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Bottom line here is that if you are considering buying today -- with the possibility of having to sell in the next few years -- it would be smart to factor in the impact of possible higher interest rates into your risk equation.
See, to me, this is the whole problem. Why would anyone be buying, today or ever, if they know they might have to sell in a few years? Of course, I know things happen that we can't control, but other than that, I can't see why people would do this.
This is where we all went stupid in this country. Of course there are exceptions, but you buy one house, and you live in it forever. End of story. Otherwise, rent.
See, to me, this is the whole problem. Why would anyone be buying, today or ever, if they know they might have to sell in a few years? Of course, I know things happen that we can't control, but other than that, I can't see why people would do this.
This is where we all went stupid in this country. Of course there are exceptions, but you buy one house, and you live in it forever. End of story. Otherwise, rent.
Agreed! The main reason I am looking to buy a house is--get this--to have a place to live. I realize potential resale value factors in to some degree, but I'm not going to buy a bigger and therefore more expensive house than I need as some have suggested to me just because it will be easier to sell someday if I decide to move. Or when I'm dead.
the house im planning to buy should definitely satisfy my needs for at least 10-15 years. still, i would hate to buy a place soon and then watch it lose 20% of its value in the next couple of years. problem is that im not patient enough to wait.
this weekend im going to test the waters with the idea of my mom selling me her house and she moves to a bigger house that she may be able to get for what seems to be a great price, unless things still crash.
im trying to figure out if its a good deal for my mom. the house she heard about was bought for about 985k and she heard the owner may take 675k to get rid of it. apparently he is rich and just wants to get it done with. its definitely more house than she needs, but she has plenty of money and likes to buy houses. would it add to or reduce her quality of life? nobody here can really answer this but im trying to decide if i should suggest it to her more than just in passing. id be happy with her house. im leaning towards recommending she offer something like 650k.
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