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Old 02-27-2007, 05:27 PM
 
Location: a primitive state
11,364 posts, read 24,319,862 times
Reputation: 17360

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I still would prefer to buy, especially once I've done my shopping around. Short term renting seems wise. But I cannot stand having anyone tell me how to live or what I can or cannot do in my own home. Even good landlords are landlords.

Unfortunately, entry level housing has become unaffordable for most first time homebuyers. If I hadn't made the leap I did years ago, I'd be stuck.
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Old 02-27-2007, 05:40 PM
 
4,423 posts, read 7,328,228 times
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In today's Boston Globe...

"A sharp rise in January home sales and modest price declines provide an early indication that the Massachusetts real estate market may be recovering from its worst slump in over a decade."

http://www.boston.com/business/marke...tate_recovery/

We need it to happen there before it happens here and it is. The northerners will soon be selling off their white elephants and coming down here with fistfulls of money. I hope you renters didn't sign any long term leases.
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Old 02-27-2007, 06:06 PM
 
944 posts, read 3,834,850 times
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Quote:
Originally Posted by verobeach View Post
The northerners will soon be selling off their white elephants and coming down here with fistfulls of money.
The clue phone is ringing. Go ahead, pick it up.

http://i117.photobucket.com/albums/o72/muggyFL/phone1.gif (broken link)
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Old 02-27-2007, 06:20 PM
 
17,290 posts, read 29,283,316 times
Reputation: 8690
Quote:
Originally Posted by Need_affordable_home View Post
Its not so simple and we calculate that even renting I would lose alot of money. The best thing to do is just leave FL and buy a correctly priced house. You will then have a mortgage much cheaper than what it costs to rent in FL as well as something called equity!

You're looking at houses for 50k.... you are NOT going to build up any sort of good equity at a base starting point of 50k because those houses are in undesirable areas.......unless you think your area is going to "take off" in the future. BUT, look at the markets you are looking at now... are these 50k houses "crash" prices..... or did they never even rise DURING the pricing bubble (indicating bad areas?)
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Old 02-27-2007, 07:06 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,046,131 times
Reputation: 1032
Quote:
Originally Posted by TriMT7 View Post
You're looking at houses for 50k.... you are NOT going to build up any sort of good equity at a base starting point of 50k because those houses are in undesirable areas.......unless you think your area is going to "take off" in the future. BUT, look at the markets you are looking at now... are these 50k houses "crash" prices..... or did they never even rise DURING the pricing bubble (indicating bad areas?)

Any house is better than renting. I would lose far more renting than buying a cheap house and I know that. If you disagree, explain the math.
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Old 02-27-2007, 07:16 PM
 
458 posts, read 593,087 times
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Landlords are negotiating big time...don't worry about having pets...landlords are VERY flexible in almost all of Florida.

I strongly advise that people google a good rent vs own calculator and test it out, before they buy.

We had 2 landlords who had houses listed at $2500 and No pets allowed. We told them we would pay $1500/month and had a dog and 2 cats. One said no, the other said yes.

And the guy that said no called us 2 days later wondering if we were still interested, he had changed his mind. It was costing him more than that to carry the house but he wanted to at least lessen his monthly losses.

Folks, be very careful about buying. The inventory of houses for sale and for rent is historic and will not come down until prices come down 20% in some Florida markets and more like 40-50% in bubble markets like Sarasota-Bradenton-Tampa and Jupiter-Tequesta-on up to Port Saint Lucie.

I know renting can be a pain sometimes but if you make sure the landlord knows that you know that he has lots of competition they will start treating you very nicely!

It can be a blow to the ego for some people to rent....but if you rent for 2 years you will then be able to get way more house than you can today for way less money.
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Old 02-27-2007, 07:20 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,046,131 times
Reputation: 1032
If you can rent for cheaper than property taxes and insurance then go ahead. $1500 a month is a good deal if the house is worth at least $350k-400k. The thing is some people insist on owning a house and can relocate and get a house elsewhere thats much cheaper than $1500 rent here.
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Old 02-27-2007, 07:21 PM
 
1,608 posts, read 9,723,269 times
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Your not realistic if you really think prices will decline to 2001 levels. Nope. Not going to happen. Even if they dip slightly they won't go down that much. And all you'll be doing with renting is throwing your money away.

Buy! Just wait until you find a good deal (like I did).

You must also realize that many people (such as myself) don't find the homes in Florida to be overpriced to begin with. That's because we moved here from somewhere that had much higher prices. So these look pretty darn reasonable to me and many like me. The house I'm buying here I'm paying around $100k less than I would have paid in the last place I was living.
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Old 02-27-2007, 07:26 PM
 
17,290 posts, read 29,283,316 times
Reputation: 8690
Quote:
Originally Posted by Need_affordable_home View Post
Any house is better than renting. I would lose far more renting than buying a cheap house and I know that. If you disagree, explain the math.
I won't stoop my expected living standards in order to buy a crappy house for less money. I'd rather rent and get what I couldn't afford. I also lease my cars and will continue to do so as long as practicable with commuting, etc. But that's me, and I have expectations beyond "cheap" to help me decide what to buy, where, and how.
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Old 02-27-2007, 07:31 PM
 
1,775 posts, read 8,072,019 times
Reputation: 798
Quote:
Originally Posted by Need_affordable_home View Post
The best thing to do is just leave FL and buy a correctly priced house.
Well this is what most people did a few years ago when they could cash in on their homes before the slump but now we can't sell the homes at all so some of us are stuck here for a while. It's easy to say just move but it's not easy to just get up and go like that either.
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