/23 at 2:02 pm to sidewalkside
quote:
People have been saying that literally forever...and yet real estate values continue to increase.
Until one day the other foot drops and you get left holding the bag. It can't just keep magically going forever you know.
Posted on 10/12/23 at 2:06 pm to Epic Cajun
quote:
It’s a shitty reality for those who didn’t buy a few years ago, but what you can afford is what you can afford. It’s unlikely to get much better going forward. Do you think those houses that are 375k are going to magically drop back down to 275k?
People actually think this and it's comical.
Posted on 10/12/23 at 2:26 pm to Big Scrub TX
quote:
it's the type of "thinking" that led in part to the housing bubble 15 years ago.
1 bazzallion % wrong. What got us into the housing bubble back then was 0% down, no doc loans made available to literally anyone who asked for it fueling speculation at an unsustainable level. This market is completely different.
Posted on 10/12/23 at 2:49 pm to sidewalkside
quote:I said "in part" - and I'm right. The people taking the 0% down, no doc loans were motivated to do so because they were fed a steady diet of "you get the mortgage deduction!" and "real estate never goes down!" and "renting is throwing away your money!" nonsense.
1 bazzallion % wrong. What got us into the housing bubble back then was 0% down, no doc loans made available to literally anyone who asked for it fueling speculation at an unsustainable level.
If you had a realistic idea of real estate, you wouldn't just willy nilly buy properties - even with overly-friendly financing.
quote:Oh, I agree it's different. But that doesn't change the falsity of the statement "renting is almost always throwing your money away".
This market is completely different.
Posted on 10/12/23 at 2:50 pm to Dirk Dawgler
quote:
changed to a 15 year term
quote:
but plan to pay off in 10.
quote:
efinanced to a 2.25 rate
why
Posted on 10/12/23 at 3:29 pm to sidewalkside
Ok, I'll bite. Send me the Zillow link to your house that you're trying to sell. My guess is you have it listed based upon last year's crazy market and you can't understand why no one wants to buy yours today.
Posted on 10/12/23 at 4:15 pm to Homey the Clown
quote:
You should proof read before posting.
The irony
Posted on 10/12/23 at 4:15 pm to sidewalkside
quote:
All of you complaining and waiting will only be in a worse situation down the road.
sidewalkside knows about ALL ya'll fools.
Posted on 10/12/23 at 5:31 pm to Big Scrub TX
quote:
renting is almost always throwing your money away".
At the end of the day is it going into your pocket or someone else’s?
Posted on 10/12/23 at 5:33 pm to TJG210
quote:
renting is almost always throwing your money away".
owning your primary residence doesn’t have the tax advantages it used to, investing in real estate is still one of the best ways to accumulate wealth
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