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It depends on what you are looking to do with said house and what your future plans are.
If you are buying a house and plan on staying there for the next 10-20 even 30, basically take this house till retirement/semi-retirement don't stress, the market will go up and down like it has since the beginning of time just make sure you can afford it. I know several people who bought in long island in the early to mid-80s where they got their homes for 125k or LESS now that they are looking to retire some of their homes have gone up as much as 5x (or more even) what they paid for it...hell its basic inflation.
If on the other hand you are looking to flip and make a quick buck well that could be a very risky strategy. I think House flippers help contribute to the crash by getting home price artificially inflated on top on poor lending by banks. If you think you will be transferred through your employers do your research on market trends for that neighborhood...just because town A is thriving doesn't mean the same for town B. If you are looking for a start home to build equity and credit again do research.
Information is the best tool and for the love of god don't get your info from online price estimators...they don't take things like updated kitchen/baths/basements etc..actually VIEW the house and make an offer based on what YOU feel...be prepared for the seller holding firm
That's interesting, I haven't seen that in my old neighborhood. In fact, there are a couple houses on my old street that went on the market this spring for about $100K LESS than what we sold for. I don't think any of those people bought during the bubble so not crying for them but still....
My sister used to live in GC, in the Central Section. She sold the same time I did (summer 2010). Her house sold again this past spring (6 years later) and the people were asking what they paid for it - and they had done about $200K worth of work to the house. Real head scratcher to me, but the $1 million plus category has not recovered as well and the taxes on those houses are untenable - $25K minimum.
This is true, a family friend is a high end realtor on the north shore and told me the higher end market has not recovered like the midrange market has.
It depends on what you are looking to do with said house and what your future plans are.
If you are buying a house and plan on staying there for the next 10-20 even 30, basically take this house till retirement/semi-retirement don't stress, the market will go up and down like it has since the beginning of time just make sure you can afford it. I know several people who bought in long island in the early to mid-80s where they got their homes for 125k or LESS now that they are looking to retire some of their homes have gone up as much as 5x (or more even) what they paid for it...hell its basic inflation.
If on the other hand you are looking to flip and make a quick buck well that could be a very risky strategy. I think House flippers help contribute to the crash by getting home price artificially inflated on top on poor lending by banks. If you think you will be transferred through your employers do your research on market trends for that neighborhood...just because town A is thriving doesn't mean the same for town B. If you are looking for a start home to build equity and credit again do research.
Information is the best tool and for the love of god don't get your info from online price estimators...they don't take things like updated kitchen/baths/basements etc..actually VIEW the house and make an offer based on what YOU feel...be prepared for the seller holding firm
Yep very true. A house is a home first, its not meant to be a stock investment.
Yep very true. A house is a home first, its not meant to be a stock investment.
Yeah right. That notion went out the window years ago.
It's all about "investment" and "resale"...
It's really a shame. A house is not a home anymore.
Nobody buys a house, keeps it for life and passes it on to future generations. It's over.
It's all about the flip and turning a profit and such.
Yeah right. That notion went out the window years ago.
It's all about "investment" and "resale"...
It's really a shame. A house is not a home anymore.
Nobody buys a house, keeps it for life and passes it on to future generations. It's over.
It's all about the flip and turning a profit and such.
Thats not 100% accurate, yes very few people pass along homes to future generations unless they have money behind them and its one of those north shore estates but a basic home in an average neighborhood is what people sell and use towards retirement. you should always think of resale because eventually somebody in one generation is going to need the equity in that house.
I know many people, myself included that hates packing up and moving my stuff and uprooting my kids so once they get a home barring unavoidable (job transfer or god forbid job loss, change in economic status, loss of spouse etc)they stay in that home till its time to retire. but too each their own.
Yeah right. That notion went out the window years ago.
It's all about "investment" and "resale"...
It's really a shame. A house is not a home anymore.
Nobody buys a house, keeps it for life and passes it on to future generations. It's over.
It's all about the flip and turning a profit and such.
Yep and that's sad. But it's not true to say nobody does that anymore. It's not very common but it does happen.
Yeah right. That notion went out the window years ago.
It's all about "investment" and "resale"...
It's really a shame. A house is not a home anymore.
Nobody buys a house, keeps it for life and passes it on to future generations. It's over.
It's all about the flip and turning a profit and such.
Leaving it for future generations? IF there's more than one child who gets it? I think people have seen a few things happen with that scenario, all of the heirs fighting over the disposition of the property (some can't bear to part with it....but won't/can't buy out the others ... while others just want to sell it and move on).
and
dealing with a house that has become too big and too hard to keep up with me. My mom pulled out her hair for years trying to get my dad to downsize, thankfully she was able to get him to sell our childhood home. But my ILs are still in their house, they can't take care of it any longer and it's filled with junk. You can't take it with you, so guess who will have to deal with it one day. Personally, I look forward to downsizing one day while I am young enough to enjoy it. I truly do not understand the mindset of people who hang on to these houses they can't/won't/don't take care of. I think baby boomers and younger understand that there is no point to that exercise and many of us have the benefit of seeing parents age past the point of no return.
My parents now live in a 1300 sq foot one story/zero entry house and just in the nick of time. It allows them to be mobile and independent in their own home. Can't put a price on that.
I know plenty of families that actually get along and have bought/sold homes within the family without fighting over the money. It still happens, but not as often as in the past.
Some people are money hungry douchebags and will fight amongst each other over money and other items when mom or dad or whoever drops dead, more often than not things are usually pretty civil.
In other news, my house has only been on the market a few days and the weekend is jam packed with showings already, so the market is there.
I know plenty of families that actually get along and have bought/sold homes within the family without fighting over the money. It still happens, but not as often as in the past.
Some people are money hungry douchebags and will fight amongst each other over money and other items when mom or dad or whoever drops dead, more often than not things are usually pretty civil.
In other news, my house has only been on the market a few days and the weekend is jam packed with showings already, so the market is there.
You will probably sell it in no time in this market.
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